Rane Property Management has secured $70 million in financing for its Heron Pointe residential project on Grand Island, N.Y., near Buffalo. Concord Summit Capital arranged the non-recourse bridge loan through TPG.
Heron Pointe was developed in two stages, with the 232-unit first phase completed in 2018. Rane is building out the 144-unit second phase and expects the project to be completed in the third quarter of this year.
READ ALSO: Why Lenders Are Flocking to SFR
The 376-unit Heron Pointe is located on Grand Island in the Niagara River, between Buffalo and Niagara Falls. The community has one, two and three-bedroom apartments, ranging from 805 square feet to 1,390 square feet. Unit amenities include washers/dryers, microwaves, kitchens with granite countertops and attached garages. Select units feature private entrances, gourmet kitchens with custom cabinetry, covered patios, walk-in closets and elevators.
Community amenities include landscaped grounds, a clubhouse and fitness center, a heated saltwater pool, a dog park, and a playground and cabana with barbecue grills.
Buffalo-based Rane has developed more than 1,600 multifamily units in upstate New York, according to the financing announcement. The firm currently has an additional 1,600 units in the development pipeline in southern markets including Tennessee, Florida and South Carolina.
Kevin O’Grady, David Larson, Keegan Burger and Daniel Rojo with Concord Summit represented Rane in the financing transaction.