HUDSON, MASS. — Cornerstone Realty Capital has secured a $2.2 million loan to refinance a 32-unit mixed-use property in Hudson. Located on Main Street, the property consists of 28 residential and four commercial units. Patrick Brady of Cornerstone secured the fixed-rate financing with 12 months of interest-only payments on behalf of the undisclosed borrower. An agency lender provided the financing.
LINCOLN, NEB. — NorthMarq Capital has arranged a $7.1 million Fannie Mae loan for the refinancing of Trenridge Apartments in Lincoln. The 126-unit apartment property is located at 6101 Vine St. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
SAN ANTONIO — Local multifamily lender Mason Joseph Co. Inc. has provided a $29.2 million loan for the construction and permanent financing of Potranco Apartments, a 244-unit apartment project in San Antonio. Mason Joseph originated the loan, which features a fixed interest rate for the 18-month construction period and subsequent 40-year term, through the HUD’s 221(d)(4) program. The developer of the project is Lev Investments, which has offices in California and Dallas.
NEW YORK CITY — HFF has secured a $165 million construction loan for One Boerum Place, a 21-story, mixed-use condominium development in Brooklyn. Located in Brooklyn’s Borough Hall district, the 122-unit project will include a two-story fitness center, entertainment lounge, children’s playroom, landscaped rooftop, 24/7 doorman and concierge service, as well as a fully automated parking garage. The project is slated for completion in the first quarter of 2021. Christopher Peck, Graham Stephens, Peter Rotchford and Alex Staikos of HFF secured the floating-rate construction loan on behalf of One Boerum Development Partners LLC. The lender was a foreign pension fund.
PHILADELPHIA — Pembrook Capital Management has provided a $9.1 million loan for the construction of a 70-unit multifamily project in the Kensington neighborhood of Philadelphia. Located at 1427 Germantown Ave., the 53,575-square-foot property will also include ground-floor retail. Pembrook provided the financing to the undisclosed borrower, who plans to build smaller, more affordable rental housing at the project than is common in the nearby Northern Liberties and Fishtown neighborhoods.
JACKSONVILLE, FLA. — Hunt Real Estate Capital has provided a $35.6 million loan to an affiliate of EBSCO Income Properties LLC for the purchase of Integra River Run, a 300-unit apartment complex in Jacksonville. The non-recourse Fannie Mae loan has a 10-year term with five years of interest-only payments, as well as a 30-year amortization schedule. The garden-style community comprises 12 two- and four-story buildings. Amenities include a fitness studio, spin bikes with virtual trails, cyber café, valet trash pickup, clubhouse, coffee bar, gaming room, resort-style outdoor lounge, fire pit, outdoor grills, swimming pool and a dog park. Integra River Run LLC was the seller.
NEW YORK CITY — Madison Realty Capital has provided a $52.5 construction loan for a mixed-use development in the Washington Heights neighborhood of Manhattan. Located at 4452 Broadway, the seven-story, 134,475-square-foot project will include 129 residential units and 11,000 square feet of retail space. The project is being built under the Affordable New York program and will include a mix of 70 percent market-rate units and 30 percent reserved for those making a certain percentage of area median income. The property site consists of two adjacent lots totaling 24,280 square feet with 75 feet of frontage on Broadway and 303 feet on Fairview Avenue. The borrower, HAP Investment Developers, acquired the property in 2013.
NEW YORK CITY — JLL Capital Markets has arranged a $36.7 million construction loan for a mixed-use project on the border of the Chelsea and Flatiron neighborhoods of Manhattan. Located at 128-130 W. 23rd St., the 37,752-square-foot, 15-story project will include 30 residential units and 3,673 square feet of retail space. The property will also feature 2,500 square feet of amenity space including a fitness center and rooftop space. Jonathan Schwartz, Max Herzog, Brett Rosenberg and Chris Byrns of JLL Capital Markets secured financing for the borrowers, Pan-Brothers Association and Valyrian Capital. The lender was CapitalSource. Terms of the financing were not disclosed.
CHICAGO — The NHP Foundation has received $53 million for the renovation of the 90-year-old Mark Twain Hotel, a single-room occupancy property in Chicago that the organization acquired in 2016. Single-room occupancy is a form of housing that is typically aimed at residents with low incomes who rent small, furnished rooms. Upon renovation, the property will include 148 studio apartments and seven retail stores. The $53 million recapitalization was made possible by Bellwether Enterprise, Chicago Community Loan Fund, city of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority and NHP. The Mark Twain Hotel was originally built in 1932 and was added to the National Register of Historic Places in 2017. Renovation plans call for the addition of private kitchenettes, a new elevator, new plumbing and electrical work, a roof deck, handicap accessibility and restoration of the building’s façade and common areas. Upgrades will also be made to the building’s ground-floor retail space. Upon completion, the residential units will be income-restricted. The development team includes Weese Langley Weese Architects Ltd. and Linn-Mathes Inc. Heartland Housing Property Management is the property manager. Completion is slated for the end of this year.
SALEM, N.H. — Fantini & Gorga has arranged an $11 million loan to refinance North Broadway Crossing, a four-building shopping complex in Salem. Located at 236 N. Broadway, the nearly 10-acre property was completed in 2007 and features a tenant roster that includes Pentucket Bank, McKinnon’s Market, Maddie’s Bagel & Eatery, Wasabi Hibachi Restaurant and Edible Arrangements. Casimir Groblewski and Lindsay Feig of Fantini & Gorga represented the borrower, the original developer, in the transaction. The lender was a major Massachusetts-based financial institution. Terms of the financing were undisclosed.