Loans

Cronheim Mortgage Secures $28M Loan for 294,141 SF Shopping Center in New Jersey

by Amy Works February 11, 2016

MANVILLE, N.J. — Cronheim Mortgage has arranged $28 million in financing for Marketplace at Manville, a shopping center located in Manville. The 15-year loan has a 30-year amortization schedule and a 3.8 percent interest rate. The 294,141-square-foot retail center is occupied by Walmart Supercenter, Reading Cinemas, Dollar Zone, Retro Fitness, GNC, McDonalds, Sleepy’s and Great Clips. Constructed in 1999, the property is managed by Purchase, N.Y.-based National Realty & Development Corp. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing, which was placed with AG Life.

February 11, 2016

Loans Multifamily Northeast Pennsylvania

Colliers Negotiates $24M Loan for Acquisition, Redevelopment of West Philadelphia High School

by Amy Works February 11, 2016

PHILADELPHIA — Colliers International Capital Markets has arranged $24 million of debt for the acquisition and redevelopment of a former West Philadelphia High School, located at 4700 Walnut St. in Philadelphia. The 442,000-square-foot building will be converted into a 298-unit multifamily property. The three-year adjustable loan is interest only at LIBOR plus 3.75 percent and was done as a Section 47 Historic Tax Credit transaction. Kristopher Wood and John Banas of Colliers arranged the loan for the undisclosed borrower.

February 11, 2016

Hospitality Loans New York Northeast

Thorofare Capital Funds $7.5M Bridge Loan for Brooklyn Hotel

by Amy Works February 11, 2016

NEW YORK CITY — Thorofare Capital has funded a $7.5 million bridge loan for a hotel located in Brooklyn. The fixed-rate loan has a 65 percent loan-to-value ratio. Proceeds of the loan will be used to refinance the 56-room hotel. The name of the borrower was not released.

February 11, 2016

Iowa Loans Midwest Multifamily

NorthMarq Arranges $27M Refinancing Loan for Multifamily Property in Iowa

by Christina Cannon February 11, 2016

WEST DES MOINES, IOWA — NorthMarq Capital has arranged a $27 million refinancing loan for a 250-unit multifamily property in West Des Moines. Broadmoor at Jordan Creek II is located at 6500 Ep True Parkway. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.

February 11, 2016

Idaho Loans Western

A10 Capital Closes $75M Investment Facility from KKR

by Nellie Day February 10, 2016

BOISE, IDAHO — A10 Capital has closed a $75 million investment facility from KKR. The investment is designed to bolster A10’s capital base to fuel the future growth of its on-balance-sheet bridge and permanent loan products. A10 is a middle-market lender in the commercial mortgage space based in Boise and Dallas. Additional A10 institutional backers include BlackRock, H.I.G. Capital and THL Credit. A10 recently financed more than 30 million square feet of stabilized and un-stabilized commercial properties nationwide. KKR is a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds.

February 10, 2016

Loans New York Northeast Office

Treeline Receives $106M in Financing for Garden City Plaza Portfolio in New York

by Amy Works February 10, 2016

GARDEN CITY, N.Y. — Treeline, a value-add asset developer, owner and investor, has received $106 million in first mortgage and mezzanine financing for its four-building Garden City Plaza office portfolio, located at 100, 200, 300 and 400 Garden City Plaza in Garden City. The loans consist of $86 million in new first mortgage financing provided through Terry Livingston of Wells Fargo, and a $20 million mezzanine loan provided through Robert Dirks of Principal Real Estate Investors. Proceeds of the financing will be used to buy out an existing equity partner and retire construction financing for a new restaurant for Maggiano’s Little Italy, which will open its first Long Island location at the property. The 600,000-square-foot portfolio is 90 percent leased. Robert Turner, Adam Spies and Joshua King of Eastdil Secured arranged the financing for the borrower.

February 10, 2016

Loans Multifamily Northeast Pennsylvania Student Housing

Colliers Arranges $28M in Refinancing for 444-Bed Student Housing Property in Pennsylvania

by Amy Works February 10, 2016

HARRISBURG, PA. — Colliers International Capital Markets (CICM) has arranged $28 million in refinancing for Campus Heights Student Housing, an apartment community serving the Penn State Harrisburg campus. Located in Harrisburg, the property features 111 units for a total of 444 beds. The 12-year, fixed-rate loan features a 30-year amortization schedule. Kristopher Wood and John Banas of CICM’s Philadelphia office arranged the loan for the undisclosed borrower.

February 10, 2016

Hospitality Loans Texas

KeyBank Provides $8.5M in CMBS Financing for Texas Hotel Portfolio

by Haisten Willis February 10, 2016

BEAUMONT AND LUMBERTON, TEXAS — KeyBank Real Estate Capital has secured an $8.5 million, non-recourse CMBS first mortgage loan for a two-property hospitality portfolio. The portfolio consists of a Comfort Inn located in Beaumont and a La Quinta Inn and Suites located in Lumberton. Both properties are located near major interstates and highly traveled state highways. Randy Martin of Key’s Commercial Mortgage Group secured the financing.

February 10, 2016

Loans New Jersey Northeast Retail

NorthMarq Arranges $49.4M Loan for Retail Portfolio in New Jersey

by Amy Works February 9, 2016

PARAMUS, N.J. — NorthMarq Capital has arranged $49.4 million of floating-rate financing for a 244,000-square-foot, four-property retail portfolio on Route 17 in Paramus. The borrower, Advanced Realty, will use the loan proceeds for acquisition of the assets and a funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-317 Route 17 South. The properties are occupied by PGA Tour Superstore and P.C. Richard & Son. Located at 60 Route 17 North, the fourth property is a 75,000-square-foot power center occupied by DSW Designer Shoe Warehouse and PetSmart. Gregory Nalbandian of NorthMarq secured the loan through Natixis Real Estate Capital for the borrower.

February 9, 2016

Loans Multifamily Texas

Mason Joseph Co. Secures $18.7M Construction Loan for Apartment Community in Denison

by Haisten Willis February 9, 2016

DENISON, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured an $18.7 million loan for the construction and permanent financing of The Residence at Gateway Village. The property is a proposed 180-unit apartment community in Denison. The financing was secured through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The borrower secured a non-recourse loan that is fixed for the initial 16-month construction period and a subsequent 40-year term. Residence at Gateway Village is being built as part of a master-planned development, Gateway Village, on the west side of US Highway 75 at Grayson Drive. The apartment will be spread over eight three-story buildings. Sherman, Texas-based Covenant Development Partners, a privately held regional multifamily development and investment firm, is developing the project. Parkcrest Builders will serve as the project’s general contractor, and Residence Property Co. will serve as the management agent.

February 9, 2016

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