OMAHA, NEB. — NorthMarq Capital has arranged a $3.1 million loan for the refinancing of Harney Place at Midtown, a 32-unit multifamily property in Omaha. The property is located at 3327 Harney St. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.
MIAMI — University Bridge GP — a partnership between Global City Development, RER Ventures and Podium Developments — has closed on a $231 million bond issuance for University Bridge Residences, an 886-unit student housing community currently under construction near Florida International University (FIU) in Miami. The joint venture is billing the project as Miami’s first student condos. The bond represents the largest financing of its kind for an off-campus student housing building in the U.S., according to a release by the joint venture. The funding will provide $50 million in scholarships over 40 years to Florida International University. As per the terms of the agreement, FIU will also take ownership of the building upon the completion of bond payments in 2058. The community is set to open in fall 2020 and will offer fully furnished units with bed-to-bath parity, as well as a pedestrian bridge to FIU’s campus. Shared amenities will include a resort-style pool, cabanas, barbecue and dining areas, a sun deck with day beds, fitness center, yoga lawn, lounge and game room and a business center. The property will also be home to 7,000 square feet of ground-floor retail. The project was designed by Arquitectonica and will be …
WEST PALM BEACH, FLA. — RedSky Capital and JZ Capital Partners have received $115 million in financing for Esperanté Corporate Center, a 20-story office tower located at 222 Lakeview Ave. in downtown West Palm Beach. Chris Drew, Hermen Rodriguez and Maxx Carney of HFF arranged the fixed-rate senior loan through Apollo Global Management, on behalf of a managed account, and a fixed-rate mezzanine loan through a life insurance company. Situated near Royal Park Bridge over Lake Worth Lagoon, the 255,984-square-foot Esperanté Corporate Center was renovated in the first quarter of 2018. The tower’s current tenants include Bank of America, Holland & Knight and Chatham Lodging Trust.
MIDLOTHIAN, VA. — Berkadia has arranged $36 million in financing for Westchester Apartments, a garden-style multifamily property under construction in Midlothian, about 15 miles west of Richmond. Costa Canavos and Amy Gay of Berkadia’s Richmond office secured the loan through the Virginia Housing Development Authority. The 20-month, interest-only construction loan converts to an amortizing 30-year permanent loan. Located on Perimeter Drive, the property will feature 238 apartment units and offer access to Route 288 and Westchester Commons.
COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.
SIMI VALLEY, CALIF. — Canyon Partners Real Estate LLC has provided $10.6 million of preferred equity for the construction of a seniors housing community in Simi Valley, approximately 40 miles northwest of downtown Los Angeles. Griffin Fine Living is developing the project, known as Griffin Plaza Senior Living. This transaction represents Canyon’s third investment with Griffin since 2013. When completed, Griffin Plaza will feature 75 assisted living units and 26 memory care units in a two-story, 100,000-square-foot building. The development is near numerous acute care facilities and is located within the existing 13-acre Griffin Plaza retail center. Originally developed by Griffin in the early 1980s, the shopping center is currently undergoing a full-scale renovation to create a lifestyle center with anchor tenants including an Aldi grocery store and a CVS Pharmacy. “The Simi Valley region is already significantly underserved in seniors housing and memory care,” says Paul Griffin, CEO of Griffin Fine Living. “Demand for high-quality facilities is forecasted to increase, creating a demographics-led investment opportunity.” Solvere Living has been selected as the operator. Construction is scheduled for completion before the end of 2019.
CAMBRIDGE, MASS. — MassHousing has provided $24.7 in financing for Concord Highlands, a six-story, 98-unit affordable housing community in Cambridge. MassHousing provided the borrower, Homeowners Rehab, with an $8.9 million permanent loan, $11.9 million tax credit equity bridge loan and $3.8 million in workforce housing funding. All apartments at the community will be deed-restricted and affordable to low-, moderate- and middle-income households. The project is the largest affordable housing community to be built in Cambridge in 40 years. Ten of the 98 new apartment homes at Concord Highlands will be affordable to households earning 30 percent of the area median income (AMI). Fifty units will be affordable for households earning up to 60 percent AMI. Thirty-eight units will be workforce-housing units, with 21 of the workforce units affordable for households earning up to 80 percent AMI, and 17 workforce housing units for households earning at or below 100 percent AMI. The AMI for Cambridge is $107,800 for a family of four. NEI General Contracting is serving as general contractor for the project. The architect is ICON Architecture.
NEWTON, MASS. — HFF has secured a $9.8 million acquisition loan for the leasehold interest in the Crowne Plaza Boston Newton, a 270-room hotel in Newton. HFF arranged a long-term, non-recourse loan through UniBank on behalf of the undisclosed borrower. Loan proceeds are being used to both acquire and renovate the hotel. The property is located approximately five miles west of Boston and features a restaurant and bar, indoor pool, fitness facility, on-site parking, room service and 15,000 square feet of meeting and event space.
ARLINGTON, TEXAS — Michigan-based mortgage banking firm Bernard Financial Group has arranged an $11.7 million loan for the refinancing of a 145,323-square-foot office building in Arlington. Dennis Bernard of Bernard Financial Group placed the loan through Ameritas Life Insurance Co. on behalf of the borrower, Brookhollow II Holdings LP.
AUSTIN, TEXAS — Mission Capital has arranged a $29.4 million loan for the construction of 1600 S. 1st St., an 86,700-square-foot mixed-use project that will be located in the Bouldin neighborhood of Austin. Upon completion, the project will feature 59 residential units, 22,800 square feet of ground-floor commercial space and a 321-space parking garage. Jason Parker, Steven Buchwald and Jamie Matheny of Mission Capital arranged the non-recourse loan through a local debt fund on behalf of the developer, Austin-based PSW Real Estate LLC. A timeline for groundbreaking and completion has not yet been established.
