CHARLOTTE, N.C. — Alliant Credit Union has provided a $26 million loan for the refinancing of a 120,000-square-foot office building in Charlotte’s Arysley submarket. According to the Charlotte Business Journal, the property, known as One Silver Crescent, opened in February and is fully leased to Jeld-Wen, a window and door manufacturer. The name of the borrower was not disclosed.
RICHARDSON, TEXAS — KeyBank Real Estate Capital has provided a $21.4 million Fannie Mae first mortgage loan for Madison at Melrose Apartment Homes, a 200-unit multifamily community located in the northern Dallas metro of Richardson. The property was built in 1995 and is situated on 11.2 acres. Caleb Marten of KeyBank structured the 10-year loan, which features five years of interest-only payments and a 30-year amortization schedule. The loan will be used to refinance existing debt.
NEW YORK CITY — Meridian Capital Group has arranged $88 million in pre-development financing for a Marriott-branded hotel to be located at 450 Eleventh Ave. in the Hudson Yards neighborhood of Manhattan. Meridian secured financing on behalf of the borrower, Marx Development Group, through lender Mack Real Estate Credit Strategies. The two-year loan will serve to recapitalize the project and cover pre-development costs for the hotel. MDG is also raising $66 million in EB-5 funds through the Manhattan Regional Center for the hotel’s construction. Once completed, the 42-story hotel will span 235,000 square feet and contain 441 rooms. The property will also include a business center, lounge, restaurant and outdoor meeting space. The hotel is slated for completion in late 2019. Hudson Yards is a $20 billion large-scale redevelopment program on Manhattan’s far west side that will include a 28-acre mixed-use development.
WARMINSTER, PA. — G.S. Wilcox & Co. has secured $25.5 million in permanent financing for the Jacksonville Station Community, a recently constructed 151-unit, eight-building apartment community in Warminster. The financing was secured with a 10-year term and a 30-year amortization through lender Allianz. The undisclosed borrower was a repeat client of G.S. Wilcox. The community features 12 types of units with a clubhouse and in-ground pool and is located across the street from the Septa Rail Station, which provides direct connectivity to Philadelphia.
NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.
ALEXANDRIA, VA. — Walker & Dunlop has arranged $40.4 million in financing for the recapitalization of The Mark Apartments, a 227-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Jamie Butler of Walker & Dunlop arranged fixed-rate senior debt through Freddie Mac and joint venture equity through RSE Capital Partners on behalf of the borrowers, Northpoint Realty Partners and Persimmon Capital Partners. The financing replaced the existing construction debt. Northpoint and Persimmon recently completed a redevelopment program, transforming the property from an outdated hotel to a multifamily community. The Mark Apartments includes a mix of studio to three-bedroom units and features a pool, outdoor grilling and dining terrace, fitness center, resident’s lounge, dedicated work spaces and laundry facilities.
NACOGDOCHES, TEXAS — Capital One has provided a $9.3 million Fannie Mae loan for the refinancing of The Arbor Assisted Living & Memory Care, a 59-unit seniors housing property in Nacogdoches, a city roughly midway between Houston and Shreveport, La. The property was built in the late 1990s. The borrower was Prevarian Senior Living, an owner of seven assisted living and memory care communities across the country.
LANSING, ILL. — Hunt Mortgage Group has provided a $26 million Fannie Mae loan for the refinancing of Riverwood Apartments in Lansing, a southern suburb of Chicago. The 354-unit apartment property is located at 3649 173rd Court. Built in 1964, the community is comprised of 10 buildings on 16 acres. Amenities include a sport court, playground, laundry area, fitness center, pool and clubhouse. The 15-year loan features a 30-year amortization schedule. The borrower, Riverwood Apartments LLC, will use the loan to pay off existing debt and facilitate a buy-out of the remaining partners.
CLEVELAND — Rose Community Capital has provided a $16.1 million 221(d)4 loan for the rehabilitation of Fenway Manor in Cleveland. The 143-unit affordable housing property was originally constructed in 1923 as a residential hotel and rehabbed in 1974 for low-income seniors. Plans call for a new roof, windows, elevators, entrance, HVAC, flooring and paint. Individual units will be updated with new kitchens, bathrooms, flooring, paint and doors. The borrowers included Orlean Company and Renewal Housing Associates. Rose Community Capital is the financing arm of Jonathan Rose Cos.
SANTA CLARITA, CALIF. — G.H. Palmer, a Southern California-based commercial real estate developer, has closed on $158.8 million in financing for Colony Townhomes, multifamily property located at 17621 Pauline Court in Santa Clarita. The property features 752 apartments in a mix of two- and three-bedroom layouts with personal garages. On-site community amenities include a fitness center, swimming pool and spa, and a picnic area. Gary Tenzer of George Smith Partners (GSP) arranged the financing for borrower. The new loan replaces a HUD loan, previously arranged by GSP, with a remaining term of 23 years and pre-payment penalties in place. The interest-only, non-recourse loan is fixed at a rate of 4.29 percent for a 10-year term. The loan represents 65 percent to value.
