WATERTOWN, MASS. — LCB Senior Living and Washington Capital Management have received a $45 million loan for the recapitalization of The Residence at Watertown Square, located at 20 Summer St. in Watertown. Built in 2014, the property features 90 independent living, assisted living and memory care units. Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue of Cushman & Wakefield arranged the financing for the borrower. LCB will continue to operate the community.
SAN DIEGO — A joint venture between subsidiaries of Sunstone and Park Hotels & Resorts has obtained a $220 million refinancing for the 1,190-room Hilton San Diego Bayfront in downtown San Diego. The hotel is located at 1 Park Blvd. The loan has a three-year initial term and three one-year extension options. The loan is interest-only and provides for a floating interest rate of LIBOR plus 1.05 percent with a 25 basis-point increase during the final one-year extension period, if extended. The loan is expected to reduce the company’s consolidated annual cash interest expense by about $2.6 million. The financing replaces the existing loan that was scheduled to mature in August 2019 and had a floating interest rate of LIBOR plus 2.25 percent. The refinancing was completed by Sunstone Hotel Investors.
BROOKFIELD, WIS. — Blue Vista Finance LLC has provided a $19.5 million loan for the refinancing of the Sheraton Milwaukee Brookfield Hotel in the Milwaukee suburb of Brookfield. The six-story hotel features 389 rooms. Built in 1972, the hotel underwent a $4.3 million renovation in 2014. The property features more than 19,000 square feet of meeting space, a 24-hour business center, fitness center, indoor and outdoor heated pools and The Craft Room restaurant. Located at 375 South Moorland Road, the hotel is just off I-94 and adjacent to the Brookfield Square Mall. Scott Hall, Jeff Bucaro and Aaron Lapping of HFF arranged the three-year loan on behalf of the borrower, LLJ Ventures. Loan proceeds will be used to pay off the hotel’s existing loan and to fund additional strategic capital improvements.
BIRMINGHAM, ALA. — HREC Capital Markets Group has arranged the $19 million refinancing of Redmont Hotel Birmingham, Curio Collection by Hilton, a 120-room hotel in downtown Birmingham. Greg Porter and Mike Armstrong of HREC arranged the 10-year, fixed-rate loan through a New York-based REIT on behalf of the borrower, a private partnership. Originally constructed in 1925, the hotel underwent a complete renovation in 2015, implementing upgraded technologies and amenities while retaining the 1920s design. The hotel features two restaurants, a rooftop bar, 3,600 square feet of meeting space and a fitness center.
ANAHEIM, CALIF. — New York-based finance and investment firm Square Mile Capital Management LLC has provided a $136 million loan for Jefferson Platinum Triangle, a 400-unit multifamily community in Anaheim. Proceeds from the loan, which was provided for Irving, Texas-based development firm JPI, will be used to repay existing construction debt and to bridge through stabilization of the property. Jefferson Platinum Triangle is located at 1781 S. Campton Ave. within the 840-acre Platinum Triangle district situated near Angel Stadium, Disneyland and the Anaheim Convention Center. The property offers a mix of studio, one-, two- and three-bedroom units ranging in size from 578 to 1,398 square feet. Amenities include 730 parking spaces, two resort-style pools, two clubrooms, a fitness center with yoga studio, media room, rooftop lounge and adjacent community park. “This transaction was a compelling opportunity to finance a trophy-quality multifamily asset in one of the fastest growing areas of the Los Angeles metropolitan area and Orange County,” says Square Mile Principal Michael Mestel. “The Jefferson Platinum Triangle has been outperforming the surrounding market in terms of rents and leasing velocity since initial move-ins began earlier this year.” According to the property website, rents for available one-bedroom units run as …
UPPER DUBLIN, PA. — Citizens Bank has provided $17 million in financing to NHM Housing, a partnership of Pennrose Properties and Montgomery County Housing Authority, for a redevelopment project in Upper Dublin. The project will replace 50 units of outdated public housing at 300 Linden Ave. known as North Hills Manor. The existing units, which were built in 1954, will be demolished and replaced with 50 new apartment units in 17 residential buildings ranging in size from one- to four-bedrooms. Additionally, the redevelopment will feature a community building offering a common room, computer lab and property management office. The units are dedicated to families with incomes at or below 60 percent of area median income.
HOUSTON — Dougherty Funding LLC, an affiliate of Dougherty Mortgage LLC, has closed a $14.3 million loan for the acquisition of Quail Chase Apartments, a 248-unit multifamily community located at 500 W. Airtex Blvd. in Houston. The affordable housing property features a fitness center, business center, volleyball court, picnic area and on-site laundry facilities. Dougherty Funding served as the lead lender and servicer for the loan, which was secured on behalf of the borrower, Quail Chase Apartments LP.
WICHITA, KAN. — Bellwether Enterprise has arranged a $7.2 million CMBS loan for the acquisition of two manufactured housing communities in Wichita. River Oaks features 275 mobile homes while Lamplighter includes 225 mobile homes. Amenities include basketball courts, storage facilities and swimming pools. MJ Vukovich of Bellwether arranged the loan for the borrower, Park Street Partners. Benefit Street Partners was the lender.
FORT COLLINS, COLO. — Grandbridge Real Estate Capital has provided $44 million in first-mortgage financing for the 310-unit Crowne at Timberline apartments in Fort Collins. The Class A community is located at 2001 Rosen Drive. Crowne at Timberline offers a view of the Rockies Mountains Front Range. Amenities include a media room, exercise room, business center, swimming pool, waterscape area, and outdoor lounge area with fire pit and TVs. The 10-year, permanent, fixed-rate loan features a 30-year amortization schedule with an initial period of interest-only payments. Proceeds from the loan will be used to pay off the construction loan. The property opened in late 2016. William Silsbee originated the transaction for an undisclosed repeat customer.
DETROIT — Bernard Financial Group has arranged a $67.5 million CMBS loan for the refinancing of a 489,786-square-foot office building in Detroit. The multi-tenant, 25-story building is located at 150 W. Jefferson Ave. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan on behalf of the borrower, 150 West Jefferson Owner LLC.
