PAYSON, ARIZ. — MidCap Financial has arranged a $4.5 million bridge-to-HUD loan to refinance Compass Senior Living’s Majestic Rim Retirement Living, located in the Phoenix suburb of Payson. Majestic Rim is a 50-unit independent living facility built in 2006. Compass purchased the property in 2014 as an underperforming asset. MidCap’s bridge loan will refinance existing debt on the property.
ATLANTA — New York Life Insurance Co. has provided a $38.8 million loan for One and Two Perimeter Plaza, a two-building office complex located at 5605 and 5607 Glenridge Drive N.E. in Atlanta’s Central Perimeter office submarket. The recently renovated office buildings total 316,734 square feet and feature covered building access, structured parking, an exterior patio with barbeque grills, café, conference facility and a fitness center. The 11-story One Premier Plaza and the seven-story Two Premier Plaza were 81.4 percent leased at the time of sale to tenants such as McGriff, Siebels & Williams, Mozley, Finlayson & Loggins, FirstPRO, JMG Realty, Peachtree Hotel Group and The Gap. Ed Coco and Matt Casey of HFF arranged the floating-rate, three-year loan through New York Life on behalf of the borrower, Zeller Realty Group.
DALLAS — Dougherty Mortgage LLC, a Minneapolis-based lender, has secured $11.7 million in Fannie Mae acquisition financing for the Estara Apartments, a 216-unit multifamily complex located at 11321 Woodmeadow Parkway in east Dallas. The seven-year loan, which has a 30-year amortization schedule, was arranged for borrower Ascendant RE 1 LLC through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va. offices.
WASHINGTON, D.C. — Natixis has provided a $24 million loan for the repositioning of an 11-story office building in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, Douglas Development, will use the floating-rate financing to pay off existing debt and convert the asset into a 415-unit apartment building with 17,238 square feet of retail space and parking. Douglas Development plans to break ground on the project in 2017 or 2018. The property is situated along the Anacostia River and is within walking distance of Washington Nationals Park and the DC United Stadium, a soccer stadium that is currently under construction.
HOUSTON — Commercial lender Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged acquisition and rehab financing for five multifamily properties in Montrose, a neighborhood on Houston’s south side. Among the properties financed are a 16-unit, 15,454-square-footcommunity at 400 Westmoreland St. and a 16-unit, 11,450-square-foot building at 1717 Norfolk St.. Emily Zarcaro of Q10 KDH sourced the loans from local banks and bridge lenders that chose to remain anonymous. The borrower and loan amounts were undisclosed.
SOUTHEAST PENNSYLVANIA — KeyBank Real Estate Capital’s Healthcare platform has arranged an acquisition loan for Baltimore-based Capital Health Group for the acquisition of a three-property seniors housing portfolio in Southeast Pennsylvania. Shortly after acquisition, Capital Health Group refinanced the acquisition/bridge loan through a series of three separate Fannie Mae financings originated by KeyBank’s Commercial Mortgage Group. The properties feature more than 500 units across the three properties. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group originated the initial acquisition financing, while Charlie Shoop of KeyBank’s Commercial Mortgage Group arranged the Fannie Mae financing.
HOUSTON — Commercial lender Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged a $5 million Small Balance Freddie Mac loan on a multifamily complex in West Houston that encompasses 122 units across 10 buildings. With a fixed interest rate of 4.4 percent, the 10-year loan will finance continued improvements to both the interiors and exteriors of the units. Community amenities include a leasing office/clubhouse, gated entry, on-site laundry facilities, pool, playground and a community grilling area. Q10 KDH Vice President Ryan Watson arranged the loan.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $12.5 million first mortgage for an office building located at 4 W. Red Oak Lane in White Plains. Christie Houlihan of Houlihan-Parnes secured the non-recourse loan, which features a fixed rate for seven years and a five-year extension option, for the undisclosed borrower. The 132,995-square-foot building was 99 percent leased at the time of financing.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged the $27 million refinancing for Hyatt Place, a 172-room hotel in downtown Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed CMBS investor on behalf of a repeat client. Located at 222 S. Caldwell St., the hotel features free Wi-Fi, a 24-hour fitness center, outdoor rooftop pool and a bar.
SUNNYVALE, CALIF. — Natixis has provided a $232.5 million loan for the acquisition of Crossroads III, a 349,758-square-foot office property in Sunnyvale that is fully leased to Apple. The complex is located at 410, 420 and 430 N. Mary Ave. in the Silicon Valley submarket. Tristar Capital acquired the campus. The property was built between 1990 and 1992. Each building features two wings around one central core. There are also two courtyards with fountains between the buildings. The Santa Clara Light Rail station is situated approximately a half mile north of Crossroads III. The property also sits adjacent to the Technology Corners development along West Moffett Place Drive. Richard Horowitz of Cooper-Horowitz arranged the finance. David Edelstein heads Tristar Capital. — Nellie Day
