PENNSVILLE, N.J. — Eastern Union Funding’s David Singer has arranged a $10.5 million loan for AJH Management Co.’s purchase of Laura’s Glen, a 197-unit apartment community in Pennsville. Eastern Union, working with Greystone, secured a 30-year term with the GSE lender. Matt Wilheimer of The Kislak Co. represented the seller in the transaction.
EVERETT, MASS. — Natixis has provided a $38 million floating-rate loan on Wellington Parkside Apartments for Boston-based Taurus Investment Holdings. Proceeds from the loan will fund the acquisition and lease-up of the 190-unit, Class A multifamily property. Wellington Parkside Apartments is located in Everett, four miles north of the Boston central business district and one mile from the site of the Wynn Boston Harbor Casino. Taurus has retained Boston-based The Dolben Co. to handle leasing and management of the property. John Kelly of CBRE’s Boston office arranged the financing.
CEDARHURST, N.Y. — Meridian Capital Group has secured $2.6 million in financing for the refinance of a cooperative property in Cedarhurst. The 10-year loan, provided by a regional bank, features a fixed rate of 3.5 percent and full-term interest-only payments. Judah Hammer and Michael Ryback of Meridian’s New York City headquarters negotiated the transaction. The property, located at 272-300 Cedarhurst Ave., includes 47 units.
NORTH MIAMI, FLA. — Walker & Dunlop has arranged two loans totaling $94.7 million for the acquisition of Avesta Biscayne, a 402-unit multifamily community located in North Miami. Situated on 11 acres, the Class B property features two pools, a newly renovated fitness center, tennis court and a dog park. Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa office arranged the financing on behalf of the borrower, Avesta Communities. The financing included a six-month, $48.4 million, floating-rate bridge loan followed by a 10-year, $46.3 million, floating-rate loan through Freddie Mac’s Green Up program. Avesta Communities is planning major interior and exterior renovations at Avesta Biscayne for both maintenance and common area amenity upgrades.
AUSTIN, TEXAS — KeyBank Real Estate Capital has arranged $6.5 million in acquisition financing for Western Trails Senior Apartments, a garden-style apartment community in Austin, on behalf of Harmony Housing, a nonprofit organization that provides multifamily housing throughout the country. Located at 2422 Western Trails Blvd., the 99-unit property features a mix of studio, one- and two-bedroom apartments, laundry facilities, a fitness center and a hair salon.
OCONOMOWOC, WIS. — Walker & Dunlop has arranged an $11.8 million loan for the refinancing of Summit Center Marketplace in Oconomowoc, about 34 miles west of Milwaukee. The 72,858-square-foot property consists of retail, office and medical office space. The property sits on 11 acres and consists of five freestanding buildings built between 2004 and 2006. Aurora Health Care anchors the property. Other tenants include Rosatti’s, The UPS Store and Anytime Fitness. Tim Cotter and Jeff Schmidt of Walker & Dunlop arranged the 10-year loan, which includes a 30-year amortization schedule. Principal Commercial Capital provided the loan.
MOORESTOWN, N.J. — Thorofare Capital has funded a $5.7 million fixed-rate bridge loan for the acquisition and renovation of a 219,304-square-foot industrial property in Moorestown. Irvine, Calif.-based Phoenix Investment Funds purchased the asset at auction. The vacant warehouse and distribution facility is located at 540 Glen Ave., about 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features 15,000 square feet of office space, 24-foot clear heights, 29 loading docks and trailer parking. The property is near the New Jersey Turnpike and Interstate 295. The bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facility to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, interest-only bridge loan includes an extension option subject to performance hurdles.
MIAMI — CMC Group has received $236 million in financing for the development of Brickell Flatiron, a 549-unit luxury condominium tower in Miami’s Brickell financial district. The 64-story building will be located at 1001 S. Miami Ave., across from The Shops at Mary Brickell Village and near the Brickell City Centre mixed-use development. Upon completion in mid-2019, the project will be the tallest residential tower south of New York City, according to CMC. Amenities will include a rooftop deck with spa, fitness center and pool, private movie theater, meeting rooms, wine cellar and concierge service. Revuelta Architecture designed the property. Jim Dockerty of HFF arranged the loan on behalf of CMC Group. HFF secured a $138.3 million senior loan and a $98 million mezzanine loan, which will be used to complete the project and market the remaining units. Bank of the Ozarks provided the senior loan, while RFR provided the mezzanine loan. Sales to date at Brickell Flatiron are in excess of $300 million. Miami-based CMC Group is a real estate development company focused on luxury residential, commercial and retail properties. — Kristin Hiller
CHAPPAQUA, N.Y. — Jeffrey Dunne, Kyle Juszczyszyn and David Gavin of CBRE have secured $68 million in financing for the development of Chappaqua Crossing in Chappaqua. Dunne, Juszczyszyn and Gavin represented The Grossman Co. and Summit Development in arranging the loan for the planned 120,000-square-foot retail center. The team was responsible for procuring the 90 percent institutional joint venture equity partner in addition to securing the new construction financing of $44 million with M&T Bank. Whole Foods will anchor Chappaqua Crossing, which will sit on a 19.1-acre site inside a 114-acre mixed-use development. Other tenants will include Life Time Fitness, Pet Valu, Chase Bank, AT&T and GoHealth Urgent Care.
HARVEY, LA. — KeyBank Real Estate Capital has secured a $20.9 million CMBS loan for the acquisition of Centre at Westbank, a 174,445-square-foot retail power center in Harvey, less than seven miles south of New Orleans. Built in 2001, the four-building property is fully leased to tenants such as Best Buy, Barnes & Noble, Michaels and Petco. Randy Martin of KeyBank arranged the 10-year loan with three years of interest-only payments and a 30-year amortization schedule.