Loans

SunTrust Provides $68.3M Refinancing for GoodWorks Unlimited’s Seniors Housing Portfolio

by John Nelson January 17, 2017

NASHVILLE, TENN. — SunTrust Bank has provided a $68.3 million loan to GoodWorks Unlimited LLC, a seniors housing provider with communities in Kentucky and Tennessee, for the refinancing of its portfolio. GoodWorks’ properties feature independent living, assisted living and memory care components. The organization will use the loan proceeds to refinance existing debt and expand its facilities. Currently 11 of GoodWorks’ 23 facilities are positioned for expansion. Harborview Capital Partners advised GoodWorks during the transaction.

January 17, 2017

Arizona Loans Multifamily Seniors Housing Western

Dekel Capital Arranges $25.4M Loan for 106-Unit Seniors Housing Community in Tucson

by Nellie Day January 17, 2017

TUCSON, ARIZ. — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged $25.4 million in financing for the development of Sage Tucson, an assisted living and memory care project in the Casas Adobes submarket of Tucson. The deal was capitalized with a $17 million construction loan arranged through Dekel’s advisory practice and $8.4 million joint-venture equity funded by the firm’s proprietary equity fund, Dekel Strategic Investors (DSI). The property will include 86 assisted living units and 20 memory care units in a two-story structure located on 9.6 acres. Construction began in late 2016 for completion in early 2018. This is the third investment Dekel has made with the borrower, Willis Development.

January 17, 2017

Loans New York Northeast Retail

The Klein Group, Sterling Properties Receive $17.5M in Refinancing for Retail Center in Warren, New Jersey

by Amy Works January 16, 2017

WARREN, N.J. — The Klein Group and Sterling Properties Group have received $17.5 million in refinancing for Warren Village Shopping Center, a grocery-anchored retail center in Warren. Loan proceeds will be used to refinance existing debt. The 10-year, fixed-rate loan was provided by a life company. Kings Supermarket, Country Squire Restaurant, Peapack-Gladstone Bank, Massage Envy, Remax, European Wax Center, Starbucks Coffee, Edgewood Pharmacy, Impact Martial Arts and The UPS Store occupy the 99.3 percent leased center. Jon Mikula and Jim Cadranell of HFF arranged the financing for the borrower.

January 16, 2017

Loans Multifamily Texas

BMC Capital Arranges $1.5M in Refinancing for Multifamily Property in Metro Dallas

by Amy Works January 16, 2017

GARLAND, TEXAS — BMC Capital has arranged a $1.5 million loan for a multifamily property located in Garland, roughly 18 miles northeast of Dallas. The non-recourse loan features a seven-year term, fixed interest rate of 3.99 percent and a 30-year amortization schedule. Clayton Wells of BMC Capital secured the financing for the undisclosed borrower.

January 16, 2017

Loans Multifamily Texas

Dougherty Mortgage Closes $1.2M Loan for 101-Unit Multifamily Property in Saginaw, Texas

by Amy Works January 16, 2017

SAGINAW, TEXAS — Dougherty Mortgage has arranged a $1.2 million Fannie Mae Supplemental loan for the refinancing of The Crossing Apartments in Saginaw. The multifamily property features 101 apartment homes. Dougherty’s Vienna, Va., office arranged the 7.5-year loan with a 30-year amortization schedule on behalf of the borrower, DCP Crossing.

January 16, 2017

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $15.2M Construction Financing for Affordable Housing Community in Tampa Bay Area

by John Nelson January 16, 2017

HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.

January 16, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Monticello Asset Management Facilitates $28.5M Mortgage Financing for Skilled Nursing Facility in New Jersey

by Amy Works January 16, 2017

PERTH AMBOY, N.J. — Investment advisor Monticello Asset Management LLC has originated $28.5 million in financing for The Alameda Center for Rehabilitation and Healthcare, a skilled nursing facility in the New York City suburb of Perth Amboy. The bridge-to-HUD loan provided capital for the acquisition of the property by a seniors housing owner-operator. The property consists of a six-story, 82,205-square-foot structure containing the healthcare facility and a detached one-story, 3,400-square-foot retail building. The facility contains 130 resident rooms and is licensed for 250 skilled nursing beds.

January 16, 2017

California Loans Retail Western

Newmark Arranges Two Loans for Retail Properties in California Totaling $21.9M

by Nellie Day January 13, 2017

MAR VISTA AND BEVERLY HILLS, CALIF. — Newmark Realty Capital has arranged two separate refinancing loans for a Beverly Hills-based developer for two retail properties in Mar Vista and Beverly Hills totaling $21.9 million. George Mitsanas and Doug Tisdale of Newmark secured an $8.6 million loan for a 38,665-square-foot Whole Foods Market in Mar Vista and a $13.3 million loan for a 25,496-square-foot, four-building retail portfolio in Beverly Hills. The 15-year loans, which feature 30-year amortization schedules, were placed with one of Newmark’s correspondent life insurance company lenders.

January 13, 2017

Loans Midwest Minnesota Mixed-Use

CBRE Arranges $56M Loan for Refinancing of Mixed-Use Property in Minneapolis Suburb

by Kristin Harlow January 13, 2017

EDINA, MINN. — CBRE has arranged a $56 million loan for the refinancing of 71 France Apartments in Edina, a southwest suburb of Minneapolis. The mixed-use property consists of 241 luxury apartment units and 21,000 square feet of street-level retail space. The property was completed in the second quarter of 2016 and the residential portion is now 95 percent leased. Northwestern Mutual Life Insurance Co. provided the 10-year loan. Joel Torborg of CBRE arranged the transaction on behalf of the borrowers, IRET and Schafer Richardson.

January 13, 2017

Indiana Loans Midwest Multifamily

Pillar Originates $4.5M Freddie Mac Loan for Refinancing of Multifamily Property in Indianapolis

by Kristin Harlow January 13, 2017

INDIANAPOLIS — Pillar has originated a $4.5 million Freddie Mac loan for the refinancing of 9000 Westfield Apartments in Indianapolis. Originally built in 1972, the multifamily property is located just inside the I-465 beltway circling Indianapolis. The property consists of 98 garden-style units and was 95 percent occupied at the time the deal closed. The fixed-rate, 10-year loan includes a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a family-owned commercial real estate investment group. Mike Dury of PR Mortgage arranged the transaction.

January 13, 2017

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