PRAIRIEVILLE, LA. — Greystone has provided a $30.6 million construction loan for Manchac Lake Apartments, a 272-unit luxury multifamily community that is set to be built in Prairieville. Donny Rosenberg of Greystone originated the FHA-insured loan on behalf of the borrower, Noland McKay Manchac LP. The loan features a 40-year term following the initial construction period. Upon completion, the property will feature a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garages.
MADERA, CALIF. — Lancaster Pollard has arranged the refinancing of an $11.3 million bridge loan into a $13.3 million, non-recourse FHA permanent loan for Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community in Madera, a small town between San Francisco and Los Angeles. Woodset Partners LLC owns the property, which Integral Senior Living operates. The property opened in 2005 and in 2010 was the winner of the Assisted Living Federation of America’s (ALFA) Best of the Best Award. Lancaster originally arranged the bridge loan in 2013 to ensure Woodset retained ownership of the community. The intent was to refinance the loan into permanent financing through FHA. The new loan structure removed many covenants, paid off the $11.3 million bridge loan and $900,000 in mezzanine debt, and provides debt service savings. In addition, the financing funds repairs to the property and a $445,000 deposit to the replacement reserve account. Jason Dopoulos led the transaction for Lancaster Pollard.
DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged a $2.9 million acquisition loan for Dallas Arts Center, a 66,000-square-foot office property located at 2030 Main St. in Dallas’ central business district. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Holly Minter, David Schwarz and Tip Strickland of ARA Newmark represented a partnership between Invictus and Oak Coast Properties in the acquisition of Falls at Clear Lake Apartments in Houston. Minter, Schwarz and Strickland also closed an 80 percent loan-to-value, 10-year fixed rate loan through ARA Newmark’s Fannie Mae DUS platform. The Class B apartment community was built in 1983, features 400 units and offers one- and two-bedroom apartment homes located in the Clear Lake submarket.
NEW YORK CITY — Eastern Consolidated has arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton St. in downtown Brooklyn. The financing package includes a $15 million first mortgage from Bank of the Ozarks and $7 million of mezzanine debt from RCG Longview. The developers plan to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. Purchased from SCO Family Services, the site includes a 26,395-square-foot, three-story building with ground-floor retail and offices on the upper floors. The existing structure was delivered vacant. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated handled the financing.
NEW YORK CITY — National Cooperative Bank (NCB) originated more than $60 million in new loans during October for 21 New York area properties. Harley Seligman secured $23.2 million in new financing, including a $13.5 million first mortgage and a $1 million line of credit for Maple Plaza Housing Development Fund Corp., a 154-unit co-op at 1911-1929 Madison Ave. in Manhattan. Seligman also arranged $3.4 million in financing for Tara Close Apartments Corp., a 99-unit co-op at 77 Carpenter Ave. in Mount Kisco, N.Y.; and he arranged a $1 million first mortgage and $800,000 line of credit for Gramatan Court Apartments Inc., a 27-unit co-op at 23-25 Sagamore Road in Bronxville, N.Y. Edward Howe III arranged nearly $22 million in loans, including a $7 million first mortgage and $500,000 line of credit for an 84-unit co-op at 711 Shore Road in Long Beach, N.Y.; a $4 million first mortgage and $500,000 line of credit for Linden Hill No. 2 Cooperative Corp., a 384-unit co-op at 142-14/142-20 26th Ave. in Flushing; and a $4 million first mortgage and $1 million line of credit for Grinnell Housing Development Fund Corp., an 81-unit co-op at 800 Riverside Drive in Manhattan. Additionally, Mindy Goldstein arranged …
NORTH MIAMI, FLA. — Meridian Capital Group has arranged a $21 million acquisition loan for Center Court Apartments, a 588-unit property located at 14797 N.E. 18th Ave. in North Miami. David Hayum and Tal Savariego of Meridian Capital’s New York City office arranged the seven-year loan through an unnamed balance sheet lender on behalf of the borrower, YMP Realty Management. The loan features a fixed interest rate of 3.98 percent and a 30-year amortization schedule.
CHICAGO — Meridian Capital Group has arranged $70.5 million in financing for the acquisition and renovation of 19 off-campus housing properties and two land parcels near the University of Chicago in the city’s Hyde Park neighborhood. Meridian arranged the financing for the buyer, Pioneer Acquisitions. The seller, the University of Chicago, acquired the properties over many decades and has operated this portfolio solely as student and faculty housing. The rental units are located in 19 non-contiguous multifamily properties on Hyde Park Boulevard, Dorchester Avenue, Kenwood Avenue, Blackstone Avenue and Woodlawn Avenue. While the recent revitalization and heavy new commercial development within Hyde Park have created strong demand for market rate housing in this submarket, the intent of Pioneer Acquisitions is to continue catering to students and faculty. A national debt fund provided the three-year, interest-only loans that include future funding for improvements, floating rates with weighted average spreads in the high 300s in basis points over the 30-day LIBOR rate, and two one-year extension options. The renovations, which are expected to begin immediately, will include upgrades to kitchens, bathrooms and common areas at all properties. Seth Grossman and Andy Strauss of the Carlsbad, Calif., office of Meridian Capital negotiated the …
ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided a $6.4 million construction loan to Conifer Realty LLC for the development of Market Apartments at Corpus Christi. Located on East Main Street in Rochester’s Market neighborhood, the affordable housing development, which is tailored for local artists, will feature 42 energy-efficient apartments, including one- and two-bedroom units; art studio and work space; and plans to add a rehearsal space for musicians in a neighboring building. Additionally, the property is located within walking distance to public transportation and retailers. Conifer-LeChase Construction, a partnership between Conifer and LeChase Construction Services, is serving as general contractor for the project.
MONTGOMERY, ALA. — New York Life Real Estate Investors has provided a $58 million loan on behalf of institutional investors for The Shoppes at EastChase in Montgomery. The 389,084-square-foot power retail center is leased to tenants including AT&T Wireless, Banana Republic, Dillard’s, Earth Fare Organic Grocer, Kohl’s, LOFT, Moe’s Southwest Grill, Motherhood Maternity, PetSmart and Target. Phillip Cox and Bill Mattice of Grandbridge Real Estate Capital’s Greenville, S.C., office arranged the loan through New York Life. The 10-year loan featured a fixed interest rate.