Loans

Prime Finance Provides $19.5M Refinance Loan for 195,000 SF Office Building in Suburban Chicago

by Christina Cannon October 16, 2015

NORTHBROOK, ILL. — Prime Finance has provided the owners of a 195,000-square-foot office building, located at 400 Skokie Blvd. in Northbrook, with a $19.5 million refinance loan arranged by Draper and Kramer. The ownership group, a partnership between Romanek Properties, Bachmann Associates and Syndicated Equities, will use $2.5 million of the loan proceeds to make building improvements. Upgrades will include a conference center, expanded fitness center and improvements to all common areas. The Class A office building is leased and managed by CBRE. Dan Graham and Peter Clifton of CBRE lead leasing efforts at the building. Bill Barry and Bill Stewart of Draper and Kramer arranged the financing for the owners.

October 16, 2015

Loans Midwest Minnesota Mixed-Use

Oak Grove Capital Originates $9.3M FHA Loan for New Mixed-Use Property in Minneapolis

by Christina Cannon October 16, 2015

MINNEAPOLIS — Oak Grove Capital has originated a $9.3 million FHA loan for the construction of Broadway Flats, a mixed-use property located in north Minneapolis. The property will include commercial space and workforce housing. Ken Dayton and Pat McMullen of Oak Grove Capital arranged the loan. The property is being built in an effort to revitalize the damage resulting from a tornado in 2011. The 19,000-square-foot commercial space is slated to open in April 2016, followed by the opening of 103 housing units in July 2016. Building amenities will include a business center, fitness room, conference room and underground parking. Plans to integrate a metro transit shelter into the exterior of the building should go into effect in 2017.

October 16, 2015

Loans Michigan Midwest Multifamily Student Housing

Latitude Management Closes Senior Bridge Loan for 65-Unit Student Housing Complex in Grand Rapids, Michigan

by Christina Cannon October 16, 2015

GRAND RAPIDS, MICH. — Latitude Management, which specializes in providing short-term, floating-rate loans to middle-market commercial real estate sponsors, has closed on a senior bridge loan for a student housing complex, The Lofts at 5 Lyon, in Grand Rapids. The loan was used for the acquisition, renovation and conversion of a multifamily property into student housing. Renovations at the 65-unit, 175-bed property include interior unit upgrades, aesthetic improvements and the addition of common areas. The housing complex is fully occupied. The loan was originated out of Latitude Management’s third discretionary debt fund, Latitude Management Real Estate Capital III.

October 16, 2015

Loans Multifamily Texas

LMI Capital Arranges $14.5M Refinancing of 450-Unit Apartment Community in Houston

by Haisten Willis October 16, 2015

HOUSTON — Jamie Mullin of LMI Capital has arranged $14.5 million in debt for the refinancing of an apartment complex in southwest Houston. Mullin worked on behalf of the borrower to obtain a 10-year, fixed-rate CMBS loan featuring full-term interest-only payments.

October 16, 2015

Loans Retail Texas

HFF Secures CMBS Refinancing for Houston Retail Power Center

by Haisten Willis October 16, 2015

HOUSTON — HFF has secured a senior loan for the refinancing of Northline Commons, a 472,443-square-foot retail power center in northern Houston. HFF worked on behalf of the borrower, an affiliate of North American Development Group, to place the 10-year, fixed-rate CMBS loan with Wells Fargo Bank. Constructed between 2007 and 2009, Northline Commons is 91 percent leased and consists of one main building, five smaller buildings and four outparcel pads situated on 47.7 acres. Tenants include Burlington Coat Factory, Ross Dress for Less, Five Below, Palais Royal, Conn’s, Marshalls, GNC, Foot Locker, Image Shots, Baskin Robbins, The Children’s Place and Nails Club. The center’s outparcel pads are leased to Pappas Bar-B-Q, IHOP, Ojos Locos Sports and Chick-fil-A. Located at 4400 N. Freeway, Northline Commons is located on Houston’s North Line Light Rail, which is an extension of the Red Line that connects downtown Houston and the Medical Center area. Travis Anderson, Cory Fowler and Tyler Ford led the HFF debt placement team representing the borrower.

October 16, 2015

California Loans Multifamily Seniors Housing Western

Grandbridge Arranges $42.3M Refinancing for Assisted Living Community Near San Francisco

by Nellie Day October 15, 2015

CORTE MADERA, Calif. — The Atlanta-based Seniors Housing and Healthcare Finance Team of Grandbridge Real Estate Capital has arranged a $42.3 million refinancing for Aegis of Corte Madera, a 118-unit assisted living and memory care near San Francisco. A life insurance company provided funding for the loan. Grandbridge’s Richard Thomas, senior vice president, and Meredith Davis, vice president, originated the transaction. Grandbridge Real Estate Capital arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management, as well as real estate brokerage services.

October 15, 2015

Loans Retail Texas

Hart Commercial Brokerage Arranges $8.9M Refinancing of Retail Space in Metro Houston

by Haisten Willis October 15, 2015

KATY, TEXAS — R. S. Hart Commercial Brokerage’s Rachel S. Grant has arranged an $8.9 million refinancing loan for 26440 FM 1093 Ltd.-Westheimer Lakes Plaza II located in Katy. The multi-tenant retail property totals 52,567 square feet and was 100 percent occupied at the time of financing. Raintree Commercial’s Corey Ferguson developed the shopping center. Brock Tautenhahn of BBVA Compass Bank provided financing.

October 15, 2015

Loans New York Northeast Retail

Berkadia Closes $15.4M Refinancing Loan for Retail Property in New York

by Amy Works October 15, 2015

LATHAM, N.Y. — Berkadia has closed a $15.4 million refinancing loan for Latham Crossing, a retail property located in Latham. The 10-year, fixed-rate loan, which was provided by a conduit lender, features a 30-year amortization schedule with 2 years of interest-only payments, a 75 percent loan-to-value ratio and 1.25 times debt-service coverage. Located at 609 Troy Schenectady Road, the 100,000-square-foot center is fully occupied by a variety of tenants, including PetSmart and Staples. John DiCrocco of Berkadia’s New York City office arranged the financing for the undisclosed borrower.

October 15, 2015

Loans New York Northeast Office

NorthMarq Capital Arranges $10.8M Refinancing for 111,700 SF Office Property in New York

by Amy Works October 15, 2015

MELVILLE, N.Y. — NorthMarq Capital has arranged $10.8 million in refinancing for a 111,700-square-foot office building located at 425 Broad Hollow Road in Melville. The five-year loan features a 30-year amortization schedule. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through a national bank for the undisclosed borrower.

October 15, 2015

Kansas Loans Midwest

KeyBank Secures $19.5M Freddie Mac Financing for Mobile Home Park in Olathe, Kan.

by Christina Cannon October 15, 2015

OLATHE, KAN. — KeyBank Real Estate Capital has secured a $19.5 million Freddie Mac financing for Santa Barbara Estates. The 484-pad mobile home park was built in 1972. The property is located in Olathe, approximately 20 miles southwest of Kansas City. Alex Buecking of KeyBank arranged the financing.

October 15, 2015

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