WINDHAM, CONN. — Contemporary Healthcare Capital has arranged a $1.5 million mezzanine loan, part of a $6.2 million total acquisition financing for a skilled nursing facility in Windham. Located approximately midway between Hartford and Providence, R.I., Douglas Manor includes 90 licensed skilled nursing beds. The borrower, affiliates of Ryders Healthcare Management, is acquiring the property out of receivership. The new owner plans to use the financing package to implement $1.6 million in capital improvements to the property. The senior lender on the transaction was CoastalStates Bank.
WASHINGTON, D.C. — Cushman & Wakefield has arranged $174 million in financing for the acquisition of a 13-property multifamily portfolio located throughout Maryland and Virginia. Philip Mudd and Brad Geiger of Cushman & Wakefield’s Washington, D.C., office arranged 13 separate loans, each with 15-year terms, on behalf of the borrower, Kay Management. PGIM Real Estate Finance provided the fixed-rate loans through Fannie Mae. The portfolio totals 5,007 units and includes: Londonderry Apartments, Seneca Club, Wayne Manchester and White Oak Towers in Montgomery County, Md.; Deerfield Run, Gateway Square, Iverson Towers, Kenilworth Towers, Kirkwood Apartments, Lansdowne Village and Top of the Hill in Prince George’s County, Md.; Harbour Gates in Anne Arundel County, Md.; and London Park Tower in Alexandria, Va. The apartment mix includes mid-rise, high-rise, garden-style and townhomes.
MIAMI AND DAVIE, FLA. — NorthMarq Capital has arranged $93.7 million in acquisition financing for Sundance Village and The Gardens at Nova, two apartment communities located in Miami and the nearby suburb of Davie, respectively. The financing package included fixed- and floating-rate debt, as well as joint venture equity. Stephen Whitehead of NorthMarq secured the Fannie Mae financing on behalf of the undisclosed borrower, and a correspondent life company provided the joint venture equity. Both loans feature 10-year terms, five years of interest-only payments and 30-year amortization schedules. Sundance Village totals 304 units and features a resident clubhouse, pool and private balconies. The 140-unit Gardens at Nova features a business center, clubhouse, coffee bar, fitness center and a pool.
HOUSTON — PCCP LLC, a real estate finance firm with offices in New York and California, has provided a $72 million loan for the refinancing of Millennium High Street, a 340-unit apartment community in Houston. The Class A property features 26,000 square feet of ground-floor retail space and offers amenities such as a fitness center, yoga studio and a dog park, as well as a pool and spa. The borrower was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors.
CINCINNATI — NorthMarq Capital has arranged $31 million in construction financing for Encore Apartments at 716 Sycamore St. in Cincinnati. The 133-unit apartment property, which is now in the lease-up phase, features amenities such as a pool, observation lounge, outdoor kitchen, pet spa, clubroom and fitness center. Construction completed in 2017. Susan Branscome of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan on behalf of the undisclosed borrower.
WINFIELD, ILL. — Associated Bank has provided a $13 million loan for the construction of a 265,550-square-foot speculative industrial building in Winfield, about 35 miles west of Chicago. The property, named North Avenue Commerce Center, is located along St. Charles Road. Construction is slated for completion by the end of this year. Conor Commercial Real Estate, the real estate development and investment arm of The McShane Companies, was the borrower.
TOLLESON, ARIZ. — Trez Capital has secured more than $10 million in construction financing for Phoenix-based Virtua Partners. Loan proceeds will be used to finance the construction of a 116-room Fairfield Inn & Suites by Marriott in Tolleson, a western suburb of Phoenix. Slated to open in late summer 2019, the hotel will feature a fitness center, pool, free WiFi, an in-room ergonomic desk and chair, and an on-site business center. Hotel Equities will manage the hotel, which will anchor a 21-acre mixed-use development that will include office, retail, restaurants and 240 units of multifamily space.
PHILADELPHIA — NKF Capital Markets has arranged two loans totaling $355 million to refinance three office buildings in Philadelphia’s Central Business District. The portfolio includes 1500 Spring Garden, 1635 Market Street and 1835 Market Street. Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loans on behalf of the borrowers, Nightingale Properties and Wafra Capital Partners. TPG Real Estate Finance Trust provided the financing for 1500 Spring Garden, and KKR & Co. LP provided the loan for 1635 and 1835 Market Street. Nightingale acquired the 1.1 million-square-foot 1500 Spring Garden in 2013. Upon acquisition, the company implemented a $10 million capital improvement program to upgrade the lobby, elevators, restrooms and newly leased spaces. Nearly one-third of the property is leased to data center tenants. Nightingale acquired 1635 and 1835 Market Street in 2014. The buildings total 286,000 square feet and 800,000 square feet, respectively. Since acquisition, Nightingale has invested more than $15 million in capital improvements at 1635 Market Street, signing more than 220,000 square feet of new leases. Over the past three years, the company has signed more than 275,000 square feet of new and renewed leases at 1835 Market Street, taking the …
HILLIARD, OHIO — Hunt Mortgage Group has provided a $17 million loan for the refinancing of One Mill Run in Hilliard, about 15 miles northwest of Columbus. Constructed in 1989, the nine-story office property spans 174,323 square feet and nine stories. The property is 95 percent leased. MSF Real Estate Capital Inc. arranged the loan. IMC Real Estate Management was the borrower. Over the past two years, the borrower implemented a number of capital improvements, including resurfacing of the main parking lot, upgrades to the LEED, security cameras and HVAC system, replacement of common area carpeting and renovations to each tenant space.
KALAMAZOO, MICH. — KeyBank Real Estate Capital has provided a $14.4 million Freddie Mac loan for the acquisition of Pavilion Estates in Kalamazoo. The 531-pad manufactured housing community was built in 1965 and is situated on 74.3 acres of land. Tim Weldon of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.