PLAINVIEW, N.Y. — G.S. Wilcox, an intermediary based in Northern New Jersey, has provided an $18 million loan for the refinancing of a 118,000-square-foot shopping center in the Long Island hamlet of Plainview. The loan was structured with a 15-year term and a 30-year amortization schedule. David Fryer of G.S. Wilcox arranged the loan through one of the firm’s correspondent lenders on behalf of the undisclosed borrower.
MANCHESTER, BEDFORD AND NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The communities include Courville at Manchester in Manchester, Courville at Carlyle Place in Bedford and Courville Nashua & Aynsley in Nashua. Lisa Fischman of Greystone originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. The borrower and owner was The Courville Company.
EL PASO, TEXAS — Lument, the newly combined organization of Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $21.5 million Freddie Mac loan for the renovation of Jackie Robinson Memorial Apartments in El Paso. Built in 1975, the property consists of 186 units that are restricted to renters earning 60 percent or less of the area median income. The loan features a fixed interest rate, 18-year term with three years of interest-only payments and a 35-year amortization schedule. The capital improvement program will include a gut renovation of all residential units, from new drywall to new kitchen appliances. In addition, exteriors will be improved with new windows and doors, repaired or replaced roofs and new stair towers. Construction began in October 2020 and is expected to be complete within 24 months.
SAN ANTONIO — NorthMarq has arranged an $8 million loan for the refinancing of Crownridge Centre, a 41,590-square-foot office building located on the north side of San Antonio. Bryan Leonard of NorthMarq placed the debt through an undisclosed life insurance company on behalf of the locally based sponsor. The financing was structured with a fixed interest rate and a fully amortizing 20-year term. The building is leased to tenants in the financial, medical and energy sectors.
ORANGE, N.J. — Lee & Associates has arranged a $12.5 million construction loan for The Legacy, a 51-unit multifamily project that will be located in the Newark suburb of Orange. The property will offer one- and two-bedroom units and a fitness center and rooftop deck. Gary Sopko and Jerry Joseph of Lee & Associates arranged the loan on behalf of the private developer, former NFL player Kimble Wright. Construction is scheduled to begin this month and to be complete in spring 2022. Parkview Financial provided the loan.
NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged $186.4 million for the refinancing of a portfolio of 16 multifamily properties totaling 1,126 units in The Bronx. Bryan Manz, Emil DePasquale, Phil Bowman and Jack Cohen of BBCP arranged 16 separate loans through Fannie Mae’s Green Rewards program, which provides savings to apartment owners that commit to reducing annual water and/or energy usage by at least 30 percent. The borrower was locally based owner-operator Finkelstein Timberger East Real Estate. The loans were structured with an averaged fixed interest rate of 2.98 percent for 12 years with partial interest-only payments, followed by 30-year amortization schedules.
BOONVILLE, N.Y. — Greystone has provided a $10.4 million bridge loan for the refinancing of Sunset Nursing & Rehabilitation Center, a 120-bed skilled nursing facility in Boonville, about 70 miles northwest of Syracuse. The property was built in phases between 1964 and 1985 and renovated in 2008. Fred Levine of Greystone originated the loan on behalf of the borrowers, Sunset PropCo LLC and Sunset Operating LLC.
AUSTIN, TEXAS — New York City-based Dwight Capital has provided a $27.9 million HUD 223(f) loan for the refinancing of Terrazzo Apartments, a 224-unit multifamily community in North Austin. Built in 1997 and renovated in 2007, the property consists of 12 three-story buildings on an 18-acre tract. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, coffee bar, clubhouse and a playground. Brandon Baksh and Brian Yee of Dwight Capital originated the financing.
HOUSTON — Gryphon Real Estate Capital Partners and Electra Capital have provided a $43 million bridge loan for the acquisition of Westridge Gardens and Mainridge, two multifamily properties in Houston totaling 620 units. Both properties were built in the 1970s. Derek Fasulo of CBRE arranged the financing. The borrower was Three Pillars Capital Group, which plans to implement a value-add program. Gryphon provided the senior mortgage of $35 million, while Electra Capital placed an $8 million mezzanine loan.
SAN ANTONIO — KeyBank has provided $54.4 million in financing for Kitty Hawk Flats, a 212-unit affordable housing development that will be located in San Antonio. The financing consisted of a $23.5 million low-income housing tax credit (LIHTC) construction loan, a $7.4 million bridge loan and a $23.5 million fixed-rate Freddie Mac loan. Kitty Hawk Flats will comprise six one-bedroom, 70 two-bedroom, 100 three-bedroom and 36 four-bedroom units, with units reserved for renters earning between 30 and 70 percent of the area median income. The borrower was The NRP Group. Construction is expected to be complete by March 2022. Kyle Kolesar and Robbie Lynn of KeyBank originated the transaction.