WAKE FOREST, N.C. — Q10 Professional Mortgage of North Carolina LLC has originated an $8.2 million loan for Market at Wake Forest, a 116,341-square-foot retail center located in Wake Forest. Food Lion anchors the property. Spencer Wilson of Q10 Professional Mortgage originated the non-recourse, permanent loan through an unnamed CMBS lender.
NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.
LIVERMORE, CALIF. — RedMill Capital has secured a $38.6 million construction loan that will allow it to break ground this fall on The Shoppes at Livermore, a mixed-use retail development in Livermore, approximately 40 miles east of San Francisco. American National Insurance Co. was the lender. Slated for completion in 2017, the development will feature 120,000 square feet. Terms of the financing were not disclosed.
LOS ANGELES — Thorofare Capital has arranged a $23 million, floating-rate commercial mortgage for a retail property located in the Koreatown neighborhood of Los Angeles. The borrower was not disclosed. The property offers 50,000 square feet of retail space. Kevin Miller and Felix Gutnikov of Thorofare Capital secured the financing.
NEW YORK CITY — Tahl Propp Equities, Bellwether Enterprise Real Estate Capital and Enterprise Community Investment have announced the closing of a deal to finance the acquisition and renovation of five affordable housing communities in Harlem. The deal allows for the rehabilitation of all 18 buildings, totaling 549 units, keeping the apartments as affordable to low-income housing for the next 40 years. Additionally, all buildings have federal project-based Section 8 contracts, which will further preserve affordability through rental subsidies for the property owners. The five properties are Gladys Hampton Houses (2144 Frederick Douglas Blvd. and 400 St. Nicholas Ave.), New West I and II (8-56 W. 111th St.) and Riverside I and II (602-622 W. 135th St.). Costs, including acquisition and rehabilitation, total nearly $135 million. New York City Department of Housing Preservation and Development provided a $15.2 million loan and Low-Income Housing Tax Credits resulting in $35.9 million in equity; and New York City Housing Development Corp. provided $62.3 million in Tax Exempt Bonds for construction financing through Bellwether Enterprise. Other sources of funding include a seller note, transfer of existing reserves, deferred developer fee and income from operations. Enterprise Community Investment syndicated the tax credit equity to finance the …
NEW YORK CITY — Eastern Union Funding has arranged a $4.8 million loan for the refinancing of a five-story, mixed-use brownstone in Tribeca. The borrowers are two private owners. Located at 78 Franklin St., the property has undergone a $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade, and new stairs, elevator, HVAC and roof. The property’s commercial tenant is Aqua Studio, an underwater cycling studio. David Betesh and Ted Matalon of Eastern Union arranged the financing, which was provided by First American International Bank.
PLANO, TEXAS — Pacific Southwest Realty Services (PSRS), a California-based commercial mortgage banking firm, has closed a $7.6 million, 16-year non-recourse loan for a Los Angeles-based borrower with John Hancock Life Insurance Co. The deal is for a 135-unit one- and two-bedroom apartment complex in Plano. Michael Tanner of PSRS arranged the loan, which includes a fixed interest rate and a 30-year amortization schedule. PSRS will service the loan for the balance of the term.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has closed a $45.5 million loan secured by a five-property, 246,000-square-foot office portfolio in Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed life insurance company on behalf of the borrower, Charlotte-based Beacon Partners, which leases and manages more than 9 million square feet of office and industrial space in North and South Carolina.
BETHESDA, MD. — Capital One Healthcare has provided a $37.8 million loan to CNL Healthcare Properties for a five-property healthcare real estate portfolio in the Triangle region of North Carolina. The portfolio comprises the North Carolina Specialty Hospital in Durham and four medical office buildings in Roxboro, Oxford and Chapel Hill. CNL Healthcare Properties, a non-traded seniors housing and healthcare REIT, is using the loan to refinance the portfolio, which it purchased in June 2015.
CARMICHAEL, CALIF. — Greystone, a real estate advisory firm, has provided $25.2 million loan Oakmont Senior Living to refinance Oakmont Carmichael, a 71-unit assisted living and memory care community in the Sacramento submarket of Carmichael. The loan carries a 10-year, fixed-rate term with a 30-year amortization. The property is newly constructed and includes a two-story building located on 2.4 acres. Greystone’s Scott Kavel and Cary Tremper originated the loan.
