SAN ANTONIO — BMC Capital has arranged a $5.2 million loan for the purchase of Hidden Meadow Apartments, a 159-unit multifamily complex located at 5959 Wurzbach Road in San Antonio. Keith Van Arsdale of BMC secured the non-recourse loan, which features a 5.1 percent fixed interest rate and a 30-year amortization schedule. The names of the lender and borrower were not disclosed.
FORT WAYNE AND SOUTH BEND, IND. — KeyBank Real Estate Capital has provided two first mortgage loans totaling $12.6 million for the acquisition of a two-property manufactured housing portfolio in northern Indiana. Both transactions were arranged through Freddie Mac. KeyBank provided a $6.4 million loan for the acquisition of Countryside Village at Fort Wayne, a 295-pad manufactured housing community (MHC) located in Fort Wayne. KeyBank also provided a $6.2 million loan for the purchase of Countryside Village at South Bend, a 276-pad MHC located in South Bend. Both properties were constructed in 1977. Timothy Weldon of KeyBank arranged the 10-year loans, which include 30-year amortization schedules. The borrower was not disclosed.
WEBSTER, N.Y. — KeyBank Real Estate Capital has provided a $24.8 million Freddie Mac first mortgage loan for Waverlywood Apartments & Townhomes in Webster. The 361-unit multifamily property was built in 1974 and underwent $1.5 million in renovations over the past five years. Upgrades included new carpeting, floor tiling, appliances and boilers. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the non-recourse loan with a seven-year term, two years of interest only and a 30-year amortization schedule. The loan was used to refinance existing debt.
NEW YORK CITY — The Singer & Bassuk Organization (SBO) has secured a $15 million permanent loan on 9 E. 38 St. for a joint venture between Juster Properties and ClearRock Properties. Lincoln Financial Group funded the 20-year loan, which includes a fixed rate of 3.86 percent. Craig Bjornsund of NorthMarq Capital advised Lincoln Financial Group. Scott Singer and Jeffrey Moroch of SBO worked with Howard Juster of Juster Properties and Steve Grant and Joshua Weiner of ClearRock in the transaction. The joint venture purchased the office property in 2013 along with the adjacent 14 E. 39 St. After the purchase, ClearRock subdivided 9 E. 38 St. and sold 14 E. 39 St. plus the northern portion of the 38th Street property as a development site to hotel developer Sam Chang. 9 E. 38 St. is located in Midtown within walking distance of both Grand Central Station and Penn Station.
YUMA, ARIZ. — Cushman & Wakefield Senior Housing Capital Markets has negotiated a $9 million loan for Mission Senior Living. The capital will be used to build River Valley Estates, an 88-unit assisted living and memory care community in Yuma. River Valley Estates will feature 56 assisted living units and 32 memory care units in a 66,000-square-foot building on a 5.3-acre site. It will be Mission’s fifth property and third ground-up development. The Cushman & Wakefield team of Aaron Rosenzweig, Richard Swartz, Jay Wagner and James Dooley arranged the loan. Contemporary Healthcare provided the capital.
SOUTH JORDAN, UTAH — Love Funding, a lender specializing in FHA loans for healthcare real estate, has closed a $6.8 million bridge loan for the construction of an assisted living and memory care community in the Sale Lake City suburb of South Jordan. Our House of South Jordan will offer 62 beds in a 42,000-square-foot facility. Giza Development LLC, Stout Construction and Primera Group are building the property. SAL Management Group LLC will manage the community once construction is complete. James Vanar of Love Funding’s Los Angeles office arranged the laon, with Love Funding’s parent company, Midland States Bank, providing the capital. This is the second bridge loan Vanar has obtained for Giza Development, which started construction of Shadow Valley Assisted Living and Memory Care in nearby Ogden last year.
DALLAS — Revere Capital, a Dallas-based lender, has announced the establishment of Revere Credit Opportunities Fund III LP, a $350 million fund for the origination and acquisition of commercial real estate debt. Revere Capital’s third fund of this type, it is targeted to originate two-to five-year loans for investors and developers of all property types, excluding land. Loans from the fund are expected to range from $3 million to $30 million.
WEST PALM BEACH, FLA. — Berkadia has arranged a $22.5 million bridge loan for the repositioning of the former Bank of America office building located at 625 N. Flagler Drive in West Palm Beach. The borrowers, led by FRI Investors, purchased the 110,000-square-foot, 10-story asset last year in an all-cash transaction with the intent to convert the property into a medical office building. Bank of America vacated its 40,000-square-foot lease at the property late last year. The building is currently 50 percent leased to tenants including Mount Sinai Hospital and Jupiter Medical Center. Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the three-year loan with an adjustable interest rate through PCCP LLP.
HOBOKEN, N.J. — Gary Cohen of NorthMarq Capital’s New Jersey-based office has secured the $80 million refinancing of a portfolio of multifamily properties containing 519 total units. The five properties are located throughout Hoboken. The 12-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Applied Housing Management, through its correspondent relationship with a life insurance company.
NORWALK, CONN. — KeyBank Real Estate Capital has provided $12.4 million in FHA financing for Cedar Court Apartments, a seniors housing community in Norwalk. The 91-unit property will designate at least 40 percent of its units for tenants earning below 60 percent of the area median income. In addition, the property will utilize Section 8 Housing Assistance Payments contract that will provide subsidized rents for 45 units. Jeff Rodman of Key’s commercial mortgage group and Kelly Frank of Key’s community development lending and investment group arranged the construction financing, which will be used to rehabilitate the property.