Loans

Square Mile Originates $91M Loan for High-Rise Multifamily Property in Philadelphia Suburb

by Amy Works June 6, 2017

JENKINTOWN, PA. — Square Mile Capital Management has originated a $91 million whole loan for Metropolitan Properties of America. The loan is secured by 100 York, a 588-unit high-rise multifamily property located in Jenkintown. The property features a tennis court, outdoor swimming pool and an 8,000-square-foot amenity center with a fitness center, aerobics/yoga studio, cardiovascular room, billiards and game rooms, business center, theater and resident lounge. The Boston-based borrower recently renovated the property to Class A standards. Brad Johnson of CBRE arranged the financing.

June 6, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $59.8M HUD Loan for Skilled Nursing Facility in Queens

by Amy Works June 6, 2017

NEW YORK CITY — Greystone has provided a $59.8 million HUD-insured permanent loan for The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in Queens. The borrower is Kennedy Management. Fred Levine of Greystone’s Monsey, N.Y., office originated both the bridge and permanent FHA loan for the property. The HUD-insured financing for The Pavilion represents a permanent self-amortizing exit. In 2015, Greystone arranged a bridge-to-HUD loan to finance the acquisition, renovation and rebranding of the 302-bed facility, which includes an onsite 40-bed ventilator-dependent unit and a 12-chair dialysis center.

June 6, 2017

California Loans Retail Western

RMP Properties Receives $170M Refinancing for 33-Property Retail Portfolio in Northern California

by Nellie Day June 5, 2017

MODESTO, CALIF. — HFF has arranged the $170 million refinancing of a portfolio of 33 triple-net-leased grocery properties totaling 1.73 million square feet in Northern California. The portfolio is fully occupied under a master lease with The Save Mart Companies, operating under the Save Mart, Lucky, Lucky California and FoodMaxx brands. The portfolio consists of freestanding and anchor stores located in the San Francisco Bay Area, Sacramento and the Central Valley. Peter Smyslowski, Chris Gandy and Rob Bova of HFF worked on behalf of the borrower, Modesto-based RMP Properties LLC, to place the 10-year, fixed-rate loan with a UBS-led consortium of CMBS lenders.

June 5, 2017

Loans Multifamily Oregon Seniors Housing Western

Capital One Closes $17.5M Financing for Seniors Housing Community in Oregon

by Nellie Day June 5, 2017

THE DALLES, ORE. — Capital One has provided a $17.5 million fixed-rate Fannie Mae loan to refinance The Springs at Mill Creek, a 92-unit seniors housing community in The Dalles, a city in northern Oregon. The sponsor, The Springs Living, is a family-owned seniors housing company with 14 communities totaling nearly 1,700 beds in Oregon and Montana. The sponsor is using the loan to pay off existing debt and buy out its joint venture partner, a private equity firm based in Chicago. Dague Retzlaff and Mark Bultman of Capital One originated the transaction. The team worked with Capital One’s Multifamily Finance team to structure the transaction.

June 5, 2017

California Loans Retail Western

Quantum Capital Secures $13M to Refinance Beverly Hills Retail Portfolio

by Nellie Day June 5, 2017

BEVERLY HILLS, CALIF. — Quantum Capital Partners has secured a $13 million CMBS loan for four fully leased retail buildings in Beverly Hills. The borrower is a Beverly Hills-based private investor operating as MC Ventures LLC. The loan will refinance existing debt on the portfolio, which is located on La Cienega Boulevard. Tenants include restaurants Matsuhisa, Fogo de Chao and Gyu-kaku, along with beauty salon YUMILashes.

June 5, 2017

Loans Multifamily New York Northeast

Urban View Development Closes $10.2M in Construction Loans for Two Condo Developments

by Amy Works June 5, 2017

NEW YORK CITY — Urban View Development has received $10.2 million in construction loans for two ground-up condominium developments in Brooklyn’s East Bushwick neighborhood. SKW Funding provided the loans, $5 million and $5.2 million, for the two projects at 301 Covert St. and 1229 Putnam Ave. Urban View Development plans to construct 38 condominium units, 19 at each site, which are currently vacant lots. Each project will offer 17 one-bedroom units and two two-bedroom units, with prices ranging from $470,000 to the mid-$700,000s. Menelik Tefera of SKW Funding originated and the led the due diligence and execution of the loans.

June 5, 2017

Loans Multifamily Seniors Housing Texas

Casa Solace Receives $7M Construction Loan for Memory Care Facility in Houston

by Taylor Williams June 5, 2017

HOUSTON — Casa Solace Memory Care has received a $7 million construction loan for a new memory care facility on Space Center Boulevard in Houston. The first phase of construction will deliver a 36-bed facility and a community center totaling 25,600 square feet. Upon completion, the project will feature 90 beds for assisted living and memory care. Kevan McCormack of Metropolitan Capital Advisors Ltd. arranged the loan through an unspecified local bank.

June 5, 2017

California Loans Retail Western

Quantum Arranges $37M Refinancing for The Shops at South Bay in LA

by Nellie Day June 2, 2017

LOS ANGELES — Quantum Capital Partners has arranged a $37 million interest-only loan to refinance The Shops at South Bay, a 200,000-square-foot shopping center in Los Angeles’ South Bay submarket. Built in 2005, the Walmart-anchored center is located at 19503 Normandie Ave. and W. 190th St. The Shops at South Bay is 96 percent leased to tenants including Lumber Liquidators, Dollar Tree, Quiznos, BJ’s Grill and Pho Kobe. Quantum’s Max Mellman and Jonathan Hakakha arranged the 10-year loan.

June 2, 2017

Loans Midwest Minnesota Multifamily

KeyBank Provides $12M Loan for Refinancing of Multifamily Property in St. Cloud, Minnesota

by Kristin Harlow June 2, 2017

ST. CLOUD, MINN. — KeyBank Real Estate Capital has provided a $12 million Fannie Mae loan for the refinancing of Heritage Park Estates in St. Cloud, located in central Minnesota. The multifamily property was built in 2003 and includes 150 units. Fred Dockweiler of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.

June 2, 2017

Loans Multifamily North Carolina Southeast

Medalist Capital Arranges $71M Financing for Two Apartment Communities in Raleigh, Durham

by John Nelson June 2, 2017

RALEIGH AND DURHAM, N.C. — Medalist Capital has arranged $71 million in financing for two apartment communities in Raleigh and Durham. The properties include the 203-unit Gramercy in downtown Raleigh and the 229-unit Solis Ninth in downtown Durham. Howard Brooks of Medalist Capital’s Raleigh office arranged the two separate loans through a life insurance company on behalf of the undisclosed borrowers.

June 2, 2017

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