BRADENTON AND ST. PETERSBURG, FLA. — Goldman Sachs has provided $54.3 million in financing for two apartment communities in the Tampa Bay area. The properties include the 281-unit Fountain Lakes Apartments located at 5620 Fountain Lake Circle in Bradenton and the 276-unit Sienna Bay Apartments located at 10501 3rd St. in St. Petersburg. Mona Carlton, Elliott Throne and Matthew Sand of HFF arranged the two 10-year, fixed-rate loans through Goldman Sachs. The borrower, Beachwold Residential, will use the financing to retire existing bridge financing and return sponsor equity following a renovation/expansion program at both communities.
Meridian Capital Group Arranges $21M Acquisition Financing for Office Property in Syracuse, New York
SYRACUSE, N.Y. — Meridian Capital Group has arranged $19 million in acquisition financing and $2 million for the repositioning of One Lincoln Center, an office property in Syracuse. The financing was arranged on behalf of Asher Zamir of Zamir Equities. Meridian’s Steven Edelstein, Steven Adler and Luke Hingson negotiated the loan, which was provided by a debt fund. One Lincoln Center is a 19-story, 305,594-square-foot office tower anchored by JPMorgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis, and Earthlink. Located at 110 W. Fayette St., the property is adjacent to the intersection of I-81 and I-690.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019. Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.
FORT LEE, N.J. — PMZ Realty Capital has arranged a $23.7 million construction loan for Hyatt Place Fort Lee. The 168-room property will offer rooms including work desks, refrigerators, coffee makers and an in-room safe. The hotel also features complimentary breakfast.
AUSTIN, TEXAS — Walker & Dunlop has closed an $8.8 million loan for the refinancing of SOCO Apartments, a 122-unit, garden-style multifamily community located at 6300 S. Congress Ave. in Austin. The 103,568-square-foot, Class A property consists of one-, two- and three-bedroom apartments that are 95 percent occupied. Stuart Wernick of Walker & Dunlop led the loan placement team.
HOUSTON — Berkadia has secured approximately $130 million in financing for H7, a seven-property multifamily portfolio in Houston. Totaling more than 2,000 units of Class B space, the portfolio had an average occupancy rate of 93 percent at the time of the loan closing. Ed Kim of Berkadia secured the floating-rate loan with a 75 percent loan-to-value ratio through an undisclosed CMBS lender.
ARLINGTON, TEXAS — NXT Capital has provided a $31.5 million first mortgage loan for the acquisition of a 246-unit, Class A multifamily community in Arlington. The property is located between the junction of State Highways 183 and 360 and the intersection of Interstates 30 and 820. Mark Brandenburg of JLL arranged the financing on behalf of the undisclosed borrower.
CHULA VISTA, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged $8.3 million in institutional equity capital and $22 million in construction debt for a joint venture between Douglas Wilson Cos. and Milestone Retirement Communities LLC. The borrowers will use the financing to build a 111-unit assisted living and memory care community within the Otay Ranch master-planned development in the San Diego suburb of Chula Vista. The community will consist of a two-story building on a 4.5-acre site with easy access to downtown San Diego. The project will offer 85 assisted living units and 26 memory care units. Milestone Retirement Communities will manage the property. Construction on the site is slated to begin this month for an anticipated opening in the fall of 2018. Wells Fargo is providing the construction loan. The Cushman & Wakefield team of Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Alex Petrosian arranged the financing.
PEACHTREE CORNERS, GA. — SunTrust Commercial Real Estate, a division of SunTrust Banks Inc., has provided a $13.7 million loan to TPA Group for Crawford & Co.’s new global headquarters. TPA Group will use the loan to refinance and proceed with the renovation of the existing building at 5335 Triangle Parkway in Peachtree Corners, a Gwinnett County suburb of Atlanta. Crawford & Co., an independent claims management firm, expects to move its 500 employees from its existing office in Atlanta’s Central Perimeter submarket in November. SunTrust Commercial Real Estate was the sole lender for the new facility.
MOOSUP, CONN. — KeyBank’s community development lending and investment team has financed a $6 million bridge-to-HUD loan for Vesta Corp. for the acquisition of Moosup Apartments. The property is an 89-unit multifamily complex consisting of nine two-story buildings in the rural community of Moosup. Moosup Apartments includes one-, two- and three- bedroom townhomes. Of the 89 units, 27 are covered by a Section 8 HAP contract. KeyBank’s Kelly Frank arranged the financing.