MONTGOMERY, TEXAS — New York City-based Dwight Capital has provided $23.6 million in HUD financing for Montgomery Trace & Stewart Creek Apartments, a 264-unit multifamily asset in Montgomery, about 50 miles north of Houston. Proceeds will be used to refinance existing debt. The property was built in two phases between 2005 and 2011 and features amenities such as three pools, a fitness center, resident clubhouse, playground and a dog park. Brian Yee of Dwight Capital originated the loan. The borrower was not disclosed.
SUGAR LAND, TEXAS — New York City-based CIT Group Inc. has provided a $19.3 million acquisition loan for Sugar Creek Health Center, an 84,646-square-foot medical office building located in the southwestern Houston suburb of Sugar Land. The property is leased to providers of ambulatory surgery, imaging, orthopedics, women’s health, dentistry and optometry services. The borrower was an affiliate of Austin-based Virtus Real Estate Capital.
NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance Inc., will use the proceeds to fund capital improvements and preserve the property’s affordability. The loan was structured with a 30-year term and a 40-year amortization schedule.
HOUSTON — Los Angeles-based PCCP LLC has provided a $30 million acquisition loan for Alexan Southside, a 270-unit multifamily property located at 4139 Bellaire Blvd. within Houston’s inner loop. The borrower was Lubbock-based Madera Residential. Built in 2017, the four-story property consists of 190 one-bedroom units averaging 752 square feet and 80 two-bedroom units averaging 1,241 square feet. Units are furnished with stainless steel appliances, custom cabinets, granite/quartz countertops, nickel fixtures and individual washers and dryers. Amenities include a pool, fitness center, business center, private courtyards, grilling areas and a private dining room.
COLLEYVILLE, TEXAS — CBRE has arranged a $32 million bridge loan for the refinancing of Town Center Colleyville, a 246,327-square-foot shopping center in Colleyville, a northeastern suburb of Fort Worth. The borrower, Sterling Organization, acquired the grocery-anchored property in 2020. Shaun Moothart, Dana Summers, Scott Lewis and Frank Piasta of CBRE arranged the financing through Rialto Capital. The loan was structured with a three-year initial term and two one-year extension options.
UNION, N.J. — G.S. Wilcox, a commercial mortgage banking firm based in Northern New Jersey, has arranged a $49.8 million construction loan for a 266-unit multifamily project in Union, a suburb of Newark. The project represents Phase II of an existing multifamily development. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the floating-rate loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.
WEST ORANGE, N.J. — Thorofare Capital has provided a $13 million bridge loan for the acquisition of a 70,000-square-foot medical office building in the Northern New Jersey community of West Orange. The property is located within a mile of a 577-bed hospital. The loan was structured with a five-year term and includes proceeds for tenant improvements and other capital expenditures. The borrower was an undisclosed institutional owner-operator.
CHESTNUT HILL, MASS. — Berkadia has provided a $42.9 million Freddie Mac loan for the refinancing of Hancock Estates, a garden-style apartment community located in the western Boston suburb of Chestnut Hill. The property totals 88 units, according to Apartments.com. Hancock Estates offers one- and two-bedroom floor plans and amenities such as a community garden, resident lounge, fitness center and outdoor picnic areas. Robert Lipson of Berkadia originated the 15-year loan on behalf of the borrower, Massachusetts-based Chestnut Hill Realty.
HOUSTON — Arbor Realty Trust Inc. (NYSE: ABR) has provided a $30 million acquisition loan for PARC at 505, a 486-unit apartment community located on the north side of Houston. The property offers one-, two-, and three-bedroom apartment homes, as well as lofts, flats and townhomes. According to Apartmentlist.com, amenities include a pool, fitness center, business center, volleyball court, playground, clubhouse, dog park and package handling services. Alexander Kaushansky of Arbor’s New York City office originated the loan. The borrower was not disclosed.
PHILADELPHIA — Black Bear Capital Partners has arranged a $17.5 million loan for the refinancing of a portfolio of five multifamily properties totaling 239 units in Philadelphia. The properties are located at 4619-4621 Chester Ave.; 4601 Chester Ave.; 419-429 S. 48th St.; 241 S. 47th St.; and 4416-18 Osage Ave. Peapack-Gladstone Bank provided the loan, specific terms of which were not disclosed, to New Horizons Housing, an owner-operator of more than 800 units in Philadelphia and Columbus, Ohio. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the financing.