AUSTIN, TEXAS — Dougherty Mortgage has secured a $9.5 million loan for the acquisition and rehabilitation of The Timbers, a 104-unit multifamily affordable housing property located in Austin. Property amenities include a pool, playground, laundry care center, picnic areas and business center. The 35-year loan was arranged for the borrower, Timbers Clayton 104 Apartments LP, through Dougherty’s Austin office.
WEST PALM BEACH, FLA. — Mesa West Capital has originated a $56.8 million acquisition loan for Northbridge Centre, a 287,000-square-foot, Class A office building located at 515 N. Flagler Drive in West Palm Beach. The sponsor, 515 N. Flagler Drive Owner LLC, recently acquired the property from Gaedeke Group, which had owned the building for 20 years. The floating rate loan includes a future funding component to be used toward leasing costs, according to Mesa West Capital. Built in 1987 and renovated in 2002, the office building was 71 percent leased at the time of sale.
NORTH ANDOVER, MASS. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance team has closed a $30.2 million permanent, floating-rate loan for Brightview North Andover, a seniors housing property. Located at 1275 Turnpike St. in North Andover, the facility features 133 independent and assisted living units, as well as a memory care component. The refinancing was arranged through Fannie Mae’s DUS Structured Adjustable Rate Mortgage loan product. Richard Thomas and Meredith Davis of Grandbridge secured the loan for the undisclosed borrower.
NISKAYUNA, N.Y. — Lancaster Pollard has arranged $9.2 million in refinancing insured by the FHA Sec. 232/2223(f) program for Ingersoll Place Assisted Living, a 57-unit senior living facility located in Niskayuna. Proceeds of the financing paid off a tax-exempt bond obligation and terminated an interest rate swap liability. Additionally, the new FHA-insured loan generated more than $100,000 in annual cash flow savings for the assisted living provider. Tom Grywalski of Lancaster Pollard secured the financing for the undisclosed borrower.
CORAOPOLIS, PA. — KeyBank has provided a $5.4 million bridge loan for State Manor Apartments, a multifamily community located at 1020 State Ave. in Coraopolis, a suburb 12 miles northwest of Pittsburgh. SMA Cory PA LLC will use the loan to acquire the high-rise property, which features 104 affordable apartment units. Kelly Frank of Key’s Community Development Lending group arranged the financing for the borrower.
LIBERTY TOWNSHIP, OHIO — BMC Capital has arranged a $3.6 million acquisition loan for a property net leased to Walgreens in Liberty Township, approximately 30 miles north of Cincinnati. The 10-year, interest-only loan features a fixed rate of 5.23 percent and a 30-year amortization schedule. Jada Jordan of BMC Capital arranged the loan for the undisclosed borrower through a CMBS lender.
GRETNA, LA. — Dougherty Mortgage LLC has closed a $29 million HUD 223(f) loan for the refinancing of Calypso Bay Apartments, a 280-unit multifamily community in Gretna, situated across the Mississippi River from New Orleans. The property offers one-, two- and three-bedroom units and features a swimming pool, fitness center, billiards room and a business center. Dougherty’s Dallas office arranged the 40-year HUD 223(f) loan on behalf of the borrower, Calypso Bay LLC.
HYATTSVILLE, MD. — NorthMarq Capital has arranged a $25 million loan for the refinancing of Plaza Towers Apartments in Hyattsville, a suburb of Washington, D.C. Built in 1963, the 289-unit, 11-story property is located at 6700 Belcrest Road. The building features a key-controlled entrance lobby, an office with a conference room, fitness and laundry rooms and access to an adjacent pool and tennis courts. Doug Westfall and Jonathan Hiller of NorthMarq Capital arranged the refinancing through its Fannie Mae DUS program.
BLUE BELL, PA. — Mission Capital Advisors has arranged a $16.5 million bridge loan for Valley Square, an office complex located at 512 Township Line Road in Blue Bell. Steven Buchwald and Lexington Henn of Mission Capital secured the loan for the borrower, Contrarian Capital Management. After acquiring the five-building, 289,194-square-foot complex in 2013 for $8.5 million, Contrarian and its operating partner, Corvest Realty Group, implemented millions of dollars of capital improvements at the property and substantially leased many of the upgraded buildings. Originally constructed in 1983, the property is located approximately 20 miles northwest of Philadelphia.
DESOTO, TEXAS — Dougherty Mortgage LLC has secured a $3 million HUD loan for the refinancing of Cedar Green Living Center, a 105-unit seniors housing property located in DeSoto. Dougherty’s Dallas office arranged the 33-year loan on behalf of the borrower, Senior Christian Living Foundation.
