Loans

Canyon Partners Provides $12.7M Investment for Residential Condo Project in Boston

by Amy Works July 13, 2016

BOSTON — Canyon Partners Real Estate has provided a $12.7 million investment in subordinate financing to fund the development of The Boulevard, a 12-story residential condominium project located at 110 Broad St. along Rose Kennedy Greenway in Boston. A team led by New Boston Ventures is developing the property, which will feature 31 market-rate units, five artist live-work units, 3,550 square feet of retail space and 48 parking spaces. Construction commenced in May with completion slated for early 2018.

July 13, 2016

Arizona Loans Multifamily Western

NXT Capital Provides $29.6M in Acquisition Financing for Signature Place Apartments in Phoenix

by Nellie Day July 12, 2016

PHOENIX — NXT Capital has provided $29.6 million in acquisition financing for its sponsor to acquire 300 units of the 440-unit Signature Place apartment community in Phoenix. The community is located at 600 W. Grove Parkway. Signature Place is situated near Arizona State University, Tempe Town Lake, ASU Research Park, the South 101 corridor and the Sky Harbor International Airport. Amenities include a fitness center, two pools, an indoor racquetball court, tennis court, and access to mountain trails and a putting green. NXT’s sponsor in the transaction manages more than 2,000 units across metro Phoenix. Brandon Harrington of Walker & Dunlop placed the loan with NXT.

July 12, 2016

Hospitality Loans Texas

PCCP Provides $73.1M Construction Loan for InterContinental Houston

by Haisten Willis July 12, 2016

HOUSTON — PCCP LLC has provided a $73.1 million senior construction loan to Houston-based Medistar Corp. for the development of the 21-story InterContinental Houston Medical Center in Houston. The hotel will include 353 rooms and a six-story parking garage, along with 11,800 square feet of meeting space and a 7,800-square-foot ballroom. Medistar has retained Houston-based TRC Capital Partners, a hotel development firm, to co-develop the project. Construction has begun and is scheduled for completion in late 2018. InterContinental Hotel Group (IHG) will provide management services as the full-service operator at the property. The hotel will be developed on a 60,000-square-foot site bordered by Main Street and Old Main Street and adjacent to the Texas Medical Center of Houston. The hotel’s ground floor will contain the lobby, reception area, restaurant, bar and lounge, with the parking garage directly above the ground-floor amenities. The remaining 13 floors will contain a fitness center, outdoor pool, guestrooms and suites.

July 12, 2016

Loans Multifamily New York Northeast

Houlihan-Parnes Realtors Secures $1.5M in Refinancing for Apartment Building in the Bronx

by Amy Works July 12, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in refinancing for a five-story walk-up apartment building located at 840 Bronx Park South in the Bronx. The five-year non-recourse loan includes a five-year option term and a 30-year amortization schedule. The property features 13 residential units and one retail store. Ed Graf of Houlihan-Parnes secured the financing for the undisclosed borrower.

July 12, 2016

Florida Industrial Loans Southeast

JP Morgan Arranges $22.6M Construction Loan for Spec Industrial Facility in Fort Lauderdale

by John Nelson July 12, 2016

KEY LARGO, FLA. — Ocean Reef Club Real Estate Co., which is owned and operated by Ocean Reef Club in Key Largo, has sold the three-story, 24,673-square-foot Plaza Building in Key Largo for $21.2 million. Mary Lee of Ocean Reef Club Real Estate represented both the buyer and Ocean Reef Club in the sale of the building, which was the largest commercial property for sale at the club. Ocean Reef Club is situated on 2,500 acres and features 65 commercial properties, a 275-room hotel, 30,000 square feet of indoor and outdoor meeting space, two 18-hole golf courses, a 175-slip marina, 12,000-square-foot spa and salon and 20 tennis courts.

July 12, 2016

California Loans Retail Western

Meridian Capital Secures $19.6M Acquisition Loan for Pear Tree Center in Ukiah

by Nellie Day July 11, 2016

UKIAH, CALIF. — Meridian Capital Group has secured $19.6 million in acquisition financing for the purchase and repositioning of Pear Tree Center in Ukiah. The three-year loan, provided by a debt fund, features full-term, interest-only payments and two one-year extension options. Seth Grossman and Sarah Kuebler of Meridian Capital arranged the financing for the undisclosed borrower. Located at 504 E. Perkins St., the 199,565-square-foot Pear Tree Center is occupied by JCPenney, Ross Dress For Less, Big 5 Sporting Goods and Lucky Supermarket.

July 11, 2016

California Loans Retail Western

IPA Capital Markets Arranges $12M Loan for Auto Shopping Center in San Jose

by Nellie Day July 11, 2016

SAN JOSE, CALIF. — Institutional Property Advisors Capital Markets has arranged $12 million in financing for a 13-acre auto shopping center located at 740-750 Capital Expressway in San Jose. Anita Paryani and Jake Roberts of IPA Capital Markets arranged the debt placement. The loan features a 50 percent loan-to-value ratio and three years with no prepayment penalty.

July 11, 2016

Loans Multifamily Seniors Housing Utah Western

Love Funding Secures $6.6M Bridge Loan for Construction of Assisted Living Community in Utah

by Nellie Day July 11, 2016

ODGEN, UTAH — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City. Local developer Giza Development is building the community. The financing will allow Giza to start construction more quickly than a HUD-insured loan. Giza plans to convert the financing to a permanent HUD loan after three years. James Vanar of Love Funding’s Los Angeles office arranged the loan. Midland States Bank, which is Love Funding’s parent company, will provide the capital.

July 11, 2016

Industrial Loans Massachusetts Northeast Office

Rubenstein Partners Receives $28.1M in Refinancing for 706,000 SF Flex Complex in Massachusetts

by Amy Works July 11, 2016

TEWKSBURY, MASS. — Rubenstein Partners has received $28.1 million in refinancing for the Center at Innovation Drive in Tewksbury. The recently rebranded property, formerly known as 495 Business Center, comprises four conjoined buildings located at 200, 300, 400 and 500 Innovation Drive. The complex features 706,000 square feet of office, manufacturing and warehouse space. Cambridge Savings Bank provided the financing. The facility is currently undergoing an interior and exterior renovation and capital improvement plan, which is slated for completion later this year. The redevelopment will transform the facility into a creative office complex.

July 11, 2016

Hospitality Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $5.7M Refinancing for Hospitality and Retail Center in Massachusetts

by Amy Works July 11, 2016

PLYMOUTH, MASS. — Fantini & Gorga has arranged $5.7 million in first mortgage financing for a hospitality and retail center located at 4, 6-20 Home Depot Drive in Plymouth. The borrower was FREJA LLC. The 18,250-square-foot property is 100 percent occupied. Tenants include a 130-room Hilton Garden Inn, New Tokyo Japanese restaurant, Sleepy’s Mattress, Hot Locks Spa and Salon and Massage Envy. Casimir Groblewski and Jason Cunnane of Fantini & Gorga arranged the financing for the Franklin, Mass.-based borrower.

July 11, 2016

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