Loans

Ready Capital Closes $17.6M Loan for Multifamily Property in New York

by Amy Works November 24, 2015

PENFIELD, N.Y. — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed a $17.6 million value-add loan for a multifamily property in Penfield. The loan features a three-year term with a one-year extension and is structured in the stretch senior loan program up to 85 percent loan-to-cost. The property, Penbrooke Meadows, features 350 apartment units. Ready Capital originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

November 24, 2015

Hospitality Loans Texas

HFF Secures $28.2M Construction Financing for Embassy Suites in Amarillo

by Haisten Willis November 24, 2015

AMARILLO, TEXAS — HFF has secured $28.2 million in construction financing to develop a 225-room Embassy Suites hotel to anchor the Civic Center redevelopment in Amarillo. HFF worked on behalf of the developer, NewcrestImage, to secure the financing through Southwest Bank, the largest locally owned bank in Fort Worth. Located at the intersection of 6th Avenue and Buchanan Street, the 200,000-square-foot Embassy Suites hotel will be part of planned improvements in downtown Amarillo surrounding Amarillo’s Civic Center, a multi-purpose convention center that will also include retail, a parking garage and an entertainment venue/ballpark. Amarillo is the 14th-largest city in Texas and the largest city in the Texas Panhandle. The all-suite, Hilton-branded hotel will feature 30,000 square feet of meeting and function space, 300 parking spots in an adjacent garage, lounge and lobby bar, pool, fitness center and full-service restaurant for breakfast, lunch and dinner. The hotel is expected to be complete in 2017. Travis Anderson and Jim Curtin led the HFF debt placement team representing the borrower.

November 24, 2015

California Loans Retail Western

Newmark Realty Capital Arranges $40M Loan for Regional Power Center in South Gate

by Nellie Day November 24, 2015

SOUTH GATE, CALIF. — Newmark Realty Capital Inc. has arranged $40 million in permanent financing for a 370,000-square-foot regional power center in South Gate. The center was completed in 2014. George Mitsanas, Peter HIllakas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing for the borrower, a Los Angeles-based developer. The 10-year, interest-only loan was placed with one of Newmark’s correspondent life insurance lenders.

November 24, 2015

California Loans Retail Western

Ready Capital Closes $9.1M Loan for the Hangars at Playa Vista

by Nellie Day November 24, 2015

LOS ANGELES — Ready Capital Structured Finance has closed a $9.1 million loan for the Hangars at Playa Vista. The property contains four separate industrial/office buildings that total 22,675 square feet in the Los Angeles submarket of Playa Vista. The funds will be used to refinance and renovate the property. Hangars at Playa Vista will undergo a complete renovation that will convert it to a creative office space catering specifically to the Silicon Beach tech corridor. The loan features a two-year term with a one-year extension and an 80 percent loan-to-cost ratio. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

November 24, 2015

Loans Michigan Midwest Office

Bernard Financial Arranges $7.3M Refinancing Loan for Office Property North of Detroit

by Christina Cannon November 24, 2015

AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.3 million refinancing loan for Five Point Medical Office Building in Auburn Hills, approximately 33 miles northwest of Detroit, and is 53,000 square feet. Five Points Professional Office Building LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the CMBS loan.

November 24, 2015

California Loans Retail Western

Grandbridge Closes $14M Loan for Retail Property in Laguna Hills

by Nellie Day November 23, 2015

LAGUNA HILLS, CALIF. — Grandbridge Real Estate Capital has closed a $14 million loan for a 79,760-square-foot retail property in Laguna Hills. Funded by BB&T Real Estate, the permanent, fixed-rate, non-recourse loan features a seven-year term with a 30-year amortization schedule and a 3.67 percent interest rate. Tom Kenny, Rowin Jacobs, Josh Boehling, Steve Griffin, Thomas Turnage and Mark Durfee of Grandbridge’s Newport Beach, Calif., office secured the financing for the undisclosed borrower.

November 23, 2015

Loans Multifamily New York Northeast

UC Funds Provides $12M Equity Investment for Multifamily Property in Malta, N.Y.

by Amy Works November 23, 2015

MALTA, N.Y. — UC Funds has provided a $12 million ground-up construction equity investment for a multifamily development in Malta, a suburb 20 miles north of Albany, N.Y. The investment will be used to develop a vacant parcel of land into 292-unit, Class AAA multifamily property consisting of 16 two- and three-story buildings. The property will feature high-end unit layouts, including granite countertops, crown moldings and luxurious fixtures. Additionally, the community will feature a swimming pool, spa, fitness center and juice bar. The property will be located adjacent to a planned 1,414-acre nanotechnology hub, which is home to Global Foundries, a leading microchip manufacturer that employs 3,600 local residents.

November 23, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Hudson Cos. Acquires Williamsburg Development Site for Residential, Retail Project

by Amy Works November 23, 2015

NEW YORK CITY — New York City-based Hudson Cos. has acquired a development site at 94 N. Third St. in Brooklyn’s Williamsburg neighborhood for the development of a residential and retail project. The seven-story building will feature 75 studio, one- and two-bedroom rental units and 15,000 square feet of ground-level retail space. Additionally, 20 percent of the apartments will be reserved for affordable housing for low-income households. On-site amenities will include doorman and concierge service, a gym, tenant lounge, underground parking, bike storage and tenant storage. Tenants will also have access to landscaped courtyards and roof terraces equipped with gas grills and tables for dining. Marvel Architects is serving as architect for the project, which is slated to begin construction soon. Hudson Cos. received a $6.5 million bridge loan from W Financial to acquire the site.

November 23, 2015

Loans Multifamily Texas

Capital One Closes $9.8M Fannie Mae Loan for El Paso Apartments

by Haisten Willis November 23, 2015

EL PASO, TEXAS — Capital One has provided a $9.8 million Fannie Mae loan for the acquisition of Indian Springs Apartments, a 232-unit community in El Paso. Chad Thomas Hagwood of Capital One’s Birmingham, Ala., office originated the transaction. Built in 1982, Indian Springs was partially renovated by the prior owner and Talos intends to continue the renovation process. The 10-year, fixed-rate loan has two years of interest-only payments and a 30-year amortization schedule. Talos Holdings was the borrower. Talos develops, owns and operates multifamily properties in the southern United States, and has offices in Scottsdale and Dallas.

November 23, 2015

Florida Loans Multifamily Southeast

Aztec Group Arranges $12.7M Construction Loan for Multifamily Property in West Palm Beach

by John Nelson November 23, 2015

WEST PALM BEACH, FLA. — Aztec Group Inc. has arranged a $12.7 million construction loan for a planned 105-unit multifamily community in West Palm Beach’s Northwood neighborhood. The 1.3-acre development site is located at 312 23rd St. north of downtown West Palm Beach. Jason Katz of Aztec Group arranged the loan through City National Bank of Florida on behalf of the developer, Parkland Cos.

November 23, 2015

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