Loans

WPC Receives $35M Loan for Refinancing of Office Building in Metro D.C.

by Camren Skelton July 23, 2018

SILVER SPRING, MD. — Washington Property Co. (WPC) has received a $35 million loan for the refinancing of 8757 Georgia Avenue, a 242,000-square-foot office building in Silver Spring, roughly six miles north of Washington, D.C. Tyler Blue and Paul Wallace of Berkadia arranged the loan through Wells Fargo. WPC acquired 8757 Georgia Avenue in 2001 and invested $20 million to renovate the property. At the time of sale, the building was 87 percent leased to tenants including Conflulytics, Social & Scientific Systems and Synergy Enterprises. The property is situated within walking distance to the Silver Spring Metro station and the planned Purple Line light rail station. In addition, the building has been awarded the LEED for Existing Buildings certification for its incorporation of energy-efficient lighting, low-flow plumbing fixtures and green cleaning products and equipment.

July 23, 2018

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $34M HUD-Insured Loan for Construction of Seniors Housing Property in St. Paul

by Kristin Harlow July 23, 2018

ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $34 million HUD-insured loan for the construction of The Legends at Berry Senior in St. Paul. The 241-unit affordable seniors housing property will be situated on the former Weyerhaesuer Lumber site. All of the units will be restricted to persons age 62 and older who earn 60 percent or less of the area median income. Amenities will include a beauty salon, craft room, community room, fitness room, theater room, courtyard and patio. The FHA 221(d)(4) loan guaranteed by HUD is fully amortized over 40 years. Financing also involves 4 percent low-income housing tax credits. St. Paul Leased Housing Associates IX LLLP was the borrower.

July 23, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

Capital One Provides $47.2M HUD Refinancing for Three Skilled Nursing Facilities in Massachusetts

by David Cohen July 20, 2018

CHELSEA, FALL RIVER, BROCKTON, MASS. — Capital One has provided $47.2 million to refinance a portfolio of skilled nursing facilities in Massachusetts. The three facilities have a combined 512 beds and were purchased as part of a four-facility portfolio in 2016. The properties are Eastpointe Rehabilitation and Skilled Care Center in Chelsea with 195 beds, Southpointe Rehabilitation and Skilled Care Center in Fall River with 152 beds, and Baypointe Rehabilitation and Skilled Care Center in Brockton with 169 beds. Although the borrower was not disclosed, the properties are all listed on the website of The Pointe Group. Joshua Rosen of Capital One originated the transaction. The three HUD loans feature fixed rates and 35-year terms.

July 20, 2018

Loans Office Southeast Tennessee

Cushman & Wakefield Arranges $48.8M Acquisition Loan for Two Office Buildings in Nashville’s Cool Springs District

by Camren Skelton July 20, 2018

FRANKLIN, TENN. — Cushman & Wakefield has arranged a $48.8 million acquisition loan for Corporate Centre 8 and 9, two office buildings located at 6640 and 6550 Carothers Parkway in Franklin, roughly 14 miles from downtown Nashville. Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the three-year, floating-rate loan with two one-year extension options on behalf of the borrower, KBS Capital Advisors. JPMorgan Chase Bank Strategic Property Fund sold the assets, according to local media reports. The five story buildings, which total 311,864 square feet, are located within the 1 million-square-foot Corporate Centre office park. The property features walking paths, underground utilities, fiber-optic technology and broadband service.

July 20, 2018

Loans Office South Carolina Southeast

HFF Secures $18.2M Loan for Refinancing of Office Portfolio in Columbia

by Camren Skelton July 20, 2018

COLUMBIA, S.C. — HFF has secured an $18.2 million loan for the refinancing of Fontaine Business Park, a four-building office portfolio totaling 253,038 square feet in Columbia. Jamie Leachman, Cory Fowler and Drake Greer of HFF arranged the five-year, floating-rate loan through Bridge Investment Group on behalf of the borrower, Diversified Real Estate Ventures. Fontaine Business Park has historically been around 90 percent leased due to demand from state and local government tenants.

July 20, 2018

Loans Multifamily Seniors Housing Southeast Virginia

STCC Provides $11.2M Financing for Two Seniors Housing, Retail Redevelopment Projects in Richmond

by Camren Skelton July 20, 2018

RICHMOND, VA. — SunTrust Community Capital (STCC) has provided $11.2 million in financing for two redevelopment projects in Richmond’s historic Jackson Ward neighborhood. The Community Preservation and Development Corp. (CPDC) is leading the redevelopments, which will replace current public housing with new workforce housing, seniors housing and retail. The first project, dubbed Jackson Ward, will include 72 newly constructed, one-bedroom seniors housing units in a four-story building. The second project will provide 82 units of mixed-income housing and 6,000 square feet of retail in one building that will be located adjacent to the seniors housing building. CPDC’s Jackson Ward project is part of a larger redevelopment effort to provide replacement housing for 200 units at the Fay Towers Senior Public Housing site in Richmond’s Gilpin neighborhood. CPDC is utilizing the United States Department of Housing and Urban Development (HUD)’s Rental Assistance Demonstration (RAD) program to fund the . CPDC is currently developing replacement housing at three other sites in Richmond.

July 20, 2018

Loans Michigan Midwest Multifamily Seniors Housing

Cohen Financial Arranges $4.1M HUD-Insured Loan for Refinancing of Assisted Living Community in Michigan

by Kristin Harlow July 20, 2018

ALMA, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4.1 million HUD-insured loan for the refinancing of Arbor Grove Assisted Living in Alma, which is located in Central Michigan. The assisted living community includes 41 units. Cathy Bronkema of Cohen arranged the fixed-rate loan, which is fully amortized over 35 years. The borrower was a Grand Rapids, Mich.-based senior living owner and operator.

July 20, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $58M Construction Loan for Apartment Community Near Boston

by David Cohen July 19, 2018

QUINCY, MASS. — Cornerstone Realty Capital has arranged $58 million in financing for the construction of Quarry Hills Apartments, a 269-unit apartment community in Quincy. The borrower was undisclosed, though Chicago-based owner-operator Equity Apartments lists the property on its website. The community, which is located 11 miles south of downtown Boston, will consist of two five-story residential buildings. Amenities will include two courtyards, a firepit, outdoor kitchen, lounge area, clubroom, fitness center and spa. Cornerstone arranged a construction-to-permanent loan with a fixed rate for the entire term. The loan includes a period of interest-only payments for construction and stabilization followed by a 30-year amortization schedule. The lender was not disclosed.

July 19, 2018

Healthcare Loans New Jersey Northeast Office

Progress Capital Secures $6.8M Acquisition Financing for Medical Office in New Jersey

by David Cohen July 19, 2018

MILLBURN, N.J. — Progress Capital has secured $6.8 million in acquisition financing for PRLog, a 21,834-square-foot medical office building in Millburn. Brad Domenico of Progress Capital arranged a 15-year loan with a 30-year amortization for the undisclosed borrower that includes a seven-year fixed rate of 4.75 percent. The lender was not disclosed. The two-story building is currently divided into 11 individual units and was fully occupied at the time of sale by nine medical tenants.

July 19, 2018

Industrial Loans Massachusetts Northeast

Fantini & Gorga Arranges $2.8M in Financing for Flex Building Near Worcester

by David Cohen July 19, 2018

SHREWSBURY, MASS. — Fantini & Gorga has arranged $2.8 million in first mortgage financing for a 36,660-square-foot flex building located at 910 Boston Turnpike in Shrewsbury. The property is approximately six miles east of Worcester. Derek Coulombe and Lindsay Feig of Fantini & Gorga arranged the 15-year, fixed-rate financing on behalf of the undisclosed borrower through a life insurance company. The property was built in 1985 and is broken up into eight rental units with nine total loading docks. It is currently fully leased to five tenants, which include Jenny B Companies, United Medical Systems and Up, Up and Play Day Care.

July 19, 2018

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