HOUSTON — Arbor Realty Trust Inc., a New York-based direct lender, has provided a $21.4 million Fannie Mae loan for the refinancing of Casa del Mar, a 354-unit multifamily community in Houston. The property is situated on Interstate 45 on the city’s north side. Floor plans include one- and two-bedroom units and amenities include two pools, a playground, on-site laundry facilities and a tennis court. The borrower was not disclosed.
ODESSA, TEXAS — NorthMarq Capital has arranged approximately $8 million in financing for the acquisition of Peppertree & Spanish Oak Apartments, a 180-unit multifamily community located in the West Texas city of Odessa. Amenities at the property include a pool, tennis and basketball courts, a business center and on-site laundry facilities. Carl Pankratz of NorthMarq arranged the financing on behalf of an undisclosed borrower through a bridge/mezzanine lender.
NEW YORK CITY — PCCP LLC has provided a $45.9 million senior loan to Forkosh Development Group for the development of a 20-story residential condominium at 157-161 E. 28th St. in Manhattan. Forkosh acquired three vacant apartment buildings at the site in January for $17 million in an all-cash transaction. The privately owned real estate development firm will build a boutique condo development on the site of the former apartment buildings. Once completed, the project will offer units with open layouts, floor-to-ceiling windows and hardwood floors.
EAST LANSING, MICH. — Arbor Realty Trust Inc. has provided a $13 million HUD-insured loan for the refinancing of Glenwood Apartments in East Lansing. The 138-unit apartment property is located near Michigan State University. Amenities include a pool, fitness center, clubhouse and laundry facilities. Michael Jehle of Arbor originated the 35-year loan.
MARINA DEL REY, CALIF. — Institutional Property Advisors (IPA) Capital Markets has arranged $63.8 million for the refinancing of a multifamily property located in Marina del Rey. Danny Abergel of IPA Capital Markets secured the financing for the undisclosed borrower. The debt placement was structured with 10 years interest-only payments fixed at 4.2 percent. The multifamily property features 268 apartments.
LAS VEGAS — NorthMarq Capital has arranged an $11.3 million loan for the construction of Centennial Hills Skilled Nursing Facility in Las Vegas. The facility features 72 beds. The loan has a 12-month interest-only term followed by a 25-year amortization schedule. The loan-to-cost ratio is 75 percent. A national bank provided the capital. Jordan Johnson and Jerry Peterson of NorthMarq Capital’s Las Vegas office arranged the loan. The borrower was not disclosed.
CONROE, TEXAS — CBRE has arranged the $34.5 million refinancing for Woodhaven Village, a 157-unit independent living, assisted living and memory care community in the Houston suburb of Conroe. The borrowers are Padua Realty Co. and Paradigm Senior Living, the joint venture developers of the property. The Freddie Mac loan features a 10-year term, floating interest rate and five years of interest-only payments. Aron Will of CBRE National Senior Housing arranged the financing. Opened in January 2017, Woodhaven Village is located one mile from Conroe’s largest medical center and was more than 90 percent occupied at the time of the refinancing.
JERSEY CITY, N.J. — Progress Capital has arranged a $26.2 million construction-to-perm loan for a new 159,861-square-foot mixed-use building in Jersey City. Sterling National Bank provided the financing to the undisclosed borrower, which acquired the site in 2015. The new nine-story development will include 99 residential units and 2,240 square feet of street-level retail space. Amenities will include 24-hour concierge service, a fitness center and a rooftop terrace. Terms of the loan, which was collateralized by two parcels of land, include a 65 percent loan-to-cost (LTC) ratio, an 18-month interest-only period and two optional 12-month extensions on the construction phase. Upon stabilization, the borrower has the option to convert to a permanent mortgage.
BETTENDORF, IOWA — PMZ Realty Capital LLC has arranged a $13 million permanent loan for the Hilton Garden Inn Bettendorf/Quad Cities. The 115-room hotel, built two years ago, includes a fitness center, business center and 2,400 square feet of meeting and event space. The loan will provide the undisclosed borrower with proceeds to start on two new hotel projects, according to Peter Berk, president of PMZ. The lender was not disclosed.
DURHAM, N.C. — Blue Heron Asset Management has received a construction loan for the development of Foster on the Park, a 164-unit apartment community located at 545 Foster St. in Durham. Roger Edwards, Justin Good and Henry Sisson of HFF arranged the loan through First National Bank, a subsidiary of FNB Corp., on behalf of Blue Heron. Foster on the Park will feature ground-floor retail and restaurant space and will overlook Central Park — the city’s main urban park that hosts a twice-weekly farmers market, food truck rodeos and community and social events. In addition, the community will be located adjacent to Durham Innovation District, a 1.7 million-square-foot, planned mixed-use development, as well as the Historic Durham Athletic Park. In addition to Blue Heron, the project team includes general contractor Resolute Building Co., architect Cline Design Associates and civil engineer Coulter Jewell Thames. Bell Partners will manage the community upon completion in the first quarter of 2020.
