LAS VEGAS, LOS ANGELES AND TUSTIN, CALIF. — Ready Capital Structured Finance, a commercial real estate bridge and mezzanine lender, has closed four acquisition and renovation loans in Nevada and California totaling $32.8 million. In Las Vegas, Ready Capital provided a loan for the acquisition, renovation and stabilization of a 168-unit multifamily property located in the Spring Valley submarket. The borrower’s business plan includes implementing interior unit and common area upgrades, along with exterior property improvements. Ready Capital closed the $15 million non-recourse, fixed-rate loan that features a 48-month term, 24 months of interest-only payments, flexible pre-payment options, and a facility to provide for capital expenditures and interest reserves The first Los Angeles loan is for the acquisition, renovation and stabilization of a 54-unit, multifamily property located in the Mid-City submarket. The borrower’s business plan includes exterior and common area capital improvements, renovating unit interiors, and re-leasing the property at market rental rates. Ready Capital closed the $8 million non-recourse, interest-only loan that features a 36-month term with one extension option, flexible pre-payment, and a facility to provide for capital expenditures, working capital, and interest and carry reserves. The second Los Angeles loan is for the acquisition, renovation and stabilization of a 9,200-square-foot retail …
BOCA RATON, FLA. — Penn-Florida Cos. has received $398 million in project financing for the second phase of Via Mizner, a five-star resort in downtown Boca Raton. Lotus Capital Partners arranged the majority of the financing, which Mack Real Estate Credit Strategies provided. The U.S. Immigration Fund provided the balance of the financing, which was approximately $80 million. Via Mizner’s second phase of construction includes the Mandarin Oriental Boca Raton, additional retail suites at The Shoppes at Via Mizner and Via Mizner Golf & City Club. The 164-room luxury hotel will feature two rooftop pools, spa services, an athletic club and dining venues. The Shoppes at Via Mizner will offer a mix of brand names, artisan boutiques, dining and nightlife. Via Mizner Golf & City Club will include two venues — a golf club featuring a new Jack Nicklaus Signature Championship golf course and a downtown city club, which will offer member access to the hotel amenities. Completion is slated for early 2020. The Residences at Mandarin Oriental Boca Raton will feature 85 homes with ocean and golf course views. Owners will receive access to all the amenities of Mandarin Oriental. The first residential rental tower, 101 Via Mizner Luxury Apartments, is already complete. …
ANTIOCH, CALIF. — CBRE has arranged acquisition financing for Cypress Meadows, a 110-unit assisted living and memory care community in Antioch, located approximately 40 miles northeast of San Francisco. The buyer is a joint venture between Agemark Senior Living and Trellis Real Estate Group. The seller was not a local mom-and-pop owner. Agemark will operate the property following the acquisition. Cypress Meadows was built in 1999. The new owners plan to spend $2.6 million in capital upgrades. Aron Will of CBRE National Senior Housing secured a five-year, floating-rate loan with 36 months of interest-only payments from a national bank.
NEW YORK CITY — Sabal Capital Partners, a diversified financial services firm specializing in real estate, lending and banking, has arranged $129 million in Freddie Mac Small Balance Loans for a multifamily portfolio in Bronx. The borrower was Emerald Equity Group. Encompassing more than 850 workforce housing units, the financing is the largest single Small Balance Loan (SBL) transaction processed through the Freddie Mac SBL program since its inception in 2014. The financing will preserve the units as affordable. Sabal Capital used SNAP, its proprietary servicing portal, to independently analyze, underwrite and close each of the 34 refinance loans in the portfolio instead of a bulk transaction.
MEDFORD, MASS. — HFF has arranged a $15 million construction take-out, permanent financing for Sphere, a multifamily building located at 640 Boston Ave. in Medford. Dark Horse Capital Partners is the borrower. Martha Nay, Adam Dunn and Sam Campbell of HFF secured the seven-year, fixed-rate loan through HarborOne Bank for the borrower. Delivered in July, Sphere features 22 one-bedroom units and 20 two-bedroom units with nine different floorplans.
STATEN ISLAND, N.Y. — The Kalikow Group and Feldco Development Corp. have received a $20 million loan for the refinancing of Expressway Plaza, a shopping center located at 1441 Richmond Ave. in Staten Island. Bethpage Federal Credit Union provided the seven-year loan. Originally built in 1997 by Kalikow and Feldco, the 94,000-square-foot property is occupied by Stop & Shop, Dunkin’ Donuts, Sleepy’s, New York Community Bank and Subway. Additionally, the asset features a 7,000-square-foot outparcel occupied by Buffalo Wild Wings and a 5,000-square-foot outparcel occupied by Applebee’s.
DENTON, TEXAS — Mason Joseph Co. Inc. has closed a $37 million loan for the construction and permanent financing of Discovery Park Apartments, a 283-unit multifamily community in Denton. Located at the intersection of North Elm Street and Riney Road, the garden-style property will be situated across from a 290-acre public/private research campus occupied by the University of North Texas College of Engineering. HUD provided the 40-year, non-recourse loan, which features a fixed interest rate, through its 221(d)(4) program. N.E. Construction LLP will serve as developer and general contractor for the project, which has a 24-month construction period.
ATLANTA — HFF has arranged $110 million in financing for a six-property grocery-anchored portfolio located throughout Georgia, Florida and Tennessee. Chip Sykes and James Clingman of HFF worked on behalf of the borrowers, Branch Retail Partners LP and its affiliate Branch Properties LLC, to place the seven-year, fixed-rate loan through one of HFF’s life insurance company correspondents. The portfolio totals 876,153 square feet and is anchored by Publix, Kroger and Whole Foods Market.
CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has received a $20.1 million loan from Mid First Bank for the acquisition of Reserve at Summit Crossing, a 172-unit apartment community in the Atlanta suburb of Cumming. The loan features a 30-year amortization schedule and a fixed interest rate of 3.87 percent. PAC acquired the community through a wholly owned subsidiary. The seller and sales price were not disclosed. Reserve at Summit Crossing features a fitness center, yoga studio, clubhouse, saltwater pool and a fire pit with outdoor seating.
MOUNT LAUREL, N.J. — CBRE Debt & Structured Finance (CBRE DSF) has arranged $14.1 million in financing for Towne Square Shopping Center in Mount Laurel. The borrower, The Westover Cos., used the loan proceeds to purchase the 88,265-square-foot retail center located at 872 Union Mill Road. At the time of closing, the shopping center was 94 percent occupied. ShopRite Supermarket anchors the center, which was built in 1996. Thomas Gorman and Steven Doherty of CBRE DSF represented the borrower in the transaction. Additionally, Brad Nathanson, Adam Rosenzweig and John Colussi of CBRE arranged the sale of property. The team represented the seller, The Hampshire Cos., in the deal.