MENASHA, WIS. — Pillar has arranged a $13.6 million HUD 232/223(f) loan for the refinancing of Oakridge Gardens Nursing Center in Menasha, five miles south of Appleton. The 143-bed skilled nursing facility is located at 1700 Midway Road. Don Husi of Pillar arranged the 30-year loan, which includes a 30-year amortization schedule. Husi also arranged a $7.2 million loan for Oakwood Terrace, an assisted living facility in Pennsylvania.
STATEN ISLAND, N.Y. — The Kalikow Group and Feldco Development Corp. have received a $20 million loan for the refinancing of Expressway Plaza, a shopping center located at 1441 Richmond Ave. in Staten Island. Bethpage Federal Credit Union provided the seven-year loan. Originally built in 1997 by Kalikow and Feldco, the 94,000-square-foot property is occupied by Stop & Shop, Dunkin’ Donuts, Sleepy’s, New York Community Bank and Subway. Additionally, the asset features a 7,000-square-foot outparcel occupied by Buffalo Wild Wings and a 5,000-square-foot outparcel occupied by Applebee’s.
DENTON, TEXAS — Mason Joseph Co. Inc. has closed a $37 million loan for the construction and permanent financing of Discovery Park Apartments, a 283-unit multifamily community in Denton. Located at the intersection of North Elm Street and Riney Road, the garden-style property will be situated across from a 290-acre public/private research campus occupied by the University of North Texas College of Engineering. HUD provided the 40-year, non-recourse loan, which features a fixed interest rate, through its 221(d)(4) program. N.E. Construction LLP will serve as developer and general contractor for the project, which has a 24-month construction period.
EAGAN, MINN. — Dougherty Mortgage LLC has arranged a $13.7 million Fannie Mae loan for the refinancing of Aspenwoods Apartments in Eagan. The 162-unit apartment property features one- and two-bedroom units. Amenities include an outdoor pool, grilling area, 24-hour fitness center and tennis court. The 12-year loan features a 30-year amortization schedule. Eagan Apartment Associates LLP was the borrower.
ATLANTA — HFF has arranged $110 million in financing for a six-property grocery-anchored portfolio located throughout Georgia, Florida and Tennessee. Chip Sykes and James Clingman of HFF worked on behalf of the borrowers, Branch Retail Partners LP and its affiliate Branch Properties LLC, to place the seven-year, fixed-rate loan through one of HFF’s life insurance company correspondents. The portfolio totals 876,153 square feet and is anchored by Publix, Kroger and Whole Foods Market.
CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has received a $20.1 million loan from Mid First Bank for the acquisition of Reserve at Summit Crossing, a 172-unit apartment community in the Atlanta suburb of Cumming. The loan features a 30-year amortization schedule and a fixed interest rate of 3.87 percent. PAC acquired the community through a wholly owned subsidiary. The seller and sales price were not disclosed. Reserve at Summit Crossing features a fitness center, yoga studio, clubhouse, saltwater pool and a fire pit with outdoor seating.
MOUNT LAUREL, N.J. — CBRE Debt & Structured Finance (CBRE DSF) has arranged $14.1 million in financing for Towne Square Shopping Center in Mount Laurel. The borrower, The Westover Cos., used the loan proceeds to purchase the 88,265-square-foot retail center located at 872 Union Mill Road. At the time of closing, the shopping center was 94 percent occupied. ShopRite Supermarket anchors the center, which was built in 1996. Thomas Gorman and Steven Doherty of CBRE DSF represented the borrower in the transaction. Additionally, Brad Nathanson, Adam Rosenzweig and John Colussi of CBRE arranged the sale of property. The team represented the seller, The Hampshire Cos., in the deal.
BOSTON — EagleBridge Capital has arranged $9 million in permanent mortgage financing for an industrial facility located at 173 Boston St. in Boston. Situated on 3.8 acres, the 57,600-square-foot warehouse and service facility features 20,000 square feet of office space, multiple drive-in doors and a carport. The facility is net leased to Verizon. Ted Sidel and Brian Sheehan of EagleBridge secured the loan for the undisclosed borrower through a financial institution.
MINNEAPOLIS — Dougherty Funding has provided a $15.4 million loan for the construction of a 110-unit apartment property in Minneapolis. The property will be located on Marshall Street within the Northeast Minneapolis Arts District. Located approximately two blocks from the Mississippi River, many of the units in the six-story building will feature views of the downtown skyline and the Mississippi River. Dougherty Funding served as lead lender and servicer for the loan. Marshall14 LLC was the borrower.
SAN ANTONIO — Arbor Realty Trust Inc., a publicly traded REIT and direct lender, has provided a $24 million loan for the refinancing of Manor at Castle Hills, a 306-unit apartment community in San Antonio. Located at 1835 Lockhill Selma Road, the property offers amenities such as a pool, cyber café, billiards room, spa and a dog park. The 10-year, fixed-rate loan features a 30-year amortization schedule.
