CHARLESTOWN, IND. — 1250 Patrol Road LLC, a subsidiary of Olympus Ventures, has received a $13 million loan for the refinancing of a 314,400-square-foot distribution center in Charlestown near Louisville. J. Knipper & Co. Inc., a pharmaceutical supplier, fully occupies the building as its Midwest distribution center. Doug Seylar of CBRE arranged the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule. The lender was not disclosed.
CINNAMINSON, N.J. — NorthMarq Capital has secured a $38 million refinancing for Camelot at Cinnaminson, a 405-unit multifamily community in Cinnaminson. The property is located at 198 Camelot Court. NorthMarq arranged the financing for the borrower, Kaplan Cos. The lender was a life insurance company. The permanent, fixed-rate loan was structured with a fully amortizing, 30-year term.
ROMEO, MICH. — Capital One has provided a $17.1 million HUD 232/223(f) loan for the refinancing of a 104-unit skilled nursing facility in Romeo, a northern suburb of Detroit. Built in 2014, the facility features large therapy areas catering to Medicare and managed care residents and includes common areas such as a bistro. Joshua Rosen of Capital One originated the loan on behalf of the undisclosed borrower. The loan will enable the borrower to refinance existing bank debt as well as partnership debt.
DENVER — HFF has arranged $50 million in financing for 210 St. Paul, the first phase of The St. Paul Collection, a mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood. The borrower is BMC Investments. Brock Yaffe of HFF secured the 11-year, non-recourse, full-term, interest-only, fixed-rate loan through Freddie Mac’s Lease-Up Loan Program. The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Located at the intersection of St. Paul Street and Second Avenue, The St. Paul Collection is a two-phase development. Completed in June, 210 St. Paul features 81 residences in a mix of one-, two- and three-bedroom floorplans, as well as penthouses, ranging in size from 770 square feet to 2,800 square feet. Additionally, the property includes 11,000 square feet of retail space leased to CB2. The second phase, which is not part of this financing, will bring an additional 84 residential units and 44,000 square feet of retail space. Designed by 4240 Architecture, the property features condo-quality finishes and modern open layouts with oversized living spaces, gourmet kitchens, full bathroom suites with heated floors, built-in closet systems, in-house automation, custom hardwood flooring, …
PLEASANTON, CALIF. — Pearlmark has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I within Hacienda Business Park in Pleasanton. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. The four-building center features 292,000 square feet of office, lab and R&D space. Current tenants include ADP, NeoTract, Carl Zeiss and Diebold. Additionally, the site includes more than 1,100 parking spaces. Bill Swackhamer of Pearlmark arranged the transaction.
MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s Streamline Rate Lock product. The Tier II loan is structured with a 12-year, fixed-rate term and a five-year interest-only payment period, followed by a 30-year amortization schedule.
BAYONNE AND RARITAN, N.J. —Madison Realty Capital has provided $258 million in construction financing for a 1,161-unit multifamily development portfolio in Bayonne and Raritan. The portfolio consists of three large-scale, shovel-ready development sites. The financing will be used to complete site acquisitions and for the construction of all three projects. Jack Klugmann’s Accurate Builders and Developers of New Jersey owns the portfolio. Shaya Ackerman of Meridian Capital arranged the financing. Terms of the financing were not disclosed. “We’re financing three major transit-oriented development sites located in different towns, so clearly there are many moving parts,” says Josh Zegen, managing principal of Madison Realty Capital. “These are prime sites in communities with strong apartment demand based on demographics and transportation connections, and we believe they have great prospects for success.” Harbor Station South in Bayonne will consist of 651 units spread over two buildings. The project is located near the 34th Street Station of the Hudson-Bergen Light Rail system, which provides connections to New York City. A ferry station is also being planned in the vicinity with service to Manhattan and Staten Island. Amenities will include a rooftop pool overlooking the Hudson River, concierge service, a pet center, and a bike …
NEW YORK CITY — Naftali Credit Partners has secured a $50 million construction loan for 145 Central Park North in Manhattan’s Harlem neighborhood. The 13-story condominium project will feature 37 units. Amenities will include a 24-hour doorman, 10 parking spaces, multiple roof terraces, storage and bicycle rooms and a fitness center. Naftali secured financing for an undisclosed borrower through lender Israel Discount Bank. Architectural firm Gluck+ is designing the building.
FORT WORTH, TEXAS — Hunt Capital Partners has closed an $11.9 million in LIHTC equity financing for the construction of The Vineyard on Lancaster, a 104-unit apartment project in Fort Worth. The property, which is expected to be complete by late 2019, will include commercial space for a medical clinic. The sponsor was Union Gospel Mission of Tarrant County, a Christian nonprofit organization.
CHARLOTTE, N.C. — Trez Forman Capital Group has provided $4.8 million in financing for a 390-unit, mixed-use community planned for development near the University of North Carolina at Charlotte campus. The borrower and developer of the planned multifamily property, Sanctuary Holdings NC, will use the loan proceeds to pay off existing debt on the property and to help fund the purchase of an additional 1.5 acres from Charlotte’s transportation department. The site — located at 7600 University City Blvd. — has already been approved for 390 multifamily or student housing units.
