AUSTIN, TEXAS — Texas-based mortgage intermediary Pioneer Realty Capital LLC has arranged a $3.2 million loan for the refinancing of Summit Point, an office building in Austin. The property, which is located a few miles south of the downtown area, was 100 percent leased at the time of the loan closing. An international investment banking firm provided the loan on behalf of undisclosed sponsors.
LOS ANGELES — Lion Real Estate Group has received $35 million in financing for EastView Apartments, a newly constructed Class A multifamily property located at 327 N. Boylston St. near downtown Los Angeles. Marc Schillinger and Peter Berges of HFF arranged the 12-year, fixed-rate loan with an insurance company for the borrower. The property features 121 units in a mix of studio, one- and two-bedroom layouts, ranging from 555 square feet to 1,267 square feet. On-site amenities include a fifth-floor sky deck with fire pit, grills and dining tables; co-working lounge with refreshment bar and large-screen television; swimming pool with hot tub and lounge; fitness center; secured parking; bike share program; and electric car charging stations.
SAN MARCOS, CALIF. — Lancaster Pollard has arranged $400 million in financing for Plum Healthcare Group, a San Marcos-based skilled nursing operator. The bridge-to-HUD loan refinances Plum’s previous corporate term loan credit facility on a portfolio of 27 skilled nursing facilities throughout California. “Redesigning our capital structure for the emerging market is a key tenet of our strategic plan, which is focused on further enhancing our industry-leading clinical and patient outcomes, and aligning our business to capitalize on developing long-term growth opportunities in the healthcare space,” says Naveed Hakim, chief financial officer of Plum Healthcare Group. The Lancaster Pollard team of Grant Goodman, Jason Dopoulos, Joe Munhall and Elliot Kaple served as the syndication agent on the transaction. Credit Suisse served as the lender. “Completing this refinancing with Lancaster Pollard and Credit Suisse accomplishes a key step towards creating a unique, sustainable capital structure that will give us the flexibility and enhanced capital output to execute on our vision,” adds Hakim.
LEXINGTON AND WALTHAM, MASS. — Fantini & Gorga has secured $10.2 million in permanent financing for two retail properties in Lexington and Waltham. The Lexington property was built in 2010 and is located at 46 Bedford St. It features 6,698 square feet of retail space, which is fully leased to a tenant roster including Qdoba and People’s United Bank. The property in Waltham was built in 2013 and is located at 1019 Trapelo Road. It features 9,442 square feet of retail space with a tenant roster that includes Starbucks and PhysiciansOne Urgent Care. Fantini & Gorga arranged the long-term, fixed-rate loan for a local real estate investor and developer through a regional financial institution.
CHICAGO — Ready Capital Structured Finance has provided a $7.9 million loan for the refinancing of a 38,000-square-foot office property in Chicago. The building, located on West Carroll Avenue in the Fulton Market neighborhood, was repositioned from an industrial warehouse into an office property. The non-recourse, floating-rate loan features a 36-month term. The borrower was not disclosed.
DALLAS — CBRE has arranged a $61 million construction loan for the Marriott Uptown, a 255-room hotel being developed at the intersection of Carlisle and Fairmount streets in Dallas. The hotel is slated to open in May 2020 and will feature a pool, fitness center and 12,980 square feet of meeting space. Jay Wagley, John Fenoglio, Matthew Miller, Marc Sallette and Olga Lepow of CBRE arranged the financing through IBC Bank on behalf of the developer, Dallas-based Alamo Manhattan.
CHICAGO — Citizens Bank has provided a $20.9 million loan for the construction of 42 luxury apartments at Norweta Row in Chicago’s Lincoln Park neighborhood. The development also includes 31 for-sale condominium units that will share amenities with the apartments, but were not part of the collateral for this loan. The apartment phase of the project is due for completion in spring 2019 and will encompass 79,000 square feet. Community amenities will include a pool, fire pit, outdoor grilling area, sport court and dog wash station. Christopher Knight and Greg LaBine of HFF arranged the loan on behalf of the borrower, Broder.
DAYTON, OHIO — SunTrust Banks Inc. has arranged a $20.3 million Fannie Mae loan for the refinancing of a 300-unit multifamily property in Dayton. Built in 1988, the Class B property is located 11 miles southwest of Dayton’s central business district. Joe Markech of SunTrust originated the 12-year loan, which features a 30-year amortization schedule. Markech sourced the transaction through Michael Dury of PR Mortgage & Investments.
RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $16.9 million preferred equity investment to Kane Realty Corp. for the development of Vine North Hills, a 326-unit apartment community in Raleigh’s North Hills submarket. Located on four acres along St. Albans Drive, Vine North Hills is the first phase of the 33-acre, multi-phased North Hills East Expansion. The community will feature a mix of studio to three-bedroom apartment units with quartz countertops, stainless steel appliances, glass walk-in showers and private balconies. Community amenities will include a clubhouse with hospitality kitchen, lounge and game rooms, fitness center, saltwater pool, grills, fire pits, dog washing facility, a bike center and storage units. A construction timeline was not disclosed.
LACEY, WASH. — HFF has secured an undisclosed amount of financing for The MARQ on Martin, a multifamily community located at 8545 Litt Drive SE in Lacey. Security Properties, the borrower, used the loan to acquire the property, which was completed earlier this year. Charles Halladay, Scott Gilson and Robert Bova of HFF arranged a 10-year, fixed-rate loan with five years of interest-only payments through Freddie Mac for the borrower. HFF will service the securitized loan. The MARQ on Martin features 248 units in a mix of studio, one- and two-bedroom layouts offering stainless steel appliances, in-unit washers/dryers, and walk-in closets. Community amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong table, an outdoor grilling and dining area, a 24-hour fitness center, and a clubhouse with fireplace, billiards and entertainment kitchen.