Loans

NorthMarq Arranges $268M in Refinancing for San Francisco Industrial Portfolios

by Nellie Day February 12, 2016

SAN FRANCISCO — NorthMarq Capital has arranged a total of $268 million in refinancing for a pair of San Francisco-based industrial portfolios. The first portfolio received $141 million and contained 18 properties with a total of 3.3 million square feet. Major tenants include Ashley Furniture, Anixter and US Foods. The second portfolio received $127 million and contained 12 properties. Major tenants include Amazon, LG Electronics and FedEx. Dennis Williams of NorthMarq Capital’s San Francisco office finalized the refinancings for both institutional borrowers through the firm’s correspondent relationship with a life insurance company.

February 12, 2016

Loans Multifamily Texas

Grandbridge Arranges Financing for Apartment Community in Houston

by Haisten Willis February 12, 2016

HOUSTON — Gill Dolan and Blake Willeford of Grandbridge Real Estate Capital have secured bridge financing for the acquisition and renovation of Monterra Park Apartments, a 392-unit apartment community in Houston. The financing was made on behalf of Tradewind Properties. The asset is located next to the White Oak Bayou Trail in northwest Houston, and planned improvements include a beautification initiative as well as amenity enhancements, rebranding and interior upgrades. The three-year loan includes two years of interest-only payments.

February 12, 2016

Illinois Loans Midwest Office Retail Wisconsin

Cohen Financial Arranges $28.2M in Acquisition Financing for Properties Across Midwest

by Christina Cannon February 12, 2016

CHICAGO — Chicago-based Cohen Financial has arranged $28.2 million in acquisition financing for LLJ Ventures LLC. The California-based buyer has purchased several properties in the state of Illinois and Wisconsin. In the first transaction, Dan Rosenberg of Cohen Financial arranged an $11 million loan with a 10-year term for The Armitage Collection, a portfolio of five retail buildings in the Lincoln Park neighborhood of Chicago. The buildings in the portfolio are 100 percent leased. In the second transaction, Rosenberg arranged a $17.2 million, 10-year CMBS loan for a 57,000-square-foot medical office, Racine Dental, in Racine, Wis.

February 12, 2016

Loans Midwest Minnesota Multifamily Seniors Housing

Lancaster Pollard Arranges $6M Refinancing for Senior Community in Minnesota

by Christina Cannon February 12, 2016

PRINCETON, MINN. — Lancaster Pollard has arranged a $6 million FHA loan to refinance Sterling Pointe Senior Living, a 57-unit independent living, assisted living and memory care community in Princeton, approximately 50 miles north of Minneapolis. The community was originally built in 2011. Ownership wanted to refinance its existing debt using FHA/HUD in order to benefit from the long-term low interest rates and nonrecourse feature, as well as pay off a TIF (tax increment financing) loan. Quintin Harris, senior vice president with Lancaster Pollard in Minneapolis, led the transaction.

February 12, 2016

Illinois Industrial Loans Midwest

Wool Finance Partners Arranges $4.2M in Financing for Two Industrial Buildings in Illinois

by Christina Cannon February 12, 2016

CHICAGO AND NILES, ILL. — Wool Finance Partners has arranged $4.2 million in financing for two industrial properties in Illinois. In the first transaction, Wool Finance Partners arranged a $2 million refinancing loan for a 50,000-square-foot, net-leased property in the Fulton Market district of Chicago. The borrower was undisclosed, and a regional bank provided the capital for the non-recourse loan, which has a three-year term. Matt Lebenson of Wool Finance Partners brokered the transaction. In the second deal, Martin Siegel of Wool Finance Partners arranged a $2.2 million loan for the acquisition and redevelopment of a 78,000-square-foot property in Niles. The financing for the single-tenant, net-leased building was placed on behalf of an undisclosed local borrower. The non-recourse loan features a 10-year term.

February 12, 2016

Loans Multifamily New York Northeast

Meridian Capital Group Arranges $35M in Financing for New York Multifamily Property

by Amy Works February 12, 2016

NEW YORK CITY — Meridian Capital Group has arranged $35 million in permanent financing for a multifamily property located in Manhattan’s Gramercy Park neighborhood. The borrower is Woods Management. The 10-year loan, which was provided by a local balance sheet lender, features a 3.5 percent fixed rate and interest-only payment for the full term. Located at 200 E. 15th St., the property features 213 residential units and 11,900 square feet of commercial space. Avi Weinstock and Michael Farkovits of Meridian’s New York City headquarters negotiated the financing.

February 12, 2016

Hospitality Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Switzenbaum & Associates Funds $15.5M Loan for Mixed-Use Development in State College

by Amy Works February 12, 2016

STATE COLLEGE, PA. — RSR EB-5 Regional Centers (RSR), an affiliate of Switzenbaum & Associates, has funded a $15.5 million loan for the financing of a ground-up construction mixed-use property in State College, through the U.S. Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. The interest-only loan is in conjunction with a $26.5 million senior construction loan from Fulton Bank, which provided the remainder of the required debt for the project. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this project’s construction and operation will create an estimated 521 jobs. The borrower, Fraser Partners, an affiliate of Real Estate Capital Management and Brickbox Enterprises, will use the funds to construct The Fraser Centre, a 265,000-square-foot mixed-use project on the crest of Pennsylvania State University’s main campus. Slated for completion this fall, the development will feature 50,000 square feet of retail space, a 165-room Hyatt Place Hotel and 26 residential condominiums.

February 12, 2016

Loans New Jersey Northeast Office

Deerwood Closes $9M Bridge Loan for New Jersey Office Property

by Amy Works February 12, 2016

MONTVALE, N.J. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has closed a $9 million non-recourse bridge loan on a multi-tenant office building, located at 50 Chestnut Ridge Road in Montvale. The 100,000-square-foot office building was acquired by the borrower, a private investor group, from C-III, on behalf of US Bank, as a foreclosure. Yaakov Leiser of Deerwood negotiated the financing, which was provided by a regional bridge lender.

February 12, 2016

the-hype-student-housing-baylor-university

Loans Multifamily Student Housing Texas

Grandbridge Provides $12.5M Loan for Student Apartment Complex Near Baylor University

by Haisten Willis February 11, 2016

WACO, TEXAS — Grandbridge Real Estate Capital has closed a $12.5 million acquisition/renovation loan on a 200-unit, 430-bed student apartment project just north of Baylor University in Waco. Baylor is a private university with an enrollment of just under 17,000 students. The property is known as The Hype, but will be re-branded for the 2016/2017 school year. Originally constructed as a non-student property in 1970, the property was renovated in 2013 and 2014 and transformed into a dedicated student housing community. The borrower will continue to upgrade the property through interior and exterior renovations, including relocating the main entry point to the south side of the property, near Baylor’s new McLane Stadium. Tom Walsh of Grandbridge originated the loan through BB&T Real Estate Funding, Grandbridge’s exclusive proprietary lending platform. The non-recourse loan features a two-year interest-only period, an initial adjustable interest rate below 3.9 percent and future funding of all renovation costs. In addition to the relocation of the property entrance, the borrower’s renovation plan includes amenity upgrades, parking area upgrades, adding additional bathrooms to certain units, washers and dryers and furnishing for all units.

February 11, 2016

Florida Loans Mixed-Use Southeast

Related Group, Dezer Development Close $114.7M Construction Loan for Mixed-Use Tower in Miami

by John Nelson February 11, 2016

MIAMI — The Related Group and Dezer Development have closed on a $114.7 million construction loan for Hyde Midtown Suites & Residences, a hotel and condominium development that will be located on Midtown Avenue and 34th Street in Miami. Mack Real Estate Credit Strategies provided the construction loan to Related and Dezer. The two companies collaborated with sbe on the project, which will feature 60 designer hotel rooms, 410 luxury condominiums and 19,500 square feet of retail, dining and entertainment space, including the Hyde Piano Bar Lounge. Hyde Midtown will feature a pool terrace on the seventh floor, private screening theater, game room, bocce and tennis courts and VIP access to Hyde Beach at the SLS Hotel South Beach. The design team includes Arquitectonica and David Rockwell, who will design the lobby and hotel rooms. Related and Dezer broke ground on the mixed-use tower in September 2015 with a completion date set for 2018. The condo portion is more than 70 percent under contract.

February 11, 2016

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