SKOKIE, ILL. — Meridian Capital Group has arranged a $6.3 million loan for the refinancing of Fairway Executive Building, a 64,000-square-foot office building in Skokie. Located at 8707 Skokie Blvd., the Class A property rises four stories. Features include an indoor parking garage, a redesigned lobby and a conference room. Weiss Properties purchased the asset as a distressed property in 2010 and invested significant funds to remodel and re-tenant the property. Gershon Friedman of Meridian arranged the 10-year CMBS loan, which features a 4.84 percent rate.
WAXAHACHIE, TEXAS — Greystone has closed a $23.7 million HUD loan for Hunter’s Cove Apartments, a 192-unit multifamily community located in the southern Dallas suburb of Waxahachie. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and a resident clubhouse. Ana Ramos of Greystone placed the 30-year loan, which featured a fixed interest rate and a 30-year amortization period. The borrower was not disclosed.
CORPUS CHRISTI, TEXAS — New York City-based Meridian Capital Group has arranged an $11.5 million acquisition loan for Wilson Plaza, a 270,000-square-foot office building in Corpus Christi. The 17-story property was built in 1927 and is considered the city’s first skyscraper. Jason Grimm, Noam Kaminetzky and Israel Schubert of Meridian Capital placed the five-year loan through a balance sheet lender on behalf of the borrower, The Tridium Group.
HOPKINSVILLE, KY. — Cohen Financial has arranged $18.2 million for the acquisition of the newly constructed Hopkinsville Town Center, a neighborhood retail center in Hopkinsville near the Kentucky-Tennessee border. Hobby Lobby, T.J. Maxx, Ross Dress for Less and Five Below are tenants at the 184,761-square-foot retail center. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the loan for the undisclosed borrower.
KINGSPORT, LAWRENCEBURG AND HUNTSVILLE, TENN. — Dwight Capital has provided $13.2 million in financing for the acquisition of three skilled nursing facilities in Tennessee. The portfolio includes Brookhaven Manor in Kingsport, Countryside Healthcare and Rehabilitation in Lawrenceburg and Huntsville Manor in Huntsville. The properties feature a combined 270 beds. Dwight Capital provided $12.3 million in bridge-to-HUD acquisition financing, as well as $855,000 in mezzanine financing, representing a combined total of more than 90 percent of the purchase price. The borrower was not disclosed.
LOS ANGELES — Walker & Dunlop has arranged $153.7 million in construction financing for Rise Koreatown, a seven-story multifamily property located off Wilshire Boulevard in Los Angeles’ Koreatown submarket. Boca Raton, Fla.-based Rescore Property Corp. is developing the property along with Los Angeles-based Cal-Coast. Rise Koreatown will feature 364 studio and one-bedroom apartments, averaging 649 square feet, catering to the young professional demographic. The property will also feature 52,000 square feet of ground-floor retail anchored by Zion Market, a Korean grocery chain. Kevin O’Grady and Eric McGlynn of Walker & Dunlop’s Capital Markets group structured both senior and mezzanine financing for the project.
PORTLAND, ORE. — Carnegie Capital has sourced and structured a $6.2 million cash-out refinancing for a 39-unit assisted living and memory care community in Portland. The original developer still owns and operates the community, which was 100 percent occupied at the time of the financing. The loan pays off the original construction financing. Further details on the community and borrower were not disclosed. Carnegie put together the loan in two tranches with a bank and private equity shop joining forces to complete the capital stack. The loan carries a fixed rate for three years, interest-only payment period and flexible exit options. JD Stettin, managing partner of Carnegie Capital, arranged the transaction.
NEW YORK CITY — Berkadia has arranged the $140 million refinancing of Ocean at One West Street, a multifamily tower in the Battery Park neighborhood of Manhattan. Located at 1 West St., the property was built in 1902 as an office building and converted to residential use in 1999. Amenities at the building include a fitness center, private laundry, storage facilities and an outdoor roof deck with views of the New York Harbor. Stewart Campbell of Berkadia’s New York office secured the financing through Freddie Mac on behalf of Delaware-based Ocean Prime LLC. The 10-year permanent refinancing features a 3.99 percent fixed interest rate and is a full-term, interest-only loan.
NEW YORK CITY — JLL has secured a $48.7 million loan to refinance a multifamily building on the Upper West Side of Manhattan. Located at 150 W. 82 St., the 10-story property is currently a boutique condominium. Building ownership plans a condominium conversion on the property. When completed, the property will include a resident lounge, gym, roof deck and bike storage. JLL represented the borrowers, GreenOak Real Estate LP and Slate Property Group to place the loan with lender Apollo Global Management LLC. Terms of the financing were undisclosed.
SAN ANTONIO — CBRE has arranged a refinancing for Franklin Park Alamo Heights, a 221-unit independent living, assisted living and memory care community in San Antonio. The borrower is a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties. The amount of the loan was not disclosed. Aron Will and Tim Root of CBRE secured a three-year, floating-rate loan with 24 months of interest-only payments through an undisclosed debt fund.