Ready Capital Closes $43.2M Acquisition Loan for Multifamily Property in Irving

IRVING, TEXAS — New York City-based Ready Capital has closed a $43.2 million loan for the acquisition, renovation and stabilization of a 416-unit multifamily property in Irving. The undisclosed sponsor plans to implement a capital improvement program to upgrade unit interiors and enhance curb appeal. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and a flexible prepayment schedule. The names of the property and seller were not

JLL Arranges $48.5M in Financing for Industrial Portfolio in Dallas, San Antonio

DALLAS AND SAN ANTONIO — JLL has arranged $48.5 million in financing for a four-building, 505,719-square-foot industrial portfolio that includes cold storage space in Dallas and San Antonio. The portfolio includes two net-leased assets in infill submarkets at 3551 Dan Morton Drive in Dallas and 2001 S. Laredo St. in San Antonio that were acquired in January in a sale-leaseback with custom food manufacturer Surlean Foods. Christopher Drew, Maxx Carney, Reid Carleton, Jeremy Womack and Jarrod …

Ready Capital Closes $78.7M Bridge Loan for Multifamily Portfolio in New York’s Hudson Valley

NEW YORK CITY — New York City-based Ready Capital has closed a $78.7 million bridge loan for the acquisition, renovation and stabilization of a portfolio of four multifamily properties totaling 540 units in New York’s Hudson Valley region. Christopher Peck, Scott Aiese, Rob Hinckley, Marko Kazanjian, Alex Staikos, Nicco Lupo and Andrew Cohen of JLL arranged the funds, a portion of which will be used to fund capital improvements to the unit interiors and amenity spaces. The borrower was …

Naftali Credit Partners Provides $10M Mezzanine Loan for Philadelphia Multifamily Project

PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan

EagleBridge Capital Arranges $14.7M Loan for Refinancing of Connecticut Office Complex

DARIEN, CONN. — Boston-based mortgage banking firm EagleBridge Capital has arranged $14.7 million in mortgage financing for Darien Crossing, a 77,000-square-foot office complex in Darien, located in the southern coastal part of the state. Darien Crossing consists of three buildings on 5.2 acres that were recently renovated to offer a new café with indoor and outdoor seating, as well as a new fitness center and conference facility. Brian Walsh of EagleBridge Capital arranged the loan through …

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership …

Lument Provides $8.3M HUD-Insured Loan for Refinancing of Senior Living Property in Upstate New York

OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f)

JLL Arranges $220M Construction Loan for Downtown Philadelphia Healthcare Project

PHILADELPHIA — JLL has arranged a $220 million construction loan for a 452,000-square-foot healthcare project that will be located at 1101 Chestnut St. in downtown Philadelphia’s Center City district. Jefferson Health will occupy the 19-story ambulatory clinic, which is expected to be complete in the first quarter of 2024. Chad Orcutt and Jim Galbally of JLL arranged the debt through a syndicate of banks on behalf of the development team, a joint venture between National Real Estate …

Progress Capital Arranges $15M Acquisition Loan for Harlem Development Site

NEW YORK CITY — Progress Capital has arranged a $15 million acquisition loan for a development site located at 124-132 E. 125th St. in Harlem. The site is situated near public transit outlets and several recreational areas such as McNair Park, Alice Kornegay Triangle and Harlem Art Park. The borrower, locally based developer Maddd Equities, plans to construct a building of an undisclosed size that will feature retail and other types of commercial space. Brad Domenico of Progress Capital …

CIT Group Provides $39M Loan for Refinancing of Philadelphia Medical Office Building

PHILADELPHIA — New York City-based CIT Group Inc. (NYSE: CIT) has provided a $39 million loan for the refinancing of a 95,000-square-foot medical office building located at 3 Crescent Drive near the Philadelphia Navy Yard. The property was fully leased to provider Jefferson Health at the time of the loan closing. The borrower, Norvin Healthcare Properties, acquired the asset in December 2019. Michael Gigliotti, Ryan Ade and Peter Rotchford of JLL arranged the

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