ALPHARETTA, GA. — New York Life Real Estate Investors has provided a $29.6 million for Brookside I and II, two Class A office buildings in Alpharetta totaling 267,000 square feet. Cushman & Wakefield’s Washington, D.C., office arranged the loan through New York Life on behalf of the borrower, Equus Investment Partnership X LP, a discretionary fund managed by Equus Capital Partners Ltd. The floating-rate loan features a five-year term.
EUGENE, ORE. — Stephen Whitehead of NorthMarq Capital has arranged a $9.8 million refinancing of K14 Campus Flats, a 145-bed student housing property located near the University of Oregon. The development is located at 1414 Kincaid St. in Eugene. The transaction was structured with a 10-year term with two years interest-only payments, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Fannie Mae DUS program.
NEW YORK CITY — Meridian Capital Group has arranged $28 million in permanent financing for a multi-tenant medical office property located 902 Quentin Road in Brooklyn. The five-year loan, provided by Bethpage Federal Credit Union, features a fixed rate of 4.25 percent and the ability to prepay at any time without a penalty. The eight-story, 72,300-square-foot property is currently occupied by New York University and Touro College. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the financing.
ALBANY, N.Y. — Eastern Union Funding has arranged construction financing for UP REALTY LLC for the conversion of 20 Park Street in Albany from office to residential use. Motti Blau of Eastern Union negotiated the two-year, $7.3 million loan with the Albany office of Community Preservation Corp. The four-story, 94,920-square-foot former office building is being redeveloped into 73 rental units. On-site amenities will include a rooftop deck, gym and parking. The property is connected to the Times Union Center indoor arena, the Empire State Plaza complex, additional parking and the future convention center via a covered pedestrian walkway. Construction is slated for completion by early summer.
WASHINGTON, D.C. — SunTrust Banks Inc. has closed $32.3 million in financing to fund Phase III of the Town Hall Education Arts Recreation Campus (THEARC), a cultural, educational and social services center located in southeast Washington, D.C. THEARC is run by Building Bridges Across the River (BBAR), a nonprofit established by W.C. Smith for the purpose of building and managing the facility, including THEARC Theater and THEARC Farm. In addition to BBAR, THEARC houses nine nonprofit partners and provides dance, art and music classes, medical and dental care, afterschool activities, performances, education and social services to underserved communities in D.C.’s Wards 7 and 8. Phase III of THEARC will add approximately 92,000 square feet to the existing 110,000-square-foot development. The new addition will be home to an expanded clinic run by Children’s National Medical Center, Appletree Institute for Education Innovation Inc. (classroom, training and administrative space), the Bishop Walker School for Boys and The Phillips Collection. The new building will also include a black box theater. The project will be completed in 2017. The deal was led by SunTrust Community Capital and included $32.3 million in New Markets Tax Credit (NMTC) allocations. Three community development entities (CDEs) each contributed $10 …
ENGLEWOOD, FLA. — Love Funding, a Washington, D.C.-based lender, has provided a $17.8 million construction loan to build Heritage Oaks Assisted Living and Memory Care, a 118-unit seniors housing community in Englewood, located between Tampa and Fort Myers. Tammy Tate of Love Funding secured the 40-year, non-recourse financing through the HUD 232 program. Heritage Oaks will include 86 assisted living units and 32 memory care units in a two-story building. The initial 10-acre site will be part of a larger 60-acre campus. Phase II of development will add independent living to the community. Georgia-based CDH Partners is design architect for the project, which Florida-based Core Construction Services will build. When complete, Beacon Communities will operate the community. No timeline for construction was disclosed.
IOWA CITY, IOWA — Dougherty Funding LLC has closed an $11.7 million acquisition loan for a 248-unit affordable apartment property in Iowa City. A majority of the units at Iowa City Pheasant Ridge Apartments were covered under a project-based Section 8 Housing Assistance Payment contract. The property was built in 1971 and recently underwent $700,000 worth of improvements such as new furnaces, roofing, kitchen cabinets, countertops and appliances. Iowa City Leased Housing Associates II LLLP was the borrower. Dougherty served as the lead lender and servicer for the loan.
NEW YORK CITY — Eastern Consolidated has arranged a $27.5 million refinancing of a construction loan for a condominium development located at 204 Forsyth St. on Manhattan’s Lower East Side. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the loan, which was provided by Churchill Credit Holdings LLC, for the borrower, Charles Saulson. The borrower is developing a seven-story, 21,166-square-foot residential property at the site. Once complete, the property will feature 11 apartments — 10 two-bedroom units and one three-bedroom unit — and two parking spaces.
MONTEREY, CALIF. — San Carlos Associates has received $65 million in first-mortgage debt for the 341-room Marriott Monterey Hotel. The AAA-rated, Four Diamond hotel is located at 350 Calle Principal in downtown Monterey. Marriott Monterey Hotel sits adjacent to the Monterey Conference Center in the downtown retail district. The 10-story hotel includes about 16,500 square feet of meeting space, a spa, two restaurants and subterranean parking for 142 cars. A European Money Center bank provided the 10-year, fixed-rate financing, which was underwritten at a debt yield below 10 percent. Sonnenblick-Eichner Co. arranged the financing.
AZLE, TEXAS — Old Capital has provided a $1.7 million bridge loan for the purchase of Shady Creek Apartments, a 54-unit complex in Azle. A local ownership group bought the asset, which is located in a secondary submarket. Renovations are planned to increase rental rates.