CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided a $105.8 million HUD loan for 16 skilled nursing facilities located throughout Texas. The financing was used to fund the acquisition of 12 properties and to refinance four other properties. The portfolio totals 1,924 beds. Grant Saunders and Peter Trazzera of KeyBank originated the loan on behalf of the borrower, a joint venture between Capital Senior Ventures and BlueMountain Capital Management.
SAN ANTONIO — Chicago-based Pearlmark Real Estate Partners has originated a $4.5 million mezzanine loan for McAllister Plaza, a 190,511-square-foot office building in San Antonio. The proceeds will be used to finance tenant improvements and leasing commissions. The 12-story property is located near San Antonio International Airport and the Loop 410/Highway 281 interchange. The borrower was not disclosed.
NEW YORK CITY — Greystone has provided an $8.2 million Fannie Mae loan to refinance a three-property multifamily portfolio in Queens. The portfolio consists of three, rent-stabilized properties totaling 52 units. The properties are located at 177-50 South Conduit Ave., 176-20 and 177-16 South Conduit Ave. Amenities at the properties include on-site laundry, covered parking and community rooms as well as video security. Terms of the financing included a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.
PLYMOUTH, MASS. — Fantini & Gorga has arranged a $3 million loan for the purchase of a gas station ground lease in Plymouth. Located at 7 Home Depot Drive, the property is currently occupied by a Shell gas station. The property also includes a car wash and convenience store. Casimir Groblewski and Jon Garcia of Fantini & Gorga secured the financing for the borrower, 7 Home Depot Drive LLC, through a Massachusetts based financial institution. Terms of the loan were undisclosed. The seller was Balder LLC.
CICERO, ILL. — Associated Bank has provided a $3.8 million loan for the acquisition of two industrial buildings in Cicero. The borrower, JSM Venture Inc., plans to convert a 115,379-square-foot building into a 693-unit self-storage facility. The property, located at 1309 S. Cicero Ave., was formerly home to Brad Foote Gear Works. The self-storage facility will be climate-controlled and span 63,587 net rentable square feet. JSM’s acquisition also includes a 28,000-square-foot building that will either be demolished and paved for parking or improved and leased at a market rate. JSM is a Northfield, Ill.-based self-storage development company headed by John S. Mengel. Daniel Barrins of Associated Bank originated the loan, terms of which were not disclosed.
EL SEGUNDO, CALIF. — Meridian Capital Group has arranged $16 million in financing to refinance The Hub – El Segundo, a retail property located at 600-630 N. Sepulveda Blvd. in El Segundo. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian Capital Group negotiated the seven-year loan, provided by a life insurance company, that features an extended period of interest-only payments followed by a 30-year amortization schedule. In-N-Out Burger, El Pollo Loco, Anytime Fitness and FedEx are tenants at the 37,000-square-foot property, which was built in 1990 and renovated in 2016.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has secured a $26 million first mortgage bridge loan to replace a $22.6 million construction loan for THEBlvd, a mixed-use property in Myrtle Beach. Land South of MB LLC is the borrower and retained Eyzenberg & Co. last year as its financial advisor for the development of THEBlvd. David Eyzenberg, Jeff Conti and Anastasia Vladislavova of Eyzenberg & Co. arranged the loan, which was provided by Rialto Capital Management. Located at 1410 N. Ocean Blvd., the 42,000-square-foot property features live entertainment, restaurant and retail space. At the time of financing, the recently completed property was 70 percent leased to tenants, including Tin Roof, Banditos Cantina, BurgerFi and Starbucks Coffee.
CAMBRIDGE, MASS. — CBRE has secured a $120.2 million loan for the refinancing of Zinc Apartments, a 392-unit multifamily property in Cambridge. Located at 22 Water St., the high-rise community features an outdoor resident lounge, a 15,000-square-foot garden terrace, fitness center and 24-hour concierge service. Nate Sittema and Kristen Reilley of CBRE represented the borrower, Greystar Real Estate Partners, in securing a 10-year, fixed-rate loan through Freddie Mac.
NEW YORK CITY — HREC Capital Markets Group has arranged the $7.4 million refinancing of the leasehold interest in the Look Hotel Red Hook in Brooklyn. Located at 17 Seabring St. in the Red Hook neighborhood of Brooklyn, the property is adjacent to the Brooklyn Cruise Terminal. The hotel was recently renovated and upgraded to the Choice Hotels’ boutique Ascend Collection. Greg Porter and Mike Armstrong of HREC represented the borrower, Brooklyn Hotel Group, in securing a floating-rate, non-recourse loan from a private New York-based investment company.
JACKSON, TENN. — Greystone has funded a total $20.9 million in HUD-insured loans to refinance a two-facility skilled nursing portfolio in Jackson. Fred Levine of Greystone’s Monsey, N.Y., office originated the financing for the undisclosed borrower. The two loans both carry a 30-year term and amortization period. The financing is a permanent exit from the interim bridge loans that Greystone previously arranged for the facilities.