CHICAGO — Associated Bank has partnered with National Equity Fund Inc. to provide $13 million of Low Income Housing Tax Credit (LIHTC) equity for the rehabilitation of West Town Crossing Preservation. The apartment community spans 318 units and 68 buildings in several Chicago neighborhoods. The buildings scheduled for rehabilitation include 60 townhomes constructed between 1982 and 1991, and eight three-story buildings constructed between 1889 and 1948. The project, expected to take 24 months, will help preserve quality affordable housing. Bickerdike Redevelopment Corp. was the borrower.
INDIANAPOLIS — CBRE has arranged a $3.1 million loan for the refinancing of Cherry Tree Crossing in Indianapolis. The 13,400-square-foot retail property is home to tenants such as QDoba Mexican Grill, Gentle Dentist and T-Mobile. Jason Brown and Dan Gable of CBRE arranged the 10-year loan, which includes a 30-year amortization schedule. EverBank provided the loan for the undisclosed borrower.
KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded Quality Suites, but will be undergoing a renovation over the next 18 months. Located at 5876 W. Irlo Bronson Memorial Highway, the hotel is roughly three miles southeast of Walt Disney World.
SALEM, N.H. — Cornerstone Realty Capital has arranged $37.7 million in financing for The Dolben Co. for the development of an apartment community in Salem. The loan features an interest-only period during construction followed by a 30-year amortization schedule. The 256-unit apartment complex will consist of four residential buildings, a 5,500-square-foot clubhouse, outdoor swimming pool, grilling area and play area. Units will feature granite counters, kitchens with stainless steel appliances, in-unit laundry and a private balcony or patio. The community will feature a mix of studio, one-bedroom/one-bath units and two-bedroom/two-bath units ranging from 567 square feet to 1,088 square feet.
HOUSTON — HFF has arranged a $121.6 million floating-rate bridge loan for the redevelopment of The Star, a multifamily development located in downtown Houston. Upon completion, the property will feature 286 multifamily units, 26,000 square feet of retail space, 8,000 square feet of storage space and 672 parking spaces. Steve Heldenfels and Matthew Putterman of HFF arranged the loan through TPG RE Finance Trust on behalf of the borrower, Provident Realty Advisors.
CULPEPER, VA. — SunTrust Bank has provided an $18 million construction loan for the 125,000-square-foot expansion of The Culpeper, a retirement community in Culpeper, a town situated equidistant from Richmond, Va., and Washington, D.C. LifeSpire of Virginia, a provider of continuing care retirement communities, will build 133 new units in the community and offer additional care services to current and future residents. The updated Culpeper community will replace the previous building, originally built in 1951, with 54 assisted living, 32 memory care and 47 skilled nursing units. Other enhancements to the community will include an outdoor courtyard, cook-to-order dining options, an on-site clinic, chapel, on-site physical therapy, wellness gym and a health and beauty spa.
INDIANAPOLIS — CBRE has arranged a $15 million Freddie Mac loan for the refinancing of Marina Apartments in Indianapolis. The apartment property, built in 1980, consists of 348 units. Jason Brown and Dan Gable of CBRE arranged the 10-year loan on behalf of the borrower, Zidan Management Group. The loan features a 30-year amortization schedule and a fixed interest rate of 4.2 percent.
BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces totaling 4,578 square feet; residential amenity space, including a rooftop multipurpose room and fitness center; storage for 132 bicycles; 115 market-rate apartments; and 17 affordable apartments. The unit mix includes 53 studios, 43 one-bedroom/one-bath units, 16 one-bedroom/one-bath units with a den and 20 two-bedroom/two-bath units. Ranging from 520 square feet to 906 square feet, the units will feature vinyl plank and tile flooring, Silestone countertops, tile backsplashes, stainless steel appliances and in-unit washers and dryers.
PITTSBURGH — Faros Properties has received $127.5 million in financing for Nova Place and 106 Isabella in Pittsburgh. Gerard Sansosti and Nick Matt of HFF secured the five-year, floating-rate loan through Wells Fargo for the borrower. Nova Place is a former urban mall that was converted into office use in the early 1990s. The complex now offers 1.3 million square feet of office space and is 86 percent occupied by a variety of tenants, including PNC Bank, Microbac, Continental Broadband, Confluence, Union Fitness, United Healthcare and Alloy 26. 106 Isabella features 87,050 square feet is a located adjacent to the Warhol.
WARREN, N.J. — Cushman & Wakefield has arranged $80.7 million in financing for Normandy Real Estate Partners and Greenfield Partners. The financing is secured by Center 78, an office building located at 184 Liberty Corner Road in Warren. The 10-year, fixed-rate financing was provided by Natixis Real Estate Capital. Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site in Somerset County. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented Normandy in the financing.