PITTSBURGH — Walker & Dunlop has closed a $14.9 million construction loan for EVEN Hotel, located within the historic Kaufmann’s department store building in downtown Pittsburgh. The borrower is Reception Hotels and Resorts, which acquired the fifth and sixth floors for the hotel. The hotel will be part of the Kaufmann’s Grand on Fifth, a master redevelopment the former department store that will feature retail, hospitality, multifamily and office space. The loan closed with Orix USA on behalf of Reception Hotels and Resorts. Jacob Cohen of Walker & Dunlop secured the non-recourse loan that features three years of interest-only payments.
CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.
BOCA RATON, FLA. — Hunt Mortgage Group has arranged $15.2 million in financing for the acquisition of a five-property multifamily portfolio in Boca Raton. The New York-based company structured the Freddie Mac loan with a 30-year amortization schedule on behalf of the borrowers, Kimberly Sorrentino and Lawrence Rolnick. The properties include: Whispering Palms Apartments, located at 4850 N.E. 5th Ave.; Sabal Palm Apartments, located at 665 Glouchester St.; Caribbean Apartments, located at 690 Kingsbridge St.; Del Rio Apartments, located at 480 W. Camino Real; and Villa Rica Apartments, located at 4670 N.E. 5th Ave.
WISCONSIN — Walker & Dunlop Inc. has arranged a portfolio of loans totaling $39.3 million for the refinancing of four industrial properties in Wisconsin. WOW Logistics, a private warehousing company serving the dairy and paper industries, was the borrower. One property located in Idaho was also part of the loan transaction. The buildings are all owner-occupied, but some facilities are leased to subtenants. Matthew Lund of Walker & Dunlop arranged the fixed-rate loans with separate lenders, including three life insurance companies and two banks.
BELLEVUE, WASH. — Bellwether Enterprise Real Estate Capital LLC has closed the $51 million refinancing of the 260-unit Alley 111 in Bellevue. The apartment community is located at 11011 N.E. 9th St. Alley 111 was built in 2015. The community features a rooftop deck and lounge, fitness center, storage lockers for skis and snowboards, and dry-cleaning services. The property’s ground-floor retail includes Minamoto Japanese Cuisine and Honor Coffee. Laurie Morfin originated the 10-year, fixed-rate loan. The lender was Nationwide.
ALISO VIEJO, CALIF. — CBRE has arranged an undisclosed amount of construction financing for Belmont Village Aliso Viejo, a 157-unit assisted living and memory care community in Aliso Viejo, a master-planned community in the San Joaquin Hills between Los Angeles and San Diego. A joint venture between Houston-based operator Belmont Village Senior Living and Boston-based private equity firm Blue Moon Capital Partners is developing the Class A project. Belmont will operate the community once construction is completed. A development timeline was not released. Aron Will of CBRE National Senior Housing arranged the non-recourse, four-year, floating-rate loan through a regional bank.
PULLMAN, WASH. — Love Funding has provided a $29.8 million refinancing for the 361-unit Pimlico Apartments in Pullman. The community is located at 1455 NE Brandi Way. Pimlico Apartments features one- to three-bedroom units with private balconies. It was built in 2013 and 2014. Brian Robertson of Love Funding has secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with long-term, non-recourse financing.
SHREWSBURY, N.J. — HFF has secured a $43.6 million refinancing for The Grove at Shrewsbury, a 148,000-square-foot lifestyle center located 25 miles south of New York City in Shrewsbury. The center is home to 35 retailers, including Williams-Sonoma, Pottery Barn, Bluemercury, Lululemon Athletica, Anthropologie, Madewell and Starbucks Coffee. Jon Mikula and Connor Milanaik of HFF worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, fixed-rate loan through Principal Commercial Capital.
SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an expansion that will add 38 independent living units, 10 assisted living units and six skilled nursing units, as well as renovate common areas and the skilled nursing facility. The proceeds of the fixed-rate bonds will be used to refinance 2006 bonds, finance the expansion, pay the costs of bond issuance and fund a debt service reserve fund. M&T Bank was the purchaser of the bonds, and Greenbrier Development acted as development consultant on the expansion project.
CARROLLTON, TEXAS — Dougherty Mortgage LLC has arranged a $32 million Fannie Mae loan for the acquisition of Mustang Park Apartments, a 289-unit multifamily community in Carrollton. The property offers amenities such as a fitness center, business center and a pool. The 12-year loan, which was arranged on behalf of borrower The Mustang Apartments LLC, features five years of interest-only payments and a 30-year amortization schedule.