NEW YORK CITY — Capital One has completed the syndication of a $180 million senior loan for an office-to-multifamily conversion in Lower Manhattan. The borrowers, VANBARTON GROUP and Metro Loft Management, plan to convert the 508,000-square-foot tower at 180 Water St. into multifamily apartments. The redeveloped property will feature 360,000 square feet of residential space and 10,000 square feet of street-level retail space. Additionally, the redevelopment plans include increasing the property’s height to 29 stories. Redevelopment is slated to begin in July, with all residential units scheduled for delivery by the beginning of 2017. Capital One provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing. Participating lenders in the syndication include the CIT Group and Santander Bank, a joint lead arranger.
HACKENSACK, N.J. — NorthMarq Capital has arranged $51.8 million in refinancing for Excelsior II, a multifamily and commercial property located at 170 Prospect Ave. in Hackensack. The property features 267 multifamily residences and 11 professional spaces. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.
NASHUA, N.H. — Cushman & Wakefield of New Hampshire has arranged the $2 million sale of a former manufacturing facility located on 8.5 acres at 575 Amherst Street in Nashua. The property will be redeveloped as Bridges by EPOCH at Nashua, a 54-bed assisted living memory care community slated to open in fall 2016. National Development and Epoch Senior Living have partnered to acquire and redevelop the property. Thomas Farrelly, Denis Dancoes II and Sue Ann Johnson of Cushman & Wakefield represented the seller, Nashua RE Holdings LLC, in the transaction.
WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged a total of $34.9 million in Freddie Mac financing for a four-property, 694-unit multifamily in Wilmington. The apartment properties include Hawthorne at New Centre, Hawthorne Centre North, Hawthorne Commons and Hawthorne Lofts South. Charles Williams and Jeffrey Hunkele of KeyBank’s commercial mortgage group arranged the loans, which were used to pay off existing KeyBank balance sheet loans.
ASHEVILLE, N.C. — NorthMarq Capital has secured a $20 million loan for Palisades Apartments, a 224-unit multifamily property located at 1100 Palisades Circle in Asheville. Bill Matone of NorthMarq’s Charlotte office arranged the fully amortizing, 20-year loan through an unnamed life insurance firm.
LOUISVILLE, KY. — Lancaster Pollard has provided $5.4 million in HUD financing for Springhurst Pines, a continuing care retirement community (CCRC) in Louisville. Baptist Homes Inc. (BHI) owns and operates the CCRC, which includes three separate facilities on a 20-acre campus. The financing will be used to convert 35 percent of the community’s semi-private Medicaid skilled nursing units to private Medicare units, as well as build a 40-unit Medicare wing with therapy space. The nonrecourse loan made through HUD’s 232/241(a) supplemental loan program has a loan term of 25 years. Chris Blanda led the transaction for Lancaster Pollard.
SEATTLE — Heitman has purchased the 386-unit Premiere on Pine apartment complex in Seattle for $240 million. The community is located at the intersection of Pine Street and 8th Avenue. Premiere on Pine is within two blocks of Interstate 5 and Westlake Station in the Pike-Pine retail corridor. The 40-story, ultra-luxury apartment tower was completed in 2014. It is certified LEED-Silver. The community features common-area amenities like a fitness center, dog run, theatre room, club room, conference room, two event spaces, and a 3,000-square-foot balcony that wraps around the south and west side of the building. It contains a mix of studio, one-, two- and three-bedroom units. The seller, Holland Partner Group and its finance partner, was represented by HFF’s Matthew Lawton, Ira Virden and Gerry Rohm.
BEAVERTON, ORE. — Holland Acquisition Co. LLC has acquired Wyndham Park I & II, a pair of multifamily communities in Beaverton, for a total of $63.9 million. Wyndham Park I sold for $34.5 million, or a per-unit price of $151,342, while the second community went for $29.4 million, or $150,738 per unit. Wyndham Park I contains 228 units that were built in 1996. The community is located at 14700-14790 Southwest Scholls Ferry Road. It features one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a spa, sauna, wading pool, clubhouse, playground, fitness center, barbeques, a business center and bicycle storage. Wyndham Park II contains 195 units that were constructed in 1987. The community is located at 11600 SW 147th Terrace. Common-area amenities include a swimming pool, sauna, spa, fitness center, clubhouse, playground, car care areas and garages. The two communities share an entryway across from Murray Scholls Town Center. They are walking distance to Progress Ridge Townsquare, which is anchored by New Seasons Market. Notable employers in the area include Nike, Intel Corp. and Tektronix. The acquisition involved the assumption of two Freddie Mac loans. The seller was KI-Wyndham Park LLC. The transaction was executed by Phil Oester …
SEATTLE — The 328-unit Leilani on Greenwood apartment complex in Seattle has received $47.8 million in acquisition financing. The community is located at 10215 Greenwood Ave N. Leilani on Greenwood contains two mid-rise apartment properties that feature a mix of studio, one- and two-bedroom apartments, in addition to live/work spaces. Common-area amenities include concierge services, a resident lounge, business center, fitness facility, resident theater, and multiple indoor and outdoor community gathering areas. The property was developed by Weidner Apartment Homes. The 10-year, fixed-rate loan was closed by Joe DeCarlo and Sean Sunderland of M&T Realty Capital Corporation. It features a 3.45 percent interest rate and a 59.8 percent loan-to-value.
ARLINGTON, TEXAS — Caddis, a healthcare and real estate firm, is developing a 67,000-square-foot, one-story, 81-unit assisted living and memory care community in Arlington. The new senior community is scheduled to open in spring 2016. Heartis Arlington will feature amenities including a courtyard, outdoor walking paths, game and activity rooms and a beauty/barber shop. Services range from assistance with personal activities to housekeeping and laundry to daily nursing care and 24-hour emergency response. Frontier Management will manage the community. The company also manages several other Heartis communities in Texas. Austin-based Pi Architects Inc. is the architect for Heartis Arlington, and the Dallas office of Weis Builders is the general contractor. Construction debt financing is being provided by Kansas City, Mo.-based UMB Bank, NA. Caddis launched its senior living brand, Heartis, in early 2013. In addition to Arlington, the company has communities open or under construction in the Texas cities of Conroe, Cleburne, Fort Worth, Amarillo, Cypress, Clear Lake, San Antonio, Longview and Waco. Caddis will own Heartis Arlington upon completion.