MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in Utah. Live Oak’s loan package features a fully amortizing 25-year term. The bank sourced the financing in collaboration with Brady Johnson of Hunt Real Estate Capital.
NASHVILLE, TENN. — Walker & Dunlop Inc. has arranged $19.5 million in financing for the acquisition and rehabilitation of Dandridge Towers, an affordable seniors housing community in Nashville. The community features 153 units. The borrower was LHP Capital LLC, which developed and manages the property. The seller was not disclosed. Rob Rotach of Walker & Dunlop secured the 40-year, fixed-rate, fully amortizing loan through HUD’s Substantial Rehabilitation program, which insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily housing for moderate-income families, elderly and the handicapped. The property was financed in conjunction with 4 percent Low Income Housing Tax Credits from the Tennessee Housing Development Agency, designated for affordable properties. In addition to unit upgrades and accessibility enhancements, the renovations will feature a number of water- and energy-related green improvements. Dandridge Towers was originally constructed in 1983.
BUTLER, PA. — SunTrust has served as joint lead arranger and Ziegler as placement agent for a $71 million refinancing to Quality Life Services. The Butler-based healthcare services company will use the funds for an expansion of its communities, which include skilled nursing facilities and continuing care retirement communities (CCRC). The first renovation project is already underway at Quality Life Services – Sugarcreek, a CCRC in Worthington. The project is slated for completion in February 2019. When the projects are completed, all 10 of Quality Life Services’ skilled nursing facilities will be renovated and expanded. Additionally, the company will improve upon its home health and hospice divisions.
LINCOLN, NEB. — NorthMarq Capital has arranged a $3.5 million loan for the refinancing of Lincolnshire Office Park in Lincoln. The four-building property spans 52,620 square feet and is located at 1530 S. 70th St. Steve Ruff of NorthMarq arranged the loan, which is fully amortized over 18 years. A life insurance company provided the loan. The borrower was not disclosed.
SEATTLE — Newmark has secured $27 million in financing for Eastlake Office Building, located at 617 Eastlake Ave. East in Seattle. The five-story property features 80,365 square feet of office space, views of Lake Union and freeway access. At the time of financing, the property was 100 percent leased. Brian Bonipart and Abby Kemp of San Francisco-based Newmark arranged the 10-year, fixed-rate loan with a 25-year amortization schedule for the undisclosed borrower through one of Newmark’s correspondent life insurance lenders. The planned use of the funds was not disclosed.
BROCKPORT, N.Y. — Greystone has provided a $20.6 million Fannie Mae DUS loan for the refinancing of Autumn Woods Community in Brockport. Located on more than 25 acres, Autumn Woods is a recently constructed multifamily property comprising 296 units. Brockport is approximately 19 miles west of Rochester. Brian Liske of Greystone arranged the 10-year, fixed-rate refinancing on behalf of borrower, Carl Grasta of Outlook Development LLC. The refinancing replaces an existing construction loan from Genesee Regional Bank.
NEW YORK CITY — Progress Capital has secured a $30 million bridge loan for the American Self Storage Building in Brooklyn. Brad Domenico of Progress Capital secured the interest-only bridge loan for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction. The lender was Nataxis. Located at 202-208 Tillary St., the 115,000-square-foot property will continue to be operated as a self-storage facility until plans to convert it into a residential building are finalized.
INDIANAPOLIS — SunTrust Banks Inc. has originated a $4.2 million Fannie Mae loan for the refinancing of Temple Lofts Apartments in Indianapolis. The apartment property features 40 units within two buildings. The site was formerly home to a historic church that was converted into apartments. The 12-year loan features a 30-year amortization schedule. SunTrust sourced the loan through Jeff Spahn of PR Mortgage & Investments, a SunTrust correspondent based in Indianapolis.
HOUSTON — NorthMarq Capital has arranged $54.9 million in loans for the acquisition and refinancing of four commercial properties and one apartment community located throughout the Houston area. The properties include Deer Park Marketplace, a 35,000-square-foot retail asset in Deer Park; Havenwood Office Park, a 240,000-square-foot office property in The Woodlands; Hidden Lakes Phase III, a 9,000-square-foot retail property in League City; 2700 Research Forest, a 75,000-square-foot office building in The Woodlands; and Jacinto Palms Apartments in Jacinto City. Warren Hitchcock of NorthMarq Capital’s Houston office arranged the loans on behalf of the undisclosed borrowers.
DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.