Loans

Square Mile Capital Originates $30M Loan for California Market Center in Los Angeles

by Nellie Day June 27, 2016

LOS ANGELES — Square Mile Capital Management has originated a $30 million mezzanine loan for California Market Center in downtown Los Angeles. The borrower, an affiliate of Jamison Services, used the proceeds to refinance the existing debt on the property, provide capital to complete renovations of the ground-floor common areas and retail space, and fund leasing costs for recently signed and future tenants. The 1.8 million-square-foot mixed-use property features retail, office and showroom space. The property is currently 55 percent leased to a combination of fashion and showroom, creative office and retail tenants. The property features three interconnected 13-story buildings and includes a bank branch and 2,200 parking spaces in two garages.

June 27, 2016

The Violet 1515 Rhode Island Washington DC

District of Columbia Loans Multifamily Southeast

Eastern Union Funding Arranges $4.3M Loan for Apartment Development in D.C.

by John Nelson June 27, 2016

WASHINGTON, D.C. — Eastern Union Funding has arranged a $4.3 million loan for an apartment redevelopment in Washington, D.C. The borrower, The Jocelyn Group, will use the financing to purchase an existing property at 1515 Rhode Island Ave. N.E., where the company will then develop The Violet, a 20-unit luxury apartment building with underground parking and a rooftop deck. Rents for the 1,100-square-foot units will start at $2,400 per month. David Merkin and Marc Tropp of Eastern Union arranged the 10-year loan through Presidential Bank. The loan features a 30-year amortization schedule, five-year fixed interest rate and 18 months of interest-only payments. The loan features 80 percent of the acquisition cost and includes construction financing, according to Merkin. The Jocelyn Group expects to deliver The Violet in the spring of 2017.

June 27, 2016

Loans Retail Southeast Tennessee

NorthMarq Capital Secures $2M Acquisition Loan for Retail Property in Tennessee

by John Nelson June 27, 2016

TULLAHOMA, TENN. — NorthMarq Capital has arranged a $2 million loan for Jackson Circle Shopping Center, a 6,500-square-foot retail property located at 1603 N. Jackson St. in Tullahoma. Jackson Circle’s tenant roster includes Mattress Firm and AT&T. Randall Waddell of NorthMarq’s Louisville office arranged the seven-year, fixed-rate loan with a 25-year amortization schedule through a local community bank.

June 27, 2016

Hospitality Loans Massachusetts Northeast

Chesapeake Lodging Trust Receives $150M Loan for 502-Room Hyatt Regency Boston

by Amy Works June 27, 2016

BOSTON — Chesapeake Lodging Trust has received a $150 million fixed-rate mortgage for the 502-room Hyatt Regency Boston, located at 1 Avenue de Lafayette in downtown Boston. Provided by MetLife, the 10-year loan features a 30-year amortization schedule. Chesapeake plans to use proceeds of the loan to repay outstanding borrowings under the trust’s revolving credit facility.

June 27, 2016

Loans Multifamily New York Northeast Student Housing

Madison Realty Capital Provides $44M Loan for Student Housing Development in Manhattan

by Amy Works June 27, 2016

NEW YORK CITY — Madison Realty Capital has provided a $44 million first mortgage loan to recapitalize a student housing development located at 350 E. 10th St. in Manhattan’s East Village neighborhood. The 110,000-square-foot property was originally constructed in 1906 and operated as an elementary school until its closure in the mid-1970s. The undisclosed borrower acquired the vacant asset in 1999 and has since been pursuing the entitlement and redevelopment of the property. Proceeds of the loan will retire the existing indebtedness and provide capital for the pre-development. Upon completion, the five-story property will offer a variety of suite layouts and amenities, including a health center, fitness room and outdoor spaces.

June 27, 2016

Loans Multifamily New Jersey Northeast

Case Real Estate Capital Funds $15.1M Acquisition Loan for Fully Entitled Land in New Jersey

by Amy Works June 27, 2016

WOODBRIDGE, N.J. — Case Real Estate Capital, through Case Investors III, has provided a $15.1 million first mortgage bridge loan to SAMTD Acquisitions Woodbridge LLC, a residential developer, for the purchase of 7.1 acres of fully entitled land in Woodbridge. The property is approved for the construction of 355 residential units. Case expects the borrower to partner with a construction lender within a year to develop the residential property.

June 27, 2016

Loans New York Northeast Retail

Madison Realty Capital Provides $16.3M Loan for Retail Condo in Manhattan

by Amy Works June 24, 2016

NEW YORK CITY — Madison Realty Capital has provided a $16.3 million loan to recapitalize a 26,965-square-foot retail condominium located at 68 Elizabeth St. in Manhattan’s Chinatown neighborhood. The retail condo is located on the lower floors of an 81,961-square-foot mixed-use building with 81 residential condominiums units on the upper floors. The retail space is currently occupied by Hong Kong Supermarket and Salon De Tops. The name of the borrower was not released.

June 24, 2016

Loans Louisiana Retail Southeast

Capital One Provides $47.7M Loan for Ambassador Town Center in Louisiana

by John Nelson June 24, 2016

LAFAYETTE, LA. — Capital One Bank has provided a $47.7 million loan for Ambassador Town Center, a 430,000-square-foot, open-air retail center in Lafayette. The property is located on more than 60 acres at the southeast corner of Ambassador Caffery Parkway and Kaliste Saloom Road. Ambassador Town Center is currently 98 percent leased to Costco Wholesale, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes and PetSmart. The borrowers, Stirling Properties LLC and CBL & Associates Properties Inc., used the seven-year, fixed-rate loan to retire an existing construction loan.

June 24, 2016

Loans Multifamily Texas

BMC Capital Arranges $8M Refinance Loan for Multifamily Property in Houston

by Haisten Willis June 23, 2016

HOUSTON — Keith Van Arsdale of BMC Capital’s Dallas office arranged an $8 million cash-out refinance loan for a 280-unit apartment complex in Houston. The 10-year, non-recourse loan features a 4.3 percent fixed interest rate and a 30-year amortization schedule. The loan allowed the client to cash out over $3 million after capital improvements were completed during the course of 16 months. The loan was arranged through one of BMC Capital’s banking relationships.

June 23, 2016

Loans Multifamily Texas

LMI Capital Secures Four Acquisition Loans Totaling $19M in Metro Houston

by Haisten Willis June 23, 2016

HOUSTON, ROSENBERG, HUMBLE and CONROE, TEXAS — Brandon Brown and Jamie Safier of LMI Capital have secured financing for the acquisition and/or refinancing of four separate garden-style apartment complexes in the metro Houston area. Brown placed a 10-year, $4.9 million loan for a 105-unit asset in Rosenberg. The Fannie Mae loan was a cash-out refinance that closed in under 45 days and featured a fixed 4.3 percent interest rate with five years of interest-only payments. The second transaction for Brown was for a 100-unit property in Humble. The Fannie Mae acquisition loan included a 10-year term and three years of interest-only payment. Safier arranged the refinancing of an 80-unit property located in northwest Houston. The loan features a fixed 4.4 percent interest rate and two years of interest-only payments. Safier also secured acquisition financing for a 100-unit asset in Conroe. The loan featured 75 percent leverage, a 4.4 percent interest rate for the first seven years of the 20-year loan term and a step down prepayment structure.

June 23, 2016

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