TODAY’S DEALS: Ullico Loan Kicks Off Philly Mixed-Use Development
National Real Estate Development has landed a $141 million construction loan; CIT provides $57.5 million for a Brooklyn waterfront acquisition; and Eagle Group Finance supplies $3.1 million for an assisted living facility.
Philadelphia—National Real Estate Development announced this morning that it has landed a $141 million construction loan via Ullico Inc. for a large mixed-use development in Philadelphia just east of City Hall. When complete, 1100 Market Street will include a 18-story, 500,000-square-foot mixed-use complex that includes a 16-story, 322-unit tower; a 19,000-square-foot amenity level above a two-story, 105,000-square-foot split retail podium; and 187 below-grade parking spaces and centralized loading. Tutor Perirni Building Corp. was awarded $117.5 million in contracts as the general contractor.
National has already began developing and leasing a neighboring project at 34 S. 11th Street. The total cost for both projects—together known as East Market—will be $260 million. East Market will revitalize the entire city block from Market to Chestnut between 11th and 12th streets.
CIT provides $57.5M for a Brooklyn waterfront acquisition
Brooklyn, N.Y.—CIT Real Estate Finance has provided a $57.5 million senior secured loan to a joint venture between RedSky Capital, JZ Capital Partners and other investors to acquire a waterfront property in Brooklyn’s Greenpoint neighborhood.
The developers plan to raise a 40-story residential tower when leases for the existing industrial buildings expire in the next two years. This site includes 112,226 square feet of land and 19,820 square feet of pier space. The new project will include both market and affordable rental units, as well as 100,000 square feet of ground retail space.
Eagle Group Finance supplies $3.1M for assisted living facility buy
Los Angeles—Private money lender Eagle Group Finance has provided a local investor operating as Vista del Sol Propco LLC with a $3.1 million first mortgage loan for the acquisition of Vista del Sol, an assisted living and skilled nursing facility in Culver City.
Eagle was able to fund the non-recourse, interest-only loan within 10 days of application allowing the experienced healthcare operator to quickly seize on the off-market opportunity. The loan includes an initial term of 12 months, with a one-year extension to provide the borrower the necessary time to complete the lengthy process of obtaining permanent financing through the HUD/FHA Insured program.
“There is a significant shortage of quality nursing care, hospice and assisted living facilities, in West Los Angeles,” said Eagle Group Finance President Brian Good. “The borrower has proven himself as a skilled operator providing exemplary patient care and is building a significant portfolio to meet that need.”
Built in 1956, Vista del Sol is located at 11620 Washington Boulevard and features a 50-bed Skilled Nursing Facility and eight assisted care resident cottages. Philip Cohen of Mansfield Equities arranged the financing.
