MORRISTOWN, N.J. — Thrivent Financial for Lutherans has provided $27.2 million in financing for a three-building industrial portfolio in Central New Jersey. The borrower was undisclosed. The 410,000-square-foot portfolio consisted of two recently constructed warehouse distribution properties and one existing facility. The location of the properties was not disclosed. The 20-year, fixed-rate loan includes a 30-year amortization schedule. Gretchen S. Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox arranged the financing.
STERLING, ILL. — American Street Capital (ASC) has secured a $5.8 million loan for the refinancing of Sterling Healthcare, a 121-bed skilled nursing facility in northwest Illinois. Services at the property include short-term rehabilitation, memory, post-surgical and long-term care. Igor Zhizhin of ASC arranged the five-year loan, which features a 25-year amortization schedule. The lender was not disclosed.
DENVER — Lancaster Pollard has arranged $88 million in financing for the construction of The Ridge Pinehurst, a luxury senior living community in the Denver suburb of Lakewood. Construction is already underway for the community, which will offer 318 units of independent living, assisted living and memory care. Los Angeles-based Ridge Senior Living is the owner and developer. Ridge currently owns four communities in California and Utah. Jason Dopoulos, Ross Holland and Joe Munhall led the transaction for Lancaster Pollard. A national bank is providing the capital, with several other banks syndicating portions of the loan.
WAXAHACHIE, TEXAS — Love Funding has provided $26.3 million in construction and permanent financing for Garden Valley Apartments, a 213-unit market-rate apartment project being developed in the southern Dallas suburb of Waxahachie. The property will feature one- and two-bedroom units and amenities such as a pool and attached garages. Love Funding secured the loan through HUD’s 221(d)(4) program. Cross Architects will design the property and Brownstone Construction Ltd. will serve as general contractor.
HOOVER, ALA. AND WILMINGTON, N.C. — KeyBank Real Estate Capital has provided $37.4 million in financing for two multifamily properties in Hoover and Wilmington. In Hoover, KeyBank provided a $16.3 million Fannie Mae loan for the acquisition of Hawthorne at Wisteria, a 200-unit community. The property was built in 1978 and renovated in 2015. In Wilmington, KeyBank provided a $21.1 million Freddie Mac loan for the refinancing of Hawthorne at New Centre, a 301-unit apartment community that was constructed in 1998 and renovated in 2014. Tim DeWispelaere of KeyBank originated both 10-year loans with 30-year amortization schedules on behalf of the undisclosed borrowers.
SECAUCUS, N.J. — HFF has arranged $36.7 million in permanent financing for a newly constructed, two-building industrial facility at One County Road in Secaucus. Completed earlier this year, the 240,317-square-foot facility features a 32-foot clear height, 180-foot truck courts and 50-by-35 foot column spacing. One County Road is situated on 20 acres in the Meadowlands industrial market. The HFF team worked on behalf of the borrower, Bhasin Properties, to place the 15-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds will be used to take out an existing construction loan, which was also arranged by HFF.
LOS ANGELES — Keybank Real Estate Capital has originated a $247.8 million Freddie Mac first mortgage loan for The Lorenzo in Los Angeles. The 913-unit, Class A, mid-rise student housing property was developed in 2015. The property is 95 percent leased to students attending University of Southern California, Fashion Institute of Design and Merchandising, and Loyola Law School. The remaining units are reserved for tenants earning 50 percent or less of the area median income. The Lorenzo features a three-story fitness center with rock climbing walls, basketball courts and an indoor jogging track. Additionally, the property offers an on-site restaurant with room service, media rooms, study rooms and libraries catering to the different colleges, as well as multiple swimming pools, saunas and sand volleyball courts. Robert Prouty of Key’s Commercial Mortgage Group arranged the fixed-rate loan with a seven-year interest-only term. The undisclosed sponsor used the loan to refinance existing debt.
PLYMOUTH, MICH. — Alliant Credit Union has provided a $3.5 million loan for the refinancing of a 41,400-square-foot industrial property in Plymouth, about 25 miles west of Detroit. The research and development property is located within Metro West Technology Park. The 10-year loan features a 25-year amortization schedule. Chris Charboneau of Walker & Dunlop arranged the loan. The borrower was not disclosed.
NEWARK, N.J. — KeyBank has provided $22.9 million in financing to Radiant Property Management for the acquisition of 209 units of affordable housing in Newark. The seller was Realty Management Associates. The three properties acquired are Pueblo City, Center City 3 and Johnson Apartments and include 13 buildings. Radiant Property Management is a real estate services company that focuses on the rehabilitation and management of multifamily properties. KeyBank provided a $22.9 million loan to acquire and rehabilitate the portfolio. The financing included $10.8 million that will be used for capital improvements such as new windows, roofs, building systems, lighting and boilers. The funds will also go toward ground-up construction of a new 20-unit building. The improvements and construction are expected to take 18 months to complete.
FRANKLIN, TENN. — CBL Properties, along with its 50/50 joint venture partners TIAA and APG, has received a $155 million, non-recourse loan for CoolSprings Galleria, a 1.1 million-square-foot mall in Franklin, roughly 20 miles south of Nashville. Wells Fargo Bank NA provided the 10-year, CMBS loan with a fixed 4.8 percent interest rate. Proceeds of the loan were used to retire an existing $97.7 million loan, which was scheduled to mature in June. CBL’s share of $29 million in excess proceeds will be used to reduce outstanding balances on its unsecured lines of credit. The Chattanooga-based company owns and manages a portfolio of 117 retail properties totaling 73.4 million square feet, located across 26 states.