TODAY’S DEALS: Greystone Closes $38.8M CMBS Deal
Cleveland, Ohio—Greystone has closed a CMBS transaction for $38.8 million on behalf of a suburban Cleveland-based property owner. Greystone managing director Donny Rosenberg originated the loan, while managing directors Robert Russell and John Palmer coordinated the underwriting, diligence and closing.
The loan was structured with a 10-year term will three years of interest at a rate of 2.35 percent over 10 year swaps. The transaction was closed in 35 days. Greystone’s CMBS program was launched earlier in 2013, and supplements the firm’s Fannie Mae, Freddie Mac and FHA services.
NHI buys 120-unit retirement community in Alabama
Rainbow City, Ala.—National Health Investors Inc. has completed the $12 million acquisition of a 120-unit seniors housing asset in Rainbow City, Ala., known as Regency Pointe Retirement Community. Discovery Senior Living will manage the asset, and will lease the community for an initial 15-year term with options to extend. The firm also completed a $2.5 million commitment to a second mortgage loan for the construction of a new seniors living campus in Naples, Fla.
“We are pleased to enter into this new relationship with Discovery Senior Living, a recognized leader in the development, marketing and management of senior housing communities for nearly 20 years,” says Justin Hutchens, NHI’s CEO and president.
Regency Point was built in 2003 and features 72 independent living units, 36 assisted living units and 12 memory care units.
Meridian Capital negotiates $78.1M in financing for properties in NYC
New York—Meridian Capital Group LLC announced the following transactions:
- Meridian negotiated a new mortgage of $3.5 million on a 21-unit, five-story multifamily building located on West 191st Street in New York. The loan features a rate of 2.70 percent and a 10-year term. Morris Diamant and Ben Piller negotiated this transaction.
- New mortgages totaling $37.05 million were placed by Meridian on seven multifamily buildings totaling 365 units. The properties are located on East 18th Street, East 19th Street, East 21st Street, Clarkson Avenue, Caton Avenue, Ditmas Avenue and Ocean Avenue in Brooklyn, N.Y. The loans feature rates of 2.75 percent and 10-year terms. Morris Diamant and Tzvi Krieger negotiated these transactions.
- Meridian negotiated new mortgages totaling $14.35 million on four multifamily buildings totaling 249 units. The properties are located on Brighton 4th Street, Brighton 5th Street, Crown Street and Empire Boulevard in Brooklyn, NY. The loans feature rates of 3.00 and 12-year terms. Avi Weinstock and Michael Farkovits negotiated these transactions.
- A new mortgage of $13 million was placed by Meridian on a five-story office building containing 151,540 square feet, located on West 14th Street in New York, NY. The loan features a rate of 2.90 percent and a 10-year term. Jacob Schmuckler negotiated this transaction.
- Meridian negotiated a new mortgage of $8.5 million on two six-story multifamily buildings containing 65 units and a three-story garage building located on Sherwood Terrace in Yonkers, N.Y. The loan features a rate of 2.90 percent and a 10-year term. Avi Weinstock negotiated this transaction.
- A new mortgage of $1.68 million was placed by Meridian on a 16-unit, four-story multifamily building located on Crocheron Avenue in Flushing, N.Y. The loan features a rate of 3.25 percent and a 12-year term. Jacob Schmuckler and Sam Shifer negotiated this transaction.