DETROIT — Money360 has provided a $2.8 million bridge loan for the acquisition of a 54-unit multifamily portfolio in Detroit. The two properties comprise a mix of one- and two-bedroom units as well as two commercial units. The nonrecourse loan features a two-year term and a rate of 7.75 percent.
SAN DIEGO — HFF has arranged $70.5 million in financing for a two-property life science portfolio in San Diego’s Sorrento Mesa neighborhood. Bioscience Properties and Singerman Real Estate, the borrowers, plan to use loan proceeds to convert the buildings into Class A laboratory assets. The portfolio comprises The Peak at Wateridge, a 180,000-square-foot, two-story office/R&D building situated on 11.1 acres at 10770 Wateridge Drive, and 6325 Lusk, a 50,005-square-foot life science building situated on 5.5 acres. Overall, the portfolio is 65 percent leased to two tenants: Abzena PLC and TriLink Biotechnologies. Tim Wright, Zack Holderman, Olga Walsh and Daniel Pinkus of HFF arranged the five-year, floating-rate bank loan.
BRIDGEWATER, N.J. — New York-based financial advisory firm Juniper Capital Group has secured $23.3 million in acquisition financing for Woodmont Square, a 100-unit apartment community in Bridgewater. Amenities at the property include quartz counter tops, stainless steel appliances, a gym, clubhouse, game room, basketball courts and electronic keyless entry systems. Nate Lowy of Juniper secured the 10-year loan through a local bank on behalf of the borrower, a local investor. Terms of the financing include a 4 percent interest rate.
PULLMAN, WASH. — Newmark has secured $21.7 million in permanent financing for Birch Hills Apartments, a multifamily property located at 2200 N.E. Westwood Drive in Pullman. The newly constructed property features 281 units in a mix of one-, two- and three-bedroom layouts. Demetri Koston of Newmark’s Spokane, Wash., office structured the 12-year, fixed-rate loan with a bank based in the Pacific Northwest. The initial four years of the loan were structured as interest-only payments, followed by a 30-year amortization schedule.
SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate Finance originated the 10-year, fixed-rate loan, which will help fund upgrades to the units and common areas at the community.
NEW YORK CITY — German bank Helaba has provided a $125 million loan to refinance The Paris, a 24-story multifamily tower on the Upper West Side of Manhattan. Located at 752 West End Ave., the property was originally built in the 1930s as the Hotel Paris. The 191,500-square-foot property consists of 168 units. Amenities include a fitness center, children’s playroom, rooftop terrace, storage units and bike racks. A newly renovated pool is scheduled to open in early 2019. Helaba provided the financing to Stellar Management, a New York City-based owner-operator of commercial real estate. Nesenoff & Miltenberg LLP represented Stellar Management, while Dentons US LLP represented Helaba Bank.
PHILADELPHIA — Berkadia has secured a $45 million acquisition loan for Versailles Apartments, a high-rise multifamily property in Philadelphia. Located at 1530 Locust St., the property was originally built in the 1920s and fully rehabbed by Alterra Property Group over the past 36 months. Amenities at the community include a fitness center, yoga studio and roof deck. Matt Cullison of Berkadia’s Philadelphia office secured the financing on behalf of funds affiliated with Spring Creek, a Philadelphia-based family office. The lender was New York Life Insurance Co. Terms of the financing include five years of interest-only payments followed by a 30-year amortization schedule.
GLENVIEW, ILL. — Allstate Investments has provided a $27.5 million acquisition loan for Valley Lo Tower II, a 112-unit, mid-rise multifamily property in the northern Chicago suburb of Glenview. Valley Lo offers a mix of one-, two- and three-bedroom floor plans. Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court. Matthew Schoenfeldt of HFF arranged the loan on behalf of the borrowers, The Marquette Companies and LEM Capital. The buyer plans to make upgrades to the amenities.
ATLANTA — Grandbridge Real Estate Capital has arranged a $29.5 million refinance loan for 900 Ashwood Parkway, a 205,271-square-foot, Class A office building in Atlanta’s Central Perimeter submarket. Alex Haw of Grandbridge arranged the loan on behalf of the undisclosed borrower through BB&T Real Estate Funding.
JACKSONVILLE, FLA. — NXT Capital has provided a $25 million acquisition loan for the purchase of Summit at SouthPoint, a four-building, 261,000-square-foot office complex in Jacksonville. Summit at SouthPoint is located seven miles southeast of the city’s central business district and offers community amenities such as an outdoor gazebo, lake views and access to hotels and restaurants in the area. Charles Foschini of Berkadia arranged the loan on behalf of the undisclosed buyer. The seller and sales price were also not disclosed.