ALBUQUERQUE, N.M. — Houlihan-Parnes has arranged a $9.1 million refinancing for Ladera Shopping Center, a 128,712-square-foot shopping center located in Albuquerque. Ed Graf of Houlihan-Parnes secured the five-year loan. The center is currently 95 percent occupied by 23 tenants including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H&R Block and T-Mobile. Burger King occupies a pad site.
FORT COLLINS, COLO. — NorthMarq has arranged a $3.7 million refinancing for 3636 and 3700 S. College Ave. in Fort Collins. The collateral consists of two freestanding retail buildings totaling 35,211 square feet. The center is home to a mix of local and regional tenants including Men’s Wearhouse. Mark Jeffries and Conor McCahill of NorthMarq arranged the financing for the borrower.
NEW YORK CITY — Lustig Capital has arranged a $66.6 million construction loan for the condominium conversion of 360 Central Park West in New York City. To be known as 360 CPW, the property is a 145-unit apartment building located at the south corner of Central Park West and 96th Street. Built in 1928, the Rosario Candela building is one of the famous church apartment buildings, which incorporated the Second Presbyterian Church of New York within the building’s structure. The property also hosts the Alexander Robertson School. Contiguous apartments at 360 CPW will be combined into luxury homes, designed by Cetra Ruddy and marketed by Stribling. The new residences will feature dedicated HVAC units, high-end finishes and Miele and Bertazzoni appliances. The building’s fully renovated lobby and common spaces will feature a children’s playroom, gym, bike room, private storage room and pet washing station. Bill Lustig of Lustig Capital arranged the financing for the undisclosed borrower.
MILWAUKEE, WIS. — KeyBank Real Estate Capital has arranged a $51.1 million Fannie Mae loan for the refinancing of an apartment property in Milwaukee. Park Lafayette Towers is a 271-unit high-rise complex that was constructed in 2009. Erik Storz of KeyBank arranged the loan for the undisclosed borrower.
CHICAGO and WHEELING, ILL. — Associated Bank has provided a total of $47.5 million for two cold storage projects in Chicago. In the first project, Associated Bank provided an $8 million refinancing and construction loan to 120 Palatine LLC for a vacant 115,000-square-foot freezer food manufacturing and distribution facility. The asset is located at 120 W. Palatine Road in Wheeling and will be leased to Richelieu Foods. Associated Bank was also the lead arranger and administrative agent of a $39.5 million credit facility for a 227,700-square-foot cold storage warehouse and distribution facility that will be located at 2302 S. Paulina St. Wanxiang America Real Estate Group and Clarius Partners are the borrowing entities. The facility is a build-to-suit project for Preferred Freezer. Ted Notz of Associated Bank managed both loans.
ST. LAWRENCE COUNTY, N.Y. — KeyBank has provided $28.6 million in financing for Cambray Court Apartments, an affordable seniors housing redevelopment in St. Lawrence County. The redevelopment is in partnership with Omni Housing Development LLC and managed by United Helpers. The project will replace 72 flood-threatened, garden-style apartments with one accessible four-story energy-efficient building featuring 71 apartment units. Designated as affordable housing, the community will feature 52 units for residents earning 30 to 50 percent or less of the area median income (AMI); 13 units for residents earning at or below 60 percent of AMI; five units for residents earning 80 percent of AMI; and one unit for residents earning 90 percent of the AMI. On-site amenities include well-lit parking spaces, elevator access to each floor, laundry facilities, walking trails, a patio, a garden and a community room with a kitchen. The redevelopment project team includes Beardsley Architects and Engineers and Bette & Cring Construction Group.
NEW YORK CITY — Meridian Capital Group has arranged $10 million in acquisition financing for the purchase of the fee position in a multifamily property in Manhattan’s Morningside Heights neighborhood. The borrower, Fine Times Inc., has purchased the fee position beneath a 20-story, 96-unit multifamily property located at 1080 Amsterdam Ave. The 10-year loan, provided by a local balance sheet lender, features a 3.7 percent fixed rate and interest-only payments for the full term. Shamir Seidman of Meridian’s New York City office negotiated the financing on behalf of the borrower.
ORLANDO, FLA. — Wells Fargo Bank N.A. was the top commercial and multifamily mortgage servicer by volume for all of 2015, according to the Mortgage Bankers Association (MBA). The annual ranking was released Sunday during the opening day of the MBA’s 2016 Commercial Real Estate Finance and Multifamily Housing Convention & Expo at the Hyatt Regency Orlando. The conference, which runs through Wednesday, Feb. 3, is expected to attract 3,000 commercial real estate finance professionals from across the industry. Under the big tent are mortgage bankers, life company and bank lenders, agency lenders, investment bankers, service providers and many others. The MBA rankings also show Wells Fargo, PNC/Midland, KeyBank, and Berkadia were the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed securities (ABS) during 2015. A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer is typically responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. To view a copy of the report, click here. Capital Spigot Remains Open Kathy Marquardt, vice president of commercial …
NEW YORK CITY — Meridian Capital Group has arranged a $16.3 million mortgage on behalf of Park Avenue South LLC for the refinancing and consolidation of its senior and mezzanine debt secured by a multifamily property located at 220 Park Ave. South in New York City. Allan Lieberman of Meridian Capital secured the five-year financing, which was provided by a local savings bank, features a 3 percent fixed rate. Built in 1990, the nine-story property features 38 loft-style apartment units and 2,650 square feet of ground-level and mezzanine retail space, which is currently occupied by Haru, a Japanese restaurant.
HOOVER, ALA. — AloStar has provided a $16.8 million acquisition loan for The Cliffs at Rocky Ridge, a 323-unit apartment community in Hoover. AloStar provided the loan to Elmington Capital Group, a Nashville-based commercial real estate investment and development firm.
