BOISE — MedEquities Realty Trust has provided a $19 million acquisition and construction loan to fund the purchase and conversion of an existing long-term acute care hospital to a 72-bed inpatient psychiatric hospital in Boise. Haven Behavioral Healthcare operates six inpatient psychiatric hospitals in Arizona, New Mexico, Ohio, Pennsylvania and Texas. The firm provides inpatient psychiatric stabilization and treatment to adults experiencing acute symptoms of depression, anxiety, psychosis or other severe behavioral problems. The loan has a three-year term and an annual interest rate of 10 percent. Upon completion of the planned renovation, MedEquities has the exclusive right to acquire the property for a purchase price equal to the outstanding loan balance in a sale-leaseback transaction that would include a 15-year triple-net master lease at an initial lease rate of 9.3 percent.
NEW YORK CITY — Extell Development Co. closed on a $1.1 billion construction loan for Central Park Tower on Dec. 29, 2017. The financing package comprised a $900 million senior construction loan syndication led by J.P. Morgan and a $235 million preferred equity loan from a hedge fund. Situated on 57th Street, the 1,550-foot Central Park Tower will be the tallest residential building in the world. Designed by Adrian Smith + Gordon Gill Architecture, the building will feature 179 residences, stratospheric views and a full-service amenity package, as well as a seven-story, 300,000-square-foot Nordstrom department store. Extell is co-developing Central Park Tower with SMI USA, the U.S. subsidiary of Shanghai Municipal Investment.
COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged a $16.7 million Freddie Mac loan for the refinancing of River Park Apartments Phase III in Council Bluffs. The 190-unit apartment property features amenities such as a 24-hour fitness center, café, clubhouse, basketball court and two swimming pools. Jason Kinnison of NorthMarq arranged the loan for the undisclosed borrower.
NEW ORLEANS — HFF has arranged a $51 million loan for the refinancing of Ace Hotel New Orleans, a 234-room, recently opened hotel located at 600 Carondelet St. in downtown New Orleans. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the floating-rate loan through TPG RE Finance Trust on behalf of the borrower and developer, a partnership between Domain Cos. and Avenue Capital Group. Proceeds of the loan will be used to refinance an existing construction loan. Originally constructed in 1928, the building was renovated and redeveloped into the Ace Hotel New Orleans in 2016. Construction included the addition of a new four-story building on an adjacent lot. The hotel features 31,000 square feet of retail, restaurant, entertainment and meeting space, including a music venue, art gallery, 24-hour gym and locally inspired retailers. In addition, the hotel is situated within walking distance to the Mercedes-Benz Superdome, Smoothie King Arena, Ernest N. Morial Convention Center and the French Quarter.
SAN DIEGO — Sunroad Enterprises has obtained $165 million in short-term, first-mortgage loans to refinance two new luxury apartment complexes in San Diego. Financing was secured for the 253-unit Ariva and the 302-unit Vive on the Park. The properties are recent apartment developments in the 40-acre, master-planned community of Sunroad Centrum in the Kearny Mesa submarket. Sunroad Centrum will include 1,622 multifamily units and 856,000 square feet of commercial office space once completed. Sunroad Centrum is part of the San Diego Spectrum Center, on the site of the former 232-acre General Dynamics aerospace facility. HFF’s Tim Wright and Aldon Cole arranged the financing. The five-year, non-recourse loan was structured in two pieces, with Mesa West holding $145 million and Clarion Partners holding $20 million.
BOSTON — HFF has arranged a $250 million construction loan for the development of the first phase of Bulfinch Crossing, a 46-story residential property located at 100 Sudbury St. in downtown Boston. The borrower is a joint venture between National Real Estate Advisors and its Boston-based development partner, The HYM Investment Group. John Fowler, Riaz Cassum and Jennifer Keller of HFF secured the 15-year loan through Pacific Life Insurance Co. for the borrower. The first phase residential tower is part of a 4.8-acre, 2.9 million-square-foot redevelopment of Government Center Garage that will transform the above-grade parking garage into a mixed-use district in downtown Boston. Featuring 368 rental units and 55 condominiums, the residential tower will offer an outdoor pool, three roof decks, a fitness center, a yoga studio, a clubroom, a children’s playroom, a golf simulator, a full chef’s kitchen and an outdoor dog run and dog spa.
SUMTER, S.C. — NorthMarq Capital has arranged a $15.9 million acquisition loan for Piedmont Plantation, a 252-unit apartment community in Sumter, roughly 45 miles east of Columbia. Bill Matone of NorthMarq Capital arranged the 10-year, Freddie Mac loan with a 30-year amortization schedule. Other terms of the deal were not disclosed. Piedmont Plantation offers one- to three-bedroom floor plans and features a clubhouse, playground, swimming pool with sundeck, car care center, 24-hour fitness center, dog park and grilling stations.
GREENSBORO, N.C. — Trillium Capital Resources (TCR) has arranged a $9.4 million loan for the refinancing of Beechwood Apartments, a 208-unit multifamily community in Greensboro. TCR arranged the 35-year, fixed-rate loan through the HUD 223(f) program on behalf of the borrower, NC2 LLC. The program allows for long-term mortgages that can be financed with Government National Mortgage Association (GNMA) mortgage-backed securities, which improves the availability of loan proceeds for borrowers and allows for more favorable interest rates. Beechwood Apartments includes one- and two-bedroom units and features patios or balconies, a swimming pool and a playground.
NORTHBROOK, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged a $19 million bridge loan for the acquisition of 400 Skokie in Northbrook, a northern suburb of Illinois. The 195,000-square-foot office building is currently 75 percent leased by tenants in various industries, including industrial manufacturing, financial services and healthcare. Michael Hart of Cohen Financial arranged the loan on behalf of the borrower, Ameritus. A Chicago-based bank provided the loan.
COLUMBUS, OHIO — Hunt Mortgage Group has provided a $7.6 million Fannie Mae loan for the acquisition of Sutton Square Apartments in Columbus. The 202-unit apartment property is comprised of 29 two-story buildings. Built in 1968, the community is currently 95 percent occupied. The 15-year loan features a 30-year amortization schedule. Hamilton Sutton Square LLC was the borrower.