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Ready Capital Structured Finance Secures $12.1M Loan for Mixed-Use Building in the Bronx

NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse,..

July 25, 2017

HREC Capital Markets Arranges $6.2M in Refinancing for 208-Room La Quinta Inn & Suites in Massachusetts

SPRINGFIELD, MASS. — HREC Capital Markets Group has arranged a $6.2 million senior loan for the refinancing of a La Quinta Inn & Suites, located at 100 Congress St. in Springfield. The hotel features 208 guestrooms. John Siska of HREC’s Boston office negotiated the loan for the borrower, a private owner-operator. A local community bank provided the financing.

July 25, 2017

Capital One Closes $12M HUD Refinancing for 128-Bed Skilled Nursing Facility Near Portland

GRESHAM, ORE. — Capital One has provided a $12 million fixed-rate HUD 232/223(f) loan to refinance Regency Gresham, a 128-bed skilled nursing facility in the Portland suburb of Gresham. Regency Gresham was built in 1960 and expanded in 1976. The owners recently converted four-person rooms and semi-private rooms to private ones. The sponsors will use proceeds of the loan to extend their renovation program to other areas of the facility, modernize the building’s infrastructure, improve..

July 25, 2017

Greystone Provides $78.4M HUD Loan for 510-Bed Skilled Nursing Facility in New York City

NEW YORK CITY — Greystone has provided a $78.4 million HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation in Brooklyn. Fred Levine of Greystone originated the financing for the borrower, Centers Health Care. The borrowers have invested more than $20 million in renovations to the property, which it acquired more than five years ago. Boro Park Center features a variety of clinical services, including amputee recovery and training; cardiac therapy; comfort..

July 24, 2017

Sims Mortgage Funding Closes $6.4M HUD Loan for Affordable Community in New Jersey

MARGATE, N.J. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $6.4 million HUD loan for Margate Terrace, an affordable seniors housing community in Margate, a beach community near Atlantic City. The financing will provide cash for improvements and reserves. Margate Terrace Corp., which owns the property, can now preserve the Section 8 designation on the property. Community Realty Management is the operator. Margate Terrace Apartments was developed in the early 1990s..

July 21, 2017

Billingsley Receives $110M in Refinancing for Seven-Building Office Portfolio in Metro Dallas

PLANO AND CARROLLTON, TEXAS — Dallas-based development firm Billingsley Co. has received $110 million in refinancing for a seven-building, 801,153-square-foot portfolio of office properties located within the 50-acre International Business Park in Plano and Carrollton. Built between 1997 and 2001, the buildings are 87 percent leased. Trey Morsbach and Jim Curtin of HFF arranged the three-year, floating-rate loan through Ares Commercial Real Estate Corp.

July 21, 2017

Starwood Provides $35.8M in Financing for Seven Retail Properties in Texas

SAN ANTONIO, MIDLAND AND ODESSA, TEXAS — Starwood Capital Group has arranged $35.8 million in financing for seven retail properties located in San Antonio, Midland and Odessa. The portfolio spans 308,328 square feet and is 95 percent leased, collectively. Todd McNeill of Metropolitan Capital Advisors Ltd. arranged the fixed-rate loan, which features a fixed 5.45 percent interest rate and a 30-year amortization schedule, on behalf of the borrower, a tenants-in-common partnership.

July 21, 2017

Lancaster Pollard Arranges $6.5M Refinancing for 95-Unit Independent Living Community in Riverside

RIVERSIDE, CALIF. — Lancaster Pollard has arranged a $6.5 million refinancing for Magnolia Grand, a 95-unit independent living community in Riverside, located in the Inland Empire region of California. The borrower is BPM Senior Living Co., which owns and operates a portfolio of seniors housing communities in the Western United States. The Fannie Mae loan is non-recourse and restructures a permanent loan that was nearing maturity. In addition to refinancing existing debt, the loan will..

July 20, 2017

Sims Closes $93M Bond Financing for Construction of Seniors Housing in New Hampshire

KEENE, N.H. — HJ Sims has closed $93 million in tax-exempt bonds, which will be used toward the development of Hillside Village, a continuing care retirement community (CCRC) in Keene. The borrower, The Prospect-Woodward Home, is the nonprofit operator of an assisted living facility in Keene. The company recognized that there were no CCRCs in the area that would allow seniors to stay in Keene as they age. Eighty percent of the independent living apartments were already reserved at the..

July 20, 2017

KeyBank Arranges $33.9M Acquisition Loan for Multifamily Property in Baton Rouge

BATON ROUGE, LA. — KeyBank Real Estate Capital has provided a $33.9 million acquisition loan for Cypress Lake Apartments in Baton Rouge. Erik Storz of KeyBank arranged the 10-year loan with a 30-year amortization schedule and five years of interest-only payment through Fannie Mae Green Rewards. Constructed in 2003, the 314-unit, garden style property features two swimming pools, a lighted tennis court, clubhouse and an on-site car care center.

July 20, 2017