PHILADELPHIA — Meridian Capital Group has arranged $5.5 million in financing for the refinance of a 31-unit multifamily building in Philadelphia’s Olde Kensington neighborhood on behalf of Rock Construction and Development. The seven-year loan, provided by a local savings bank, features a fixed rate of 3.75 percent and a five-year extension option. Sam Grunberger and Barry Lefkowitz of Meridian negotiated the transaction. The property, located at 1216 North Fifth Street, is a newly constructed four-story building that was leased up within 12 weeks. Each unit features hardwood floors, spacious rooms, a modern kitchen and stainless steel appliances, an in-unit washer and dryer, and a private balcony. Community amenities include a shared rooftop with panoramic views of the city, a fitness room, and a 20-car parking garage.
DALLAS — HFF has arranged the refinancing of Highland Park Village, a roughly 250,000-square-foot shopping center in Dallas. The property is currently leased to 75 tenants, including Chanel, Jimmy Choo, Christian Dior, Honor Bar and Cafe Pacific. John Brownlee and Cullen Aderhold of HFF arranged the financing, which comes to $225 million, according to The Dallas Morning News, on behalf of the borrower, HP Village Partners LP.
DALLAS — Revere Capital has provided $9 million in short-term financing for a 169-bed skilled nursing facility located in the Rowlett suburb of Dallas. The property, which was damaged in a 2015 tornado, was recently remodeled and rebuilt. Revere Capital provided a 24-month financing package, which will be replaced by HUD funds upon stabilization of the property.
MIAMI — A joint venture between institutional advisors advised by J.P. Morgan Asset Management and Magellan Development Group have received a $110.3 million construction loan for the development of Midtown 6, a 31-story apartment tower that will be located at 3101 N.E. 1st Ave. in Miami’s Midtown district. Danny Kaufman, Elliott Throne, Scott Wadler and Mike Tepedino of HFF secured the loan through PNC Bank and BMO Harris Bank on behalf of the borrowers. HFF also arranged construction financing on the borrower’s behalf for the development of the adjacent Midtown 5 tower in 2014. Designed by bKL Architecture, Midtown 6 will include 397,000 square feet of residential space and 40,000 square feet of ground-level retail space. Residential units will offer a mix of studio to three-bedroom floor plans averaging 890 square feet. Community amenities will include a fitness center, sport court, spa with sauna and steam room, swimming pool with cabanas and grilling areas, pool bar and a sky lounge. The project is intended to be LEED Silver-certified and is slated for completion in spring 2020.
INDIANA AND OHIO — NorthMarq Capital has arranged a $7 million loan for the refinancing of Creekstone retail portfolio, a collection of retail properties totaling 50,000 square feet in Indiana and Ohio. The properties include: 1310, 1665 and 1675 N. National Road in Columbus, Ind.; 909 DuPont Road in Fort Wayne, Ind.; and 4425 Feedwire Road in Centerville, Ohio. Noah Juran of NorthMarq arranged the 15-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.
DALLAS — NXT Capital has provided $32 million in first mortgage financing for the acquisition of three hotels totaling 355 rooms in the Dallas area. Amenities of the various properties, all of which will undergo renovations to the rooms and common spaces, include a business center, pool, fitness center and basketball court. The names of the properties and the borrowers were not disclosed.
DALLAS — BMC Capital has arranged a $3.8 million acquisition loan for a 94-unit multifamily property in Dallas. The three-year loan, which features a 4.3 percent interest rate and a 30-year amortization schedule, was arranged through one of BMC Capital’s correspondent agency relationships. Other terms of the transaction were not disclosed.
TELFORD, PA. — HJ Sims has completed a $32.1 million refinancing of Lutheran Community at Telford (LCT), a continuing care retirement community in Telford, approximately 35 miles north of Philadelphia. The financing enables LCT to reduce interest rates and debt service, extend the duration of the bank credit commitment on its financing, and raise capital to provide $2 million of initial funding for a planned expansion project. Of $35.4 million of total debt, LCT had approximately $19.3 million of outstanding fixed-rate and variable-rate bonds from 2007. With interest rates near historic lows, Sims analyzed refunding this debt along with the potential benefits of refinancing or modifying LCT’s other outstanding bank debt. LCT opted to pursue bank financing for the transaction.
TAYLORS, S.C. — Berkadia has arranged the $38 million refinancing for Cobalt Springs Apartment Homes, a 548-unit, garden-style community located at 1712 Pinecroft Drive in Taylors, a suburb of Greenville. Mitch Sinberg and Matt Robbins of Berkadia arranged the 10-year, floating-rate loan through Freddie Mac’s Green Up Program on behalf of the borrower, The RADCO Cos. The Atlanta-based company originally acquired the asset in 2015 for $33.8 million and installed low-flow toilets and low-flow aerators in kitchen and bathroom sinks. Constructed in 1975 and renovated in 2005, Cobalt Springs offers one-, two- and three-bedroom units and features a business center, coffee bar, pool, clubhouse and laundry facilities.
KISSIMMEE, FLA. — KeyBank Real Estate Capital has arranged a $25.7 million acquisition loan for Sonoma Pointe Apartments, a 216-unit, Class A multifamily community in Kissimmee, roughly 20 miles south of Orlando. Chris Black of KeyBank secured the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Fannie Mae. The borrower was not disclosed. Constructed in 2015, Sonoma Pointe Apartments features a dog park, clubhouse, fitness center, swimming pool and an outdoor kitchen with gas fireplaces.