HOUSTON — Q10 KDH has arranged $16 million in permanent financing for Cypress Creek Plaza, a Class A shopping center in northwest Houston. The center is shadow-anchored by H-E-B and contains 51,034 square feet of net rentable space across three buildings and three ground-leased pad sites leased to Wendy’s, Zaxby’s and Chase Bank. Thrivent Financial provided the 10-year loan, which features a 30-year amortization schedule and a fixed sub-4 percent interest rate.
NOBLESVILLE AND LAFAYETTE, IND. — KeyBank Real Estate Capital has provided $15.3 million in loans for the refinancing of a two-property skilled nursing portfolio in Indiana. KeyBank provided a $9.6 million loan for Trilogy-Prairie Lakes Health Campus located in Noblesville, about 25 miles north of Indianapolis. Built in 2010, the 132-bed facility consists of 49 skilled nursing units, 33 assisted living units and 29 memory care units. KeyBank provided a $5.7 million loan for Trilogy-St. Mary Healthcare Center located in Lafayette, about 60 miles northwest of Indianapolis. The 71-bed facility was built in 1969 and renovated in 2010. John Randolph and Laura Conway of KeyBank Healthcare Group arranged the loans through the FHA 232/223(f) mortgage insurance program. Both loans include 35-year amortization schedules.
CHICAGO — Bellwether Enterprise has arranged a $9 million loan for the refinancing of a 700,000-square-foot industrial property in Chicago. Constructed in the late 1990s, the building features 30-foot clear heights and 120-foot truck courts. Shelley Magoffin and Max Sauerman of Bellwether arranged the loan for the Los Angeles-based owner. Thrivent Financial for Lutherans provided the loan.
DECATUR, GA. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed $44.2 million in construction and mini-perm financing for Solomon Holdings. The capital will be used to build The Holbrook of Decatur, a 200-unit seniors housing community in the Atlanta suburb of Decatur. The community will feature 71 independent living units, 96 assisted living units and 33 memory care units. The upscale property is located near Emory University and will feature multiple dining venues, a spa and indoor pool. Choate Construction Co. will build the community, which CDH Partners designed. Once completed, Speak Life Management will be the operator. Construction began in April, and an estimated completion date has not yet been announced.
NEW YORK CITY — The Gehr Group has arranged $20 million in financing from MidFirst Bank for the leasehold interest in the Fairfield Inn & Suites Manhattan/Times Square, completing a $181 million recapitalization of the New York assets held by its newly formed subsidiary, Gehr Hospitality. The first phase of the recapitalization took place in July 2016, when the company secured a $60 million loan from French bank Natixis for the fee interest in the Fairfield Inn & Suites Manhattan/Times Square, a $46.7 million loan from Wells Fargo for the fee interest in the Four Points by Sheraton/Midtown Times Square, and a $54.5 million loan from Guardian Life Insurance Company for the leasehold interest in the Four Points by Sheraton / Midtown Times Square.
KALISPELL, MONT. — Ziegler, a specialty investment bank, has arranged a total of $65.4 million in tax-exempt, fixed-rate bonds for Immanuel Lutheran Corp., which operates a seniors housing community in Kalispell, approximately 75 miles south of the Canadian border. The property is a nonprofit, faith-based community known as Immanuel Lutheran Communities. It features 106 units of independent living and assisted living and 155 units for skilled nursing on a 13-acre campus. Immanuel Lutheran Corp. will use the financing to refund two previous series of bonds and fund an expansion and renovation project at the community. The multi-phase plan will introduce entrance-fee independent living apartments, add a new memory care unit, expand amenities and “right-size” the skilled nursing area. Immanuel is partnering with seniors housing development and advisory firm Sawgrass Partners on the expansion project.
OVERLAND PARK, KAN. — KeyBank Real Estate Capital has arranged a $19 million Fannie Mae loan for the refinancing of Plaza at Overland Park in Kansas. The 202-unit multifamily property was built in 1999 and renovated in 2014. Chris Black of KeyBank arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was not disclosed.
ROCKVILLE CENTRE, N.Y. — KeyBank Real Estate Capital has arranged a $17.4 million Fannie Mae loan for Mill River Residences in Rockville Centre. The affordable multifamily property was built in 1970 and renovated in 2006. Of the 175 units, 95 are age restricted and the remaining 80 are designated for households earning less than 60 percent of area median income. Dirk Falardeau of Key’s commercial mortgage group arranged the first mortgage financing with a seven-year term and 30-year amortization schedule. The loan was used to refinance existing debt.
SANTA CRUZ, CALIF. — Dominion Mortgage Corp. has both arranged and provided a $4.2 million bridge loan for Villa Senior Housing. The 58-unit seniors housing community is located south of the Bay Area in Santa Cruz. No further details were disclosed.
DALLAS — Churchill Capital Co. has arranged a $42.8 million loan for the refinancing of Browning Place at Mercer Crossing, a three-building, 442,639-square-foot office property in Dallas. Located at 1603, 1605 and 1607 LBJ Freeway, the property includes two interconnected eight-story towers, a two-story annex building and a four-story parking deck. Duke Stone and Steve Forson of Churchill arranged the non-recourse, fixed-rate loan through JPMorgan Chase on behalf of the borrower, Transcontinental Realty Investors Inc.
