Loans

Lancaster Pollard Closes Two Refinancings Totaling $57.1M for Seniors Housing Communities in Hawaii, Arizona

by Nellie Day December 7, 2017

HONOLULU AND GREEN VALLEY, ARIZ. — Lancaster Pollard has arranged two Fannie Mae loans totaling $57.1 million for seniors housing communities in Honolulu and the Tucson suburb of Green Valley. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki in Honolulu. MW Group owns the property, which was built in 2015. The community has been named Hawaii’s best senior living facility by The Honolulu Star Advertiser for three consecutive years. Jason Dopoulos, Doug Harper and Casey Moore led this transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard assisted Frontier Management with the $5.85 million refinancing of a 52-unit memory care community in Green Valley. The 15-year loan refinanced maturing debt. Harper and Moore led the effort for Lancaster Pollard on the second closing.

December 7, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates $29.8M Loan for 144-Unit Seniors Housing Community Near San Diego

by Nellie Day December 7, 2017

ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National Senior Housing and Andrew Behrens of CBRE Multifamily Institutional Group arranged the 10-year, fixed-rate loan with 60 months of interest-only payments through Freddie Mac. The use of the funds was not disclosed. Westmont currently owns and/or operates 11 seniors housing communities located throughout California and Oregon.

December 7, 2017

California Loans Retail Western

HFF Arranges $15M Financing for Renovation of Retail Property in San Mateo

by Nellie Day December 7, 2017

SAN MATEO, CALIF. — HFF has secured a $15 million loan for the renovation of The Baywood, a 26,157-square-foot retail and office building in San Mateo. Chris Gandy of HFF arranged the three-year, floating-rate loan through a national bridge lender on behalf of the borrower and developer, B St Development. Proceeds of the loan will be used to remodel the façade and will add a third floor totaling approximately 5,000 square feet of rentable space.

December 7, 2017

Industrial Loans Massachusetts Northeast

Transwestern Consulting Group Arranges Two Loans Totaling $22.8M for Warehouses in Massachusetts

by Amy Works December 6, 2017

CLINTON AND MEDFORD, MASS. — Transwestern Consulting Group has arranged two loans totaling $22.8 million for NorthBridge Partners. The loans will finance the acquisition and future leasing costs for two warehouses in Massachusetts. Transwestern secured a long-term, non-recourse $13.9 million loan for 100 Adams Road, a warehouse in Clinton, through Middlesex Savings Bank. The 345,000-square-foot building is fully occupied by five tenants. Completed in 2000, the property features 30-foot clear ceiling heights, 53 loading docks and one drive-in door. Transwestern also arranged a long-term, non-recourse $8.9 million loan for 23 Sycamore Ave. in Medford through HarborOne Bank. The warehouse features 91,000 square feet of high-bay warehouse space.

December 6, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Negotiates $25.5M Bridge-to-HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works December 6, 2017

WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.

December 6, 2017

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Provides Construction Financing for Three Affordable Housing Projects in Wisconsin

by Kristin Harlow December 6, 2017

MILWAUKEE — Associated Bank has provided $20.6 million in total equity and $11.5 million in construction and bridge financing for the development of three affordable housing projects in Wisconsin spanning 130 units. Built in 1912, the former Washington School in Sheboygan, Wis., is on the National Register of Historic Places. The building will be converted into a two-story apartment community with 42 units known as Washington School Apartments. A three-story historic school building located at 2779 N. 5th St. in Milwaukee will be transformed into Fifth Street Senior Apartments. The property will include 48 units for seniors age 55 and above. Washington Park Townhomes will involve the new construction of 40 two-story, townhouse-style apartments in Milwaukee. Bryan Schreiter of Associated Bank originated the loans on behalf of the borrower, Gorman & Co. Inc. The developments used Low Income Housing Tax Credit (LIHTC) equity as part of the financing package, requiring that apartments be available at below-market rents for people earning no more than 60 percent of the area median income. Two of the projects are historic building renovations that qualified for federal and state historic preservation tax credits to cover rehabilitation costs. Associated Bank partnered with Boston Capital to provide …

December 6, 2017

Loans Michigan Midwest Multifamily

CBRE Arranges $31M Refinancing for Apartment Property in Kalamazoo, Michigan

by Kristin Harlow December 6, 2017

KALAMAZOO, MICH. — CBRE has arranged a $31 million Freddie Mac loan for the refinancing of Candlewyck Apartments in Kalamazoo. The 487-unit apartment property is located at 132 Candlewyck Drive. Jason Brown and Dan Gable of CBRE arranged the loan on behalf of Zidan Management Group. The loan features a fixed rate of 4.13 percent and is amortized over 30 years. The borrower received an interest rate reduction from Freddie Mac in exchange for a commitment to invest approximately $225,000 in energy-saving improvements to the property.

December 6, 2017

Loans Maryland Office Retail Southeast

MacKenzie Capital Arranges $32.4M Acquisition Loan for Office, Retail Portfolio in Baltimore County

by Camren Skelton December 6, 2017

TOWSON AND HUNT VALLEY, MD. — MacKenzie Capital has arranged $32.4 million in acquisition financing for an office and retail portfolio in Baltimore County’s Towson and Hunt Valley submarkets. John Black, Will Goetschius and Brendan Harman of MacKenzie Capital arranged the 25-year, fixed-rate loan on behalf of the borrower, RFP Partners LLC. Don Schline of MacKenzie Capital sourced the off-market acquisition on behalf of RFP. The portfolio comprises nine office and retail buildings and totals 289,000 square feet.

December 6, 2017

Florida Loans Retail Southeast

PAC Receives $19M Acquisition Loan for Publix-Anchored Shopping Center in Naples

by Camren Skelton December 6, 2017

NAPLES, FLA. — Preferred Apartment Communities (PAC) has received a $19 million acquisition loan for Crossroads Market, a 126,895-square-foot shopping center in Naples. HFF’s Ed Coco, Nat Scarmazzi and Matt Casey secured the 12-year, non-recourse loan through Nationwide Life Insurance Co. on behalf of PAC. A 55,999-square-foot Publix anchors Crossroads Market, which was 98.1 percent leased at the time of sale to tenants including Walgreens, Crunch Fitness, Giovanni Italian Ristorante, Physicians Regional Health Care, Chase Bank and Subway. PAC acquired the asset through its wholly-owned subsidiary, New Market Properties LLC. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, a private real estate fund advised by Crow Holdings Capital — Real Estate. The sales price was not disclosed.

December 6, 2017

Colorado Loans Office Western

J.P. Morgan Asset Management Obtains $75.3M Loan to Buy Three-Building Office Portfolio in Boulder

by Nellie Day December 6, 2017

BOULDER, COLO. — J.P. Morgan Asset Management has obtained $75.3 million in acquisition financing to purchase a three-property office portfolio in Boulder. The portfolio includes 1050 Walnut Street, 1881 9th Street and 1900 15th Street. The Class A assets are situated just a few blocks from Boulder’s vibrant Pearl Street Mall. J.P. Morgan acted on behalf of institutional investors in this acquisition. Deutsche Bank provided the five-year, floating rate loan. JLL’s Capital Markets team secured the loan.

December 6, 2017

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