PAPILLION, NEB. — Lancaster Pollard has provided a $23.4 million HUD loan for the refinancing of The Cottages at Hillcrest Country Estates in Papillion, about 15 miles southwest of Omaha. The Cottages features 126 skilled nursing beds and 12 independent units. The property is located within Hillcrest Country Estates, a planned 44-acre community featuring independent living, assisted living, memory care and long-term care. The campus was designed and managed in such a way to allow for the individual components, such as the Cottages, to be financed separately. The 35-year, FHA 232/223(f) loan refinances the existing bank debt and inter-company notes used to construct and stabilize The Cottages. Quintin Harris led the transaction for Lancaster Pollard.
RICHLAND, WASH. — CBRE Capital Markets’ Debt & Structured Finance team has secured $11.3 million in financing for The Commons at Innovation Center, an apartment complex located at 2894 Salk Ave. within the Tri-Cities Research District of Richland. The borrower is The Commons Apartments LLC. Built in 2017, the 95,102-square-foot apartment complex features four three-story residential buildings with a clubhouse/leasing office, fitness facility and an outdoor patio with swimming pool, hot tub, outdoor gas fireplace and grill area. The property features 150 units in a mix of studio, one- and two-bedroom layouts, averaging 634 square feet. David Stinebaugh of CBRE’s Seattle office arranged the long-term, fixed-rate loan, which was financed with Freddie Mac’s lease-up refinancing program. Tri-Cities Research District is a 1,700-acre research park with major property owners such as Battelle, U.S. Department of Energy, the Port of Benton and Washington State University.
HOUSTON — A partnership between PMRG and National Real Estate Advisors LLC has refinanced 3737 Buffalo Speedway, an 18-story, 383,777-square-foot office tower located in the Greenway Plaza submarket of Houston. The partnership developed the Class A building in 2016. At the time of the loan closing, 3737 Buffalo Speedway was 73 percent leased to tenants such as FKP Architects, Solvay America and HCA Gulf Coast Division. Amenities include a fitness center, conference center, structured parking and a full-service restaurant operated by chef John Besh. Wally Reid and Matthew Putterman of HFF secured the three-year, floating-rate loan, proceeds of which will be used to complete leasing and pay off existing debt.
WACO, TEXAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $4.3 million construction loan for The Containery, a retail conversion project in Waco. Private developer Bill Wetterman plans to convert an existing warehouse situated on 24,750 square feet of land into a shopping destination with boutique retail and restaurant spaces. Brandon Wilhite of MCA arranged the loan through McGregor, Texas-based TFNB Bank.
NORTH PLAINFIELD, N.J. — Cronheim Mortgage has negotiated $3 million in permanent financing for Mountain View Gardens in North Plainfield. The 43-unit garden style apartment community, located at 470 West End Ave., is comprised of six, two-story walkup buildings and has 24 one-bedroom and 19 two-bedroom units. The seven-year loan amortizes over a 30-year period and has a fixed rate, which was locked five months prior to closing. The borrower and lender were undisclosed. The loan was originated and placed by Allison Villamagna and Andrew Stewart of Cronheim.
MALDEN, MASS. — Fantini & Gorga has arranged $1.2 million in financing for the acquisition of a multifamily property at 21-23 Myrtle St. in Malden, about five miles north of Boston. The property is a 12-unit apartment building made up of one- and two-bedroom units. At the time of sale, the property was fully occupied with under market leases. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the loan for the undisclosed borrower. The lender was not disclosed. The property is located in close proximity to the Malden Metro Boston Transit Authority station, which allows for direct access to downtown Boston on the Orange Line.
SAN DIEGO — Invesco Real Estate has originated an $80 million senior loan for the acquisition and full redevelopment of Bella Posta Apartments, a 344-unit multifamily property located in San Diego’s Mission Valley submarket. The sponsor is Sares Regis Multifamily Value Add Fund II, an affiliate of Sares Regis Group. Loan proceeds will be used to acquire, as well as renovate and upgrade, the property. Planned renovations include the full modernization of exteriors, common areas and amenities.
TUSTIN, CALIF. — Continental Partners has secured $9.3 million in financing for an office and retail property located at 15501 Red Hill Ave. in Tustin. Eugene Rutenberg of Continental Partners arranged the five-year loan, which includes $8.7 million in initial funding and $588,000 to be released as cash-out proceeds after the undisclosed sponsor completes minor tenant improvements to fully stabilize the property. Recently renovated, the 44,123-square-foot property was vacant at the time of loan application. During the loan application, the borrower executed two long-term leases, including TAPS Fish House & Brewery, for the property.
NEWARK, N.J. — Arbor Realty Trust has funded a $41.5 million bridge loan for the acquisition of a multifamily property located in Newark’s Forest Hills section. The deal provides a three-year adjustable loan term. Stephen York of Arbor’s New York City office originated the loan. The undisclosed borrower used the loan to acquire 452 units at closing, with the intent to purchase the remaining 28 units over the next three years. The garden-style apartment community features studio, one- and two-bedroom layouts, on-site laundry facilities, parking and landscaped courtyards.
NEW YORK CITY – Monticello Asset Management, through one of its investment vehicles, has provided $31.2 million bridge-to-HUD loan for New Broadview Manor Home For Adults, a 200-bed seniors housing facility on Staten Island. The borrower is The W Group at New Broadview LLC, which will use the funds to acquire the property. New Broadview was built in 1974, with a fifth floor added in 1999. Of the 200 beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The community totals 42,694 square feet on 0.8 acres of land. The facility is located in the residential South Beach section of Staten Island near the Verrazano Bridge and one block from the ocean and boardwalk.