SHERMAN OAKS, CALIF. — Meridian Capital Group, on behalf of The Festival Companies, has arranged $18.5 million in financing to recapitalize a retail property located at 4550 Van Nuys Blvd. in Sherman Oaks. The two-year loan features two years of interest-only payments and a one-year extension option. A regional bank provided the capital. Ulta Beauty, Sprint, Luna Grill and Starbucks Coffee occupy the 33,273-square-foot retail property. Seth Grossman and Andy Strauss of Meridian Capital Group arranged the loan for the borrower.
ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.
KALAMAZOO, MICH. — Cohen Financial has arranged a $10 million HUD 223(f) fixed-rate loan through Pillar’s lending program for Landing Apartments in Kalamazoo. The 35-year loan will refinance the original short-term bank loan that Cohen Financial secured for the acquisition of the property. The borrower, Trillium Ventures MSV, acquired the 180-unit multifamily property in 2015. Cathy Bronkema of Cohen Financial arranged the financing for the borrower.
ANAHEIM, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $13.5 million loan to La Palma Royale, a 199-bed assisted living community in Anaheim. The 73,641-square-foot, two-story community was built in 1974, and has been remodeled twice since then. The borrower, Azure Leisure Living, plans to use the funds in addition to $8 million in equity to purchase the community. Azure started co-managing the property earlier this year and has improved the occupancy rate up to the national average, according to iBorrow.
CLEVELAND — KeyBank’s community development lending and investing group will provide $9.6 million in the form of Low-Income Housing Tax Credit (LIHTC) equity to help finance Emerald Alliance IX in Cleveland’s Union Miles neighborhood. Upon completion, the project will be renamed Inez Killingsworth Place and offer 66 units of permanent supportive housing, as well as supportive services, to chronically homeless individuals making less than 30, 50 or 60 percent of the area median income. The project is the ninth permanent supportive housing effort co-developed under the Cuyahoga County Housing First Initiative by the Cleveland Housing Network and Emerald Development and Economic Network. The Housing First model, endorsed by the National Association to End Homelessness, prioritizes securing housing for homeless individuals as quickly as possible. Ryan Olman of KeyBank closed the transaction.
NEW YORK CITY — Rockrose Development has received a $65 million mortgage refinance loan for a residential rental building located at 100 Jane St. in Manhattan’s West Village. Andrew Singer and Kathleen McSharry of The Singer & Bassuk Organization arranged the financing, which was provided by Wells Fargo. Acquired in 1981, the nine-story building features 123,646 square feet, 148 residential units, a fitness center, roof deck and landscaped interior courtyard.
WINDHAM, CONN. — Greystone has provided a $36 million Fannie Mae DUS loan to refinance Colonial Townhouse Apartments in Windham. Donny Rosenberg of Greystone and Shaya Ackerman of Meridian Capital originated the loan for the borrower, Colonial BT LLC. The non-recourse loan carries a 10-year fixed term with the first three years as interest-only payments and a 30-year amortization schedule. The 444-unit property is 95.9 percent occupied.
NEW YORK CITY — Eastern Union Funding has arranged a $10.3 million acquisition loan on behalf of ABJ Properties for its $16 million purchase of a multifamily portfolio in Harlem. The six-building portfolio comprises 82 apartments and six retail spaces. The properties are located at 53-55 W. 130th St., 165 W. 122nd St., 56 W. 127th St., 2401 Adam Clayton Powell Jr. Blvd., and 342 and 346 Lenox Ave. Meir Kessner and Ira Zlotowitz of Eastern Union Funding secured the loan, which was provided by Customers Bank.
NorthMarq Capital Arranges $49.8M in Financing for Student Housing Assets in North Carolina, Memphis
GREENVILLE, N.C. AND MEMPHIS, TENN. — NorthMarq Capital has arranged $49.8 million in non-recourse financing for two student housing communities in North Carolina and Tennessee. The financing includes a $21.7 million construction loan and $5.5 million mezzanine loan for Gather Uptown, a 405-bed student housing community underway near East Carolina University in Greenville. Steve Whitehead of NorthMarq Capital’s Dallas office and Rob Hervey of the firm’s Los Angeles office arranged both loans through an unnamed life insurance company. Both interest-only loans have three-year terms. Whitehead and Hervey also arranged the $22.6 million refinancing of Gather on Southern, a 435-bed student housing property located across the street from the University of Memphis campus. The community was fully occupied at the time of financing. The five-year loan features one year of interest-only payments followed by a 30-year amortization schedule. Whitehead and Hervey arranged the loan through an unnamed life insurance company, and the unnamed borrower will use the financing to take out an existing construction loan.
DENTON, TEXAS — Old Capital has provided a $9.3 million loan for the purchase of The Loop Apartments in Denton. The loan includes $500,000 for renovations to the 160-unit property. The eight-year loan includes a 75 percent loan-to-value ratio and a 30-year amortization schedule. The buyer was unnamed.