Loans

Bayview PACE Provides $7M in Financing for Adaptive Reuse Project in Hudson, New York

by Taylor Williams July 19, 2024

HUDSON, N.Y. — Bayview PACE has provided $7 million in C-PACE financing for an adaptive reuse project in Hudson, about 35 miles south of Albany. Pocketbook Hudson is a conversion of the historic Pocketbook knitting mill factory dating to the 1890s into a 70,000-square-foot mixed-use property. Now under construction, the $42 million project will include a 40-room hotel, wellness center, lounge, restaurant, bar and café, as well as spaces devoted to artwork, affordable retail and nonprofit offices. Bayview’s long-term C-PACE financing for Pocketbook’s energy and resiliency components was facilitated with Energy Improvement Corp., the New York State nonprofit that administers C-PACE.

July 19, 2024

Hospitality Loans Northeast Rhode Island

KSL Capital Partners Receives $72M Loan for Refinancing of Rhode Island Hotel

by Taylor Williams July 18, 2024

NEWPORT, R.I. — KSL Capital Partners has received a $72 million loan for the refinancing of Hotel Viking, a 208-room hospitality property located in the coastal Rhode Island city of Newport. The hotel offers an indoor pool, fitness center and more than 14,000 square feet of indoor and outdoor meeting and event space. A joint venture between Smith Hill Capital and Bain Capital provided the debt.

July 18, 2024

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Provides $17.1M for Construction of Supportive Housing Development in Indianapolis

by Kristin Harlow July 18, 2024

INDIANAPOLIS — Merchants Capital has provided $17.1 million in construction financing for The Marvetta & Anthony Grimes Family Center, a 36-unit supportive housing development in Indianapolis. The property will serve households recovering from addiction. Merchants Capital provided $9.5 million in Low-Income Housing Tax Credits (LIHTC) equity financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority included a $750,000 Development Fund Loan in addition to 9 percent LIHTC financing as part of the Emerging Developer 2023 Rental Housing Tax Credit General Set-Aside. Additional partners included First Merchants Bank and The National Bank of Indianapolis. The developer, 2 Thirty-Eight Properties LLC, is building the project in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Cos. is the development consultant and general contractor. RealAmerica Management will serve as the property manager. Volunteers of America Ohio and Indiana and Seeds of Hope will provide onsite services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services. The development will comprise two two-story buildings with 24 two-bedroom units, 12 three-bedroom units and an onsite daycare center. Tenants will be referred …

July 18, 2024

Development Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $76.2M Bond Financing for Seniors Housing Community in Chapel Hill, North Carolina

by John Nelson July 17, 2024

CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metropolitan area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement nursing facility that will total approximately 122,000 square feet. The project will bring a progressive new care model to Carolina Meadows and will include a total of 90 beds, comprised seven 12-person households with the possibility of dual-occupancy in one unit in six of the households. Each unique household is designed to resemble a home, and include a living room, kitchen, den and direct access to outdoor spaces. Upon completion of the project, which is scheduled for April 2026, Carolina Meadows will transfer residents from its existing health center to the new health center.

July 17, 2024

Loans Michigan Midwest Multifamily

Matthews Capital Markets Arranges $8.7M Loan for Refinancing of Detroit Apartment Building

by Kristin Harlow July 17, 2024

DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has arranged an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the apartment building rises 21 stories with 221 units. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.

July 17, 2024

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Hunt Capital Arranges $13.2M Equity Financing for Affordable Seniors Housing Project in Stafford, Texas

by Taylor Williams July 16, 2024

STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.

July 16, 2024

Loans Multifamily New Jersey Northeast Seniors Housing

Ziegler Arranges $42.5M Bond Financing for Seniors Housing Property in Freehold, New Jersey

by Taylor Williams July 16, 2024

FREEHOLD, N.J. — Ziegler has arranged $42.5 million in bond financing for the acquisition of Applewood, a continuing care retirement community (CCRC) in Freehold, an eastern suburb of Trenton. Located on approximately 44 acres, Applewood opened in 1990 and offers 300 independent living units, 37 assisted living units, 11 memory care units and 60 skilled nursing units. The acquisition was completed utilizing a mix of tax-exempt and taxable debt. The borrower is FellowshipLIFE, a nonprofit owner-operator of CCRCs in New Jersey.

July 16, 2024

Indiana Loans Midwest Multifamily

Dwight Mortgage Trust Provides $26.8M Bridge Loan for Multifamily Property in Indianapolis

by Kristin Harlow July 16, 2024

INDIANAPOLIS — Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, has provided a $26.8 million bridge loan for Fountain Parc Apartments in Indianapolis. The 241-unit, garden-style multifamily property consists of 14 buildings on 15 acres. Amenities include a fitness center, pet wash station, dog park, playground, pool and firepit. The loan proceeds will retire existing debt and finance interior improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.

July 16, 2024

Loans Midwest Multifamily Nebraska

Colliers Mortgage Provides $29.9M Loan for Refinancing of Apartment Complex in Omaha

by Kristin Harlow July 15, 2024

OMAHA, NEB. — Colliers Mortgage has provided a $29.9 million Fannie Mae loan for the refinancing of Highline Apartments in Omaha. The 306-unit apartment complex consists of two buildings connected by a covered parking garage. Amenities include rooftop decks, basketball courts, a business center, fitness center, outdoor pool and clubhouse. Brett Olson and Jeff Witt of Colliers Mortgage originated the 10-year loan, which features interest-only payments for the full term.

July 15, 2024

Development Loans Retail Southeast Tennessee

CBRE Secures Construction Financing for Publix-Anchored Shopping Center in Metro Nashville

by John Nelson July 12, 2024

NOLENSVILLE, TENN. — CBRE has secured $38.6 million in construction financing for the development of Village Green, a 90,525-square-foot shopping center currently underway in Nolensville, roughly 20 miles outside Nashville. Upon completion, the development will comprise nine buildings situated on a 17-acre site at the intersection of Nolensville and Rocky Fork roads. Publix will anchor the center. Other tenants at the property will include Heartland Dental, Club Pilates, Jersey Mike’s, Waxing the City, Hand & Stone Massage and Facial Spa and Physicians Urgent Care. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan through ServisFirst Bank on behalf of the borrower, Watkins Real Estate Group. Construction is scheduled for completion in summer 2025.

July 12, 2024

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