GRAND ISLAND, NEB. — Berkeley Point Capital has provided a $3.5 million refinancing loan for Cherry Park Apartments in Grand Island. The 124-unit, affordable workforce housing community is comprised of 20 buildings and one 2,700-square-foot retail space. The complex offers two- and three-bedroom units and was constructed in two phases between 1997 and 1999. The Fannie Mae loan features a 10-year term.
SACRAMENTO, CALIF. — Ready Capital Structured Finance has closed a $5 million loan for the acquisition, renovation and stabilization of a 92-unit multifamily complex in Sacramento. The two-story community is situated 1.5 miles from the Capital City Freeway, which connects the property to downtown Sacramento. The two-year, non-recourse loan will help fund interior and exterior renovations. The loan features a one-year extension, along with flexible pre-payment. It also includes a facility to provide for interest and working capital reserves, as well as future funding for capital expenditures. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add, and event-driven commercial and multifamily real estate opportunities.
Cohen Financial Arranges $29M Acquisition Loan for 352-Unit Apartment Community in Metro Kansas City
OVERLAND PARK, KAN. — Cohen Financial has arranged a $29 million acquisition loan for a 352-unit apartment property in Overland Park, approximately 15 miles southwest of Kansas City. A San Francisco-based owner and investor was the borrower. The Ridge Apartments offers one-, two- and three-bedroom units and includes amenities such as three swimming pools, a basketball court, fitness center, cyber café, clubhouse, clothes care center, resident lounge, shuffle board and tennis court. Kenneth Fox of Cohen Financial placed the loan with Wells Fargo.
OAK CREEK, WIS. — HALL Structured Finance has provided a $10.9 million first lien loan for the construction of a four-story, 112-room hotel in Oak Creek, 13 miles south of Milwaukee. Albuquerque, N.M.-based Gustin Property Group LLC is the developer of the TownePlace Suites by Marriott. The hotel will be located within the Drexel Town Square master-planned development, which includes a new city hall, public library, retail stores, restaurants, office space, apartments and 18 acres of green space. The total estimated project cost for the hotel is $14.6 million, and the development will take approximately a year to complete.
SOUTH ELGIN, JONESBORO AND MACOMB, ILL. — Pillar has originated $9.9 million in loans to refinance three skilled nursing facilities in Illinois. The three loans consist of $5.4 million for an 80-unit property in South Elgin, $2.3 million for a 76-unit property in Jonesboro and $2.2 million for a 56-unit property in Macomb. Petersen Health Care, one of the largest seniors housing owner-operators in the state, was the borrower. The names of the specific facilities were not disclosed. All three HUD-insured loans feature a fixed rate, 30-year term and 30-year amortization schedule. Evan Hom of Pillar’s New York office originated the loans.
PATTERSON, N.J. — KeyBank Real Estate Capital has arranged $10 million in Fannie Mae financing for Broadway Towers, a high-rise apartment building in Patterson. Built in 1961, the property features 114 units and two ground-floor commercial spaces. Tom Peloquin of KeyBank arranged the loan, which was used to refinance existing debt. The name of the borrower was not released.
NEW YORK CITY — Newmark Holdings has received a $120 million refinancing loan with BNY Mellon and TD Bank of a three-building, 390,000-square-foot office portfolio located at 740 Broadway, 2-20 Astor Place and 440 Lafayette in New York City. The properties are currently more than 93 percent leased with a roster of prominent tenants, including New York University, Walgreens and L2 Inc. The new loan replaces the existing financing held by Mid-First & Amalgamated Bank that was originated in April 2008 and totaled approximately $53 million. Paul Talbot provided in-house representation for Newmark Holdings in the deal.
PEMBROKE, N.C.— NorthMarq Capital has arranged $9.8 million in acquisition financing for Pembroke Place, a 336-bed student housing community located near the University of North Carolina at Pembroke campus in Pembroke. The transaction was structured with a 15-year term and 25-year amortization schedule. Lee Weaver and Steve Whitehead of NorthMarq arranged financing for the borrower, Pembroke Place CP LLC, through its Fannie Mae DUS program.
PHILADELPHIA — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $183 million loan for the refinance of Presidential City, an apartment complex located at 3900 City Ave. in Philadelphia. The borrower was Post Brothers. Shawn Rosenthal of CBRE secured the three-year, interest-only loan with two one-year extension options. Starwood Capital provided the financing. Presidential City comprises four high-rise towers featuring a mix of one-, two- and three-bedroom residences. The first phase of the project, including the redevelopment of the 180-unit Washington Tower and the 265-unit Madison Tower and the creation of Sora Pool Club, has been completed. The second phase, including the redevelopment of the 331-unit Jefferson Tower and the 242-unit Adams Tower, is underway. The property is expected to be fully leased in 2017.
NEW HAVEN, CONN. — National Cooperative Bank has closed a $25.6 million first mortgage to University Towers Owners Corp., a mixed-use cooperative located at 100 York St. in New Haven. The 16-story property features 238 residential units, 13 medical offices and parking for 242 vehicles. Constructed in 1958, the property was converted to a housing cooperative in 1981. Loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations; window, door and curtain wall replacement; and masonry repairs. Larry Mathe of National Cooperative Bank secured the financing for the borrower.