loans

Cushman & Wakefield Arranges $9M Loan to Build 88-Unit Seniors Housing Community in Arizona

by Nellie Day March 14, 2017

YUMA, ARIZ. — Cushman & Wakefield Senior Housing Capital Markets has negotiated a $9 million loan for Mission Senior Living. The capital will be used to build River Valley Estates, an 88-unit assisted living and memory care community in Yuma. River Valley Estates will feature 56 assisted living units and 32 memory care units in a 66,000-square-foot building on a 5.3-acre site. It will be Mission’s fifth property and third ground-up development. The Cushman & Wakefield team of Aaron Rosenzweig, Richard Swartz, Jay Wagner and James Dooley arranged the loan. Contemporary Healthcare provided the capital.

March 14, 2017

Loans Multifamily Seniors Housing Utah Western

Love Funding Closes $6.8M Construction Loan for Assisted Living Community in Utah

by Nellie Day March 14, 2017

SOUTH JORDAN, UTAH — Love Funding, a lender specializing in FHA loans for healthcare real estate, has closed a $6.8 million bridge loan for the construction of an assisted living and memory care community in the Sale Lake City suburb of South Jordan. Our House of South Jordan will offer 62 beds in a 42,000-square-foot facility. Giza Development LLC, Stout Construction and Primera Group are building the property. SAL Management Group LLC will manage the community once construction is complete. James Vanar of Love Funding’s Los Angeles office arranged the laon, with Love Funding’s parent company, Midland States Bank, providing the capital. This is the second bridge loan Vanar has obtained for Giza Development, which started construction of Shadow Valley Assisted Living and Memory Care in nearby Ogden last year.

March 14, 2017

Loans Texas

Revere Capital Launches $350M Fund for Origination, Acquisition of Commercial Debt

by Taylor Williams March 14, 2017

DALLAS — Revere Capital, a Dallas-based lender, has announced the establishment of Revere Credit Opportunities Fund III LP, a $350 million fund for the origination and acquisition of commercial real estate debt. Revere Capital’s third fund of this type, it is targeted to originate two-to five-year loans for investors and developers of all property types, excluding land. Loans from the fund are expected to range from $3 million to $30 million.

March 14, 2017

Florida Healthcare Loans Office Southeast

Berkadia Arranges $22.5M Loan for Office Building Conversion in West Palm Beach

by John Nelson March 14, 2017

WEST PALM BEACH, FLA. — Berkadia has arranged a $22.5 million bridge loan for the repositioning of the former Bank of America office building located at 625 N. Flagler Drive in West Palm Beach. The borrowers, led by FRI Investors, purchased the 110,000-square-foot, 10-story asset last year in an all-cash transaction with the intent to convert the property into a medical office building. Bank of America vacated its 40,000-square-foot lease at the property late last year. The building is currently 50 percent leased to tenants including Mount Sinai Hospital and Jupiter Medical Center. Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the three-year loan with an adjustable interest rate through PCCP LLP.

March 14, 2017

Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $80M Refinance of Multifamily Portfolio in Hoboken, N.J.

by Haisten Willis March 14, 2017

HOBOKEN, N.J. — Gary Cohen of NorthMarq Capital’s New Jersey-based office has secured the $80 million refinancing of a portfolio of multifamily properties containing 519 total units. The five properties are located throughout Hoboken. The 12-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Applied Housing Management, through its correspondent relationship with a life insurance company.

March 14, 2017

Connecticut Loans Multifamily Northeast

KeyBank Arranges $12.4M in Financing for Multifamily Properties in Connecticut

by Haisten Willis March 14, 2017

NORWALK, CONN. — KeyBank Real Estate Capital has provided $12.4 million in FHA financing for Cedar Court Apartments, a seniors housing community in Norwalk. The 91-unit property will designate at least 40 percent of its units for tenants earning below 60 percent of the area median income. In addition, the property will utilize Section 8 Housing Assistance Payments contract that will provide subsidized rents for 45 units. Jeff Rodman of Key’s commercial mortgage group and Kelly Frank of Key’s community development lending and investment group arranged the construction financing, which will be used to rehabilitate the property.

March 14, 2017

Loans Mixed-Use Texas

Midway, L&B Realty Receive $65M in Financing for Mixed-Use Property in West Houston

by Taylor Williams March 13, 2017

HOUSTON — A partnership between Houston-based developer Midway and Dallas-based investment advisor firm L&B Realty Advisors has received $65 million in interim financing for CityCentre, a mixed-use property in west Houston. Located at 800 Town and Country Blvd., the property, which was developed in 2007, includes a total of 307,509 square feet of retail, hotel, office and residential space. Scott Galloway and Colby Mueck of HFF arranged the financing through JPMorgan and First Tennessee Bank.

March 13, 2017

Hospitality Massachusetts Northeast

Citizens Commercial Banking Provides $70M Construction Loan for Marriott Moxy Hotel in Boston

by Haisten Willis March 13, 2017

BOSTON — Citizens Commercial Banking has provided a $70 million loan to TS Lodging LLC / Norwich Partners to partially finance the construction of a 340-room Marriott Moxy Hotel on the corner of Stuart and Tremont streets in downtown Boston. Citizens is the lead debt arranger of the four-bank group. Construction has begun on the property, which is slated for delivery in the fourth quarter of 2018. Norwich Partners has developed more than two dozen chain-affiliated hotels across New England and Florida. Boston’s Marriott Moxy Hotel will span 142,400 square feet across 25 stories with an illuminated rooftop lounge, 24-hour café, coffee bar, restaurant and lounge. The second and third floors will include common areas, with a fitness center on the third floor.

March 13, 2017

Loans Office Texas

BMC Capital Arranges $18M Construction Loan for Office Property in Allen, Texas

by Taylor Williams March 10, 2017

ALLEN, TEXAS — BMC Capital has secured an $18 million construction loan on behalf of an unspecified developer for a 125,000-square-foot, five-story office property in Allen, a city slightly north of the Dallas-Fort Worth metroplex. The three-year loan has a floating interest rate and a 70 percent loan-to-cost ratio. Delivery of the Class A building is slated for the first quarter of 2018.

March 10, 2017

Healthcare New York Northeast

Seavest, Ciminelli Secure Financing for Conventus MOB in Downtown Buffalo

by Haisten Willis March 10, 2017

BUFFALO, N.Y. — Seavest Healthcare Properties and Ciminelli Real Estate Corp. have secured permanent financing for the seven-story, 350,000-square-foot Conventus medical office building on the Buffalo Niagara Medical Campus (BNMC) in downtown Buffalo. The $75 million, five-year takeout loan replaces the building’s initial construction loan. Both loans were provided by M&T Bank and KeyBank. Located at 1001 Main St., Conventus is connected on two full floors to a children’s hospital and will also be connected to a new medical school by a skybridge. Serving as the northern gateway to the BNMC, the $110 million Conventus building is certified LEED Platinum.

March 10, 2017

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