DALLAS — Ready Capital Structured Finance has secured a $3.8 million value-add loan in Dallas. The unnamed borrower will use the loan to renovate and stabilize a three-story, garden-style multifamily complex totaling 98 units, located in the North White Rock submarket of Dallas. The loan features a two-year term with a one-year extension. 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.
NEW YORK CITY — Love Funding has secured a $9.1 million loan for the refinancing of the Scheuer House of Coney Island, an affordable seniors housing property located in Brooklyn. Situated on 1.3 acres, the high-rise property features 197 age-restricted studio and one-bedroom apartments, 98 percent of which are Section 8 Units. Additionally, the property is within walking distance to the Coney Island boardwalk and amusement park. The borrower, JASA, will use the loan to renovate and upgrade the building. Planned enhancements include elevator upgrades, new kitchens, bathroom refurbishments, renovations of community common spaces and flood risk prevention measures. Laura Saull-Smith of Love Funding arranged the loan for the borrower through the U.S. Department of Housing and Urban Development’s 223(f) program.
ORLANDO, FLA. — Ready Capital Structured Finance has provided an $8.8 million acquisition loan for a six-story, 82,892-square-foot Class B office building in Orlando’s central business district. The unnamed sponsor purchased the asset to renovate and upgrade the lobby and common areas, and to lease up the remaining vacant office space. The non-recourse loan features a three-year term with a one-year extension, which is inclusive of a facility to provide for future tenant improvements, leasing commissions and capital expenditures.
MUKILTEO, WASH. — CBRE National Senior Housing has arranged a $22.1 million loan for Capitol Seniors Housing, which will use the money to acquire and renovate Harbour Pointe Retirement & Assisted Living Community, a 107-unit independent living and assisted living community in the Seattle suburb of Mukilteo. Capitol, a Washington, D.C.-based owner and developer, plans to use $1 million of the loan to convert 31 assisted living units into a memory care wing for the 104,523-square-food community, among other improvements. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. A national bank is providing the capital. Capitol will lease the property to Milestone Retirement Communities, a Vancouver, Wash.-based operator of 30 communities in 10 states. Aron Will, executive vice president, led the CBRE team in the transaction.
HOUSTON — Adam Lipkin of Grandbridge Real Estate Capital’s Miami team has secured a $6.2 million bridge loan for a Houston-area office building. A sovereign wealth fund operated by the Republic of Nauru owns the property. A direct small-balance commercial real estate lender provided the two-year loan to the Nauru Phosphate Royalties Trust, a subsidiary of Nauru Realty Trust. With just under 10,000 inhabitants, Nauru is the world’s smallest island nation. Its government developed the Nauru Phosphate Royalties Trust to invest proceeds from a state-owned mining company. The loan facilitated by Lipkin provides a short-term financing solution for the Houston office building, which is occupied by Jacobs Technology, a wholly owned subsidiary of publicly traded NASA contractor Jacobs Engineering Group. Jacobs provides technical, professional and construction services to various industrial, commercial and governmental clients. The Jacobs office building is located at 2224 Bay Area Blvd. at the hard corner of Bay Area Boulevard and Space Center Boulevard in the Clear Lake area of Houston.
ROCKVILLE, MD. — PCCP has provided a $34.1 million loan for the acquisition and lease-up of Park Plaza I and II, a 264,285-square-foot office campus located in Rockville, a Maryland suburb of Washington, D.C. Park Plaza I was 86 percent leased at the time of sale to tenants such as Northrop Grumman and Monument Bank, and Park Plaza II was 14 percent leased at the time of sale, offering the only available contiguous block of Class A office in Rockville exceeding 100,000 square feet. John Campanella of Cushman & Wakefield arranged the loan through PPC on behalf of the borrower, an affiliate of Marcus Capital Partners Fund II LP.
STAMFORD, CONN. — Mission Capital Advisors has arranged a $24.5 million loan for an office building located 9 W. Broad St. in Stamford. The borrower was a joint venture between certain funds managed by Westport Capital Partners and Forstone Capital. The 191,000-square-foot property was recently repositioned and upgraded by the ownership, which acquired the nearly vacant property in 2013. The property now features a ground-floor cafeteria, fitness center, conference rooms, lobbies and common areas. Additionally, the building features 540 on-site parking spaces and a shuttle service to the Stamford Transportation Center. Jordan Ray, Ari Hirt, Steven Buchwald and Lexington Henn of Mission Capital represented the borrower in the financing.
SYRACUSE, N.Y. — KeyBank has provided a $6.1 million construction loan to Harbor Street Lofts LLC, an entity sponsored by the Sutton Real Estate Cos. in partnership with Bentham Foundation. Proceeds of the loan were used toward the acquisition and rehabilitation of a four-story, historic industrial building in Syracuse’s Westside neighborhood. The borrower is transforming the property into a 40-unit mixed-income apartment property. Lynne Callis-Wilson of Key’s Community Development Lending arranged the financing for the borrower.
ELK GROVE, CALIF. — NorthMarq Capital has arranged a $4.2 million refinancing for Laguna Palms, a retail property located at 9105 Bruceville Road in Elk Grove. The 15-year loan features a 25-year amortization schedule. Tenants at the 23,869-square-foot property include U.S. Post Office and Goodwill. Blake Melstrom of NorthMarq Capital’s Los Angeles office secured the financing for the undisclosed borrower.
NEW YORK CITY — Cushman & Wakefield has arranged the closing of a $53.2 million construction loan for a property at 2341-2349 Adam Clayton Powell Jr. Blvd. in Manhattan’s Harlem neighborhood. The construction loan will finance the development of The Renny, a mixed-income residential rental complex set to open in 2017. The lender was Santander Bank. Preston Flammang of Cushman & Wakefield handled the transaction. The name of the borrower was not released.