FRISCO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $5.5 million acquisition loan for a 9.8-acre tract of land located in Frisco at the northeast corner of Legacy Drive and Eldorado Parkway. The property is situated adjacent to an existing Market Street-anchored shopping center and across the street from a Target-anchored power center. MCA’s Todd McNeill closed the two-year loan with interest-only payments through a regional bank.
DALLAS — Dougherty Mortgage LLC has secured a $4.3 million Fannie Mae loan for Stonewood Terrace, a 160-unit, market-rate apartment property located in Dallas. The controlled access community is located near public transit and features an on-site playground, laundry and high-speed internet. The 10-year Fannie Mae loan includes a 30-year amortization schedule and was arranged through Dougherty’s Minneapolis office for the borrower, Stonewood Terrace Apartments Ltd.
MORRISTOWN, N.J. — NorthMarq Capital has arranged $7.2 million in refinancing for The Governor Morris Center, an office and medical complex located at 25 Lindsley Drive in Morristown. Malvern Federal Bank provided the five-year fixed-rate loan for the 76,308-square-foot complex. The current owner, Lindsley Drive Associates, acquired the property in 2005. Gregory Nalbandian and Robert Delitsky of NorthMarq Capital secured the financing for the borrowers.
CHICAGO — Capital One has provided a $33.6 million loan for the acquisition of four medical office buildings near Chicago. A joint venture between Harrison Street Real Estate Capital and MedProperties Group purchased the assets. The seller in the transaction was undisclosed. The portfolio of properties includes the 51,632-square-foot Lockport Crossing in Lockport; the 22,467-square-foot Dryer Medical Clinic in Batavia; the 62,808-square-foot Arlington Heights Medical Center in Arlington Heights; and the 17,374-square-foot Batavia Medical Campus II in Batavia.
WACO, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged $38 million in construction financing for the development of a student housing property near Baylor University. Benjamin Roelke of CBRE’s Dallas office arranged the three-year, interest-only loan with extension options on behalf of the developer, Park 7 Group. Financing was provided by three different regional and commercial banks. The property, Park Place at Baylor, will be located at 909 Baylor Ave. and include 724 beds in 261 units. The property will be within a five-minute walk to Baylor’s campus. The five-story, mid-rise property will provide amenities including a swimming pool and hot tub, cabanas, sand volleyball court, outdoor fireside lounge, grilling areas, gaming rooms, fitness studio, study areas and a computer center. Park Place at Baylor is scheduled for completion in summer 2017.
CHESTERFIELD, VA. — SunTrust Bank has provided $21.2 million in financing to add independent living cottages and home healthcare services to Lucy Corr Village, a continuing care retirement community (CCRC) in the Richmond suburb of Chesterfield. Originally a skilled nursing facility, the nonprofit Lucy Corr Village is now the only seniors housing community south of the James River that offers the full continuum of care, according to the owners. SunTrust structured three separate loans to refinance Lucy Corr’s existing bond debt, resulting in interest cost savings that can be used for the future projects. This is the third time in the last decade that Lucy Corr Village has added new independent living units. The number of units in the expansion and other details were not disclosed.
AUBURN HILLS, MICH. — Eastern Union Funding has arranged a $12.7 million acquisition loan for a 259-unit apartment community in Auburn Hills, approximately 35 miles north of Detroit. Bloomfield Square Apartments, located at 3161 Bloomfield Lane, is comprised of 28 buildings. Bloomfield Loop Square LLC was the borrower. Nate Hyman and David Metzger of Eastern Union Funding arranged the loan through Greystone & Co. The ownership plans to add a fitness center and upgrade the units and clubhouse.
WEST CHESTER, OHIO — Franklin Street Capital Advisors has closed a $3.2 million loan for a 16,200-square-foot retail strip center in West Chester, approximately 25 miles north of Cincinnati. Union Place is fully occupied and includes tenants such as First Watch, PNC Bank, El Rancho Bueno and Jimmy John’s. The shopping center is situated on 5.5 acres and was built in 2004. Ben Miller and Casey Siggins of Franklin Street Capital secured the loan on behalf of the buyer in a 1031 exchange. The five-year loan includes a 4.2 percent fixed rate with a 25-year amortization schedule. Fort Knox Federal Credit Union was the lender.
JERSEY CITY, N.J. — Progress Capital Advisors has arranged a $68.5 million construction loan for the final phase of Gull’s Cove, a nine-story condominium tower located in Jersey City’s Liberty Harbor North redevelopment area. Slated for completion in late 2017, Gull’s Cove II will feature 107 condo units in a mix of one-, two- and three-bedroom layouts ranging in size from 678 to 2,170 square feet. The new building is connected to the 331-unit first phase by ground-level retail spaces. On-site amenities include 24/7 concierge, fitness center, community room, common outdoor patio and covered on-site parking. In 2004, Progress Capital also arranged the initial $81 million loan for the construction of the development’s first phase. Kathy Anderson of Progress Capital arranged the financing for the undisclosed borrower.
WASHINGTON, D.C. — New York Life Real Estate Investors has originated a $140 million, 10-year loan for the leasehold interest in The Apartments at CityCenterDC in downtown Washington, D.C. The 458-unit, Class A apartment community is the multifamily component of CityCenterDC, a 10-acre mixed-use development under construction by Hines and Qatari Diar. The development will be located on the site of the former Washington Convention Center.