loans

3201-Race-St-Philadelphia-Pa

PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.

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PHOENIX — A joint venture led by Sunroad Enterprises received $23.5 million in first mortgage debt to finance the acquisition of the 240-unit Sonoma Ridge Apartments in Phoenix. The community is located at 8201 W. Beardsley Road. HFF’s Aldon Cole and Tim Wright arranged the financing, which Mesa West Capital provided.

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GRAYSLAKE, ILL. — Avison Young has arranged a $34 million loan for Strategic Properties of North America to acquire a multifamily property in Grayslake, approximately 45 miles northwest of Chicago. Grays Pointe Apartment Complex is a 396-unit property that is comprised of 301 rental units and 95 condominiums. Pine River Capital Management advised the undisclosed lender. Amenities at Grays Pointe Apartment Complex include basketball courts, a business center, clubhouse, playground, swimming pool and tennis courts. Justin Piasecki and Ethan Blum of Avison Young arranged the financing.

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SCOTTSDALE, ARIZ. — A joint venture between Optima and DeBartolo Development received $49.8 million in first mortgage debt to refinance the 206-unit Optima Sonoran Village in Old Town Scottsdale. The community is located at 6895 East Camelback Road. CBRE’s Rocco Mandala arranged the financing, and Mesa West Capital provided the funding.

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SEATTLE — Oxford Finance LLC, a Virginia-based specialty finance firm that provides senior debt to life sciences and healthcare services companies, has closed a $27 million term loan to Cascade Capital Group LLC. The funds were used to purchase three skilled nursing facilities in Colorado and Utah. The names of the facilities were not disclosed. Based in Seattle, Cascade Capital is a newly formed private equity firm that invests in long-term care facilities. It leases its facilities to Illinois-based Legacy Healthcare.

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FARMINGTON AND HOWELL, MICH. — Capital Finance LLC, a subsidiary of Baltimore-based Capital Funding Group (CFG), has arranged a $7 million working capital line of credit for the operator of Farmington Health Care Center in Farmington and Howell Care Center in Howell. Both towns are northwest suburbs of Detroit. The two skilled nursing facilities, which were recently acquired, total 273 beds. The credit line provides the borrowers with additional commitment capacity while they work to obtain their new provider numbers from the Centers for Medicare and Medicaid Services, according to CFG.

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BOSTON — IBA – Inquilinos Boricuas en Acción has secured $1.3 million in financing from the Department of Housing and Community Development to renovate Residencia Betances, a housing development in Boston’s South End. Located on Shawmut Avenue, the property, which serves low-income individuals with serious mental health issues, features 11 single-room occupancy units. Planned renovations include enhancements to the property’s historical brownstone exterior and revamping the interior to create a more open and welcoming floor plan, along with improvements to the individual units. Originally developed in 1993 by IBA, the property is one of the few properties that provides supportive housing to Spanish-speaking residents who are formerly homeless clients of the Development of Mental Health.

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DORAL, FLA. — Cohen Financial has secured a $73.2 million construction loan for the development of two Class A luxury residential buildings in Doral, a suburb of Miami. The two eight-story buildings will total 418 apartment units and be part of Landmark at Doral, a multifamily development located at the northeast corner of the intersection of N.W. 107th Avenue and N.W. 58th Street. Upon completion, Landmark at Doral will feature 631 units and three buildings, as well as 40,000 square feet of retail space. Daniel Sheehan and Eric McGlynn of Cohen Financial’s equity practice in Miami arranged the loan on behalf of the borrowers, The Congress Group Inc. and Encore Housing Opportunity Fund.

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Half Mile North Charleston

CHARLESTON, S.C. — CBRE’s capital markets debt and structured finance team has secured a $35 million loan to recapitalize Half Mile North, an 89,919-square-foot mixed-use development in Charleston. The loan will also provide construction financing for a similar and associated 131,174-square-foot development to be called Pacific Box & Crate. Jeff Ackemann and Porter McDonald of CBRE’s Atlanta office arranged the financing through Citizens Bank on behalf of Raven Cliff Co. LLC, which is the developer of the two adaptive reuse projects. Half Mile North is close to being delivered and is nearly fully leased. Pacific Box & Crate, one-fourth of a mile away from Half Mile North, is slated to deliver in the fourth quarter of 2016 and will provide additional office and retail space. BoomTown and Phish Labs have signed leases at Pacific Box & Crate, and Blue Acorn occupies space at Half Mile North. The two properties are approximately 83 percent pre-leased.

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ALPHARETTA, GA. — NorthMarq Capital has arranged a $4.2 million acquisition loan for Windward Forest, a 67,000-square-foot office building located at 960 North Point Parkway in Alpharetta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq’s Atlanta office arranged the five-year, fixed-rate loan with a 25-year amortization schedule through a local bank. The borrower used the proceeds to purchase Windward Forest in a 1031 exchange.

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