PASADENA, TEXAS — New York City-based Ready Capital (NYC: RS) has provided a $38.9 million loan for the acquisition, renovation and stabilization of a 504-unit apartment community located in the eastern Houston suburb of Pasadena. The nonrecourse loan, some proceeds of which will be used to implement a capital improvement program, carried a 36-month term with two extension options and a floating interest rate. The borrower was not disclosed.
TAMPA, FLA. — Berkadia has arranged the $43.2 million sale of Allister Place, a 384-unit multifamily community in Tampa. Located at 4939 E. Busch Blvd., Allister Place was built in 1986 and offers amenities such as a clubhouse, business center, storage space, 24-hour fitness center, swimming pool and poolside cabanas. Cole Whitaker and Jason Stanton of Berkadia represented the seller, Aspen Square, in the transaction. The buyer is a joint venture between GMF Capital and The Michaelson Group. Berkadia’s South Florida team provided a 10-year, Freddie Mac acquisition loan to the buyer. The $34.6 million loan features a fixed interest rate and five years of interest-only payments followed by a 30-year amortization schedule.
GLENDALE, ARIZ. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged $25 million in financing for Thunderbird Senior Living, a 340-unit community in Glendale. The refinancing was secured through an agency lending program. Richard Thomas, Meredith Davis and Kim Huffstutler originated the loan.
LOS ANGELES — PSRS has arranged a $4.4 million loan for Kenmore Commons, an apartment building located in the Koreatown area of Los Angeles. The building features 22 recently renovated units. William DeFanti of PSRS’ Los Angeles office secured the high-leverage, non-recourse loan, which features no prepayment penalty after the 12th month. The borrower was not disclosed.
INDIANAPOLIS — FM Capital has provided a $6 million bridge loan for the acquisition of a retail center in Indianapolis. The 182,056-square-foot property is comprised of two buildings and an outparcel. The asset is approximately 89 percent occupied. Tenants include Shoppers World, Dollar Tree and Dollar General. The borrower was not disclosed.
PLANO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $40 million business recapitalization loan for Heart to Heart Hospice, a Plano-based organization that operates 36 properties across Texas, Michigan and Indiana. Todd McNeill and Kevan McCormack of MCA arranged the loan, specific terms of which were not disclosed, through Cerberus Capital Management LP.
SAN ANTONIO — New York City-based Ready Capital (NYC: RS) has originated a $25.8 million loan for the acquisition, renovation and stabilization of a 392-unit apartment community located in the Far North Central submarket of San Antonio. The nonrecourse loan carries a floating interest rate, 36-month term and flexible prepayment options. The capital improvement program will upgrade both the unit interiors and common areas. The sponsor was not disclosed.
HOUSTON — BMC Capital has closed an $18 million loan for the cash-out refinancing of an undisclosed, Class B multifamily property in the Houston area. The nonrecourse loan featured a fixed 5.25 percent interest rate, 10-year term and a 30-year amortization schedule. The borrower was not disclosed.
MARLBOROUGH, MASS. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough. Located in Middlesex County, the property currently houses four tenants with Starbucks as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.
DENVER — HFF has arranged $75 million in financing for The Confluence, a 34-story luxury residential tower located 1441 Little Raven St. in downtown Denver. The borrower is a partnership between National Real Estate Advisors, acting on behalf of a client, and PMRG, which recently merged with Madison Marquette. Josh Simon and Rob Rizzi of HFF secured the 10-year, fixed-rate loan through a life company lender. The borrower plans to use loan proceeds to retire existing construction debt. Completed in 2017, The Confluence features 287 units in a mix of one-, two- and three-bedroom. Units average 1,052 square feet with high-end finishes, including granite and marble countertops, soaking tubs, floor-to-ceiling windows, hand-scraped hardwood floors, walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen, catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.