LOS ANGELES — Square Mile Capital Management has originated a $70.5 million loan that is secured by a 415,000-square-foot office building in the Koreatown neighborhood of Los Angeles. The 22-story building is located at 3600 Wilshire Blvd. The property spans a full city block from Wilshire to 7th Street. It also includes an 825-space parking deck behind the office building. Jamison Services acquired the building in 1999 and is refinancing the existing debt. Square Mile’s loan also..
LOS ANGELES — The Yucaipa Companies has received a $93 million loan for the 384-room Line Hotel in Los Angeles. The newly renovated lifestyle hotel is located in the Koreatown neighborhood. The 12-story, full-service boutique hotel opened in 2014. The Line is a new lifestyle hotel brand owned by Ron Burkle's Yucaipa Companies and managed by Sydell Group, a hotel management company co-founded by Burkle and Andrew Zobler. The funds were used to refinance an existing renovation loan after..
FAIRVIEW, TEXAS — Meridian Capital Group has arranged $32 million loan for the acquisition for Sorrel Fairview, a 267-unit, Class A multifamily community located at 351 Sugarloaf Trail in the Dallas metro of Fairview. The property features a clubhouse with lounge areas, game room, resort-style pool, fitness center and an on-site car washing service. Abe Hirsch, Moshe Majeski and Zec Karpel of Meridian Capital arranged the five-year loan with a 4 percent fixed-interest rate and three years of..
NEW YORK CITY — M&T Realty Capital has provided a $10 million Freddie Mac loan for the permanent financing of Carmel Place, a micro-unit building located at 335 E. 27th St. in New York City. Monadnock Development developed the 55-unit building that features studio apartments, 40 percent of which are affordable units. At the time of financing, the property was 100 percent leased. Michael Chavkin, Joe Pizzutelli and Douglas Tilley of M&T Realty Capital arranged the transaction. M&T Bank..
BUTLER, N.J. — Cronheim Mortgage has arranged $8.5 million in financing for two garden apartment developments in Butler. Provided by Southern Farm Bureau Life Insurance, the 10-year loan features a 25-year amortization schedule and a fixed interest rate. Butler Ridge features 188 units in a mix of studio, one- and two-bedroom units, and Butler Arms features 30 one-bedroom units. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and closed the loans.
MIDDLE RIVER, MD. — Walker & Dunlop has arranged a $72.6 million construction loan for The Berkleigh, a Class A apartment community in Middle River, roughly 10 miles east of Baltimore. Dee McClure of Walker & Dunlop structured the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing. The financing included a two-year construction loan followed by a 40-year,..
SALT LAKE CITY — NorthMarq Capital has acquired Western Capital Realty Advisors, a commercial mortgage banking firm in Salt Lake City. Western Realty Capital’s founder, John Bradshaw, joins the company as a managing director. The acquisition includes a $400 million loan servicing portfolio. Principals Nate Barnson, Larry Pinnock and Dale Christiansen will join NorthMarq, along with Tara Jewkes and Tom Bradshaw. The firm’s principals have completed more than $4 billion in commercial real..
Harborview Arranges $20.7M Acquisition Loan, Line of Credit for Skilled Nursing Facility in New York
WESTCHESTER, N.Y. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $19.2 million bridge-to-HUD acquisition loan and $1.5 million line of credit for a skilled nursing facility in the New York City suburb of Westchester. A national lender provided the capital. The financing features a LIBOR-based rate, three-year term, interest-only payments for the full term and an 80 percent loan-to-cost ratio. Eli Kutner and Jonathan Kutner of..
LANSING, MICH. — Arbor Realty Trust Inc. has provided a $16.5 million loan for the refinancing of Towne Square Apartments in Lansing. Formerly known as College Towne West, the property features 532 units. The property is located near Michigan State University and includes amenities such as a sauna and tanning bed. Michael Jehle of Arbor originated the loan, which features a 29-year amortization schedule.
NorthMarq Capital Arranges $18.5M in Refinancing for Retail Property in North Carolina’s Triad Region
GREENSBORO, N.C. — NorthMarq Capital has arranged $18.5 million in refinancing for New Garden Crossing, a 168,950-square-foot retail center located in Greensboro. Mark Jeffries of NorthMarq Capital’s Denver office structured the refinance with a 10-year term and 30-year amortization schedule. Lowe’s Foods, Marshalls and HomeGoods are among the tenants at the property.