MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, closed an $87,150,000 bridge loan for 39 residential assisted living communities in Fresno. The borrower was not disclosed.

Expanding its relationship with MonticelloAM, the borrower plans to use the bridge loan proceeds to refinance the existing debt on the properties with the intent to secure long-term financing. 

“MonticelloAM’s deep knowledge of structuring seniors housing loans, paired with our commitment to our client’s goals, were the key drivers in this operator’s decision to partner with us on another transaction,” said Joseph Borenstein, head of the MonticelloAM healthcare sales desk. “We look forward to providing our seniors housing clients tailored solutions, positioning them for future success.”

RIPCO Real Estate has secured a $25.4 million bridge loan for New York-based developers Cape Advisors, Inc.

The loan will fund the acquisition and extensive repositioning of a 135-unit multifamily property located in College Park, near the University of Maryland. The loan was placed by Adam Hakim, Executive Managing Director, and James Murad, Managing Director, who lead RIPCO’s Capital Advisory team.

Cape Advisors plans to transform the existing student housing building into a high-quality multifamily project with modern finishes and enhanced amenities. The property is located at 4800 Berwyn House Road.

The bridge loan, provided by RMWC, a national commercial real estate lender, will support Cape Advisors’ plan to renovate the property, which will include a complete overhaul of individual units. The renovation will also introduce a mix of one- and two-bedroom units, with a focus on high-end furnishings for approximately half of the units.

MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, closed $18 million in bridge financing for a seniors housing community in Wisconsin. The financing originated with Karina Davydov, managing director at MonticelloAM.

Proceeds from the $18 million bridge loan were used to refinance the outstanding debt for the borrower, a repeat MonticelloAM client, to position the property for HUD financing. The property is comprised of over 100 assisted living and memory care units.

“We are thankful for the opportunity to build on a pre-existing relationship with the client and strategically tailor a bridge financing solution that helps them achieve their goals,” said Davydov.

“Our team was proud to close the financing in a short time frame and further strengthen our relationship with the sponsorship. We look forward to continuing to provide our healthcare clients with creative and reliable solutions,” adds Joseph Borenstein, head of the MonticelloAM Healthcare Sales Desk.

Gortikov Capital arranged a $150-million bridge loan secured by The Grad, a 260-unit, 1,002-bed Class A student housing tower serving San Jose State University. A capital markets team led by Bryan Gortikov secured the new floating-rate senior bridge loan from ACORE Capital with favorable terms and limited structure on behalf of AMCAL Equities and its founder and CEO, Percy Vaz. 

“It is a rare pleasure to work with a partner of AMCAL’s caliber and on an asset as uniquely impressive as The Grad,” said Gortikov. “Despite an increasingly volatile economic climate and tightening credit, I am thrilled we were able to outperform on our assignment for Percy and the AMCAL team.”

Developed in 2020 by AMCAL Equities, The Grad sits just 400 feet from the SJSU campus in a market that continues to be underserved by student housing. Beds are available for less than 25% of the 36,000 students, and nearby market-rate apartments are among the most expensive in the country.

Greystone Monticello has closed a $16.67 million bridge loan for the acquisition of a seniors housing property in Illinois. The financing was originated by Karina Davydov, a managing director for Greystone Monticello. The property comprises independent living, assisted living and memory care units.

“We are excited to deepen our relationship with a top-notch regional operator as it expands its footprint in the Midwest market,” said Davydov. “Greystone Monticello prides itself on its ability to provide custom solutions in the ever-evolving capital markets.”

The bridge financing closed by Greystone Monticello carries a two-year term with two six-month extensions. “The Greystone Monticello bridge platform is certainly ideal for seniors housing operators looking to transact during times of transition in the market, and we look to exceed their expectations over the long term,” added Joseph Borenstein, head of the healthcare sales desk at Greystone Monticello.

Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, provided $58.8 million in bridge financing for Solis at Petrosa, a newly constructed 260-unit apartment complex in Bend, Oregon.

Proceeds from the loan will go towards refinancing the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. Lake Oswego-based McBride Capital brokered the transaction for a repeat Dwight client, Pahlisch Commercial.  Proceeds from the loan refinance the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. 

Situated on nearly 10 acres of land, the property consists of eight three-story buildings and one four-story building. Its amenities include a pool, a community lounge equipped with a full kitchen, a fitness room, and a golf simulator room. Solis at Petrosa is located directly opposite Pine Nursery Park, a sprawling 159-acre space offering a variety of recreational facilities such as sports fields, pickleball courts, fishing ponds, trails, and a dog park.

Don’t miss hearing the experts’ take on where the Phoenix & Scottsdale multifamily and single-family-rental markets are headed on the afternoon of Thursday, April 18. Register now to hear first-hand insights and forecasts from the regions CRE leaders in development, investment, ownership, lending, and more at Connect Phoenix Multifamily & Single-Family Build-to-Rent. Register today!