DALLAS — Hunt Real Estate Capital has provided an $11 million loan for the refinancing of Buckner Village Apartments, a 172-unit multifamily asset in Dallas. Built in 1972, Buckner Village Apartments is a garden-style workforce housing community that was approximately 98 percent occupied at the time of the loan closing. The loan carried a fixed interest rate and a 12-year term with two years of interest-only payments. Duke Stone of Churchill Capital placed the loan on behalf of the borrower, Texas-based JAG Acquisitions LLC.
LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $103.4 million construction loan for two new buildings at Logan North Industrial Park, a 3.2 million-square-foot development in Logan Township, located south of Philadelphia. Building E will span approximately 189,000 square feet and is preleased to cold storage operator Preferred Freezer Services. Building H is preleased to Target and is expected to house operations that will create about 1,300 new jobs. Provident Bank provided $34.4 million in construction financing for Building E, and Wells Fargo provided the $69 million loan for Building H. John Alascio, Sri Vankayala, Chuck Kohaut, T.J. Sullivan and Maya Steinberger of Cushman & Wakefield arranged the funds on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development.
NORTH STRABANE TOWNSHIP, PA. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Partners on the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. The financing comprises $26 million of senior debt financing from First National with a 28-year maturity and $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.
HOUSTON — Newmark Knight Frank (NKF) has provided a $54.8 million Freddie Mac loan for the refinancing of Nob Hill Apartments in Houston. The community was built in four phases beginning in 1967 and is now operated as a single complex totaling 1,326 workforce housing units. The borrower, Steadfast Cos., recently implemented a value-add program that delivered shaker-style cabinets, granite-style countertops and modern appliances to the unit interiors. Amenities include nine pools, courtyards, a business center and a clubhouse. Matt Greer of NKF originated the loan.
NEW YORK CITY — Black Bear Capital Partners has arranged $62 million in permanent financing for a portfolio of nine multifamily properties totaling 432 units in The Bronx. Bryan Manz, Rob Serra, Emil DePasquale and Brandon Harris of Black Bear Capital Partners arranged the financing on behalf of the borrower, Finkelstein Timberger East Real Estate, an owner-operator with roughly 3,500 New York City-area units in its portfolio.
LINDENWOLD, N.J. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of Kingsrow Apartment Homes, a 208-unit multifamily community in Lindenwold, a suburb of Philadelphia. The garden-style property was built in 1971 and features one- and two-bedroom units and amenities such as a pool, picnic areas and onsite laundry facilities. Dan Sacks of Greystone originated the transaction. The loan carries a 12-year term, 30-year amortization schedule and three years of interest-only payments. Jack Miller of Platinum Capital Group placed the financing on behalf of the borrower, Goldcrest Properties.
HULL, MASS. — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 42-unit multifamily project in Hull, a town located on Nantasket Beach. The property will consist of studio and one-bedroom units, as well as 1,600 square feet of ground-floor retail space. Units will feature stainless steel appliances, granite countertops and living areas with a mix of vinyl-wood flooring and carpeting. The loan carried an 85 percent loan-to-value ratio, 24 months of interest-only payments and a 30-year amortization schedule. A contingent of community bankers provided the financing. The borrower was not disclosed.
SLEEPY HOLLOW, N.Y. — Procida Funding has provided an $8.7 million bridge loan for the acquisition of a 70-unit portfolio in Sleepy Hollow. The portfolio consists of 63 multifamily spaces and seven commercial units. The borrower, Sleepy Hollow Holdings LLC, will use a portion of the proceeds to fund a capital improvements program that is already underway. The portfolio was 94 percent occupied at the time of the loan closing.
FORT WASHINGTON, PA. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities, a seniors housing owner-operator based in Fort Washington, Pa. Acts is the country’s third-largest nonprofit seniors housing operator in the country with a portfolio of 26 communities in nine states totaling 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia and one location in Alabama. The bond issue includes $115.1 million in tax-exempt bonds issued through the Public Finance Authority (Wisconsin), Palm Beach County Health Facilities Authority (Florida) and the Montgomery County Industrial Development Authority (Pennsylvania). The remaining $84.3 million in taxable bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania). The proceeds of the bonds will be used to finance or refinance costs associated with the 20 communities, while refinancing bonds from 2012 and two revolving lines of credit from Bank of America and Truist.
BOSTON — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided a $30.3 million in loans for the refinancing, renovation and preservation of affordability of Newcastle Saranac in Boston’s South End neighborhood. The borrower, a partnership between Fenway Community Development Corp. and Schochet Cos., acquired the property in 2018 when its 97 affordable housing units were at risk of being converted to market-rate residences. The financing package consists of a $17.6 million tax-exempt construction and permanent loan, a $10.5 million tax credit equity bridge loan and $2.25 million in Section 13A preservation financing. The latter piece of the capital stack preserves the affordability of units, 38 of which are reserved for renters earning 30 percent or less of the area median income (AMI); 31 of which are for households earning 60 percent or less of AMI; 13 of which are restricted for tenants earning 90 percent or less of AMI; and 15 of which are earmarked for renters earning 100 percent or less of AMI.