loans

Ziegler Arranges $53M Construction Loan for Seniors Housing Expansions in Pennsylvania

by Taylor Williams July 20, 2020

MANHEIM AND LITITZ, PA. — Ziegler has arranged a $53 million construction loan for two seniors housing expansion projects in Pennsylvania. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing continuing care retirement community in the South Central Pennsylvania borough of Manheim. This community was originally built in 1954 and features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The second project, the Lofts at Lititz, will consist of 32 independent living units on the site of the historic Wilbur Chocolate Factory in downtown Lititz, a neighboring town. The borrower was Pleasant View Communities.

July 20, 2020

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $20.3M Refinancing of Industrial Asset in Mechanicsburg, Pennsylvania

by Taylor Williams July 17, 2020

MECHANICSBURG, PA. — Cushman & Wakefield has arranged a $20.3 million loan for the refinancing of 6345 Brackbill Boulevard, a 507,634-square-foot industrial asset in Mechanicsburg, located outside of Harrisburg. The property was fully leased at the time of sale and features proximity to several major thoroughfares, including Interstates 81, 76, 83 and 283. John Alascio, Sridhar Vankayala and Maya Steinberger of Cushman & Wakefield placed the loan through Univest Bank & Trust Co. on behalf of the borrower, Penwood Real Estate Investment Management LLC.

July 17, 2020

Loans New York Northeast Office

PGIM Real Estate Provides $100M Loan for Refinancing of 52 Broadway Office Building in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — PGIM Real Estate has provided a $100 million loan for the refinancing of 52 Broadway, a 19-story, 426,000-square-foot office building located two blocks from the New York Stock Exchange in Manhattan. The borrower was a joint venture between Jack Resnick & Sons and Ruben Cos. Resnick acquired the building, which was originally constructed in 1898, in 1978 and implemented an extensive renovation and expansion to add six more floors. Today, the building is net leased on a long-term basis to the United Federation of Teachers.

July 14, 2020

Loans Multifamily New York Northeast

BridgeCore Capital Funds $16.5M Acquisition Loan for New York City Apartment Buildings

by Taylor Williams July 13, 2020

NEW YORK CITY — BridgeCore Capital, a California-based direct lender, has provided a $16.5 million bridge loan for the acquisition of two contiguous apartment buildings in the Greenwich Village area of New York City. Both properties contain retail spaces that are vacant, and the combined occupancy of the buildings was 47 percent at the time of sale. The loan was structured with a 24-month term, two six-month extension options and a floating interest rate. The borrower was not disclosed.

July 13, 2020

Loans Multifamily ORIX Seniors Housing Texas

Lancaster Pollard Arranges $20.8M Refinancing for Seniors Housing Community in Dallas

by Taylor Williams July 10, 2020

DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not disclosed.

July 10, 2020

Loans Multifamily Texas

Paragon Mortgage Provides $38.4M HUD Loan for Refinancing of Multifamily Asset in Metro Dallas

by Taylor Williams July 9, 2020

EULESS, TEXAS — Phoenix-based Paragon Mortgage Corp. has provided a $38.4 million HUD loan for the refinancing of The Franciscan at Bear Creek, a 264-unit multifamily asset located in the western Dallas suburb of Euless. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling areas and a resident clubhouse. Jim Swanson of Paragon Mortgage placed the nonrecourse loan through HUD’s 223(f) program, a product that carries a loan term of up to 35 years, on behalf of the undisclosed borrower.

July 9, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $22.6M in Financing for Affordable Housing Project in Metro Boston

by Taylor Williams July 9, 2020

MATTAPAN, MASS. — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided $22.6 million in financing for the construction of Cote Village. The affordable housing project is located in Mattapan on the southern outskirts of Boston. The project involves the redevelopment of a vacant structure into a 76-unit mixed-income residential building with one-, two- and three-bedroom units. The borrower and developer is a partnership between the Planning Office for Urban Affairs and Caribbean Integration Community Development. Bilt-Rite Construction is the general contractor, and Davis Square Architects is designing the project. A construction timeline was not released.

July 9, 2020

Affordable Housing Loans Multifamily Texas

KeyBank Provides $20M in Freddie Mac Financing for Austin Affordable Housing Project

by Taylor Williams July 8, 2020

AUSTIN, TEXAS — KeyBank Real Estate Capital has provided $20 million in Freddie Mac financing for Heritage Estates at Owen Tech, a 174-unit affordable housing project coming to Austin. The property will be situated on five acres and will consist of 102 one-bedroom units and 72 two-bedroom units ranging in size from 614 to 1,131 square feet. The majority (85 percent) of the units will be reserved for renters earning 60 percent or less of the area median income, and about 10 percent of the units are restricted to renters earning 40 percent of the AMI. Construction is scheduled to be complete by early 2022. Robbie Lynn of KeyBank structured the loan, which carries a fixed interest rate, 17-year term and a 40-year amortization schedule. The borrower is a partnership between Dallas-based Generation Housing Development, developer Hill Tide Partners and the Austin Affordable Housing Corp. The borrowers also secured low-income housing tax credits from the Texas Department of Housing and Community Affairs and tax-exempt bonds issued by the Housing Authority of the City of Austin to fund the development of Heritage Estates at Owen Tech.

July 8, 2020

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $110.9M Financing for Seniors Housing Expansion Project in Austin

by Taylor Williams July 7, 2020

AUSTIN, TEXAS — Ziegler has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. Senior living owner-operator LCS has managed the 9.3-acre property since 1981. The community currently comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The expansion project will add a five-story building with 43 independent living apartments, 38 memory care units, 36 assisted living units and additional dining, parking and amenity areas. The project will also deliver a five-story building with a fitness center, physical therapy space, salon, clinic, 15 spaces of underground parking and 18 independent living apartments. Truist provided the financing, which consisted of $63.9 million in bank bonds and a $47 million loan that was structured with a 12-year term and a 30-year amortization schedule. A construction timeline for the expansion project was not released.

July 7, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $45M in Financing for Renovation of Affordable Housing Property in Boston

by Taylor Williams July 7, 2020

BOSTON — MassHousing, the independent public agency that funds affordable housing projects in Massachusetts, has provided $45 million in financing for the renovation and preservation of the 198-unit Daniel F. Burns Apartments in Boston. The borrower, an affiliate of Cambridge Housing Authority, will use the proceeds to modernize building systems, repair roofs, replace kitchens and bathrooms and renovate both indoor and outdoor common areas. The property is located at 30-50 Churchill Ave. in the Cambridge area and has been designated for Section 8 Housing Assistance by the federal government. As part of the deal, that designation will be extended for another 20 years. A portion of the units will be reserved for and compliant with the needs of senior citizens and renters with disabilities.

July 7, 2020

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