WOODBURN, ORE. — Lancaster Pollard has arranged an $8.8 million HUD refinancing for Heartwood Memory Care Community in Woodburn. The 48-bed community offers exclusively memory care services. The owner sought long-term financing after a successful opening in 2014. The new FHA-insured structure allowed the borrower to refinance senior and mezzanine construction financing into a non-recourse, 35-year, fixed-rate loan. Matt Lindsay and Casey Moore led the transaction for Lancaster Pollard.
MEDFORD, ORE. — Contemporary Healthcare Capital has arranged a $2.8 million mezzanine loan to affiliates of Sapphire Health Services. The loan will help finance the acquisition of two assisted living facilities in Medford. Contemporary’s senior lending partner on the transaction was Sunwest Bank of Irvine. The combined loans of approximately $11.8 million were used for the acquisitions of West Wind Enhanced Care, a licensed assisted living facility serving residents afflicted with traumatic brain injuries, and Ridgeview Assisted Living Facility, a community serving a younger population of residents with developmental or neurological challenges.
NEW YORK CITY — NKF Capital Markets has arranged an $81 million loan for the acquisition and redevelopment of 25-11 49th Avenue, a 135,000-square-foot warehouse located in the Long Island City area of Queens. The borrower is a partnership between New Jersey-based development and management firm Normandy Real Estate Partners and two New York-based investment firms, Keystone Equities and Drake Street Partners. Dustin Stolly and Jordan Roeschlaub of NKF Capital Markets secured the loan through Deutsche Bank. The redevelopment calls for a full repositioning of the two-story, loft-style warehouse, which will be converted into an 11-story office building totaling 238,000 square feet. Nine stories will be built atop the existing structure, which is located within the area’s factory district. “This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood,” says Stolly. “This is an excellent opportunity for tenants that will allow them to recruit and retail quality talent.” The financing will also be used to implement a capital improvement plan, which will target the office entrances, lobby and common areas and outdoor roof deck. New elevators and HVAC systems, as well as new security and electronics system, are also included in …
ORLANDO, FLA. — KeyBank Real Estate Capital has provided a $13.3 million Freddie Mac loan for the refinancing of Aventura Apartments, a 144-unit multifamily community in Orlando. Jeff Rodman and Kelly Frank of KeyBank originated the seven-year, floating-rate loan with a 30-year amortization schedule. The name of the borrower was not disclosed. The loan features a 15-month earnout provision, which is collateralized by a KeyBank-provided letter of credit. Aventura Apartments was constructed in 1984 and has undergone extensive renovations over the past two years. The property will reserve 20 percent of the units for those earning 80 percent of the area median income (AMI). The community features a fitness center, swimming pool, playground and a grilling and picnic area.
WASHINGTON, D.C. — Commercial and multifamily mortgage originations for all of 2017 increased 15 percent on a year-over-year basis, bolstered by the strength of the multifamily, industrial and office sectors, according to the Mortgage Bankers Association (MBA). The preliminary estimate was released Sunday during MBA’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2018 in San Diego. The estimate is based on the MBA’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The MBA reported that originations totaled $491 billion in 2016. Breaking down the numbers Originations for hotel properties increased 26 percent in 2017 over the prior year, the MBA reports, followed by industrial (+22 percent), multifamily (+17 percent), office (+12 percent) and healthcare (+9 percent). On the flip side, originations for the retail sector declined 21 percent in 2017 due in part to the dramatic growth of e-commerce. Even so, it was banner year overall for the mortgage banking community. “Based on these preliminary numbers, 2017 was a record year for borrowing and lending backed by commercial real estate properties,” said Jamie Woodwell, vice president of commercial real estate research for MBA, which is headquartered in Washington, D.C. “The increase was driven by multifamily lending, particularly for Fannie Mae …
BAYONNE, N.J. — Greystone has provided a $19.2 million Fannie Mae loan as part of a $32.2 million property acquisition by AMS Acquisitions. The seven-year loan includes six years of interest-only payments and a 30-year amortization. The borrower acquired an 85-unit multifamily property located in Bayonne. Renovated in 2013, the property features studio, one- and two-bedroom units. The acquired property includes three undeveloped parking lot parcels, which AMS Acquisitions intends to develop into additional multifamily housing. Avrom Forman of Greystone originated the loan for the borrower.
VENICE, FLA. — Florida-based Trez Forman Capital Group has provided a $44.8 million loan for the construction The Floridian Club of Sarasota, a 309-unit active adult rental community in Venice. The gated community is located at 2445 E. Venice Ave., about four miles east of Venice Beach. Ben Jacobson of Trez Forman originated the loan on behalf of the developer, Sarasota Floridian LLC, an entity led by Larry Lieberman and Fred Starling. The community will include 261 single-story attached villas and 48 three-story units served by elevator. The units will feature one- and two-bedroom floor plans ranging in size from 991 to 1,339 square feet. All of the units will be available for long-term leases between two and 10 years. Although the community is designed for active baby boomers, it will not be age-restricted. Community amenities at The Floridian Club will include an infinity-style pool, separate lap pool, fitness center, café, club room, pickleball courts, guest suites, business center, outdoor barbeque area, pet spa and walking/running trails. Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group.
OCEAN CITY, MD. — Cronheim Hotel Capital (CHC) and GEM Equity Markets (GEM) have arranged a $20.8 million construction loan for Cambria Resorts & Conference Center, a 133-room hotel that will be constructed on North First Street in Ocean City. CHC and GEM arranged the two-year loan through a consortium of Maryland-based credit unions on behalf of the developer, a joint venture between Ocean City-based Pinnacle Hospitality Solutions and Philadelphia-based The Wankawala Organization. Choice Hotels International Inc., owner of the Cambria brand, granted a 30-year franchise to the hotel developers.
CORVALIS, ORE. — Contemporary Healthcare Capital (CHC) has arranged a $1.2 million mezzanine loan to refinance a 32-unit memory care community in Corvalis, approximately 80 miles south of Portland. The borrower is Benicia Senior Living. Millennium Bank of Chattanooga provided the capital. The combined loans totaling approximately $5.45 million will be used for a bridge-to-HUD loan for Conifer House. The 24,640-square-foot, single-story facility was originally constructed in 1989, with substantial renovations completed by the borrower in 2015.
MILWAUKEE — Walker & Dunlop Inc. has arranged an $80 million non-recourse loan for the refinancing of 833 East Michigan in downtown Milwaukee. The 359,000-square-foot, Class A office tower, which opened in 2016, is one of the newest additions to the city’s skyline. The property is situated adjacent to the planned Milwaukee streetcar route. Tenants include PricewaterhouseCoopers, KPMG, Godfrey & Kahn and Rare Steakhouse. Jim Cope and Andrew Schoene of Walker & Dunlop arranged the three-year loan on behalf of the borrower, Irgens. PGIM Real Estate Finance provided the loan.
