PITTSBURGH — Faros Properties has received $127.5 million in financing for Nova Place and 106 Isabella in Pittsburgh. Gerard Sansosti and Nick Matt of HFF secured the five-year, floating-rate loan through Wells Fargo for the borrower. Nova Place is a former urban mall that was converted into office use in the early 1990s. The complex now offers 1.3 million square feet of office space and is 86 percent occupied by a variety of tenants, including PNC Bank, Microbac, Continental Broadband,..
BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces..
WARREN, N.J. — Cushman & Wakefield has arranged $80.7 million in financing for Normandy Real Estate Partners and Greenfield Partners. The financing is secured by Center 78, an office building located at 184 Liberty Corner Road in Warren. The 10-year, fixed-rate financing was provided by Natixis Real Estate Capital. Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site in Somerset County. John Alascio and Sridhar Vankayala of Cushman & Wakefield..
ROCK HILL, S.C. — NXT Capital has provided a $33 million first mortgage loan for the acquisition of Gateway at Rock Hill Apartments, a 312-unit multifamily community located in downtown Rock Hill, located five miles from Winthrop University and roughly 20 miles south of Charlotte in South Carolina. Michael Ortlip and Joshua Davis of Grandbridge Real Estate Capital arranged the transaction. The borrower was not disclosed. Gateway at Rock Hill’s community amenities include a business center,..
HOUSTON — HFF has arranged an undisclosed amount of refinancing for 700 Louisiana, a 56-story, a 1.2 million-square-foot office tower in Houston’s CBD. Cameron Cureton and John Brownlee of HFF arranged the funds on behalf of the borrower, a joint venture between Houston-based investment firm M-M Properties and an institutional capital partner. The property was 90 percent leased at the time of the loan closing. The borrower will use the funds to reconfigure the lobby and incorporate an..
ROUND ROCK AND SAN MARCOS, TEXAS — Hunt Mortgage Group has secured $20.5 million in refinancing for two garden-style multifamily properties totaling 324 units in metro Austin. The company secured a $13.8 million loan for the 168-unit Red Hills Villas in Round Rock and a $6.7 million loan for the 156-unit Champion’s Crossing Apartments in San Marcos. Both Freddie Mac loans feature seven-year terms, 24 months of interest-only payments and 30-year amortization schedules. Hunt Mortgage secured..
NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the..
MINNEAPOLIS — PCCP has provided a $130 million construction loan for The Legacy, a 374-unit condominium project in Minneapolis. Located at 1240 S. 2nd St. in the Mill District, the project will consist of two towers. Amenities will include a fitness center, game room, community room and two roof decks with a pool and grilling areas. Dougherty Funding arranged the loan for the borrower, a joint venture between Provident Real Estate Ventures and Shamrock Properties Inc. Riverdale Ventures..
ST. LOUIS — Dwight Capital has provided a $63.1 million loan for the refinancing of Park Pacific Apartments in St. Louis. The property is an adaptive reuse of the historic Missouri Pacific Railroad building located downtown. Originally built in the 1920s, the property was rehabilitated into a mixed-use development in 2011. Park Pacific now features 230 luxury apartments, 48,000 square feet of Class A office space, 28,000 square feet of ground-floor retail space and a 585-space parking garage...
Valencia Realty Capital Arranges $4.5M in Acquisition Financing for Warehouse Facility in Newburyport, Massachusetts
NEWBURYPORT, MASS. — Valencia Realty Capital has arranged $4.5 million in acquisition financing for a cold-storage warehouse facility in Newburyport. The financing covers nearly 100 percent of the acquisition cost. The undisclosed borrower acquired the vacant 89,000-square-foot facility, located at 2 Opportunity Way, from a national REIT. Built in 1994 and expanded in 2008, the property features 26-foot clearance heights and approximately 14 percent of the building is office space. Stephen..