PENNSYLVANIA — Capital Funding Group, a Baltimore-based lender, has provided a $23 million HUD loan for a 324-bed skilled nursing facility in Pennsylvania. The name and location of the facility were not disclosed. Capital Funding is the sole lender, and also provided the initial bridge acquisition loan in 2014. The new loan converts the existing debt into HUD financing.
NEW YORK CITY — HFF has arranged $12.5 million in refinancing for 135 Bowery, a boutique creative office building in Manhattan’s Midtown South technology corridor. The borrower is a joint venture between Caspi Development and RWN Real Estate Partners. Steven Klein and Alex Staikos of HFF secured the five-year, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used to refinance a construction loan on the property. Originally built in 1900 and redeveloped in 2016, the eight-story, 21,308-square-foot building features a ground-floor retail space occupied by a high-end restaurant, and full-floor loft office units above. The office spaces feature collaborative open floor plates, 10-foot ceilings, reclaimed wood details, custom kitchenettes, conference rooms and two suites that offer private terraces with city views. The property is fully occupied by tenants, including lola/VFX, Bullish, Tradewind, breather, Martin Lui & Associates, Minds+Assembly and RTS Ventures.
CLEVELAND — KeyBank Real Estate Capital has provided a $237.1 million bridge loan for the acquisition of a 12-property office portfolio located throughout eight states. The Class A and B properties are located in Arizona, Illinois, Georgia, Florida, Maryland, Massachusetts, Michigan and Tennessee. The portfolio, which is 71 percent leased, includes nine multi-tenant buildings and three single-tenant buildings totaling more than 2.2 million square feet. Alex Buecking, Devin Jolley and Josh Berde of Key arranged the loan on behalf of the borrower, Bridge Investment Group Partners.
IOWA CITY, IOWA — Berkadia has arranged a $46.5 million loan for the refinancing of The Quarters at Iowa City, an 892-bed student housing property. The development is located at 2401 Highway 6 East near the University of Iowa. The community features studio, two- and three-bedroom floor plans and amenities such as a resort-style pool, outdoor sand volleyball court, fitness center, game lounge, outdoor grill area and private shuttle to campus. Peter Benedetto and Aaron Moll of Berkadia arranged the two-year loan, which features a 75 percent loan-to-value ratio. Voya Investment Management provided the loan for the borrower, The Tailwind Group.
WASHINGTON, D.C. — PCCP LLC has provided a $44.9 million loan for the acquisition of Embassy Suites at Chevy Chase Pavilion, a 198-room hotel in Washington D.C.’s Friendship Heights neighborhood. Arden Group acquired the asset from Clarion Partners. The hotel is located at 4300 Military Road N.W., on the border of northwest Washington, D.C. and Chevy Chase, Md., and within Chevy Chase Pavilion, a mixed-use complex. In addition to the hotel, the development includes a 205,000-square-foot office building and 155,000 square feet of retail. The hotel features an indoor swimming pool, health club and four meeting rooms. In addition, the hotel has access to Chevy Chase Pavilion’s 675-space underground parking garage and direct underground access to the Red Line Metro Station.
HAWTHORNE, CALIF. — Mogul Capital has received $60 million in construction financing to build the dual-branded Marriott Courtyard and TownePlace Suites hotel in Hawthorne. The five-story property will contain 354 guest rooms, a restaurant, swimming pool, and meeting space for corporate and community functions. The hotel will be located near aerospace-related businesses like SpaceX and Northrup Gruman, as well as Tesla’s design headquarters, Boeing, Aerospace Corp, Raytheon, LA Airforce Base and Mattel. Lusardi Construction Co. will build the project. Avana Capital provided the capital.
HALETHORPE, MD. — Ready Capital Structured Finance has closed a $14 million loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property located at 2209 Sulphur Spring Road in Halethorpe, roughly seven miles south of Baltimore. The name of the borrower was not disclosed. The 36-month, non-recourse, floating-rate loan features two extension options and flexible prepayment. The borrower plans to fully renovate interiors, as well as upgrade the building’s exterior and infrastructure. Following the renovations, the borrower will re-tenant the property at market rental rates.
NEW YORK CITY — Ready Capital Structured Finance has arranged $6 million in financing for the acquisition, renovation and stabilization of a mixed-use property in SoHo. The financing is a non-recourse senior floating-rate bridge loan. The property features 7,500 square feet of retail, office and multifamily space.
AUSTIN, TEXAS — Chicago-based investment bank Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 310-unit continuing care retirement community (CCRC) in Austin. The alumni association of the University of Texas sponsors the nonprofit community, which is situated on 55 acres and features 214 entrance-fee independent living units, 20 assisted living suites, 16 memory support suites and 60 skilled nursing beds. Proceeds from the bonds will advance refund $85.1 million of Longhorn Village’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt service reserve fund.
PHOENIX — Ziegler has closed $70.2 million in bond financing for The Beatitudes Campus, a nonprofit continuing care retirement community (CCRC) in north central Phoenix. The Beatitudes Campus sits on 27 acres and features 188 entrance-fee independent living apartments, 11 entrance-fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early-stage memory care beds and 72 skilled nursing beds. The bonds will refund $64.6 million in outstanding bonds from 2006, finance $6.3 million in pre-development costs for master-planned renovations and fund a debt service reserve fund.