RICHFIELD, MINN. — Grandbridge Real Estate Capital has arranged $14.4 million in bond financing for the acquisition of Seven Hills Preparatory Academy in Richfield, a southern suburb of Minneapolis. BB&T Capital Markets closed a tax-exempt $13.3 million Series 2017A loan and a taxable $1.1 million Series 2017B loan for the borrower, SHPA ABC. Proceeds from the Series 2017 bonds will be used to acquire the 60,000-square-foot facility, as well as expand the property with the construction of a gymnasium. Interior and exterior renovations will also be made. The school serves students in grades K-8.
TACOMA, WASH. — Berkeley Point Capital has provided a $9.3 million FHA 232/223(f) refinancing for Spring Ridge Assisted Living & Memory Care, a 63-unit seniors housing community in the Seattle suburb of Tacoma. The loan replaces the existing debt on the property, which was for the acquisition, renovation and expansion of the property. Tom White led the transaction out of Berkeley Point’s Bethesda, Md., office. The loan features a 3.45 percent interest rate and an 80 percent loan-to-value ratio.
BOSTON — IBA, Inquilinos Boricuas en Acción, has secured a $53 million permanent loan from Massachusetts Housing Finance Agency (MassHousing) to renovate Villa Victoria’s Viviendas Apartments, an affordable housing property located in Boston’s South End neighborhood. Renovations will include extensive structural and cosmetic improvements, upgrading the exterior and interior to preserve building quality and enhance tenants’ residential experience. Upgrades will include replacing the asphalt roof with 30-year architectural shingles, improvements to pre-existing draining structures and updating the property’s façade with fresh stucco and paint. Originally built in the 1960s by IBA, Viviendas Apartments is one of four properties that make up Villa Victoria, a 435-unit affordable housing community that promotes wellness, active living, public safety, cultural expression and socioeconomic mobility through a specialized range of residential services.
CHICAGO — American Street Capital (ASC) has arranged a $7.6 million bridge loan for a self-storage facility in Chicago’s Old Town neighborhood. The 55,418-square-foot facility consists of 885 traditional storage units and 490 wine storage units. Built in 1920, the property was converted into a self-storage facility in 1984. The bridge loan will be used for capital improvements to modernize the facility. Igor Zhizhin of ASC arranged the two-year loan.
GALVESTON, TEXAS — BMC Capital has arranged a $13.7 million loan for the acquisition of a 238-unit multifamily property in the Texas Gulf Coast city of Galveston. The five-year loan features a 5 percent fixed interest rate and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed bank. The name of the property and borrower were also withheld.
WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $115 million in permanent financing for 1111 19th St. N.W., a recently renovated office building in Washington, D.C. Michael Keach and Hugh Hall of KeyBank arranged the seven-year loan through New York Life Real Estate Investors on behalf of the borrower, UNIZO Holdings. The Japanese investment firm originally acquired the asset from Clarion Partners in September for $203 million. The 12-story building features a renovated lobby with 20-foot ceilings, an extended building entrance, expanded retail storefronts and a renovated .
LANSING, N.Y. — Great Neck, N.Y.-based Uber Capital Group, a commercial real estate financial advisory and mortgage origination firm, has arranged a $14 million loan for the acquisition of The Shops at Ithaca Mall, a shopping center located at 40 Catherwood Road in Lansing. Joel J. Gorjian of Uber Capital Group secured the financing for the borrower, a private commercial real estate investment group. Target, Old Navy, Dick’s Sporting Goods, Bon-Ton, Michaels and a 14-screen Regal Cinemas anchor the shopping center, which was built in 1976. Additional tenants at the 623,000-square-foot property include Bath & Body Works, Kay Jewelers, Victoria’s Secret, ULTA Beauty, DSW Designer Shoe Warehouse, The Entertainment Zone, Great Escape Adventures, Planet Fitness and Zumiez.
PARADISE VALLEY, ARIZ. — Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley, located 15 miles northeast of Phoenix. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie. The Ritz-Carlton resort will feature a 400-foot pool, spa, fitness center, event space, citrus orchard, herb garden, walking paths and lawn. Bryan Clark and Zack Holderman of HFF arranged the financing. Bank of the Ozarks provided a $210 million senior loan and Starwood Property Trust Inc. provided a $72 million mezzanine loan. Loan proceeds will be used to refinance an existing land loan and construct the hotel and residences. Scottsdale, Ariz.-based Five Star owns and develops projects in multiple real estate asset classes in Arizona, California, Texas and New Mexico. — Kristin Hiller
IRVING, TEXAS — RealtyShares, a San Francisco-based financial intermediary, has closed a $2.4 million equity investment for the Sheraton DFW Airport Hotel, a 302-room hotel located at 4440 W. John Carpenter Freeway in Irving. The company arranged the funds on behalf of The Buccini/Pollin Group, a Delaware-based investment and management firm. The property, which is located about eight miles from the Dallas-Fort Worth International Airport, features three restaurants, 23 banquet and meeting rooms and 25,000 square feet of meeting space.
COCONUT CREEK AND SARASOTA, FLA. — Berkadia has arranged $98.9 million in financing for the purchase of two multifamily assets in Florida. Advenir, a South Florida-based real estate investment company, purchased both communities from Wood Partners, an Atlanta-based multifamily developer and investor. Charles Foschini and Christopher Apone of Berkadia arranged a $52.3 million loan for Crown Pointe, a 360-unit multifamily community in Coconut Creek, as well as a $46.6 million loan for Gateway Lakes, a 358-unit apartment community in Sarasota. Both Freddie Mac loans feature seven-year terms, three years of interest-only payments and a loan-to-value ratio of 80 percent. Constructed in 1986, Crown Pointe features a clubhouse, fitness center, two pools with a spa and a 626-seat performing arts center. Gateway Lakes, constructed in 1996, features a newly redesigned clubhouse, fitness center and a pool area with a sundeck.