COLLEGE STATION, TEXAS — New York City-based Arbor Realty Trust Inc. (NYSE: ABR) has provided a $10 million bridge loan for the acquisition of Vintage at College Station, a 200-unit apartment community in College Station. The newly remodeled property is located about two miles from Texas A&M University’s campus and features one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops, wood flooring and walk-in closets. Amenities include a pool, fitness center, outdoor grilling areas, business center and a dog park. Stephen York of Arbor originated the loan. The borrower was not disclosed.
IRVING, TEXAS — New York City-based Ready Capital has closed a $43.2 million loan for the acquisition, renovation and stabilization of a 416-unit multifamily property in Irving. The undisclosed sponsor plans to implement a capital improvement program to upgrade unit interiors and enhance curb appeal. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and a flexible prepayment schedule. The names of the property and seller were not disclosed.
DALLAS AND SAN ANTONIO — JLL has arranged $48.5 million in financing for a four-building, 505,719-square-foot industrial portfolio that includes cold storage space in Dallas and San Antonio. The portfolio includes two net-leased assets in infill submarkets at 3551 Dan Morton Drive in Dallas and 2001 S. Laredo St. in San Antonio that were acquired in January in a sale-leaseback with custom food manufacturer Surlean Foods. Christopher Drew, Maxx Carney, Reid Carleton, Jeremy Womack and Jarrod McCabe of JLL arranged the three-year, floating-rate loan on behalf of the borrower, MDH Partners. An undisclosed local bank provided the funds.
NEW YORK CITY — New York City-based Ready Capital has closed a $78.7 million bridge loan for the acquisition, renovation and stabilization of a portfolio of four multifamily properties totaling 540 units in New York’s Hudson Valley region. Christopher Peck, Scott Aiese, Rob Hinckley, Marko Kazanjian, Alex Staikos, Nicco Lupo and Andrew Cohen of JLL arranged the funds, a portion of which will be used to fund capital improvements to the unit interiors and amenity spaces. The borrower was Aker, Baxter and Pearlmark. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and flexible prepayment options. The financing also includes a facility to provide future funding for capital expenditures and interest shortfalls.
PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan Associates.
DARIEN, CONN. — Boston-based mortgage banking firm EagleBridge Capital has arranged $14.7 million in mortgage financing for Darien Crossing, a 77,000-square-foot office complex in Darien, located in the southern coastal part of the state. Darien Crossing consists of three buildings on 5.2 acres that were recently renovated to offer a new café with indoor and outdoor seating, as well as a new fitness center and conference facility. Brian Walsh of EagleBridge Capital arranged the loan through an undisclosed national lender. The borrower was also undisclosed.
CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.
Lument Provides $8.3M HUD-Insured Loan for Refinancing of Senior Living Property in Upstate New York
OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f) program.
PHILADELPHIA — JLL has arranged a $220 million construction loan for a 452,000-square-foot healthcare project that will be located at 1101 Chestnut St. in downtown Philadelphia’s Center City district. Jefferson Health will occupy the 19-story ambulatory clinic, which is expected to be complete in the first quarter of 2024. Chad Orcutt and Jim Galbally of JLL arranged the debt through a syndicate of banks on behalf of the development team, a joint venture between National Real Estate Advisors LLC, Joss Realty Partners, SSH and Young Capital.
NEW YORK CITY — Progress Capital has arranged a $15 million acquisition loan for a development site located at 124-132 E. 125th St. in Harlem. The site is situated near public transit outlets and several recreational areas such as McNair Park, Alice Kornegay Triangle and Harlem Art Park. The borrower, locally based developer Maddd Equities, plans to construct a building of an undisclosed size that will feature retail and other types of commercial space. Brad Domenico of Progress Capital arranged the loan, terms of which included two years of interest-only payments, through Metropolitan Bank.