Loans

Grandbridge Real Estate Capital Arranges Two Loans Totaling $43.6M for Apartment Communities in Metro Atlanta

by John Nelson March 14, 2016

LITHIA SPRINGS AND MARIETTA, GA. — Grandbridge Real Estate Capital, a subsidiary of BB&T, has closed two loans totaling $43.6 million for two apartment communities in the Atlanta suburbs of Lithia Springs and Marietta. Alan Tapie of Grandbridge arranged both loans through Freddie Mac’s CME (capital markets execution) program. Both loans feature initial periods of interest-only payments, 10-year loan terms and 30-year amortization schedules. The loans include a $20.8 million first mortgage for the 312-unit Brodick Hill Apartments in Lithia Springs and a $22.8 million acquisition loan for the 344-unit Ivy Commons Apartments in Marietta.

March 14, 2016

Loans Midwest Retail Wisconsin

Associated Bank Provides $11.4M Acquisition Loan for Retail Property in Southeast Wisconsin

by Christina Cannon March 14, 2016

DELAFIELD, WIS. — Associated Bank has provided an $11.4 million acquisition loan for a retail property in Delafield, approximately 30 miles west of Milwaukee. Schermerhorn & Co./Heritage-Hillside LLC was the borrower. The 102,700-square-foot shopping center is located at 2720-2850 Heritage Drive and 2725 Hillside Drive. The retail center is situated on an outparcel to a Walmart. Tenants at the 90 percent occupied center include Office Max, Petco, Dollar Tree, Great Clips, Sears Appliance, Subway and Dairy Queen. Schermerhorn & Co. has managed the property for over 18 years.

March 14, 2016

Loans Multifamily Northeast Pennsylvania

Radnor Property Group Receives $53.4M in Equity, Construction Financing for 16-Story Apartment Property in Philadelphia

by Amy Works March 11, 2016

PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.

March 11, 2016

Loans Multifamily Texas

LMI Capital Secures $7M Acquisition Financing for Multifamily Portfolio in Metro Houston

by Katie Sloan March 11, 2016

LAKE JACKSON, TEXAS — LMI Capital has secured $7 million in acquisition financing for a three-property multifamily portfolio located in tertiary markets outside of the greater Lake Jackson area, a suburb of Houston. The three garden-style communities total 315 units. Brandon Brown of LMI Capital secured three acquisition loans, each featuring a five-year term with floating interest rates that convert to fixed rates after the initial interest-only period. The undisclosed borrower, which owns a number of assets in metro Houston, plans to renovate and reposition the assets and then refinance into permanent loans upon stabilization.

March 11, 2016

Arizona Loans Multifamily Western

Sunroad Enterprises JV Receives $23.5M Loan for Acquisition of Sonoma Ridge Apartments in Phoenix

by Nellie Day March 11, 2016

PHOENIX — A joint venture led by Sunroad Enterprises received $23.5 million in first mortgage debt to finance the acquisition of the 240-unit Sonoma Ridge Apartments in Phoenix. The community is located at 8201 W. Beardsley Road. HFF’s Aldon Cole and Tim Wright arranged the financing, which Mesa West Capital provided.

March 11, 2016

Illinois Loans Midwest Multifamily

Avison Young Arranges $34M Acquisition Loan for 396-Unit Property in Grayslake, Illinois

by Christina Cannon March 11, 2016

GRAYSLAKE, ILL. — Avison Young has arranged a $34 million loan for Strategic Properties of North America to acquire a multifamily property in Grayslake, approximately 45 miles northwest of Chicago. Grays Pointe Apartment Complex is a 396-unit property that is comprised of 301 rental units and 95 condominiums. Pine River Capital Management advised the undisclosed lender. Amenities at Grays Pointe Apartment Complex include basketball courts, a business center, clubhouse, playground, swimming pool and tennis courts. Justin Piasecki and Ethan Blum of Avison Young arranged the financing.

March 11, 2016

Arizona Loans Multifamily Western

CBRE Arranges $49.8M in Financing for Optima Sonoran Village in Scottsdale

by Nellie Day March 10, 2016

SCOTTSDALE, ARIZ. — A joint venture between Optima and DeBartolo Development received $49.8 million in first mortgage debt to refinance the 206-unit Optima Sonoran Village in Old Town Scottsdale. The community is located at 6895 East Camelback Road. CBRE’s Rocco Mandala arranged the financing, and Mesa West Capital provided the funding.

March 10, 2016

Colorado Loans Multifamily Seniors Housing Utah Western

Oxford Provides $27M Loan for Cascade’s Purchase of Three Skilled Nursing Facilities

by Nellie Day March 10, 2016

SEATTLE — Oxford Finance LLC, a Virginia-based specialty finance firm that provides senior debt to life sciences and healthcare services companies, has closed a $27 million term loan to Cascade Capital Group LLC. The funds were used to purchase three skilled nursing facilities in Colorado and Utah. The names of the facilities were not disclosed. Based in Seattle, Cascade Capital is a newly formed private equity firm that invests in long-term care facilities. It leases its facilities to Illinois-based Legacy Healthcare.

March 10, 2016

Loans Michigan Midwest Multifamily Seniors Housing

Capital Funding Group Arranges $7M Credit Line for 273-Bed Skilled Nursing Portfolio in Michigan

by Christina Cannon March 10, 2016

FARMINGTON AND HOWELL, MICH. — Capital Finance LLC, a subsidiary of Baltimore-based Capital Funding Group (CFG), has arranged a $7 million working capital line of credit for the operator of Farmington Health Care Center in Farmington and Howell Care Center in Howell. Both towns are northwest suburbs of Detroit. The two skilled nursing facilities, which were recently acquired, total 273 beds. The credit line provides the borrowers with additional commitment capacity while they work to obtain their new provider numbers from the Centers for Medicare and Medicaid Services, according to CFG.

March 10, 2016

Loans Massachusetts Multifamily Northeast

IBA Secures $1.3M in Financing for Multifamily Property Renovation in Boston’s South End

by Amy Works March 10, 2016

BOSTON — IBA – Inquilinos Boricuas en Acción has secured $1.3 million in financing from the Department of Housing and Community Development to renovate Residencia Betances, a housing development in Boston’s South End. Located on Shawmut Avenue, the property, which serves low-income individuals with serious mental health issues, features 11 single-room occupancy units. Planned renovations include enhancements to the property’s historical brownstone exterior and revamping the interior to create a more open and welcoming floor plan, along with improvements to the individual units. Originally developed in 1993 by IBA, the property is one of the few properties that provides supportive housing to Spanish-speaking residents who are formerly homeless clients of the Development of Mental Health.

March 10, 2016

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