BELLEVUE, WASH. — Bellwether Enterprise Real Estate Capital LLC has closed the $51 million refinancing of the 260-unit Alley 111 in Bellevue. The apartment community is located at 11011 N.E. 9th St. Alley 111 was built in 2015. The community features a rooftop deck and lounge, fitness center, storage lockers for skis and snowboards, and dry-cleaning services. The property’s ground-floor retail includes Minamoto Japanese Cuisine and Honor Coffee. Laurie Morfin originated the 10-year, fixed-rate loan. The lender was Nationwide.
ALISO VIEJO, CALIF. — CBRE has arranged an undisclosed amount of construction financing for Belmont Village Aliso Viejo, a 157-unit assisted living and memory care community in Aliso Viejo, a master-planned community in the San Joaquin Hills between Los Angeles and San Diego. A joint venture between Houston-based operator Belmont Village Senior Living and Boston-based private equity firm Blue Moon Capital Partners is developing the Class A project. Belmont will operate the community once construction is completed. A development timeline was not released. Aron Will of CBRE National Senior Housing arranged the non-recourse, four-year, floating-rate loan through a regional bank.
PULLMAN, WASH. — Love Funding has provided a $29.8 million refinancing for the 361-unit Pimlico Apartments in Pullman. The community is located at 1455 NE Brandi Way. Pimlico Apartments features one- to three-bedroom units with private balconies. It was built in 2013 and 2014. Brian Robertson of Love Funding has secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with long-term, non-recourse financing.
SHREWSBURY, N.J. — HFF has secured a $43.6 million refinancing for The Grove at Shrewsbury, a 148,000-square-foot lifestyle center located 25 miles south of New York City in Shrewsbury. The center is home to 35 retailers, including Williams-Sonoma, Pottery Barn, Bluemercury, Lululemon Athletica, Anthropologie, Madewell and Starbucks Coffee. Jon Mikula and Connor Milanaik of HFF worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, fixed-rate loan through Principal Commercial Capital.
SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an expansion that will add 38 independent living units, 10 assisted living units and six skilled nursing units, as well as renovate common areas and the skilled nursing facility. The proceeds of the fixed-rate bonds will be used to refinance 2006 bonds, finance the expansion, pay the costs of bond issuance and fund a debt service reserve fund. M&T Bank was the purchaser of the bonds, and Greenbrier Development acted as development consultant on the expansion project.
CARROLLTON, TEXAS — Dougherty Mortgage LLC has arranged a $32 million Fannie Mae loan for the acquisition of Mustang Park Apartments, a 289-unit multifamily community in Carrollton. The property offers amenities such as a fitness center, business center and a pool. The 12-year loan, which was arranged on behalf of borrower The Mustang Apartments LLC, features five years of interest-only payments and a 30-year amortization schedule.
HOUSTON — BMC Capital has secured a $6.7 million bridge loan for the purchase of a 163-unit multifamily property in Houston. Clayton Wells of BMC Capital arranged the non-recourse loan, which includes a 75 percent loan to value (LTV) ration and 18 months of interest-only payments. The names of the lender, borrower and property were not disclosed.
KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded Quality Suites, but will be undergoing a renovation over the next 18 months. Located at 5876 W. Irlo Bronson Memorial Highway, the hotel is roughly three miles southeast of Walt Disney World.
SALEM, N.H. — Cornerstone Realty Capital has arranged $37.7 million in financing for The Dolben Co. for the development of an apartment community in Salem. The loan features an interest-only period during construction followed by a 30-year amortization schedule. The 256-unit apartment complex will consist of four residential buildings, a 5,500-square-foot clubhouse, outdoor swimming pool, grilling area and play area. Units will feature granite counters, kitchens with stainless steel appliances, in-unit laundry and a private balcony or patio. The community will feature a mix of studio, one-bedroom/one-bath units and two-bedroom/two-bath units ranging from 567 square feet to 1,088 square feet.
HOUSTON — HFF has arranged a $121.6 million floating-rate bridge loan for the redevelopment of The Star, a multifamily development located in downtown Houston. Upon completion, the property will feature 286 multifamily units, 26,000 square feet of retail space, 8,000 square feet of storage space and 672 parking spaces. Steve Heldenfels and Matthew Putterman of HFF arranged the loan through TPG RE Finance Trust on behalf of the borrower, Provident Realty Advisors.