ST. CHARLES, MO. — Bank Leumi USA has provided a $13.6 million loan to Chicago-based Innovative Management Associates Inc. for the acquisition of Windsor Estates of St. Charles, a continuing care retirement community (CCRC) in metro St. Louis. Windsor Estates is a 235-unit community operated by the borrower, In addition to the five-year, fixed-rate conventional mortgage, Leumi provided a $500,000 working capital line of credit and treasury management services. The line of credit is secured by the facility’s accounts receivables.
WAUKEGAN, ILL. — American Street Capital has arranged $5.8 million in acquisition financing for a 132-unit multifamily property in Waukegan for an undisclosed borrower. Westwood Apartments is a Class B apartment complex that was built in 1970. The property includes 11 two-story buildings. Amenities include an office suite, exercise room, playground, picnic area, laundry facilities and 225 parking spaces. Igor Zhizhin of American Street Capital originated the loan. The loan features a 10-year term.
NEW YORK CITY — Ready Capital Structured Finance has closed a $9.9 million value-add loan on a leasehold interest for a mixed-use retail and office property at 313-315 W. 125th St. and an adjacent undeveloped land parcel located at 316 W. 126th St. in Harlem. Proceeds of the loan will be used for the acquisition, renovation and stabilization of the vacant 27,145-square-foot mixed-use property and the 4,166-square-foot land parcel. The loan features a two-year term with a one-year extension. The property is one block from the Apollo Theater and a variety of retailers, including Old Navy, Banana Republic Factory Store and DSW.
NEW YORK CITY — Paramount Group has completed a $1 billion refinancing of 1633 Broadway, a 2.6 million-square-foot office building in Manhattan. The seven-year loan is interest only at LIBOR plus 175 basis points and can be increased by $250 million to a total $1.25 billion. The proceeds from the loan were used to repay existing $926 million loan and fund $42 million of swap breakage costs. Landesbank Banden-Württemberg New York Branch, Landesbank Hessen-Thüringen Girozentrale, DekaBank Deutsche Girozentrale, ING Capital and Wells Fargo Securities served as joint lead arrangers for the loan. Landesbank Banden-Württemberg New York Branch will serve as administrative agent and Wells Fargo National Association will serve as syndication agent. Eastdil Secured arranged the financing for the borrower.
CHICAGO — Associated Bank has provided a $7.5 million construction loan to Three Corners Development and Madison Construction. The developer and general contractor will use the capital to build three mixed-use residential apartment buildings in Chicago. The projects will span three stories and will each feature 22 units and approximately 12,000 square feet of ground-floor retail space. The buildings will be located at 1301 W. Devon Ave., 6359 N. Wayne Ave. and 1244 W. Devon Ave.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $3.5 million first mortgage loan for the refinancing of a 10,000-square-foot retail building located at 172-178 Dyckman St. within Manhattan’s Inwood district. The seven-year, non-recourse loan features a 3.75 percent fixed interest rate with interest-only payments for two years and a 30-year amortization schedule. Additionally, the undisclosed borrower has an option to extend the loan for an additional five years. Bryan Houlihan and Mike O’Neill of Houlihan-Parnes Realtors secured the loan for the borrower. Christie Houlihan of Zukerman Gore Brandeis & Crossman LLP provided legal counsel for the borrower.
BOSTON — EagleBridge Capital has arranged $20.5 million in construction/permanent financing for an apartment complex located at 61-83 Braintree St. in Boston’s Allston neighborhood. The borrower is a joint venture between The Grossman Companies and Waypoint Cos. The apartment building will feature 80 studio, one-, two- and three-bedroom rental units and ground-floor commercial space. Additionally, the property will feature a rooftop deck, fitness center, bicycle storage and 68 parking spaces. Ted Sidel and Brian Sheehan of EagleBridge Capital secured the financing for the borrowers.
VALDOSTA, GA. — Capital One has provided an $18.2 million acquisition loan for Northwind Apartments, a 276-unit apartment community in Valdosta, a city located along the Georgia-Florida border. Constructed in two phases between 2004 and 2008, Northwind Apartments features a pool, fitness center, tennis court, community room, grilling/picnic area and controlled access. Chad Thomas Hagwood of Capital One Multifamily’s Birmingham office originated the 10-year Freddie Mac loan on behalf of the borrower, EBSCO Income Properties, a subsidiary of EBSCO Industries. The loan features a fixed interest rate and four years of interest-only payments followed by a 30-year amortization schedule.
LAKE COUNTY, ILL. — NorthPoint Capital Funding Inc. has originated a $2.1 million refinancing loan for a 36-unit multifamily property in Lake County, approximately 40 miles north of Chicago. The loan features a 10-year term and 30-year amortization schedule with loan proceeds in excess of the existing balance. Rick Rodriguez and Kevan Briscoe of NorthPoint originated the loan. The name of the borrower was not disclosed.
HAMILTON TOWNSHIP, N.J. — Houlihan-Parnes Realtors has arranged an $8 million supplemental loan for Independence Plaza Shopping Center in Hamilton Township. The owners, which acquired the property earlier this year, are renovating the shopping center. Four new leases have been signed with Regal Cinemas, Sav-A-Lot Supermarket, Crunch Fitness and Ollie’s Bargain Outlet. The owners plan to fully restore the property to 100 percent occupancy after the renovations are complete. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal counsel for the owners. James Houlihan of Houlihan-Parnes Realtors secured the financing.