GREENSBORO, N.C. — Greystone Affordable Development, an affiliate of Greystone & Co. Inc., has closed $79.2 million in financing for a nine-property, 645-unit affordable housing portfolio in Greensboro. The financing was arranged through the HUD Rental Assistance Demonstration (RAD) program on behalf of the Greensboro Housing Authority. HUD’s RAD program provides funding for housing authorities to convert public housing properties to a Section 8 platform using public and private debt and equity, ensuring that the portfolio will remain permanently affordable to low-income households. The Greensboro Housing Authority will renovate the properties, constructed between 1959 and 1996, over the next year. The financing package included tax-exempt bonds, Low Income Housing Tax Credit equity from Boston Financial Investment Management and Fannie Mae loans provided by PGIM Real Estate Finance. Greystone has preserved over 10,000 affordable housing units as both financial advisor and developer.
SADDLE BROOK AND FRANKLIN TOWNSHIP, N.J. — Cronheim Mortgage has arranged $6.2 million in financing for a 420,000-square-foot industrial portfolio located in Saddle Brook and Franklin Township. The financings were structured on a 10.30 basis with a 3.44 percent interest rate and placed with The State Life Insurance Co. Located at 141 N. Fifth St. in Saddle Brook, a 100,000-square-foot property features four loading docks, 25-foot clear ceiling heights and office space. The remainder of the portfolio consists of three adjacent properties located at 101, 301 and 501 Cottontail Lane in Franklin Township. The properties feature 100,000 square feet, 116,480 square feet and 105,000 square feet of industrial space, respectively. Dev Morris, Andrew Tsukamoto and Andrew Stewart of Cronheim Mortgage originated and placed the financing.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged an $8.6 million loan for the refinancing of The Diplomat in Columbus. The property includes 34 apartment units and four retail units. The apartments include stainless steel appliances, quartz countertops, gas ranges and washer/dryer hookups. Craig Kegg and Ted Schmidt of Grandbridge arranged the fixed-rate loan through Grandbridge’s proprietary lending platform, BB&T Real Estate Funding. The 10-year loan features a 30-year amortization schedule.
NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.
ST. LOUIS — NorthMarq Capital has arranged a $13.2 million loan for the acquisition of the Westview office building in St. Louis. The 125,645-square-foot property is located at 12312 Olive Blvd. near Highway 270. David Garfinkel of NorthMarq arranged the loan on behalf of the borrower, Diamond Income Fund Investors. A life insurance company provided the loan.
BAY CITY, MICH. — Berkeley Point Capital has provided an $8.9 million HUD loan for the refinancing of Sheffield Bay Assisted Living & Memory Care in Bay City in Mid-Michigan. Built in 1999, the 66-unit seniors housing community features a mix of 37 assisted living units and 29 memory care units. Services include gourmet meals, housekeeping, laundry, medication management and transportation. Mickey Rist of Berkeley Point originated the FHA 232/223(f) loan, which is fully amortized over 35 years. The borrower was not disclosed.
TEMPE, ARIZ. — Pacific Retirement Services (PRS) has received $252 million in bond financing for the construction of Mirabella at ASU, a 20-story continuing care retirement community (CCRC) on the campus of Arizona State University in Tempe. Once completed, Mirabella at ASU will feature 252 units across 500,000 square feet. Cain Brothers was sole underwriter on the bonds, issued in partnership with University Realty, the real estate affiliate of ASU. University Realty contributed land equity and local real estate expertise and will partner with PRS in Mirabella’s governance and marketing. The ASU affiliation will allow residents access to the university’s academic, sporting and cultural programming. Cain Brothers also assisted PRS in securing seed capital to cover pre-development expenses. Mirabella at ASU is the third project under the Mirabella brand, PRS’ luxury, urban, high-rise CCRC concept. PRS is the developer and contributed funds for start-up capital and financial support. Both parties provided further support through the purchase of subordinated debt. PRS will operate the community. A development timeline was not released.
SCOTTSDALE, ARIZ. — HJ Sims has arranged a $19 million refunding loan and $5 million non-revolving line of credit for Westminster Village, a nonprofit continuing care retirement community (CCRC) in Scottsdale. The community features 250 independent living apartments, 23 assisted living units and 49 skilled nursing beds. It “has historically operated near full occupancy,” according to HJ Sims. Western Alliance Bank provided the loan at a 3.42 percent fixed interest rate over a 10-year term. The transaction lowers the borrower’s debt service payment by more than $1 million a year.
BOYNTON BEACH, FLA. — Ready Capital Structured Finance has arranged a $6.4 million loan for the acquisition, renovation and stabilization of a 100,000-square-foot office building located at 3301 Quantum Blvd. in Boynton Beach, a city in Palm Beach County. Ready Capital arranged the three-year, floating-rate loan with two extension options and flexible prepayment on behalf of the undisclosed borrower. Planned renovations include landscaping upgrades, HVAC replacement, parking lot repairs, common area modernization and roof replacement, followed by a re-tenanting of the property at market rental rates.
MAUMEE, OHIO — Uber Capital Group LLC has arranged a $15 million loan for the $21 million acquisition of The Shops at Fallen Timbers in Maumee, located about 10 miles southwest of Toledo. A private commercial real estate group purchased the property from GGP Inc. Joel J. Gorjian of Uber sourced the loan with a regional bank based in Ohio. Built in 2007, The Shops at Fallen Timbers is a 1 million-square-foot shopping center located on a 110-acre site at 3100 Main St. Approximately 60 tenants occupy the center, including anchors J.C. Penney, Dillard’s, Barnes & Noble and Rave Cinemas.