Loans

Houlihan-Parnes Realtors Secures $3.5M Loan for 10,000 SF Retail Building in Manhattan

by Amy Works December 3, 2015

NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $3.5 million first mortgage loan for the refinancing of a 10,000-square-foot retail building located at 172-178 Dyckman St. within Manhattan’s Inwood district. The seven-year, non-recourse loan features a 3.75 percent fixed interest rate with interest-only payments for two years and a 30-year amortization schedule. Additionally, the undisclosed borrower has an option to extend the loan for an additional five years. Bryan Houlihan and Mike O’Neill of Houlihan-Parnes Realtors secured the loan for the borrower. Christie Houlihan of Zukerman Gore Brandeis & Crossman LLP provided legal counsel for the borrower.

December 3, 2015

Loans Massachusetts Multifamily Northeast

EagleBridge Capital Arranges $20.5M Construction Financing for Allston Apartment Complex

by Amy Works December 2, 2015

BOSTON — EagleBridge Capital has arranged $20.5 million in construction/permanent financing for an apartment complex located at 61-83 Braintree St. in Boston’s Allston neighborhood. The borrower is a joint venture between The Grossman Companies and Waypoint Cos. The apartment building will feature 80 studio, one-, two- and three-bedroom rental units and ground-floor commercial space. Additionally, the property will feature a rooftop deck, fitness center, bicycle storage and 68 parking spaces. Ted Sidel and Brian Sheehan of EagleBridge Capital secured the financing for the borrowers.

December 2, 2015

Georgia Loans Multifamily Southeast

Capital One Provides $18.2M Acquisition Loan for Apartment Community in South Georgia

by John Nelson December 2, 2015

VALDOSTA, GA. — Capital One has provided an $18.2 million acquisition loan for Northwind Apartments, a 276-unit apartment community in Valdosta, a city located along the Georgia-Florida border. Constructed in two phases between 2004 and 2008, Northwind Apartments features a pool, fitness center, tennis court, community room, grilling/picnic area and controlled access. Chad Thomas Hagwood of Capital One Multifamily’s Birmingham office originated the 10-year Freddie Mac loan on behalf of the borrower, EBSCO Income Properties, a subsidiary of EBSCO Industries. The loan features a fixed interest rate and four years of interest-only payments followed by a 30-year amortization schedule.

December 2, 2015

Illinois Loans Midwest Multifamily

NorthPoint Capital Originates $2.1M Refinancing Loan for Multifamily Property in Lake County, Illinois

by Christina Cannon December 2, 2015

LAKE COUNTY, ILL. — NorthPoint Capital Funding Inc. has originated a $2.1 million refinancing loan for a 36-unit multifamily property in Lake County, approximately 40 miles north of Chicago. The loan features a 10-year term and 30-year amortization schedule with loan proceeds in excess of the existing balance. Rick Rodriguez and Kevan Briscoe of NorthPoint originated the loan. The name of the borrower was not disclosed.

December 2, 2015

Loans New Jersey Northeast Retail

Houlihan-Parnes Secures $8M Loan for Independence Plaza Shopping Center in New Jersey

by Amy Works December 1, 2015

HAMILTON TOWNSHIP, N.J. — Houlihan-Parnes Realtors has arranged an $8 million supplemental loan for Independence Plaza Shopping Center in Hamilton Township. The owners, which acquired the property earlier this year, are renovating the shopping center. Four new leases have been signed with Regal Cinemas, Sav-A-Lot Supermarket, Crunch Fitness and Ollie’s Bargain Outlet. The owners plan to fully restore the property to 100 percent occupancy after the renovations are complete. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal counsel for the owners. James Houlihan of Houlihan-Parnes Realtors secured the financing.

December 1, 2015

Connecticut Loans Northeast Retail

Cronheim Mortgage Secures $19M Loan for 215,000 SF Shopping Mall

by Amy Works November 30, 2015

TRUMBULL, CONN. — Cronheim Mortgage has secured a $19 million loan for Hawley Lane Mall, a 215,000-square-foot shopping mall in Trumbull. The 15-year loan, which features a 30-year amortization schedule, was funded by the United States Life Insurance Co. and National Union Fire Insurance Co. In 2005, Purchase, N.Y.-based National Realty and Development Corp. redeveloped the property, which was built in 1971, into a two-level community shopping center. The center is anchored by Kohl’s, HomeGoods and Best Buy. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the financing for the borrower.

November 30, 2015

Loans Multifamily Washington Western

Lancaster Pollard Provides $10.4M Refinancing for Two Communities near Seattle

by Nellie Day November 25, 2015

PORT TOWNSEND and BUCKLEY, WASH. — Lancaster Pollard has secured two HUD loans totaling $10.4 million to refinance San Juan Villa, a 32-bed memory care community in Port Townsend, and Heritage House, a 76-unit assisted living and memory care community in Buckley. Both towns are suburbs of Seattle. Oregon-based operator Caring Places Management manages both communities. Each loan is nonrecourse and features a 35-year term. The loans will provide annual debt service savings and fund replacement reserves for ongoing repairs at each property. Matt Lindsay led the transactions for Lancaster Pollard.

November 25, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Love Funding Secures $11.3M Bridge Loan for Seniors Housing Community

by Christina Cannon November 25, 2015

CARBONDALE, ILL. — Love Funding, a lender specializing in HUD loans, has closed an $11.3 million bridge loan for Landings of Carbondale, a 92-unit assisted living and memory care community under development in the southern Illinois city of Carbondale. The loan will fund the transition from construction to permanent financing. Landings of Carbondale will be built on a 6.5-acre site on the northeast side of Carbondale. Fricke Management is developing the site, which The Landings of Carbondale LLC will own. Once completed, Revere Healthcare will operate the community. Love Funding’s Robyn Cunningham, senior director, and Adrian Hartman, director, secured the financing through Midland States Bank.

November 25, 2015

Loans Michigan Midwest Multifamily

Bernard Financial Originates $10M Loan for Two Multifamily Properties

by Christina Cannon November 25, 2015

BATTLE CREEK, MICH. — Bernard Financial Group has completed a $10 million loan for River Apartments and River Oaks Apartments located in Battle Creek. There are 288 units between the two properties. BC River Oaks Apartments LLC is the borrowing entity. Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender. River Apartments is a five-building, 120-unit property that was built in 1980. River Oaks Apartments is a seven-building, 168-unit complex that was built in 1976.

November 25, 2015

Loans Mixed-Use Multifamily New York Northeast Office Retail

Related Cos., Oxford Properties Close on $1.3B in Financing for 15 Hudson Yards

by Amy Works November 24, 2015

NEW YORK CITY — Related Companies and Oxford Properties Group have closed on $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre Hudson Yards mixed-use development on Manhattan’s West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 stories, as well as 106 rental units. The property will offer unobstructed views of the city and Hudson River. Hudson Yards is being developed by Related Cos. and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the …

November 24, 2015

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