SAN DIEGO — CBRE has arranged a $65 million loan for the refinance of The Village at Pacific Highlands Ranch, a 147,716-square-foot shopping center located in the Pacific Highlands Ranch community of San Diego. Bill Chiles, Scott Peterson and Brian Cruz of CBRE secured the 11-year, fixed-rate loan. Tenants at the center include Trader Joe’s, Starbucks Coffee, Panera Bread, Crunch Fitness and Wells Fargo.
NEWARK, N.J. — Prudential Mortgage Capital Co., operating on behalf of The Prudential Insurance Co. of America, has provided $148 million (USD) in permanent financing to Prologis Inc. for an industrial portfolio in Toronto. This transaction marks the firm’s first loan origination in Canada for The Prudential Insurance Co. of America in 20 years. The 10-year loan is secured by an eight-property portfolio totaling nearly 3.5 million square feet across the greater Toronto area. The portfolio is 100 percent leased to 16 tenants, including major corporations such as PepsiCo and IKEA. Constructed between 2006 and 2014, the properties feature 28- to 32-foot clear heights, dock high doors and trailer parking. Newark-based Prudential Mortgage Capital is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc. (NYSE: PRU).
DALLAS — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed an $18 million loan for the recapitalization and stabilization of an office building in Dallas. The 18-story, 183,000-square-foot property is located on Ervay Street in downtown Dallas’ central business district. Known locally as Alto 211, the building originally catered to traditional office users but has undergone substantial renovations transforming it into modern, creative office space. The non-recourse, three-year loan features flexible pre-payment options and two one-year extension options, including a facility to provide future funding encompassing tenant improvements, leasing commissions and capital expenditures.
CHICAGO — Associated Bank and Inland Bank have provided a $36 million loan for the construction of a new 195-room Marriott Autograph Collection Hotel in the Streeterville neighborhood of Chicago. Associated Bank acted as the lead arranger in the deal, providing two-thirds of the capital. SMASHotels Chicago LLC, an ECD Co. affiliate, will develop the 21-story hotel, which will be located at 228 E. Ontario St. The hotel will include a first floor restaurant and lounge, meeting and event space, a fitness room and a business center. Associated Bank previously provided the loan for the land acquisition. Krista Casper of Assocaited Bank managed the construction loan.
PLEASANT VIEW, UTAH — Wasatch Capital Group and Dougherty Mortgage LLC have arranged an $11.8 million refinancing for The Cove at Pleasant View, an 88-unit multifamily community in Pleasant View, approximately 40 miles north of Salt Lake City. The community is located at 255 E. 2700 N. in Pleasant View. The Fannie Mae loan features a 12-year term and a 30-year amortization schedule. The borrower is Westates Investments LLC.
NEW YORK CITY — Madison Realty Capital has provided $48.5 million in financing to Cornell Realty Management for a development site located at 257-263 W. 34th St. on Manhattan’s West Side. Cornell Realty plans to development the property, which is an assemblage of adjacent sites, into a 35,000-square-foot retail building with four floors above grade and 80 feet of frontage on W. 34th Street. The borrower needed immediate funding to buy out a partner and take ownership of the properties to complete the assemblage and start predevelopment. Madison Realty Capital funded $42.5 million at closing and provided a future funding commitment of $6 million.
LOS ANGELES — NorthMarq Capital has arranged a $48 million refinancing for Olympic Plaza, a 244,448-square-foot office property in Los Angeles. The property is located at 11500 West Olympic Blvd. The loan features a 10-year term and 25-year amortization schedule. Blake Melstrom of NorthMarq Capital’s Los Angeles office arranged the financing through a life insurance company.
MIDDLETON, WIS. — Walker & Dunlop Inc. has completed a $32.3 million refinancing loan for an office property in Middleton, approximately six miles west of Madison. Spectrum Brands, a global consumer products company that includes brands such as George Foreman and Black + Decker, is using the capital to refinance the construction loan for its headquarters, which was built in 2013. The 222,000-square-foot building is four stories. The loan was structured with a five-year term, a 79 percent loan-to-value and a debt service coverage ratio of 1.44.
WOODLAND HILLS, CALIF. — Newmark Realty Capital Inc. has arranged $43.5 million in permanent financing for a 122,523-square-foot grocery-anchored shopping center located in the Woodland Hills submarket of Los Angeles. The center is anchored by Ralphs and located adjacent to Warner Center. George Mitsanas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing on behalf of the borrower. The 10-year loan was placed with a life insurance company and provides interest-only payments during the first five years, followed by a 30-year amortization.
GLENWOOD SPRINGS, COLO. — NorthMarq has arranged the $28 million refinance of Glenwood Meadows, a 145,000-square-foot shopping center located in Glenwood Springs, approximately 150 miles west of Denver. Tenants at the center include Chili’s, Petco, Vitamin Cottage, Bed Bath & Beyond and Ulta Beauty. Target and Lowe’s anchor the center, neither of which are part of the subject collateral. Paul Bruder and Conor McCahill of NorthMarq arranged the refinancing for the borrower through a life insurance company.
