TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds. The use of the funds was not disclosed.
PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.
SAN ANTONIO — Walker & Dunlop has closed a $33.5 million green loan for the refinancing of The Place at Castle Hills, a 680-unit multifamily community located at 11800 Braesview Drive in north San Antonio. The Class B, garden-style property offers one- and two-bedroom units and amenities such as pools, a fitness center, spa and walking trails. Alex Inman of Walker & Dunlop placed the loan on behalf of the borrower, Arizona-based MC Cos. through Freddie Mac’s Green Up program. The proceeds will be used to refinance existing debt and to fund the installation of environmental improvements including low-flow kitchen/bathroom aerator faucets, toilets and showerheads.
DALLAS — Capital One Multifamily Finance has provided a $20.5 million loan for The Georgian, a 288-unit multifamily property located at 18880 March Lane in north Dallas. The property offers one- and two-bedroom units and amenities such as a pool, a dog park, resident clubhouse and on-site laundry facilities. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the Freddie Mac loan, which features a 15-year term and a fixed interest rate. The borrower was not disclosed.
EVERETT, MASS. — Colliers International has arranged joint venture equity and construction financing for the development of The Pioneer, a transit-oriented apartment community situated on 2.7 acres at 1760 Revere Beach Parkway in Everett. Colliers worked on behalf of the developer, Post Road Residential, to arrange a joint-venture partnership with Boston-based CrossHarbor Capital Partners. Jeff Black and Kevin Phelan of Colliers also secured $57.4 million in construction financing through TD Bank and People’s United Bank. Construction on The Pioneer has already begun, with delivery of the first units slated for fall 2018. The six-story building will feature 286 market-rate units with 425 parking spaces and 2,500 square feet of retail space. On-site amenities will include a dual-use coffee shop and leasing office; bicycle parking and repair space; Maker Space workspaces; two-level fitness center with Peloton Cycle spin studio; golf simulator; resident lounge with a rotating draft beer program; courtyard with a heated pool; and rooftop lounge.
NEWARK, N.J. — Cushman & Wakefield has arranged $66.6 million in acquisition financing secured by One Newark Center, located at 1085 Raymond Blvd. in Newark, for Beijing Ideal Group. Morgan Stanley Bank provided the 10-year, fixed-rate financing. The property in the transaction represented floors 6 through 22 of One Newark Center, a 22-story, 423,028-square-foot office building, along with the adjacent 10-story parking garage. John Alascio, Sridhar Vankayala and Noble Carpenter of Cushman & Wakefield represented the borrower in the transaction.
PEABODY, MASS. — Boston-based Fantini & Gorga has secured $4.6 million in first mortgage acquisition financing for a retail property located at 216 Newbury St. in Peabody. Casimir Groblewski and Jon Garcia of Fantini & Gorga arranged the financing through a New England-based financial institution on behalf of a longtime client based in Eastern Massachusetts. Namco, Workout World, Mass Bay Hockey Center and Revival For All Nations Church occupy the 68,381-square-foot shopping center, which is situated on 6.2 acres. The new owner plans to remodel the exterior of the property and reconfigure the parking areas.
CARY, N.C. — HFF has arranged a $37.6 million acquisition loan for Brook Arbor, a 302-unit apartment community in Cary. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, floating-rate loan with five years of interest-only payments through Freddie Mac’s CME program on behalf of the borrower, Taurus Investment Holdings LLC. The property is located at 200 Brook Arbor Drive, roughly 10 miles south of Research Triangle Park. Brook Arbor features a fitness center with an on-site personal trainer, swimming pool with sundeck, grilling area, playground, tennis court, fishing pond, clubhouse, lounge and a business center. Constructed in 1999, the property was 96.4 percent occupied at the time of sale.
KINGSLAND, GA. AND BILOXI, MISS. — Aries Conlon Capital has arranged two loans totaling $13.6 million for the refinancing of two hotels in Georgia and Mississippi. Rushi Shah of Aries Conlon Capital arranged a $6.8 million loan for a Hampton Inn in Kingsland and a $6.8 million loan for a Quality Inn & Suites in Biloxi. Both loans were funded by CMBS investors and feature 10-year terms, fixed interest rates and 25-year amortization schedules. The 78-room Hampton Inn is located roughly 25 miles north of Florida’s Jacksonville International Airport. The 148-room Quality Inn & Suites is located adjacent to the Mississippi Coast Coliseum and Convention Center and roughly 10 miles from the Gulfport-Biloxi International Airport.
ASHWAUBENON, WIS. — Walker & Dunlop Inc. has arranged a $15.5 million HUD loan for the construction of Manseau Flats in Ashwaubenon near Lambeau Field, home of the Green Bay Packers. The 78-unit multifamily development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, on-site storage and underground parking. The project is expected to qualify for the National Green Building Standard designation. The Riverfront/Broadway District surrounding the property has undergone a vast revitalization in conjunction with the Titletown District redevelopment immediately west of Lambeau Field, featuring several new restaurants, breweries, retail shops, hotels and entertainment options. Brandon Strong and Chris Rumul of Walker & Dunlop arranged the 40-year loan via the HUD 221(d)(4) program. Bedford Development is the project developer. Completion is slated for November 2018.