Loans

Sortis Provides Funding for $59.8M Opportunity Zone Project in Near Seattle

by Amy Works September 3, 2019

TUKWILA, WASH. — Sortis Holdings Inc. (SOHI), a Portland-based private equity firm, has provided equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, approximately 10 miles south of Seattle. Sortis invested capital from its $100 million Sortis Opportunity Zone Fund alongside project sponsor Bryan Park, a Puyallup, Wash.-based developer that has developed, owns and operates more than 5,000 senior living apartments in Washington. Nonprofit operator Sustainable Housing for Ageless Generations (SHAG) will operate the community. “By 2050, the population of individuals who are 65 and older in the U.S. is projected to double, yet rising rents and lack of supply have reduced the availability of affordable, high-quality housing in desirable locations for this population,” says Paul Brenneke, Sortis founder. “We believe delivering a high-quality project with attractive investment returns while simultaneously providing an affordable housing option to low-income seniors is a win-win.” The two-phase project is situated on approximately 5.8 acres. Phase II comprises 204 apartment units exclusively for seniors, six live/work units, approximately 8,300 square feet of commercial/retail space and structured parking. Once Phase II is complete in late 2020, the combined project will be the third-largest senior living development in Washington, according to …

September 3, 2019

Acquisitions Loans Maryland Multifamily Seniors Housing Southeast Virginia

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

Loans Massachusetts Mixed-Use Northeast

Urban Spaces Secures $71M Construction Loan for Mixed-Use Development in Metro Boston

by Alex Patton August 30, 2019

CAMBRIDGE, MASS. — Urban Spaces, a locally based developer, has secured a $71 million construction loan for Kendall East, a mixed-use development in Cambridge, a northeastern suburb of Boston. People’s United Bank provided the long-term loan. The development will house120 multifamily units, including 16 affordable apartments, and 15,000 square feet of retail space. Across the street, the CambridgeSide shopping center is slated for redevelopment with new office, lab and residential space. Designed by New York-based architectural firm Perkins Eastman, Woburn-based Tocci Building Corp. in building Kendall East.

August 30, 2019

Arizona Development Hospitality Loans Western

Hall Structured Finance Provides $86.5M Construction Loan for Westin Tempe in Arizona

by Amy Works August 29, 2019

TEMPE, ARIZ. — Dallas-based Hall Structured Finance (HSF) has funded a new first-lien loan totaling $86.5 million to finance the construction of the full-service Westin Tempe hotel, located at 11 E. Seventh St. in Tempe. The borrower, Las Vegas-based CAI Investments, is developing the project. Construction began in March, with completion slated for second-quarter 2021. The 18-story hotel will feature 290 guest rooms, a rooftop infinity pool, poolside bar, fitness center, full-service restaurant and bar, business center, Starbucks Coffee and more than 10,000 square feet of meeting space. Aden Kuh of Silver Ridge Partners sourced the financing for the project.

August 29, 2019

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $12.8M Financing for Skilled Nursing Facility in Illinois

by Kristin Harlow August 29, 2019

AURORA, ILL. — Walker & Dunlop Inc. has provided $12.8 million in bridge financing for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, approximately 40 miles west of downtown Chicago. The debt was structured and provided by Walker & Dunlop’s bridge lending program, which utilizes its balance sheet to offer short-term, nonrecourse loans for properties that are being repositioned as part of a new business strategy. Led by Joshua Rosen, the Walker & Dunlop team structured the financing to cover 100 percent of the acquisition cost in addition to working capital and capital expenditures for the owner, Cascade Capital Group. The loan includes a nine-month term, flexible prepayment options and full-term, interest-only payments. The plan is to replace the loan with HUD financing in early 2020.

August 29, 2019

Life Sciences Loans Massachusetts Mixed-Use Northeast

JLL Arranges $140M Construction Loan for Life Sciences Building in Metro Boston

by Alex Patton August 29, 2019

SOMERVILLE, MASS. — JLL has arranged a $140 million construction loan for 101 South Street, a life science development in Somerville, a northern suburb of Boston. The project represents Phase I of the borrower’s planned mixed-use development, which will include retail and residential components as well as public green space. JLL arranged the financing on behalf of the borrower, a joint venture between New York-based developer DLJ Real Estate Capital Partners and Boston-based developer Leggate McCall Properties. Construction is slated for completion in 2021.

August 29, 2019

Loans New Jersey Northeast

JLL Arranges $11M in Financing for Data Center in Totowa, New Jersey

by Alex Patton August 28, 2019

TOTOWA, N.J. — JLL has arranged $11 million in financing for a data center in Totowa, a western suburb of New York City. The property is a 125,871-square-foot facility that was completed in 2009 and is leased to Dallas-based data center REIT CyrusOne. An undisclosed life insurance company provided the permanent loan, which carries a fixed interest rate and a 10-year term. Thomas Didio of JLL arranged the financing for the borrower, Russo Development.

August 28, 2019

Loans New Jersey Northeast Retail

Genworth Financial Provides $12M Construction Loan for ShopRite Supermarket in Sparta, New Jersey

by Alex Patton August 28, 2019

SPARTA, N.J. — Genworth Financial has provided a $12 million construction loan for an 80,000-square-foot ShopRite supermarket and an adjacent 15,000-square-foot ShopRite Wine & Spirits store in Sparta, a city located about 45 miles west of New York. The loan carries a 20-year term and 20-year amortization schedule. David Fryer of G.S. Wilcox & Co. arranged the loan on behalf of the borrower, a partnership between Sparta 283 Realty LLC and Ronetco Supermarkets Inc. Construction is slated for completion in October 2019.

August 28, 2019

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Secures $21.4M for Renovation of Affordable Housing Development in Indiana

by Kristin Harlow August 28, 2019

EVANSVILLE, IND. — Merchants Capital has secured $21.4 million for the renovation of Carriage House of Evansville, a Section 8 housing development in southern Indiana. The financing involved a Fannie Mae mortgage-backed security as collateral for new tax-exempt bonds (M.TEB). Additionally, PNC Bank provided 4 percent low-income housing tax credits. Fannie Mae’s M.TEB solution provides borrowers with a lower interest rate and significant savings over the life of the loan, offering a loan-to-value ratio of up to 90 percent. This type of loan can be used to finance the construction, acquisition or rehabilitation of multifamily affordable housing properties. CRG Residential is the general contractor for the renovations. Updates include new flooring, cabinetry, countertops, energy-efficient light fixtures, bathroom renovations and new appliances. Plans also call for the addition of a bark park, picnic area, fitness center and internet café. Gene B. Glick Co. is the borrower. Carriage House of Evansville dates back to 1978 and serves tenants at 60 percent of the area median income or less. Renovations are set to begin immediately.

August 28, 2019

Loans Midwest Minnesota Multifamily

NorthMarq Arranges $17.4M Refinancing of Apartment Property in Edina, Minnesota

by Kristin Harlow August 28, 2019

EDINA, MINN. — NorthMarq has arranged a $17.4 million Freddie Mac loan for the refinancing of York Place Apartments in Edina. Built in 2009, the 114-unit apartment property is located at 3121 W. 69th St. Dan Trebil of NorthMarq arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.

August 28, 2019

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