ORLANDO, FLA. — Pembrook Capital Management LLC has closed $20.5 million in acquisition financing for Silver Oak Apartments, a 320-unit apartment community in Orlando. The financing includes a $17 million bridge loan and a $3.5 million preferred equity investment. The unnamed borrower plans to use the financing to purchase the property and renovate 115 units over the next two years. The borrower will also upgrade the community’s exterior, swimming pools, clubhouse and fitness center.
ORLANDO, FLA. — KeyBank Real Estate Capital has provided $116.6 million in loans to Sentio Healthcare Properties, a REIT based in Orlando. Sentio will use the money to recapitalize its portfolio of eight seniors housing properties throughout the United States. The financing was structured as a $62 million in direct (balance sheet) loan and a series of Fannie Mae loans totaling $54.6 million. The specific eight properties involved in the financing were not disclosed. Grant Saunders and Sarah Belmont of KeyBank Real Estate Capital’s Healthcare Group originated the bank term loan, while Charlie Shoop of Key’s Healthcare Mortgage Banking Group arranged the Fannie Mae financing. Sentio is a public, non-traded REIT established in 2006. The company primarily invests in seniors housing and healthcare communities with investments in 34 properties across 16 states.
HARVEY AND ALGIERS, LA. — G.S. Wilcox & Co. has arranged two loans totaling $44.2 million for apartment communities in Harvey and Algiers. David Fryer of G.S. Wilcox arranged the two loans through Legacy Texas Bank on behalf of an unnamed, repeat client of G.S. Wilcox. The financing includes a $24.2 million loan for the refinancing of a 408-unit garden-style community in Harvey and a $20 million acquisition loan for a 442-unit garden-style community in Algiers.
JOHNSTON, IOWA — NorthMarq Capital has arranged the $12.4 million refinancing of Providence Pointe East, a 141-unit apartment community located at 10310 Providence Drive in Johnston. Jason Kinnison of NorthMarq Capital’s Omaha, Neb., office arranged the Freddie Mac loan on behalf of the undisclosed borrower.
JERSEY CITY, N.J. — Silver Arch Capital Partners has originated a $10.75 million loan allowing Tramz Hotels Group to refinance a 15,300-square-foot land parcel located at 155 Luis Munoz Marin Boulevard in Hudson County, N.J., on which it will develop a 202,495-square-foot, 276-room Marriott hotel. The property will include a full-service restaurant, a bar and lounge area plus associated services such as concierge, salon, meeting/banquet rooms and a full-service fitness center. Tarrunumn Murad along with her husband Tajjammal Murad founded Tramz Hotels Group in 1987. She was only the second woman to become a chartered accountant in Pakistan in 1976. In the U.S., she has financed transactions of more than $150 million and holds an MBA from Columbia University in New York.
NEWARK, DEL. — NorthMarq Capital has arranged the $2.4 million refinance of Millstone Plaza Apartments, a 24-unit multifamily property with 2,500 square feet of office space. The transaction was structured with a 10-year term and 30-year amortization schedule. Ed Riekstins of NorthMarq secured financing for the borrower through a national bank.
DALLAS — Greysteel has arranged bridge financing for the refinancing of The Trails Apartments, a multifamily property located in Dallas, on behalf of 4335 Cedar Springs LLC. A local lender provided the 12-month, interest-only line of credit, which features a floating interest rate of 325 basis points over the 30-day LIBOR rate. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. The Trails Apartments, located at 4335 Cedar Springs Road, was built in 1966 and totals 20 units. The property features a pool, gated parking and townhome-style units with private patios.
SANTEE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $24.9 million loan for The Grant Companies to refinance The Pointe at Lantern Crest, a seniors housing community in the San Diego suburb of Santee. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured a 10-year loan through Freddie Mac. The loan will refinance the existing construction loan. The Pointe at Latern Crest opened in 2012 offering assisted living and memory care units. The second phase, which was completed in 2015, added independent and assisted living. The Grant Companies was formed in 1989 as a joint venture between three California corporations. The company has developed or constructed more than $500 million in medical office buildings, apartment complexes, industrial buildings, shopping centers, motels, restaurants and mixed-use developments.
GLENDALE, ARIZ. — Ziegler, a specialty investment bank, has arranged $20.5 million in non-rated, fixed-rate bonds for Glencroft Senior Living, a continuing care retirement community (CCRC) in Glendale. The community, built by Friendship Retirement Corp. in 1970, comprises several entities: Glencroft Towers I, Sarah’s Place, Friendship Foundation and Colter Commons. The CCRC totals 752 units. Glencroft Towers I and Sarah’s Place were funded with HUD and FHA-insured loans, respectively, which the new bonds will refinance. The new bonds are part of a turnaround effort for Glencroft, which was hit hard by the Great Recession. New management took over the community in 2014, converting from an entry-fee model to a standard rental model to attract middle-market seniors.
NEW YORK CITY — Meridian Capital Group has arranged $22 million in acquisition financing for the purchase of a 51-unit loft multifamily building located at 315 Seigel Street on the border of East Williamsburg and Bushwick, on behalf of Sugar Hill Capital Partners. The five-year loan, provided by a regional balance sheet lender, features a fixed-rate in the 3 percent range with one year of interest-only payments and a five-year extension option. Shamir Seidman and Daniel Neiss of Meridian negotiated the transaction.