MANASQUAN, N.J. — Ariel Property Advisors has arranged a $1.8 million acquisition loan for the $2.4 million purchase of a mixed-used property, located at 140 Main St. in Manasquan. The 6,000-square-foot property features four retail units and five residential units. Ariel’s Capital Services Division arranged the non-recourse seven-year loan for an undisclosed borrower.
AMARILLO, CLEBURNE, CONROE, CYPRESS AND FORT WORTH, TEXAS — KeyBank Real Estate Capital originated and fully underwrote a $62 million term loan for Caddis, which used the proceeds of the loan to recapitalize a five-property seniors housing portfolio in Texas. The newly built assisted living and memory care facilities total 352 units and 406 beds. Operated under the Heartis brand, the properties include Heartis Amarillo in Amarillo, Heartis Cleburne in Cleburne, Heartis Conroe in Conroe, Heartis Cypress in Cypress and Heartis Eagle Mountain in Fort Worth. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group arranged the financing.
HOUSTON — HFF has arranged financing for The Plaza at Enclave, an office building located at 1254 Enclave Parkway in Houston. Wally Reid, Matt Kafka and Dustin Selzer of HFF secured the 15-year, fixed-rate loan through Allianz Real Estate of America for the borrower, a foreign investor. The six-story, 344,296-square-foot property features a health club and fitness center, café with indoor and outdoor seating, courtyard and an entrance plaza with a multi-level fountain system. Anchored by DOW Chemical, the property was 98 percent leased at the close of financing.
CHARLOTTE, N.C. — KeyBank Real Estate Capital has arranged a $28.1 million Freddie Mac loan for Barrington Place, a 348-unit apartment community in Charlotte. Situated nine miles outside of downtown Charlotte, the property was built in 1998 and will undergo upgrades over the next three years. Trevor Ritter of KeyBank arranged the seven-year, interest-only loan, which the borrower used to refinance existing debt.
DELRAY BEACH, FLA. — Meridian Capital Group has arranged $23.9 million in financing for the development of a three-story, 118-unit seniors housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating interest rate of 3.25 percent over LIBOR and three years of interest-only payments. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in the Meridian’s New York City headquarters, arranged the financing.
ATLANTA — CBRE Capital Markets has closed $19 million in financing through the Freddie Mac Small Balance Loan program for a 12-property multifamily portfolio in Atlanta. The workforce housing properties are located in three metro Atlanta submarkets and total 458 units. Kelly Martone of Bellwether Enterprise arranged the refinancing on behalf of the borrower, Nelkin Real Estate. Jeffrey Pirhalla of CBRE Capital Markets’ Wholesale Lending team originated the financing, which comprises 20-year hybrid ARM loans whereby the interest rate is fixed for the first 10 years of the term and adjustable for the following 10 years. The financing also features three years of interest-only payments.
NEW YORK CITY — Capital One has provided an $80 million construction/mini-perm loan for 1 Hotel Brooklyn Bridge, located on Brooklyn’s waterfront. The loan was initially part of a larger financing package that included a recently completed 107-unit condominium building. Capital One previously provided a $160 million loan to the borrower, a joint venture between Starwood Capital Group and Toll Brothers, to finance initial construction of the project. The 194-key hotel, which opened yesterday, is the third property in Starwood’s 1 Hotel brand. The property features 20,000 square feet of meeting/event space, a 24-hour fitness center, rooftop bar and pool and a 12,000-square-foot indoor/outdoor restaurant.
DEPTFORD, N.J. — Eastern Union Funding has arranged $52.3 million in senior debt of behalf of Redstone Equities for the acquisition of Narraticon, a multifamily community in Deptford. David Singer of Eastern Union Funding arranged the senior debt, which features a floating rate, with a Freddie Mac seller/servicer. The 171-acre development features 443 rental apartments and townhomes, ranging from one- to four-bedroom layouts. Community amenities include a saltwater pool, lighted tennis courts, fitness center, sauna and a clubhouse with billiards, televisions, a library and complimentary WiFi.
CULVER CITY, CALIF. — Quantum Capital Partners has arranged $47 million in refinancing for Platform, a 75,000-square-foot office and retail property located in the Hayden Tract district of Culver City. The borrower, Runyon Group, will use the proceeds to retire construction debt and equity on the property, which was completed in late 2016. Mike Yim and Jonathan Hakakha of Quantum arranged the 10-year, non-recourse loan through Wells Fargo for the borrower. The 75,000-square-foot project features approximately 40,000 square feet of office space and 35,000 square feet of retail and restaurant space. The retail portion is currently 98 percent leased to a variety of tenants including Reformation, Magasin, SoulCycle, The Shop, Loqui, Blue Bottle Coffee, Van Leeuwen, Sweetgreen and The Cannibal.
ATLANTA — Grandbridge Real Estate Capital has closed a $41.4 million acquisition loan for Collier Ridge Apartments, a 300-unit multifamily community situated in Atlanta’s West Midtown district. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the Freddie Mac loan with three years of interest-only payments and two 12-month extension options on behalf of the borrower, a repeat client of Grandbridge. The loan features an 85 percent LTV ratio and qualified for Freddie Mac’s Green Up program due to sustainable renovations planned by the borrower. Collier Ridge’s community amenities include a fitness center, swimming pool, leasing center/clubhouse, dog park and tennis courts.