Loans

HFF Arranges $18.5M Refinancing for Retail Center in Suburban Philadelphia

by Amy Works November 18, 2015

WEST CHESTER, PA. — HFF has arranged $18.5 million in refinancing for West Goshen Town Centre, a grocery-anchored retail center located at Route 3 and Five Points Road in West Chester, a suburb of Philadelphia. Brandolini Cos. was the borrower. Situated on 17.6 acres, the property is fully leased to ShopRite, A.C. Moore, Applebee’s Neighborhood Grill, Panera Bread, AT&T, Massage Envy, GameStop, Great Clips, Sun East Federal Credit Union and H&R Block. Ryan Ade of HFF secured the fixed-rate loan, which was provided by an institutional lender, for the borrower.

November 18, 2015

Florida Loans Office Southeast

Dockerty Romer & Co. Arranges $55M Acquisition Loan for Five Office Buildings in Tampa

by John Nelson November 18, 2015

TAMPA, FLA. — Dockerty Romer & Co. has arranged a $55 million acquisition loan for five Class A office buildings within the 88-acre Highland Oaks development in Tampa. Highland Oaks is currently 96 percent leased and is situated near the I-75 and I-4 interchange. The five properties span 575,852 square feet. Craig Romer of Dockerty Romer arranged the loan through J.P. Morgan on behalf of the borrower, a global real estate investment manager.

November 18, 2015

California Loans Multifamily Western

Bellwether Enterprise Arranges $98.8M in Loans for Three Apartment Complexes in Orange County

by Nellie Day November 18, 2015

ANAHEIM, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged $98.8 million in financing for the acquisition of three apartment communities in Orange County by A&M Properties. The properties include Springdale Villa in Westminster, Portofino Cove in Anaheim and Tustin Parc in Tustin. The properties contain a total of 723 units. They were built between 1961 and 1971. Doug Taylor and Jason Krupoff of Bellwether arranged the Freddie Mac, fixed-rate financing. Bellwether is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. The team also helped A&M Properties identify Tustin Parc for acquisition.

November 18, 2015

California Loans Multifamily Western

CityMark Development Receives $48M to Build Apartment Complex in San Diego

by Nellie Day November 18, 2015

SAN DIEGO — CityMark Development has received a $48 million loan to develop a 129-unit multifamily project in the downtown San Diego submarket of Little Italy. The community will be located at 2101–2175 Kettner Blvd. The site was formerly occupied by Caliber Collision Center. The new project will contain a six-story apartment building with 8,000 square feet of retail podium space, 100,000 square feet of residential space and 2.5 levels of subterranean parking. Tanner Hecht Architecture will design the community, while Van Tilburg, Banvard & Soderbergh will act as the architect of record. The funds were capitalized by Fident Capital, which has identified an institutional equity partner for this project. The Los Angeles-based fund manages more than $2 billion in assets. It focuses exclusively on urban infill residential projects that contain over 100 units.

November 18, 2015

California Loans Retail Western

Thorofare Capital Funds $7.7M Loan for Acquisition of LA Retail Property

by Nellie Day November 17, 2015

LOS ANGELES — Thorofare Capital has provided a $7.7 million bridge loan to a partnership between Cadence Capital Investments and Oakwood Real Estate Partners for the off-market acquisition of a retail property located near The Grove on Beverly Boulevard in Los Angeles. The non-recourse, one-year, interest-only loan features a fixed rate. The borrower plans to reposition the 12,500-square-foot property, which was 56 percent leased at the time of closing.

November 17, 2015

Loans Louisiana Multifamily Southeast

Greystone Provides $30.6M Construction Loan for Apartment Community in Louisiana

by John Nelson November 17, 2015

PRAIRIEVILLE, LA. — Greystone has provided a $30.6 million construction loan for Manchac Lake Apartments, a 272-unit luxury multifamily community that is set to be built in Prairieville. Donny Rosenberg of Greystone originated the FHA-insured loan on behalf of the borrower, Noland McKay Manchac LP. The loan features a 40-year term following the initial construction period. Upon completion, the property will feature a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garages.

November 17, 2015

California Loans Multifamily Seniors Housing Western

Lancaster Pollard Refinances $13.3M Loan for Seniors Community in California

by Nellie Day November 16, 2015

MADERA, CALIF. — Lancaster Pollard has arranged the refinancing of an $11.3 million bridge loan into a $13.3 million, non-recourse FHA permanent loan for Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community in Madera, a small town between San Francisco and Los Angeles. Woodset Partners LLC owns the property, which Integral Senior Living operates. The property opened in 2005 and in 2010 was the winner of the Assisted Living Federation of America’s (ALFA) Best of the Best Award. Lancaster originally arranged the bridge loan in 2013 to ensure Woodset retained ownership of the community. The intent was to refinance the loan into permanent financing through FHA. The new loan structure removed many covenants, paid off the $11.3 million bridge loan and $900,000 in mezzanine debt, and provides debt service savings. In addition, the financing funds repairs to the property and a $445,000 deposit to the replacement reserve account. Jason Dopoulos led the transaction for Lancaster Pollard.

November 16, 2015

Loans Office Texas

NorthMarq Arranges $2.9M Acquisition Financing for Dallas Arts Center

by Haisten Willis November 16, 2015

DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged a $2.9 million acquisition loan for Dallas Arts Center, a 66,000-square-foot office property located at 2030 Main St. in Dallas’ central business district. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

November 16, 2015

Loans Multifamily Texas

ARA Newmark Completes Acquisition Financing for Apartment Complex in Houston

by Haisten Willis November 16, 2015

HOUSTON — Holly Minter, David Schwarz and Tip Strickland of ARA Newmark represented a partnership between Invictus and Oak Coast Properties in the acquisition of Falls at Clear Lake Apartments in Houston. Minter, Schwarz and Strickland also closed an 80 percent loan-to-value, 10-year fixed rate loan through ARA Newmark’s Fannie Mae DUS platform. The Class B apartment community was built in 1983, features 400 units and offers one- and two-bedroom apartment homes located in the Clear Lake submarket.

November 16, 2015

Loans Multifamily New York Northeast

Eastern Consolidated Arranges $22M in Financing for Acquisition of Development Site in Brooklyn

by Amy Works November 16, 2015

NEW YORK CITY — Eastern Consolidated has arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton St. in downtown Brooklyn. The financing package includes a $15 million first mortgage from Bank of the Ozarks and $7 million of mezzanine debt from RCG Longview. The developers plan to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. Purchased from SCO Family Services, the site includes a 26,395-square-foot, three-story building with ground-floor retail and offices on the upper floors. The existing structure was delivered vacant. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated handled the financing.

November 16, 2015

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