Loans

HJ Sims Arranges $4M HUD Refinancing for Skilled Nursing Facility in Pennsylvania

by Amy Works December 1, 2017

GARNET VALLEY, PA. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $4 million loan for Naamans Creek Country Manor, a 90-bed skilled nursing facility in Garnet Valley, located near the Delaware border between Philadelphia and Wilmington. An affiliate of The Guardian Foundation, a nonprofit owner-operator, owns the property. The fixed-rate HUD loan pre-pays the property’s existing 30-year, tax-exempt bonds. The loan also funded a capital reserve and escrows for future repairs. The loan-to-value ratio was only 50 percent on the new loan, which features a 30-year maturity. The transaction lowers Naamans’ annual debt service by approximately $130,000. With over $360,000 in a reserve fund for replacements, Guardian can address future capital needs that will maintain Namaans’ competitiveness.

December 1, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $36M Fannie Mae Loan for Apartment Asset East of Tampa

by Camren Skelton November 30, 2017

LAKELAND, FLA. — NorthMarq Capital has arranged a $36 million Fannie Mae loan for Ariva Apartment Homes, a 312-unit multifamily community located at 4100 Clubhouse Road in Lakeland, roughly 35 miles east of Tampa. Robert Hernandez of NorthMarq Capital arranged the 10-year, permanent loan with a 30-year amortization schedule. The borrower was not disclosed. Ariva Apartment Homes features a swimming pool, internet café, fitness center with yoga and spin room and a mini movie theater. At the time of sale, the property was 90 percent occupied.

November 30, 2017

Loans Multifamily New York Northeast

Hunt Mortgage Provides $25M in Refinancing for Multifamily Property in Poughkeepsie, New York

by Amy Works November 30, 2017

POUGHKEEPSIE, N.Y. — Hunt Mortgage Group has provided a $25 million conventional Freddie Mac loan to Mountainbrook Realty Holdings LLC. The borrower will use the loan to refinance Mountain Brook Apartments, located at 134-154 Innis Ave. in Poughkeepsie. Built in 1965, the property comprises 17 buildings offering a total of 288 apartment units in a mix of one-, two- and three-bedroom layouts. The seven-year loan features a fixed-rate and a 30-year amortization schedule. At the time of financing, the property was 98.6 percent occupied. Shloime Goldstein of Skyline Capital arranged the financing.

November 30, 2017

Loans Multifamily New York Northeast

Houlihan-Parnes Realtors Secures $17.5M in Refinancing for Multifamily Portfolio in New York

by Amy Works November 30, 2017

BINGHAMTON, ENDICOTT, ENDWELL AND JOHNSON CITY, N.Y. — Houlihan-Parnes Realtors has arranged a $17.5 million loan for the refinancing of a multifamily portfolio in Upstate New York. Totaling 602 apartments, the 13 properties are located in Binghamton, Endicott, Endwell and Johnson City. The non-recourse loan features a fixed interest rate and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes secured the loan for the undisclosed borrower. Steven Tierney of Woods, Oviatt, Gilman represented the borrower.

November 30, 2017

Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges Four Refinancings Totaling $55.1M for Summit Healthcare REIT

by Nellie Day November 30, 2017

PORTLAND, ORE. — Lancaster Pollard has arranged $55.1 million in FHA Sec. 232/223(f) loans to refinance four Summit Healthcare REIT properties in Delaware and Oregon. The program provides for the acquisition and refinancing of healthcare properties including licensed skilled nursing facilities, assisted living, intermediate care facilities, board and care, and combinations thereof. The four properties refinanced were Atlantic Shores Rehabilitation & Health Center, a 181-bed skilled nursing facility in Millsboro, Del.; Pinnacle Rehabilitation & Health Center, a 151-bed skilled nursing facility in Smyrna, Del.; Applewood Retirement Community, a 69-unit independent living community in Salem, Ore.; and Gateway Care and Retirement Center, a 66-unit independent living, assisted living and skilled nursing community in Portland, Ore. Summit owns the four properties through joint ventures. Both Applewood and Gateway are part of the Sapphire Health Services Community network. Jason Dopoulos led the transactions for Lancaster Pollard.

November 30, 2017

Colorado Loans Multifamily Western

Harborview Capital Partners Closes $30M HUD Refinancing for Denver-Area Multifamily Property

by Nellie Day November 30, 2017

DENVER — Harborview Capital Partners has closed a $30 million HUD refinancing for an undisclosed multifamily asset outside of Denver. The non-recourse loan came through HUD’s Section 223(f) program with a fixed interest rate for 35 years. The borrower is a local owner-operator. Harborview’s Avi Begun originated the loan.

November 30, 2017

Connecticut Loans Multifamily Northeast

Hunt Mortgage Provides $5.8M in Refinancing for Multifamily Property in Waterbury, Connecticut

by Amy Works November 29, 2017

WATERBURY, CONN. — Hunt Mortgage Group has provided a $5.8 million Fannie Mae conventional loan for the refinancing of a multifamily property located in Waterbury. The borrower is 650 Howard 2017 LLC, a single-purpose, Connecticut limited liability firm backed by key principals Tom Bechard and George Louie. The 10-year, fixed-rate loan features a 30-year fully amortizing schedule with yield maintenance prepayment. Located at 119 and 136 Store Ave., the two-building Store Avenue Apartments offer a total of 113 units. At the time of refinancing, the property was 97 percent occupied.

November 29, 2017

Colorado Loans Multifamily Western

NE Development Obtains $32.8M Loan for Rocket Apartments in Colorado

by Nellie Day November 29, 2017

DURANGO, COLO. — NE Development has received $32.8 million in construction and permanent financing for the 194-unit Rocket Apartments in Durango. The community is located at 150 Confluence Ave. Rocket Apartments contains seven garden-style, walk-up buildings on eight acres. The property will also contain a clubhouse and other high-end community amenities. Love Funding Senior Director Leonard Lucas secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program.

November 29, 2017

Loans New York Northeast Retail

HFF Secures $33.7M Refinancing for 21-Property Retail Portfolio in New York, Ohio

by Amy Works November 28, 2017

ROCHESTER, N.Y., AND CLEVELAND — HFF has secured $33.7 million for the refinancing of a 21-building retail portfolio located in the greater Rochester and Cleveland metro areas. The borrower is FX Net Lease Holdings LLC. Chris Hew, Dan Martin and Evan Parker of HFF arranged the 18.5-year, fixed-rate loan with Allegiant Real Estate Capital. Totaling 65,588 square feet, the properties are all triple-net leased to Wendy’s.

November 28, 2017

Loans New York Northeast Retail

Integra Real Estate Capital Arranges $16M in Financing for Retail Space in Brooklyn

by Amy Works November 28, 2017

NEW YORK CITY — Integra Real Estate Capital has secured $16 million in financing for a retail condominium located at 1809 Emmons Ave. in Brooklyn. Located at the base of The Vue, the two-story condominium features 26,000 square feet of retail space. The Vue is a newly constructed residential tower developed by Rybak Development. Igor Goldenberg of Integra negotiated the 10-year interest-only loan with a CMBS lender for the undisclosed borrower.

November 28, 2017

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