ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $15.7 million Fannie Mae loan for the refinancing of Manchester Flats Apartment Homes in Ann Arbor. The 173-unit multifamily property is comprised of nine buildings on six acres of land. The property was built in 1957 and renovated in 2013. Todd Linehan of KeyBank arranged the nonrecourse, fixed-rate loan with a 15-year term and 30-year amortization schedule.
LAS VEGAS — KeyBank Real Estate Capital has secured a $35.5 million Fannie Mae first mortgage loan for the acquisition of South Beach Resort in Las Vegas. Situated on 9.8 acres, the property is comprised of 16 two-story residential buildings and features a total of 220 Class A apartment units. Paul Angle of Key’s Commercial Mortgage Group provided the non-recourse, fixed-rate loan with 10 years of interest-only payments for the undisclosed borrower.
PUYALLUP, WASH. — Buchanan Street Partners has provided a $16 million non-recourse bridge loan to Net Lease Alliance to resume and complete construction of a retail center in Puyallup. Located at 301 37th Ave. SE, the 125,100-square-foot project is fully preleased to 24 Hour Fitness and At Home, a retail chain specializing in home décor products. Buchanan Street closed the loan in two weeks to enable the timely completion of the project and meet tenant commencement dates by year-end and the first quarter of 2019. Target Rock Partners represented Net Lease Alliance in the transaction.
KINGWOOD, TEXAS — Comerica Bank has provided a $32.9 million loan to Stratus Properties Inc. (NASDAQ: STRS) for the construction of Kingwood Place, a mixed-use project in Kingwood, a master-planned community located north of Houston. The project will deliver a 103,000-square-foot H-E-B grocery store, 41,000 square feet of additional retail space, six retail pads and 300 multifamily units. The financing was structured at approximately 70 percent loan-to-cost. Construction is expected to begin this month, and the H-E-B is expected to open during the third quarter of 2019.
EASTHAM, MASS. — Penrose has broken ground on Village at Nauset Green in Eastham. The $23 million project will consist of 65 affordable and workforce housing units spread across more than 11 acres. The property will accommodate individuals and families with a range of incomes, including 11 units serving households earning up to 30 percent of the area median income (AMI) and 39 units serving households earning up to 60 percent of AMI. The remaining units will be Workforce units for families set at rents equal to 90 percent of AMI. Pennrose Management Co. will provide on-site management and maintenance, as well as supportive services geared toward both senior and family populations. Amenities include a community room, community garden and a pocket park at the front of the site to be used by all residents of Eastham and users of the nearby Cape Cod Rail Trail. Funding for the project included $10 million over 10 years in federal low-income housing tax credits and $4.375 million in state tax credits over five years from the Commonwealth of Massachusetts Department of Housing and Community Development. A $10.2 million construction loan was provided by Bank of America and a $4.4 million permanent first mortgage …
OAK CREEK, WIS. — National Health Investors Inc. (NHI) has agreed to finance the development of Ignite Medical Resort Oak Creek, a 144-bed skilled nursing facility just south of Milwaukee in Oak Creek. NHI’s commitment totals $25.4 million. Construction on the facility is underway, with an expected completion of second-quarter 2020. A tenant entity owned by affiliates of Villa Healthcare and Ignite Medical Resorts will operate the community once completed. A 12-year lease term begins post-construction with two 10-year renewals and a 2 percent annual escalator. In addition, there is a $2 million earn-out based on the operator meeting certain operating metrics in 2024 and 2025.
WARREN, MICH. — SunTrust Banks Inc. has originated a $16.3 million bridge loan for the acquisition of Hoover Square in Warren, a suburb of Detroit. The 342-unit multifamily property, built in 1965, features one- and two-bedroom units. The asset is 90 percent occupied. Evan Hom of SunTrust originated the two-year, floating-rate loan on behalf of the Michigan-based borrower.
BROOMFIELD, COLO. — HFF has arranged $21.4 million in financing for The Avenues Crofton Park, a 90-unit independent living community in the Denver suburb of Broomfield. Developed by McBroom Co. and managed by The Avenues Co., The Avenues Crofton Park features 70 rental apartment homes and 20 cottages. The HFF team led by Leon McBroom secured a 10-year, fixed-rate loan through Freddie Mac’s CME Program. HFF will also service the loan. The community was 98 percent occupied at closing. The planned use of the funds was not disclosed.
MIAMI BEACH, FLA. — National real estate investor and developer Lightstone has secured $73 million in financing to build Moxy South Beach, a seven-story, 202-room hotel in Miami Beach. CapitalSource provided a $55 million senior loan and Canyon Partners Real Estate LLC made an $18 million preferred equity investment. Moxy’s lobby will have an outdoor courtyard threading together a restaurant, all-day bar, co-working lounge and a Cuban-themed bodega. The second floor will feature a 72-foot swimming pool, fitness center and an outdoor bar. The rooftop will include a shallow pool and screening area. A timetable for development of the hotel was not provided.
NEW YORK CITY — Eastern Union has arranged a $46 million construction loan for the development of an 11-story condominium tower in the Kips Bay neighborhood of Manhattan. Located at 165 Lexington Ave., the property will consist of 43 residential units as well as two commercial spaces totaling 2,860 square feet. The architect for the project is Issac & Stern Architects. Michael Muller and Moshe Lipschitz of Eastern Union secured the financing on behalf of the borrower, Lexington Partners LLC, a joint venture between Brooklyn North Capital and RiverBrook Equities. S3 Capital Group provided the financing package. The project is slated for completion in March 2020.
