ROCHESTER, N.Y. — Money360, a California-based direct lender, has provided a $13.2 million bridge loan to refinance a multifamily property in Rochester, a city located about 70 miles east of Buffalo. The property includes ground-floor retail space. The non-recourse, three-year loan features a fixed interest rate with an interest-only amortization schedule. Ken Wood of Money360 originated the loan.
NEWARK, N.J. — NorthMarq has arranged $8 million in financing for 31 Clinton Street, a 12-story office building in Newark. The public defender’s office of the State of New Jersey occupies the property. The non-recourse loan carries a 15-year term and a fixed interest rate of 3.72 percent. The loan proceeds will be used for renovations including a new elevator, new roof, new HVAC control system and facade repairs. Charles Cotsalas of NorthMarq arranged the loan. The lender and borrower were undisclosed.
CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $22 million loan for the acquisition of Lacuna Lofts in Chicago’s Pilsen neighborhood. The 220,000-square-foot property includes office, retail and event space. The loft building once served as a macaroni factory. Michael Hart and Ryan Morris of Cohen arranged the bridge loan, which provides capital for enhancing the base building, tenant improvements and expanding the event space. The borrower was a partnership between Ameritus and JBG Property. John Scuras of Jameson Commercial represented the seller.
DALLAS — Minneapolis-based Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Sedona Ranch, a 253-unit multifamily asset in Dallas. The property features one-, two- and three-bedroom units and amenities such as a two pools, a picnic area and onsite laundry facilities. Dougherty arranged the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 2749 Sedona Ranch LLC.
TALLMADGE, OHIO — KeyBank Real Estate Capital has provided a $14.5 million Freddie Mac loan for the refinancing of a 101-unit seniors housing property in Tallmadge, just east of Akron. Built in 2016, Danbury Tallmadge offers independent living, assisted living and memory care. Lee Delaveris of KeyBank originated the loan. Danbury Senior Living was the borrower.
MERIDEN, CONN. — Rockport Mortgage, a Massachusetts-based multifamily finance firm, has arranged a $26 million loan for Yale Acres, a 162-unit affordable housing community in Meriden, about 20 miles south of Hartford. Proceeds of the loan will be used to renovate 155 existing units and fund construction of an additional seven. The financing was originated through HUD’s 221(d)(4) program and carries a fixed interest rate and a 40-year amortization schedule. An affiliate of Meriden-based Carabetta Cos. will act as the general contractor on the project, which is slated for completion in 2021.
ROCHESTER, N.Y. — Money360, a California-based direct lender, has provided a $13.2 million bridge loan to refinance a multifamily property in Rochester, a city located about 70 miles east of Buffalo. The property includes ground-floor retail space. The non-recourse, three-year loan features a fixed interest rate with an interest-only amortization schedule. Ken Wood of Money360 originated the loan.
SEATTLE — CBRE has secured a $160 million permanent loan for McKenzie Seattle, a 40-story for-rent residential property located at 2202 Eighth Ave. in Seattle. Completed in August 2018, the elliptical tower features 450 apartments in a mix of studio, one-, two- and three-bedroom penthouse layouts and 379 parking spaces. On-site amenities include a fitness center on the 39th floor, a common area with deck on the 40th floor, a private spa retreat and a 24/7 tenant concierge. Wild Ginger, a restaurant, occupies the ground-floor retail space. David Stinebaugh and Mark Capeloto of CBRE’s Seattle office arranged the financing for the borrower, a subsidiary of Seattle-based Clise Properties. The fixed-rate, 10-year loan was closed as the property approaches stabilized occupancy. Northwestern Mutual Life Insurance Co. provided the financing.
BAYTOWN, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $15 million loan for the refinancing of a 255-unit multifamily community in Baytown, an eastern suburb of Houston. Brandon Brown of LMI Capital placed the loan, which carried a fixed interest rate of 4.18 percent and three years of interest-only payments. The borrower and property name were not disclosed.
MIAMI — JLL has arranged a $300 million construction loan for the development of 830 Brickell, a 56-story, 1 million-square-foot office tower in Miami’s Brickell district. MSD Partners provided the four-year loan to the developers, a joint venture between OKO Group and Cain International. Located at 830 SE First Ave., 830 Brickell is slated for completion in early 2022. The property is situated next to a MetroMover station, as well as Brickell City Centre, a $1.5 billion, 506,000-square-foot mixed-use development.