WESTMONT, ILL. — CBRE’s debt and structured finance team has secured $24 million in construction financing for Pathway Senior Living and Virtus Real Estate Capital. The joint venture partnership will use the financing to construct Aspired Living of Westmont, a Class A assisted living and memory care facility in Westmont, a western Chicago suburb. The property will consist of 75 assisted living units and 34 memory care units. The 123,000-square-foot, three-story building will be situated on 3.5 acres. The loan was originated at 70 percent loan-to-cost and includes a four-year floating rate and 36 months of interest-only payments. Aron Will of CBRE arranged the financing provided by a regional bank. Chicago-based Pathway Senior Living is a privately held company. Austin, Texas-based Virtus Real Estate Capital is a real estate private equity sponsor.
SEGUIN, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured the closing of an $11.2 million loan for the construction and permanent financing of Walnut Grove Apartments, a proposed 116-unit market-rate apartment community in Seguin. The financing was secured through HUD’s 221(d)(4) loan insurance program. Using the program enabled the borrower to secure a fixed interest rate for the initial 14-month construction period and a subsequent 40-year term. Walnut Grove is being built on a vacant site near the Guadalupe Regional Medical Center and Seguin High School. The property will also be located near manufacturing plants including Caterpillar, Continental Motor Systems, Texas Power Systems, Tyson Foods and CMC Steel Texas. The apartment will offer 116 units across six three-story apartment buildings. MacDonald Cos. of Kerrville is developing the project. GG MacDonald Inc. will serve as the general contractor.
KENNESAW, GA. — HFF has arranged a $41.4 million acquisition loan for TownPark Commons, a 349,635-square-foot office building located at 125 TownPark Drive in Kennesaw, a northwest suburb of Atlanta. Enercon anchors the property, which is located near I-75 and I-575 and was 99.6 percent leased at the time of financing. TSP Value and Income Fund, a value-add real estate fund managed by Transwestern Investment Group, purchased the office building. Brian Carlton and Gregg Shapiro of HFF arranged the five-year, fixed-rate loan through Ares Management. In addition to the purchase, the buyer will use the loan proceeds for tenant improvements and leasing commissions.
ORLANDO, FLA. — NorthMarq Capital has arranged a $16.1 million acquisition loan for Landmark at Siena Springs, a 252-unit apartment community located at 6101 Westgate Drive in Orlando. The lakefront apartment complex features seven pools, a dog park, Wi-Fi café, outdoor grill and picnic area, business center, recreation center, clubhouse and storage space. Ory Schwartz of NorthMarq’s Los Angeles office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through an unnamed conduit CMBS lender.
HOUSTON — Brandon Brown of LMI Capital has arranged $4.4 million in debt for the refinancing of a garden-style apartment complex in the Inner Loop East submarket of Houston. Brown worked on behalf of the borrower to obtain a seven-year, fixed-rate loan featuring two years of interest-only payments and a flexible prepayment structure. The borrower plans to use the excess loan proceeds to fund future development projects.
NEW YORK CITY — On behalf of a New York City-based sponsor, David Hayum of Meridian Capital Group has negotiated $130 million in permanent financing to refinance two office properties located in Midtown Manhattan. A regional balance sheet lender provided the $130 million, seven-year financing package, which features an interest rate of 3.88 percent. The properties are located at 15 West 47th Street and 22 West 48th Street, just south of Rockefeller Center in Midtown Manhattan, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively. 15 West 47th Street is a premier diamond exchange building, and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.
COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.
ORLANDO, FLA. — KeyBank Real Estate Capital has secured $44.5 million in Freddie Mac financing for CitiLakes Lux Apartments, a 346-unit, mid-rise apartment community located in Orlando. Caleb Marten and Chris Black of KeyBank’s commercial mortgage group arranged the financing, which the unnamed borrower used to acquire the property during the final stages of lease up.
COLLEYVILLE, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $7.6 million loan for the purchase of a mixed-use property located in Colleyville. The loan featured a five-year fixed term at 4 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding banking relationships.
HARLINGEN, TEXAS — Kurt Dennis of LMI Capital has arranged acquisition financing for a garden-style apartment complex in Harlingen. Working on behalf of the borrower, Dennis secured a 10-year, fixed-rate loan with a CMBS lender. The first mortgage represented 80 percent of the purchase price and featured five years of interest-only payments. The borrower plans to fully upgrade the property’s interiors, exteriors and amenities in order to maximize the asset’s potential cash flow.