TROY, MICH. — Bernard Financial Group has arranged a $21.1 million loan for the refinancing of an office property in Troy, a northern suburb of Detroit. The multi-tenant complex consists of 149,976 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Liberty Investments LLC. A CMBS firm provided the loan.
JERSEY CITY, N.J. — KeyBank Real Estate Capital has originated a $62 million first mortgage loan for Cast Iron Lofts Phase II in Jersey City. The name of the borrower was not released. The 26-story apartment community features 232 units. Tom Peloquin of KeyBank’s commercial mortgage group arranged the financing through a correspondent life company relationship.
IRVING, TEXAS — PMZ Realty Capital has arranged an $11.9 million acquisition loan for TownePlace Suites by Marriott Las Colinas in Irving. The property offers 135 suites in studio, one- and two-bedroom layouts with fully equipped kitchens and free grocery delivery. Additionally, the hotel features a complimentary breakfast buffet, fitness center, outdoor pool and a 340-square-foot meeting room. The name of the borrower was not released.
TAMPA, FLA. — NXT Capital has provided a $29.5 million acquisition loan for 251 units within Crosswynde Apartments, a 453-unit, Class A multifamily property located in Tampa. The remaining units are condominiums. Crosswynde’s community amenities include a clubhouse, fitness center, basketball court, business center, playground, swimming pool, volleyball court and racquetball court. David Horowitz in the New York office of Cooper-Horowitz placed the loan with NXT Capital.
SEATTLE — PSRS has provided $54 million in acquisition financing for a 324,287-square-foot office campus in Seattle. The borrower was not disclosed. The loan features a three-year term and a 25-year amortization schedule. The loan was placed with a life insurance company. It was structured by PSRS’s Antonio Hachem.
LYNDHURST, N.J. — HFF has arranged a $40 million construction loan for The Winston, a multifamily community located at 120 Chubb Ave. within The Station of Lyndhurst in Lyndhurst. The borrower is J.G. Petrucci Co. Slated for completion in early 2018, The Winston will add 218 apartment units to the existing 192 units at The Station at Lyndhurst, which was constructed in 2014. Situated on 6.8 acres, the property will feature a courtyard with lounge deck, resident lounge with billiards and arcade games, fitness center with yoga studio, dog run and complimentary shuttle service. Jon Mikula of HFF secured the financing for the borrower through Provident Bank and Lakeland Bank.
NEWARK, DEL. — HALL Structured Finance has closed a first lien construction loan totaling $14.7 million for the development of a SpringHill Suites by Marriott in Newark. Danneman Hospitality is developing the hotel, which will be the first SpringHill Suites in the state. The property will have 118 one-room suites and seven two-room suites. Amenities at the five-story property will include a breakfast dining area, lobby, bar, three meeting rooms, an indoor pool, fitness center, laundry room, marketplace and on-site restaurant.
WAYZATA, MINN. — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of a building leased to Walgreens in Wayzata, 13 miles west of Minneapolis. The 15,149-square-foot building is located at 1055 Wayzata Blvd. East. The eight-year loan includes a 25-year amortization schedule. A life insurance company provided the loan. Joe Giordani of NorthMarq arranged the loan for the undisclosed borrower.
PHILADELPHIA — RED Mortgage Capital, the mortgage banking arm of RED Capital Group, has closed a $31.7 million FHA Section 221(d)(4) loan and RED Capital Markets, the investment banking arm of RED Capital, underwrote $39.7 million of tax-exempt bonds for the rehabilitation of Courtyard at Riverview in Philadelphia. The borrower, The Michaels Organization, is redeveloping the multifamily property in partnership with the Philadelphia Housing Authority. The transaction was arranged in conjunction with the Rental Assistance Demonstration (RAD) program and is one of the largest RAD projects in Pennsylvania. Situated on 13 acres, the 470-unit complex features a 26-story high-rise building with 165 seniors housing units and 37 two-story townhouse buildings totaling 305 modern low-rise units.
LANSDALE, PA. — CBRE has arranged $10 million in financing for the acquisition of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in the Philadelphia suburb of Lansdale. A joint venture between Care Investment Trust and Greenfield Senior Living purchased the community and will change the name to Greenfield of Lansdale. The five-year, floating-rate loan includes 12 months of interest-only payments. A regional bank provided the capital. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing. Care Investment Trust is a seniors housing-focused real estate investment company and a wholly owned subsidiary of Tiptree Inc. Greenfield Senior Living is a seniors housing operator based in Virginia with 1,300 residents in six states.
