Loans

CBRE/NE Secures $28.1M Loan for Condo Development in South Boston

by Amy Works March 1, 2016

BOSTON — CBRE/New England has secured a $28.1 million loan for the the construction of a luxury condominium development in South Boston. The borrower, CPC Cornerstone Development, is developing the 49-unit property that will feature a 6,000-square-foot restaurant space. Located at 14 W. Broadway, the building will feature large floor plans, garage parking for all units, top-of-the-line finishes, a roof deck, 24-hour concierge, valet garage parking and a fitness center. The property will also feature six affordable units per Boston Redevelopment Authority Inclusionary Development Policy. John Kelly and Sam Dylag of CBRE/NE arranged financing for the borrower. Additionally, CBRE arranged $8 million in equity on behalf of the sponsor.

March 1, 2016

Georgia Loans Office Southeast

NorthMarq Capital Arranges $5.9M Acquisition Loan for Office Building in Metro Atlanta

by John Nelson March 1, 2016

MARIETTA, GA. — NorthMarq Capital has arranged a $5.9 million acquisition loan for a 106,000-square-foot office building located at 1090 Northchase Parkway in Marietta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq Capital’s Atlanta office arranged the non-recourse loan through a local bank. The loan featured no pre-payment penalties and a 25-year amortization schedule.

March 1, 2016

Loans Retail Texas

BMC Capital Provides $1.4M Acquisition Loan for Retail Property in Arlington

by Haisten Willis February 29, 2016

ARLINGTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a one-year, $1.4 million loan for the purchase of a multi-tenant retail property in Arlington known as Lake June. The interest-only loan was closed at a 72 percent loan-to-value ratio. The loan was arranged through one of BMC Capital’s correspondent lending relationships.

February 29, 2016

California Loans Multifamily Western

Jonathan Segal FAIA & Development Co. Receives $12.5M Loan for Mixed-use Project

by Nellie Day February 29, 2016

SAN DIEGO — Jonathan Segal FAIA & Development Co. has received $12.5 million in permanent financing for Mr. Robinson, a newly constructed mixed-use residential and retail project in San Diego’s Hillcrest neighborhood. HFF secured the 15-year, fixed-rate loan for the borrower and developer through Aegon USA Realty Advisors. Completed in 2016, the 42,923-square-foot Mr. Robinson features 36 apartment units, two ground-floor retail units with large outdoor patio spaces and a parking garage. The two- and three-bedroom residential units average 1,080 square feet. Aldon Cole of HFF secured the financing for the borrower.

February 29, 2016

Loans Midwest Minnesota Mixed-Use

Dougherty Funding Provides $18.2M Loan for Mixed-Use Building in St. Paul

by Christina Cannon February 29, 2016

ST. PAUL, MINN. — Dougherty Funding LLC has provided an $18.2 million loan for an 11-story, 155,511-square-foot mixed-use building. Lowery Building LLC will use the loan proceeds to refinance and renovate the building. Lowery Square Building was constructed in 1926. The building previously operated as the Lowery Hotel and currently contains 135 apartment units, three floors of office space leased to the Ramsey County Attorney’s Office and to-be-built first-floor and rooftop restaurants. The building is connected to the downtown St. Paul skyway system and is located in the St. Paul central business district.

February 29, 2016

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Secures $18M Loan for New Jersey Multifamily Property

by Amy Works February 26, 2016

HACKENSACK, N.J. — Cronheim Mortgage has arranged $18 million in financing for The Carlyle, an apartment building located in Hackensack. Constructed in 1976, the 13-story property features 128 residential units. Andrew Stewart and Allison Moravec of Cronheim secured the financing, which features a three-year fixed rate. The name of the borrower was not released.

February 26, 2016

Loans Multifamily Texas

Q10 KDH Arranges Financing for Bella Sol Apartments in Metro Houston

by Haisten Willis February 26, 2016

PASADENA, TEXAS — Ryan Watson of Q10 KDH has arranged permanent financing through Q10’s Freddie Mac small balance loan program for the Bella Sol Apartments in Pasadena. The property was constructed in 1963 and renovated in 2008. It contains 53 units and is 100 percent occupied.

February 26, 2016

Loans Midwest Multifamily Ohio

NXT Capital Provides $26M Refinancing Loan for Apartment Complex in Cincinnati Suburb

by Christina Cannon February 26, 2016

BLUE ASH, OHIO — NXT Capital has provided a $26 million refinancing loan for a 242-unit apartment community in Blue Ash, approximately 12 miles northeast of Cincinnati. Charleston at Blue Ash is a Class A community, located at 4870 Hunt Road, that features amenities such as a business center, covered parked, gated access, a fitness center, a tanning bed and a swimming pool. Unit amenities include 9-foot ceilings, balconies or patios, appliances and in-unit washers and dryers. The borrower in the transaction was undisclosed.

February 26, 2016

Cafe Milano 3521 Prospect Street NW Washington DC Georgetown

District of Columbia Loans Mixed-Use Southeast

GFI Arranges $21M Financing for Retail, Office Properties in D.C.’s Georgetown District

by John Nelson February 26, 2016

WASHINGTON, D.C. — GFI Realty Services LLC has arranged $21 million in financing for retail and office space located in Washington, D.C.’s historic Georgetown district. Located at 3521 Prospect St. N.W. and 3222 North St. N.W., the properties total 54,500 square feet and comprise 42,500 square feet of retail space and 12,000 square feet of office space. One of the tenants includes Café Milano, an upscale Italian eatery. Daniel Lerer and Will Watkins of GFI Realty’s finance group arranged the long-term, fixed-rate financing in two separate loans through an Indianapolis-based life insurance company on behalf of the borrower, Robert Elliott.

February 26, 2016

Pinebrook Pointe Apartment Homes Memphis

Loans Multifamily Southeast Tennessee

KeyBank Provides Two Loans Totaling $20M for Apartment Complexes in Metro Memphis

by John Nelson February 25, 2016

MEMPHIS, TENN. — KeyBank Real Estate Capital has provided two loans totaling $20 million for the acquisition of two affordable housing apartment communities in metro Memphis. The financing included a $4.1 million loan for Pinebrook Pointe Apartment Homes in Memphis and a $15.9 million loan for Angelo’s Grove Apartments in Marion, Ark., a suburb of Memphis. These communities are two of the five properties that the borrower, Peak Capital Partners LLC, is planning to buy in the Memphis area. Irena Edwards and Alex Buecking of KeyBank’s community development lending division arranged the financing.

February 25, 2016

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