Loans

Cohen Financial Arranges $3.3M Loan for 24-Unit Apartment Building in Northwest Indiana

by Christina Cannon June 23, 2016

WHITING, IND. — Cohen Financial has arranged a $3.3 million non-recourse loan to refinance City Place, a Class A apartment community in Whiting, approximately 15 miles northwest of Gary. City Place was built in 2015 and features 24 units. Located at 1514-1520 119th St., the property features all two-bedroom/two-bathroom units with an average size of 938 square feet. Michael Hart secured the 12-year, fixed-rate Fannie Mae loan with Pillar. The borrower is a Chicago-based apartment developer and investor.

June 23, 2016

Sheraton Sand Key Resort Clearwater Beach

Florida Hospitality Loans Southeast

BankUnited Provides $41.8M Loan for Sheraton Sand Key Resort in Florida

by John Nelson June 23, 2016

CLEARWATER BEACH, FLA. — BankUnited has provided a $41.8 million loan for Sheraton Sand Key Resort, a 390-room, beachfront hotel in Clearwater Beach, a town in Pinellas County fronting the Gulf of Mexico. The resort-style hotel is situated on 21.1 acres at 1160 Gulf Blvd. in Clearwater Beach, which TripAdvisor ranked as the No. 1 beach in the United States for 2016. The nine-story property features 24,000 square feet of indoor and outdoor meeting space, an outdoor pool, fitness center, spa, tennis and beach volleyball courts, whirlpool, gift shop and five dining options including Rusty’s Bistro, Island Grille, Poolside Café and Mainstay Tavern. Daniel Peek, Scott Wadler, Preston Reid and Alexandra Lalos of HFF arranged the five-year, fixed-rate loan, which the borrower is using to refinance an existing loan.

June 23, 2016

Georgia Loans Retail Southeast

Bellwether Enterprise Closes $5.2M Refinance of Shopping Center in Metro Atlanta

by John Nelson June 23, 2016

SANDY SPRINGS, GA. — Bellwether Enterprise Real Estate Capital LLC has closed the $5.2 million refinance for Sandy Springs Village, a 40,944-square-foot shopping center located in Sandy Springs, a northern suburb of Atlanta. Built in 1977 on a 4.1-acre site, the property is leased to tenants such as Goodwill, Crossfit Perimeter and Huey Luey’s Mexican Restaurant, which is currently building out its restaurant.

June 23, 2016

Alabama Hospitality Loans Southeast

Financial Federal Bank Arranges $20M Refinancing of Embassy Suites Hotel in Tuscaloosa

by John Nelson June 22, 2016

TUSCALOOSA, ALA. — The Memphis office of Financial Federal Bank has secured the $20 million refinancing of a 154-room Embassy Suites hotel in Tuscaloosa. Financial Federal Bank arranged the loan through an unnamed life insurance company on behalf of the borrower.

June 22, 2016

Hidden Creek Village Apartments Fayetteville

Loans Multifamily North Carolina Southeast

Capstone Capital Secures $15.2M Refinancing of Apartment Community in North Carolina

by John Nelson June 22, 2016

FAYETTEVILLE, N.C. — Capstone Capital has arranged the $15 million refinancing of Hidden Creek Village Apartments, a 352-unit community in Fayetteville. Jackson Howard of Capstone Capital arranged the loan through a CMBS lender, which the borrower, a multifamily developer and owner, is using to retire existing debt totaling roughly $15.1 million. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule.

June 22, 2016

Loans Multifamily Seniors Housing South Carolina Southeast

Grandbridge Arranges $9.5M Construction Loan for Seniors Housing Property in Charleston

by John Nelson June 22, 2016

CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged a $9.5 million construction loan for Benton House of West Ashley, a 59-unit seniors housing facility set to break ground in Charleston. Benton House will offer both assisted living and memory care services upon completion in the summer of 2017. Richard Thomas of Grandbridge’s seniors housing and healthcare finance team in Atlanta arranged the loan through BB&T on behalf of the borrower, Principal Senior Living Group, which will manage the property upon completion. Principal Senior Living currently operates more than 20 properties in Georgia, Florida, South Carolina, Missouri and Kansas.

June 22, 2016

Loans New York Northeast Retail

Paradigm Commercial Closes Five Loans Totaling $30M in New York

by Amy Works June 22, 2016

NEW YORK CITY AND WESTCHESTER COUNTY, N.Y. — Paradigm Commercial Real Estate has closed five loans totaling $30 million secured by 20 retail centers in the Bronx and Westchester County. A Connecticut-based private family owns the properties, many of which are occupied by small single-tenant users, including an on-site dry cleaner facility. The loans, which were provided by a regional bank, are fully non-recourse and feature a 30-year amortization schedule.

June 22, 2016

District of Columbia Loans Mixed-Use Office Retail Southeast Top Stories

KeyBank, Walton Street Originate $196M Refinancing for The Atlantic Building in D.C.

by Haisten Willis June 22, 2016

WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC have originated a $196 million first mortgage loan for Douglas Development Corp. The loan is secured by The Atlantic Building, a 280,000-square-foot trophy office building with ground-floor retail located in the east end of Washington D.C. The 10-year, fixed-rate loan includes a 65 percent loan-to-value ratio and refinances the existing debt on the property. KeyBank and Walton Street will provide servicing and advisory services for the life of the loan. The Atlantic Building is located at 950 F St. N.W. The property integrates seven historic buildings and facades with a 10-story office building next to Ford’s Theatre, the site where President Abraham Lincoln was assassinated in 1865. Built in 1887, the building was the city’s first privately constructed high-rise with elevator service. The historic exteriors have since been preserved and incorporated into the modern version of the property, which was redeveloped between 2004 and 2006. The Atlantic Building includes 283,512 rentable square feet, of which 29,172 square feet is retail and 35,340 square feet is office. In addition, there are 322 below-grade parking spaces and Metro access from the red, blue and …

June 22, 2016

Loans Office Texas

Metropolitan Capital Advisors Arranges $14.4M Loan for Office Portfolio in Metro Dallas

by Haisten Willis June 21, 2016

COPPELL and ADDISON, TEXAS — Metropolitan Capital Advisors has arranged a $14.4 million loan for a portfolio of two office properties in metro Dallas. Rainier Asset Management Co., a subsidiary of Dallas-based Rainer Cos., owns the portfolio. The ownership is structured as a tenant-in-common. The five-year loan includes a 65 percent loan-to-value ratio and a fixed 4.95 percent interest rate. The portfolio includes Lakeview Center in Coppell and Sojourn Medical and Office Center in Addison. Lakeview Center is a 101,426-square-foot, single-story office building built in 1999. The property is 100 percent leased to six tenants, including Beacon Health Options, Circle K Stores and Caliber Home Loans. Sojourn Medical and Office Center was built in 2000 and is 87 percent leased to three tenants including the U.S. Oncology Center.

June 21, 2016

Loans Multifamily New York Northeast

World Wide Group Receives $247M in Financing for Three Multifamily Properties in NYC

by Amy Works June 21, 2016

NEW YORK CITY — World Wide Group has secured $247 million in financing for three properties in New York City. The Singer & Bassuk Organization arranged the financing for the borrower. World Wide Group received $50 million in permanent financing for a six-story, 185,000-square-foot property located at 110 Green St. in Brooklyn’s Greenpoint neighborhood. The company acquired the 130-unit apartment building from Meadow Partners for $103 million. World Wide Group also received a $32 million acquisition loan for the $73 million purchase of Luna, a 124-unit residential building located at 42-15 Crescent St. in Long Island City, Queens. Additionally, World Wide secured $165 million in permanent financing for QLIC, a 421-unit apartment building that the company developed in Long Island City.

June 21, 2016

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