SAN MARCOS, CALIF. — NorthMarq Capital has arranged the $42 million refinancing of Nordahl Marketplace, a 304,801-square-foot retail property located in San Marcos. Ory Schwartz of NorthMarq arranged the fully amortizing, 25-year term loan for the borrower through a life insurance company. The center is home to 25 tenants including Walmart, Kohl’s, Guitar Center and Starbucks Coffee.
HONOLULU, HAWAII — Walker & Dunlop Inc. (NYSE: WD) has arranged a $39.7 million loan for Plaza at Pearl City, a 158-bed independent living, assisted living, memory care and respite stay community in Honolulu. MW Group owns the property, which overlooks Pearl Harbor. Keith Melton and David Strange, managing directors, and Russell Dey, vice president, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate, permanent HUD loan. Walker & Dunlop also closed a $37 million HUD loan earlier in the year with MW Group for Plaza at Monalua, a 122-unit assisted living facility also in Honolulu.
AUBURN, CALIF. — Envoy Net Lease Partners LLC has financed a first mortgage bridge loan for a 5,500-square-foot, single-tenant net lease Denny’s restaurant in Auburn, approximately 30 miles northeast of Sacramento. The property, which is currently vacant, is located on an outparcel in front of the highest-grossing grocery store in Auburn, and is one of the last remaining outparcels in the market.
ROCKVILLE, MD. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has arranged the $19 million refinancing of Brightview Fallsgrove, a seniors housing property located at 9200 Darnestown Road in Rockville. The property features 70 assisted living units and the 24-unit Wellspring Village, which houses residents needing dementia care. Richard Thomas and Meredith Davis of Grandbridge arranged the loan through an agency lender of behalf of the owner.
EAST ORANGE, N.J. — Cushman & Wakefield has arranged $43.5 million in financing for a pair of adjacent residential and mixed-use properties located at 141 and 315 South Harrison Street in East Orange, on behalf of Blackstone 360, the properties’ owner. George Gnad, Jessica Ke and Michael Winters of Cushman & Wakefield secured the financing from Amboy Bank. The Capital Services team arranged a $19.5 million-term loan for the 105-unit high-rise residential building located at 141 South Harrison, and an additional $24 million construction loan for a proposed seven-story project of 150 high-end luxury rental residential units above the current 30,000 square feet of ground-level commercial space located at 315 South Harrison.
ATHENS, GA. — Prestwick Cos. has secured $24.2 million in financing from SunTrust Bank and SunTrust Community Capital (STCC) to redevelop an apartment complex in Athens. Atlanta-based Prestwick will use the proceeds to redevelop North Grove Apartments, an affordable 127-unit property. Financing for the project includes a $13.5 million equity investment from STCC and construction loans totaling $10.8 million from SunTrust Bank. The renovated community will feature one-, two- and three-bedroom units, as well as modern appliances and upgrades to HVAC systems and water heaters. Remodeling will include improvements to the community room, laundry facility, exercise center and computer lab. Community amenities such as a business center, picnic pavilion and playground are also planned. Prestwick began redevelopment of the property in June and is expected to complete work by the summer of 2016.
ADDISON AND IRVING, TEXAS — HFF has arranged the sale of and financing for The Meridian and The Belvedere, two Class A office buildings totaling 241,539 square feet in Addison and Irving. HFF marketed the properties on behalf of the seller, Klabzuba Realty. CREA Investments purchased the two buildings for an undisclosed amount free and clear of debt. Additionally, HFF secured floating-rate acquisition financing on behalf of the new owner through a regional bank. The Meridian is located at 1425 Greenway Drive in the Las Colinas master-planned business and residential community. The six-story property is 90 percent leased and spans 100,359 square feet. Situated at 14881 Quorum Drive in Addison, The Belvedere is located in the far north Dallas market along the Dallas North Tollway. The 141,180-square-foot, nine-story building is 80 percent leased.
LAKE ZURICH, ILL. — CBRE National Senior Housing has arranged an $18.3 million construction loan for a joint venture between Pathway Senior Living and Virtus Real Estate Capital. The joint venture will build Azpira Place of Lake Zurich, a 120-unit assisted living community in the Chicago suburb of Lake Zurich. The Class A, 105,000-square-foot, three-story community will be situated on a 5.8-acre parcel. Aron Will, executive vice president of CBRE National Senior Housing, arranged the four-year, floating-rate loan through a regional bank. The loan includes 36 months of interest-only payments. Pathway Senior Living is a Chicago-based firm founded in 1997. The company operates 20 seniors housing communities, primarily in the Chicago area. Virtus is a private equity sponsor based in Austin, Texas.
SAN FRANCISCO — Bank of China USA has provided an $87 million loan to the 155-room Loews Regency San Francisco. The planned use of the financing was not disclosed. The hotel was formerly known as the Mandarin Oriental San Francisco, and converted to the Loews Regency brand after Loews Hotels purchased the asset in April. Loews Regency San Francisco is located on floors 11 through 48 of 345 California Center at 222 Sansome St. in the Financial District. It is within walking distance of Union Square and Fisherman’s Wharf. The hotel features Brasserie S&P, more than 5,000 square feet of meeting space and a new 8,000-square-foot spa and fitness center. JLL’s Mike Huth, John Manning, Kevin Davis and Alex Witt arranged the transaction.
HENDERSON, NEV. — HFF has secured $72 million in acquisition financing for The District at Green Valley Ranch, a 384,724-square-foot mixed-use retail and office center in the Las Vegas suburb of Henderson. Aldon Cole and Todd Sugimoto of HFF worked on behalf of the borrower, Vestar, to secure the 10-year, fixed-rate loan with AIG Investments. Loan proceeds were used to purchase the 91 percent occupied property. A 51,300-square-foot Whole Foods Market anchors the center, which is also home to tenants including REI, Pottery Barn, Williams-Sonoma, West Elm, Anthropologie, The Cheesecake Factory and P.F. Chang’s China Bistro.
