EL PASO, TEXAS — Hunt Mortgage Partners has provided $5.2 million in financing for the acquisition and rehabilitation of Father Carlos Pinto Memorial Apartments in downtown El Paso. The Freddie Mac tax-exempt loan features an 18-year term, two years of interest-only payments and a 35-year amortization schedule. Paisano Housing Redevelopment Corp. will use the financing to purchase and renovate the 113-unit property, which is restricted to residents age 62 or old. After the $6.5 million renovation, the property will offer one- and two-bedroom units for seniors.
NEWARK, N.J. — Cohen Financial has closed a $42 million loan for the refinancing of Centre Market Building in downtown Newark. Built in the 1960s, the building features 393,343 square feet of office space. The U.S. Customs and Border Protection, U.S. Drug Enforcement Agency and U.S. Social Security Administration occupy 90 percent of the building. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate, 10-year CMBS loan for the borrower, an affiliate of Kaufman Jacobs.
WHITE PLAINS, N.Y. — NorthMarq Capital has arranged a $2.6 million construction loan for a retail property located at 316-332 Tarrytown Road in White Plains. Harbor Freight Tools will be the sole tenant at the 15,000-square-foot property. Robert Ranieri of NorthMarq secured the one-year interest-only loan for the undisclosed borrower.
NASHVILLE, TENN. — SunTrust Bank has provided a $68.3 million loan to GoodWorks Unlimited LLC, a seniors housing provider with communities in Kentucky and Tennessee, for the refinancing of its portfolio. GoodWorks’ properties feature independent living, assisted living and memory care components. The organization will use the loan proceeds to refinance existing debt and expand its facilities. Currently 11 of GoodWorks’ 23 facilities are positioned for expansion. Harborview Capital Partners advised GoodWorks during the transaction.
TUCSON, ARIZ. — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged $25.4 million in financing for the development of Sage Tucson, an assisted living and memory care project in the Casas Adobes submarket of Tucson. The deal was capitalized with a $17 million construction loan arranged through Dekel’s advisory practice and $8.4 million joint-venture equity funded by the firm’s proprietary equity fund, Dekel Strategic Investors (DSI). The property will include 86 assisted living units and 20 memory care units in a two-story structure located on 9.6 acres. Construction began in late 2016 for completion in early 2018. This is the third investment Dekel has made with the borrower, Willis Development.
WARREN, N.J. — The Klein Group and Sterling Properties Group have received $17.5 million in refinancing for Warren Village Shopping Center, a grocery-anchored retail center in Warren. Loan proceeds will be used to refinance existing debt. The 10-year, fixed-rate loan was provided by a life company. Kings Supermarket, Country Squire Restaurant, Peapack-Gladstone Bank, Massage Envy, Remax, European Wax Center, Starbucks Coffee, Edgewood Pharmacy, Impact Martial Arts and The UPS Store occupy the 99.3 percent leased center. Jon Mikula and Jim Cadranell of HFF arranged the financing for the borrower.
GARLAND, TEXAS — BMC Capital has arranged a $1.5 million loan for a multifamily property located in Garland, roughly 18 miles northeast of Dallas. The non-recourse loan features a seven-year term, fixed interest rate of 3.99 percent and a 30-year amortization schedule. Clayton Wells of BMC Capital secured the financing for the undisclosed borrower.
SAGINAW, TEXAS — Dougherty Mortgage has arranged a $1.2 million Fannie Mae Supplemental loan for the refinancing of The Crossing Apartments in Saginaw. The multifamily property features 101 apartment homes. Dougherty’s Vienna, Va., office arranged the 7.5-year loan with a 30-year amortization schedule on behalf of the borrower, DCP Crossing.
HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.
PERTH AMBOY, N.J. — Investment advisor Monticello Asset Management LLC has originated $28.5 million in financing for The Alameda Center for Rehabilitation and Healthcare, a skilled nursing facility in the New York City suburb of Perth Amboy. The bridge-to-HUD loan provided capital for the acquisition of the property by a seniors housing owner-operator. The property consists of a six-story, 82,205-square-foot structure containing the healthcare facility and a detached one-story, 3,400-square-foot retail building. The facility contains 130 resident rooms and is licensed for 250 skilled nursing beds.