STAMFORD, CONN. — Greystone has provided $55.2 million in Freddie Mac financing for the acquisition of an affordable housing community in Stamford. Dan Sacks of Greystone originated the loan in conjunction with Greystone’s Affordable Lending team. The seven-year adjustable rate Freddie Mac Targeted Affordable Housing loan was provided to a New Jersey-based investment group for the acquisition of The Wescott Apartments, a 261-unit income-restricted property. Built in 1986, the asset was renovated over the last five years and restricts 20 percent of its units to households earning 80 percent or less of the average median income.
MERCER ISLAND, WASH. — SyHadley has received $56 million in financing to purchase the 209-unit Hadley Apartments in Mercer Island. The community is located at 2601 76th Ave. S.E. Financing for the recently developed apartment complex includes a 20-year term on a 30-year amortization schedule, including two years of interest-only payments. NorthMarq arranged financing from the lender, Aegon USA Realty Advisors, in this transaction.
LOS ANGELES — CBRE has secured a $23.1 million bridge and construction loan for the repositioning of the nine-story 900 South Hill Street Garage in downtown Los Angeles. Mark Fisher and Alex Furnary of CBRE’s New York office, with the assistance of Val Achtemeier of CBRE’s Los Angeles, office secured the loan on behalf of the developer, Los Angeles-based Markwood Enterprises. Markwood will construct an additional floor, and combine and expand the ground-floor space to accommodate a single tenant, Erewhon, an organic market. The top three floors will be re-purposed as creative office space and the balance of the property will continue to operate as a garage.
LAFAYETTE HILL, PA. — HJ Sims has completed an $88.1 million bond refinancing for Presby’s Inspired Life, a nonprofit seniors housing operator based in Lafayette Hill. The company owns and operates four market-rate seniors housing communities in the Philadelphia area: Rydal Park in Jenkintown, Rosemont Presbyterian Village in Bryn Mawr, Spring Mill Presbyterian Village in Lafayette Hill, and Broomall Presbyterian Village in Broomall. Presby has worked with HJ Sims since 2009, with the investment banking firm providing four financings totaling more than $183 million during the relationship. The current bonds will refinance bank debt and bonds from 2010 and 2013, with a maturity on the new bonds of 2048. Presby previously purchased land adjacent to its Rydal Park campus for a new independent living project: Rydal Waters. Refinancing the outstanding bank debt freed up capacity among Presby’s existing bank relationships to finance the Rydal Waters project once it completes its pre-development and pre-marketing process. The 2017 bonds eliminated Presby’s variable rate interest exposure, provided annual cash flow savings, boosted debt service coverage and leveled out and extended future debt service on a fixed-rate basis.
NEW YORK CITY — Square Mile Capital Management has acquired a $31.8 million mezzanine loan in face value for financing the development of Moxy Hotel, located at 105-109 W. 28th St. in the Chelsea/NoMad neighborhood of Manhattan. A subsidiary of Marriott International, which originated the mezzanine debt in December 2016, was the seller. The completed property will consist of a 37-story building with 349 guest rooms and will be flagged under Marriott’s Moxy brand. The hotel will feature a ground-floor market restaurant, lobby bar, lounge and a rooftop sky bar with panoramic views of the Manhattan skyline. Designed by Stonehill Taylor, the hotel is slated to open this year. The Lightstone Group purchased the site in July 2014 and broke ground in April 2016. Bank of the Ozarks and a subsidiary of Marriott International provided $101.8 million in construction financing, including the mezzanine debt. Lightstone is an experienced hotel owner and developer, with two other Moxy projects under development in Manhattan.
AUSTIN, TEXAS — Walker & Dunlop has structured a $100 million Freddie Mac revolving credit facility for Presidium Group LLC, a multifamily investment firm with offices in Austin and Dallas. The credit facility was initially secured by Presidium’s acquisition of Solaris and The Violet, two garden-style multifamily properties in Austin totaling 722 units. Solaris totals 562 units and is located roughly three miles southeast of the CBD, while The Violet features 160 units and is located about six miles south of downtown. The credit facility includes an additional $50 million in excess capacity for a potential of $150 million in total financing. Alex Inman of Walker & Dunlop structured the five-year, non-recourse line of credit, which features a full term of interest-only payments.
DALLAS AND DESOTO, TEXAS — Greystone has secured the $19 million refinancing of two undisclosed seniors housing assets located in Dallas and nearby suburb DeSoto. The properties, which total 500 units, represent affordable housing options for seniors earning 60 percent or less of the area median income (AMI). Both loans were secured through Freddie Mac’s Targeted Affordable Housing (TAH) Express program.
MIAMI — Aztec Group Inc. has arranged a $24.5 million loan for the acquisition of Old Cutler Town Center, a 106,500-square-foot shopping center located at 20405 Old Cutler Road in Miami. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan through Florida Community Bank on behalf of the undisclosed borrower, which acquired the property for $31.5 million. A 42,000-square-foot Publix anchors Old Cutler Town Center, whose other tenants include GNC, Ace Hardware, Florida Oncology, La Colonial Medical Center and Subway.
LANSING, MICH. — Pillar Financial, a division of SunTrust Bank, has provided a $7.5 million Fannie Mae loan for the refinancing of The Outfield Apartments in Lansing. The 84-unit apartment property overlooks the Cooley Law School Stadium, home of the Lansing Lugnuts, a Class A minor league baseball team affiliated with the Toronto Blue Jays. Residents can view baseball games from their living rooms and balconies. The fully leased property is a combined development agreement between Gillespie Group, the city of Lansing and Michigan Economic Development Corp. David Wilkins and Charles Krisfalusi of Pillar originated the 30-year loan, which will refinance Gillespie Group’s construction loan.
SAN FRANCISCO — Sonnenblick-Eichner Co. has arranged a $110 million refinancing for the 550-room InterContinental San Francisco hotel. The hotel is located at 888 Howard St. in downtown’s South of Market (SOMA) district. The hotel includes 43,000 square feet of meeting, banquet and pre-function space; Luce, a Michelin rated restaurant; a 10,000-square-foot spa; and subterranean parking accommodating 180 valet spaces. The 10-year, non-recourse loan has a fixed interest rate in the low 4 percent range. A Wall Street investment bank funded the loan.