YPSILANTI, MICH. — KeyBank Real Estate Capital has provided an $8.5 million refinancing loan through Freddie Mac for a multifamily property in Ypsilanti, about 10 miles southeast of Ann Arbor. Fairway Trails Apartment Homes is a 231-unit, garden-style apartment complex that was constructed in 1972. Dirk Falardeau of KeyBank Real Estate Capital arranged the financing for the undisclosed borrower.
SAN ANTONIO — On behalf of Frontline Capital Partners, JLL has secured $18 million in acquisition and rehabilitation financing for Churchill Park Apartments, a 392-unit gated apartment community located in San Antonio. LegacyTexas provided the loan. Mark Brandenburg led the JLL Capital Markets team in arranging the loan. The apartment community consists of 31 two- and three-story buildings and features a fitness center, two swimming pools, a park and a barbeque area. The property is located near the area’s major highway systems, major employers and retail options.
NEW YORK CITY — Meridian Capital Group has arranged $18 million in acquisition financing for the purchase of a mixed-use property, located at 16 E. 18th St. in Manhattan. The borrower was Stone Street Properties. The three-year loan, which was provided by a national balance sheet lender, features a floating rate and interest-only payments for the full term with two one-year extension options. The building features eight residential units and one retail unit, which is occupied by Paragon Sports. The buyer plans to renovate the full-floor residential units. Drew Anderman and Alan Blank of Meridian negotiated the financing transaction.
Berkeley Point Capital Provides $15M Refinancing Loan for 231-Unit Seniors Housing Complex in Dayton
DAYTON, OHIO — Berkeley Point Capital has provided a $15 million refinancing loan through Freddie Mac for a seniors housing complex in Dayton. Wilmington Place is a 231-unit facility that was constructed in the 1850s. The building was previously used as an insane asylum and then converted into the Dayton State Hospital, which closed in 1978. The building was added to the National Historic Register the following year. Wilmington Place is situated on 24 acres and consists of 22 memory care units, 58 assisted living units and 151 independent living units that provide over 30 different floor plans. The property is licensed for 90 Alzheimer’s beds with the Ohio Department of Health. The fixed-rate loan features a 20-year term.
WEST DES MOINES, IOWA — KeyBank Real Estate Capital has provided a $6.5 million non-recourse first mortgage CMBS loan for a mobile home park in West Des Moines. Western Village Mobile Home Park is a mobile home community for persons aged 55 and older. The park consists of 271 pad sites situated on 46 acres. The community also includes a leasing office, clubhouse and a one or two car garage on most lots. Todd Linehan of KeyBank Real Estate Capital secured the financing.
WAHIAWA, HAWAII — CBRE has arranged $19.7 million in acquisition financing for the 106-unit Palms of Kilani apartment complex in Wahiawa. The community is located at 1060 Kilani Ave. It was built in 1972 and renovated in 2005. The 10-year, floating rate loan was provided to DiNapoli Capital Partners. The company purchased the asset for $26 million. DiNapoli plans to invest an additional $450,000 to renovate the property. CBRE’s Andrew Behrens and Jesse Weber secured the loan.
SAN FRANCISCO — NorthMarq Capital has arranged a total of $268 million in refinancing for a pair of San Francisco-based industrial portfolios. The first portfolio received $141 million and contained 18 properties with a total of 3.3 million square feet. Major tenants include Ashley Furniture, Anixter and US Foods. The second portfolio received $127 million and contained 12 properties. Major tenants include Amazon, LG Electronics and FedEx. Dennis Williams of NorthMarq Capital’s San Francisco office finalized the refinancings for both institutional borrowers through the firm’s correspondent relationship with a life insurance company.
HOUSTON — Gill Dolan and Blake Willeford of Grandbridge Real Estate Capital have secured bridge financing for the acquisition and renovation of Monterra Park Apartments, a 392-unit apartment community in Houston. The financing was made on behalf of Tradewind Properties. The asset is located next to the White Oak Bayou Trail in northwest Houston, and planned improvements include a beautification initiative as well as amenity enhancements, rebranding and interior upgrades. The three-year loan includes two years of interest-only payments.
CHICAGO — Chicago-based Cohen Financial has arranged $28.2 million in acquisition financing for LLJ Ventures LLC. The California-based buyer has purchased several properties in the state of Illinois and Wisconsin. In the first transaction, Dan Rosenberg of Cohen Financial arranged an $11 million loan with a 10-year term for The Armitage Collection, a portfolio of five retail buildings in the Lincoln Park neighborhood of Chicago. The buildings in the portfolio are 100 percent leased. In the second transaction, Rosenberg arranged a $17.2 million, 10-year CMBS loan for a 57,000-square-foot medical office, Racine Dental, in Racine, Wis.
PRINCETON, MINN. — Lancaster Pollard has arranged a $6 million FHA loan to refinance Sterling Pointe Senior Living, a 57-unit independent living, assisted living and memory care community in Princeton, approximately 50 miles north of Minneapolis. The community was originally built in 2011. Ownership wanted to refinance its existing debt using FHA/HUD in order to benefit from the long-term low interest rates and nonrecourse feature, as well as pay off a TIF (tax increment financing) loan. Quintin Harris, senior vice president with Lancaster Pollard in Minneapolis, led the transaction.