NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.
SPRINGFIELD, MASS. — HREC Capital Markets Group has arranged a $6.2 million senior loan for the refinancing of a La Quinta Inn & Suites, located at 100 Congress St. in Springfield. The hotel features 208 guestrooms. John Siska of HREC’s Boston office negotiated the loan for the borrower, a private owner-operator. A local community bank provided the financing.
GRESHAM, ORE. — Capital One has provided a $12 million fixed-rate HUD 232/223(f) loan to refinance Regency Gresham, a 128-bed skilled nursing facility in the Portland suburb of Gresham. Regency Gresham was built in 1960 and expanded in 1976. The owners recently converted four-person rooms and semi-private rooms to private ones. The sponsors will use proceeds of the loan to extend their renovation program to other areas of the facility, modernize the building’s infrastructure, improve common area appearance, and enable additional therapy services. Joshua Rosen originated the transaction.
INDIANAPOLIS, PORTAGE AND SOUTH BEND, IND. — NorthPoint Capital Funding Inc. has arranged a $65.5 million loan for the refinancing of a 15-property industrial portfolio in Indiana and Tennessee. The assets are located in Indianapolis, Portage and South Bend, Indiana, as well as Nashville. A mix of 36 tenants specializing in manufacturing or warehouse and distribution occupy the properties. The 10-year loan enabled the borrower, Holladay Properties, to retire multiple bank loans while forming a new entity that can be used to guarantee the financing of future development projects. AIG provided the loan.
NEW YORK CITY — Greystone has provided a $78.4 million HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation in Brooklyn. Fred Levine of Greystone originated the financing for the borrower, Centers Health Care. The borrowers have invested more than $20 million in renovations to the property, which it acquired more than five years ago. Boro Park Center features a variety of clinical services, including amputee recovery and training; cardiac therapy; comfort care and palliative care; dental services; isolation rooms; occupational therapy; oxygen management; peripherally inserted central catheter management; physical therapy; pleurx management; post-surgical orthopedic care; respiratory management; speech therapy; stroke rehabilitation; and tracheostomy care.
MARGATE, N.J. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $6.4 million HUD loan for Margate Terrace, an affordable seniors housing community in Margate, a beach community near Atlantic City. The financing will provide cash for improvements and reserves. Margate Terrace Corp., which owns the property, can now preserve the Section 8 designation on the property. Community Realty Management is the operator. Margate Terrace Apartments was developed in the early 1990s under the HUD Section 202 Direct Loan Program. Its primary source of income is a Section 8 Housing Assistance Payment (HAP) Contract, which has a remaining term of approximately 16 years. The Section 8 subsidy is sufficient to fund operations and debt service obligations, but the project had growing capital needs that could not be financed from operations and current reserve balances. The project benefited from a PILOT (Pilot in Lieu of Taxes) and ground lease agreements from the City of Margate. The existing agreements did not meet HUD’s current loan program requirements and needed to be amended to recapitalize the project. Approximately $1.4 million in loan proceeds are escrowed for capital repairs, $350,000 was deposited into a replacement reserve fund and a 15 percent …
PLANO AND CARROLLTON, TEXAS — Dallas-based development firm Billingsley Co. has received $110 million in refinancing for a seven-building, 801,153-square-foot portfolio of office properties located within the 50-acre International Business Park in Plano and Carrollton. Built between 1997 and 2001, the buildings are 87 percent leased. Trey Morsbach and Jim Curtin of HFF arranged the three-year, floating-rate loan through Ares Commercial Real Estate Corp.
SAN ANTONIO, MIDLAND AND ODESSA, TEXAS — Starwood Capital Group has arranged $35.8 million in financing for seven retail properties located in San Antonio, Midland and Odessa. The portfolio spans 308,328 square feet and is 95 percent leased, collectively. Todd McNeill of Metropolitan Capital Advisors Ltd. arranged the fixed-rate loan, which features a fixed 5.45 percent interest rate and a 30-year amortization schedule, on behalf of the borrower, a tenants-in-common partnership.
AUBURN HILLS, MICH. — Bernard Financial Group has arranged an $11.2 million loan for the refinancing of a 137,994-square-foot office building in Auburn Hills. Multiple tenants occupy the building, located at 691 N. Squirrel Road. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the CMBS loan on behalf of Auburn Newco LLC.
RIVERSIDE, CALIF. — Lancaster Pollard has arranged a $6.5 million refinancing for Magnolia Grand, a 95-unit independent living community in Riverside, located in the Inland Empire region of California. The borrower is BPM Senior Living Co., which owns and operates a portfolio of seniors housing communities in the Western United States. The Fannie Mae loan is non-recourse and restructures a permanent loan that was nearing maturity. In addition to refinancing existing debt, the loan will provide capital for upgrades and improvements to the property. Matt Lindsay led the transaction for Lancaster Pollard.