MANCHESTER, CONN. — KeyBank Real Estate Capital has secured a $30.9 million Fannie Mae first mortgage loan for Broadleaf Apartments, a 224-unit multifamily property in Manchester. The property was built in 2016 and is located eight miles from downtown Hartford. Thomas Peloquin of Key’s commercial mortgage group arranged the 10-year loan, which includes three years of interest-only payments and a 30-year amortization schedule. The loan was used to refinance existing debt.
NEW YORK CITY — Pembrook Capital Management has provided a $6.2 million first mortgage loan to finance the construction of a 21,341-square-foot mixed-use property located at 144-146 West St. in the Greenpoint neighborhood of Brooklyn. The unnamed sponsor plans to construct a six-story building on an infill site that will include 18 market-rate apartments on top of 1,200 square feet of commercial retail space. The project is expected to be complete in 2018 with nine parking spaces and bike storage.
UNIVERSITY PARK, ILL. — Associated Bank has provided a $13.6 million loan for the acquisition of a 455,870-square-foot distribution center in University Park. The building, developed by Dermody Properties, is located at 425 University Crossing Drive. Edward Notz of Associated Bank managed the loan for the borrower, DPIF IL 3 University Park LLC.
CASA GRANDE, ARIZ. — HSL Desert Sands Properties has received $21.5 million in financing for a 323-unit apartment complex in Casa Grande. The community is located at 720 W. O’Neil Drive. The property was built in 2008. Casa Grande is about 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The funds will be used to refinance the property. The 10-year Fannie Mae loan features a 30-year amortization schedule. HSL Desert Sands Properties LLC is an entity affiliated with HSL Properties and Humberto S. Lopez, who owns multifamily and other commercial real estate throughout the Southwest. Hunt Mortgage Group provided the loan.
SANTA MONICA, CALIF. — HFF has arranged a $12.6 million refinancing for 3202-3212 Wilshire Blvd., a 28,209-square-foot retail building located in Santa Monica. CVS/pharmacy and BevMo fully occupy the property. Jeff Sause, Paul Brindley and Ryan Ash of HFF worked on behalf of the borrower, a local family office advised by The Luzzatto Company Inc., to place the non-recourse, fixed-rate loan with a life insurance company. Loan proceeds were used to supplement the borrower’s planned long-term hold of the asset in their core portfolio.
KANSAS CITY, MO. — Ready Capital Structured Finance has arranged a $13.3 million loan for the acquisition of an industrial portfolio in Kansas City. The portfolio includes Rivergate Center, a five-building, 238,976-square-foot industrial property located at 1500-1634 N. Topping Road, and Midtown Park, a four-building, 320,400-square-foot property consisting of two office/warehouse buildings and two distribution buildings. The fixed-rate loan features a 60-month term and will also be used for the renovation and stabilization of the portfolio. The borrower was not disclosed.
SCOTTSBURG, IND. — Strawberry Fields REIT LLC has received a $4.4 million HUD guaranteed loan for the refinancing of The Waters of Scottsburg, a skilled nursing facility in southern Indiana. The 99-bed facility is currently 69 percent occupied. Strawberry Fields, which owns 57 facilities largely located in the Midwest, acquired the building in 2014. The fixed-rate loan features a 35-year term.
TROY, N.Y. — KeyBank has provided a total of $18.2 million in financing for the Martin Luther King Revitalization Apartments in Troy. The Troy Housing Authority partnered with Beacon Communities Development to renovate and preserve 104 units of affordable housing through HUD’s Rental Assistance Demonstration Program. The property was built in 1971. Key’s Community Development Lending & Investing group (CDLI) provided a $6.2 million construction loan and will also invest up to $12 million in Low Income Housing Tax Credits (LIHTC) direct equity to finance the first phase, which includes the preservation of 46 units for residents earning between 30 and 80 percent of the area median income. Joe Eicheldinger and Victoria O’Brien of Key’s CDLI team helped arrange the financing, made possible by an allocation of LIHTC from New York State Homes and Community Renewal. Additionally, the project required the approval and support of the U.S. Department of Housing and Urban Development.
DENVER — Griffis Residential has obtained an $81.9M acquisition loan to purchase the 400-unit Skye 2905 Urban Flats apartment community in Denver. The property is situated across from 20th Street from the Union Station neighborhood. The property was formerly named Skye 2905. HFF’s Eric Tupler and Josh Simon represented the borrower to place the 10-year, 3.98-percent, fixed-rate loan with five years of interest-only payments. A correspondent life insurance company provided the capital.
NEW YORK CITY — Ready Capital Structured Finance has secured a $10.7 million non-recourse loan in New York City. The loan is for the recapitalization, renovation and stabilization of a 60-unit condominium property at 9511 Shore Road in the Bay Ridge neighborhood of Brooklyn. The collateral is part of a 104-unit, seven-story, condominium tower with views of the Narrows and Verrazano Bridge. Ready Capital Structured Finance closed a floating-rate interest-only loan featuring a 12-month term with two extension options and flexible pre-payment.
