TEQUESTA, FLA. — Capital One has provided a $14.1 million HUD loan modification to Tequesta Terrace, a 100-bed assisted living facility in Tequesta, approximately 90 miles north of Miami. The borrower, Terrace Communities, owns assisted living communities in Vermont, New Hampshire, Maine and Florida. Carolyn Whatley of Capital One’s Palm Beach office originated the loan modification. Capital One previously refinanced an entire portfolio of Terrace communities, but Tequesta Terrace ended up with a slightly higher interest rate than the other properties, leading to the loan modification. Tequesta Terrace was built in 2001 and features 71 assisted living units and 29 memory care beds. The non-recourse, fixed-rate loan has 32 years remaining on the original 35-year, fully amortizing term.
ASHBURN, VA. AND CHARLOTTE, N.C. — Walker & Dunlop Inc. has closed two Fannie Mae loans totaling $160.7 million on behalf of Cortland Partners for the acquisition and rehabilitation of Stoneridge Apartments in Ashburn and Century Northlake Apartments in Charlotte. Stephen Farnsworth led Walker & Dunlop’s New Orleans team in arranging both loans using Fannie Mae’s Structured Adjustable-Rate Mortgage (SARM), which provides long-term financing with floating interest rates and prepayment flexibility. Cortland Partners plans to reposition both properties through capital improvements, unit renovations and rebranding. The SARM backed by Stoneridge is a seven-year, interest-only loan, and the SARM backed by Century Northlake is a 10-year loan with five years of interest-only payments.
NEW YORK CITY — Eastern Union Funding and Greystone & Co. have arranged a $105 million loan for a New York-based owner-operator. The loan will be used to partially fund the $120 million acquisition of 12 skilled nursing facilities and one assisted living community in eastern Kentucky. The portfolio totals 1,239 beds and was 95 percent occupied at the time of sale. The seller was not disclosed. Phil Krispin and C.J. Danziger of Eastern Union, along with Greystone’s Jonathan Coven, secured the financing from several regional banks in the eastern United States. The loan includes flexible prepayment terms to allow for an FHA exit.
DANIA BEACH AND NORTH MIAMI BEACH, FLA. — West Bay Capital, a Los Angeles-based private lender, has provided two loans totaling $1.8 million for the acquisition of two restaurant properties in South Florida currently leased to Checkers, a fast-food burger chain. The drive-thru restaurants are located in Dania Beach and North Miami Beach. As part of the acquisition, the undisclosed borrower recently executed 20-year leases with a Checkers franchisee at both locations. The financing, which represented roughly 90 percent of the purchase price and reflected the value of the new lease agreements, included a $1 million loan for the North Miami Beach restaurant and a $810,000 loan for the Dania Beach location.
CEDAR PARK, TEXAS — CBRE has arranged $13.6 million in acquisition and development financing and $3.9 million in equity for Brushy Creek Corporate Center, a speculative office and industrial development in Cedar Park, about 20 miles northwest of Austin. The development is a two-building, 231,180-square-foot property. Mike Landon and David Aaronson of CBRE arranged the loan for the borrower, IGX Brushy Creek LLC. American National Insurance Co. provided the financing, while ANICO Eagle LLC, a joint venture partner in the development project, provided the equity for the project.
NEW YORK CITY — HFF has arranged two loans on behalf of Short Hills, N.J.-based Garden Homes Development for an office property and a residential property in Manhattan. The firm secured $38 million in financing for the office property totaling 103,389 rentable square feet at 13-15 W. 54th St. and 20 W. 55th St. in Midtown Manhattan and $21.5 million in financing for the six-story residential building with ground-floor retail at 194 E. Second St. in the East Village. Built in 1897, the office properties are two adjacent five-story mansions that were home to John D. Rockefeller and known as the Rockefeller Townhouses. Completed in 1997, the residential building features 8,465 square feet of ground-floor retail space and 61 luxury residential units. Andrew Scandalios and Geoff Goldstein of HFF arranged the financing for the borrower.
Pillar Originates $8.2M Fannie Mae Loan for Multifamily Property Portfolio in Grand Rapids, Michigan
GRAND RAPIDS, MICH. — Pillar has originated an $8.2 million Fannnie Mae loan for the refinancing of The Heritage Collection, a portfolio of eight multifamily properties in the historic district of Grand Rapids. The 10-year, fixed-rate loan includes a 30-year amortization schedule. The collection includes 131 units, ranging from studios to three-bedroom apartments, and is fully leased. Many of the properties are 19th- and 20th- century mansions that have been converted into apartments. David Wilkins of Pillar originated the loan for Maplegrove Property Management.
SANTA MONICA. CALIF. — Mesa West Capital has provided a $283.3 million loan for the acquisition and renovation of the Lantana Media Campus, a 478,713-square-foot office complex in Santa Monica. The campus contains four Class A office buildings on a 12-acre site on Olympic and Exposition boulevards in Santa Monica’s Media District. It is leased to a variety of entertainment and media companies. A joint venture between Brightstone Capital Partners and Artisan Realty Advisors owns the campus. The seven-year, floating rate, non-recourse financing was originated out of the private lender’s open-ended Mesa West Core Lending Fund. Steve Fried and Jason Bressler led the origination for Mesa West.
LOS ANGELES — George Smith Partners has secured $33 million in refinancing for a nine-property multifamily portfolio in Los Angeles. The portfolio is located in the West Hollywood and Koreatown neighborhoods. The transaction required nine separate loans to close concurrently with a structure that provided $5 million in return of equity to the owner and developer. Ultimately, two capital providers provided the loans at a five-year fixed rate of 3.15 percent. Each of the nine loans will self-liquidate over 30 years. After the initial five-year fixed-rate period, the rates will reset and float at 235 over LIBOR for the remaining 25-year term. A step-down prepayment is underwritten, which opens without penalty after the third year. Bryan Shaffer, Jon Shapiro and Max Lehrman arranged the loans.
GAINESVILLE, FLA. — Arcis Capital Partners LLC has provided a $70 million revolving facility for the development of Celebration Pointe, a more than 1 million-square-foot mixed-use project in Gainesville. Arcis Capital funded the facility on behalf of the borrower, Gainesville-based Celebration Pointe Holdings LLC, the sponsor and owner of Celebration Pointe. The 125-acre development is located along I-75 at Archer Road and features a newly built multi-modal bridge over the interstate. The developer, Celebration Pointe Development Partners, opened a new Bass Pro Shops at Celebration Pointe on Wednesday, Nov. 9. Anchoring the next phase, which is scheduled to open in November 2017, is a Regal Cinemas theater, a second Class A office building and over 350 luxury apartments. Additionally, a 137-room Hotel Indigo and the final phase of the main street retail are slated for a 2018 opening.