NEWARK, DEL. — NorthMarq Capital has arranged the $2.4 million refinance of Millstone Plaza Apartments, a 24-unit multifamily property with 2,500 square feet of office space. The transaction was structured with a 10-year term and 30-year amortization schedule. Ed Riekstins of NorthMarq secured financing for the borrower through a national bank.
DALLAS — Greysteel has arranged bridge financing for the refinancing of The Trails Apartments, a multifamily property located in Dallas, on behalf of 4335 Cedar Springs LLC. A local lender provided the 12-month, interest-only line of credit, which features a floating interest rate of 325 basis points over the 30-day LIBOR rate. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. The Trails Apartments, located at 4335 Cedar Springs Road, was built in 1966 and totals 20 units. The property features a pool, gated parking and townhome-style units with private patios.
SANTEE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $24.9 million loan for The Grant Companies to refinance The Pointe at Lantern Crest, a seniors housing community in the San Diego suburb of Santee. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured a 10-year loan through Freddie Mac. The loan will refinance the existing construction loan. The Pointe at Latern Crest opened in 2012 offering assisted living and memory care units. The second phase, which was completed in 2015, added independent and assisted living. The Grant Companies was formed in 1989 as a joint venture between three California corporations. The company has developed or constructed more than $500 million in medical office buildings, apartment complexes, industrial buildings, shopping centers, motels, restaurants and mixed-use developments.
GLENDALE, ARIZ. — Ziegler, a specialty investment bank, has arranged $20.5 million in non-rated, fixed-rate bonds for Glencroft Senior Living, a continuing care retirement community (CCRC) in Glendale. The community, built by Friendship Retirement Corp. in 1970, comprises several entities: Glencroft Towers I, Sarah’s Place, Friendship Foundation and Colter Commons. The CCRC totals 752 units. Glencroft Towers I and Sarah’s Place were funded with HUD and FHA-insured loans, respectively, which the new bonds will refinance. The new bonds are part of a turnaround effort for Glencroft, which was hit hard by the Great Recession. New management took over the community in 2014, converting from an entry-fee model to a standard rental model to attract middle-market seniors.
NEW YORK CITY — Meridian Capital Group has arranged $22 million in acquisition financing for the purchase of a 51-unit loft multifamily building located at 315 Seigel Street on the border of East Williamsburg and Bushwick, on behalf of Sugar Hill Capital Partners. The five-year loan, provided by a regional balance sheet lender, features a fixed-rate in the 3 percent range with one year of interest-only payments and a five-year extension option. Shamir Seidman and Daniel Neiss of Meridian negotiated the transaction.
WARNER ROBINS, GA. — Eastern Union Funding has arranged a $30.3 million acquisition loan for the purchase of Amber Place, a 392-unit multifamily apartment building located at 6080 Lakeview Road in Warner Robins. Built in 2007, Amber Place comprises one- to three-bedroom rental apartments averaging 1,215 square feet. Community amenities include a clubhouse, movie theater, sauna, two pools and detached garages. The borrower is CiTYR Group, an Israeli-based property investor with offices in London and New Jersey. Michael Muller and Mike Orlik of Eastern Union placed the 12-year, fixed-rate loan through Arbor Commercial Mortgage. The loan features three years of interest-only payments, followed by a 30-year amortization schedule.
RICHMOND, VA. — Phillips Realty Capital has secured a $24 million loan for 8th & Main Apartments, an adaptive reuse apartment community located in downtown Richmond. The property features 195 loft residences with one-, two- and four-bedroom layouts; nearly 10,000 square feet of ground-floor commercial space, the majority of which has been leased to Apple REIT; a rooftop swimming pool and terrace; and a fitness center. Charles DuBose structured the loan on behalf of the borrower, The Monument Cos. Monument converted the former Morris Plan Bank and office building into a Class A apartment community using Historic Rehabilitation Tax Credits.
IRVINE, CALIF. — HFF has provided $62.5 million in refinancing for Irvine Crossings, a 395,673-square-foot data center and industrial asset. The property is located at 17871 Von Karman Ave. and 17836 Gillette Ave. in Irvine. The fully leased building was renovated in 2000. It was partially converted to a powered-shell data center in 2013. A data center operator and an internet technology company occupy the property. The asset is situated one block north of the intersection of Von Karman Avenue and Main Street in the Airport Area. There are six other data centers in the area. The five-year, full-term, interest-only loan features a fixed rate. HFF’s Kevin MacKenzie and Jamie Kline arranged the loan on behalf of Menlo Equities. Deutsche Bank provided the capital.
NORTH WALES, PA. — CBRE Capital Markets has arranged the sale and acquisition financing of The Solana Horsham, a 76-unit assisted living and memory care community in North Wales. A joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners sold the property to an undisclosed buyer for $31.5 million, or $414,474 per unit. Located at 1419 Horsham Road, the property was 95 percent occupied at the time of closing. Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller. Additionally, CBRE originated the five-year, non-recourse floating-rate acquisition loan, which features three years of interest-only payments, for an undisclosed amount for the buyer. Aaron Will of CBRE’s Houston office secured the loan for the borrower.
NEWNAN, GA. — NorthMarq Capital has arranged a $27.8 million acquisition loan for a 2 million-square-foot distribution center located in Newnan, roughly 20 miles south of Hartsfield-Jackson Atlanta International Airport. The property was built, owned and occupied by Kmart for more than 30 years. Keith Braddish of NorthMarq Capital’s New York City office and Will James of the firm’s Atlanta office arranged the three-year loan through Ladder Capital on behalf of the undisclosed buyer.