Loans

Walker & Dunlop Originates $41.2M Loan for Apartment Community in Metro Orlando

by John Nelson September 25, 2015

SANFORD, FLA. — Walker & Dunlop has closed a $41.2 million loan for Elan Towne Center, a 360-unit luxury apartment community in Sanford, roughly 24 miles north of Orlando. Built in 2014, the Class A property features a cyber café, coffee bar, valet door-to-door trash pickup, club room with billiards, private detached garages and a dog park. The community was more than 90 percent occupied at the time of financing. Paul Ahmed led Walker & Dunlop’s team to originate the 15-year loan on behalf of the undisclosed borrower.

September 25, 2015

California Loans Multifamily Western

Landmark Arranges $100M Financing for Multifamily Community in California

by Nellie Day September 25, 2015

LAKE FOREST, CALIF. — Landmark Capital Advisors has arranged $100 million in financing for Portola Center South, a 626-building multifamily community in Lake Forest. The owner, SunRanch Capital Partners, began improving the land this past June. It plans to begin selling the lots to builders by early 2016. The site contains five planning areas. The improvements will commence in one phase, which will take seven to nine months to complete. Portola Center South will eventually include 569 for-sale units and 57 affordable units. Adam Deermount and Terry Ruckle of Landmark Capital Advisors structured the financing.

September 25, 2015

Industrial Loans Western

HFF Arranges $42M Financing for Perris Circle Industrial Park Project

by Nellie Day September 25, 2015

PERRIS, CALIF. — HFF has arranged $42 million in joint venture equity and construction financing for Perris Circle Industrial Park. The Class A industrial facility will contain two buildings totaling 594,000 square feet. The new project is situated on a 31-acre site at 278-290 Markham St., near Harley Knox Boulevard and Interstate 215. Perris Circle Industrial Park will be complete in early 2016. HFF worked on behalf of the developer, Circle Industrial, to arrange the joint venture equity partnership with Cigna Realty Investors. The firm also secured the construction financing for the partnership with Wells Fargo Bank. Anthony Brent, Kevin Mackenzie and Ryan Martin led HFF’s equity placement team. Todd Sugimoto and Mark Wintner led the debt placement team.

September 25, 2015

Industrial Loans Michigan Midwest

BGL Arranges $22.3M of Financing for Industrial Property Near Detroit

by Christina Cannon September 25, 2015

GIBRALTAR, MICH. — Brown Gibbons Lang (BGL) Real Estate Advisors has arranged a $22.3 million financing for an industrial property for Ferragon Corp. The multi-phased financing will support improvements to create a continuous annealing toll processing operation in Gibraltar, which is approximately 30 miles south of Detroit. The processing center will become operational in late 2016. Once complete, the project will bring a largely vacant 550,000 square foot industrial complex back into EPA compliant condition. The $22.3 million financing consisted of a $10 million building improvement loan, an $8.2 million Brownfield Tax Increment Financing (TIF) and job creation grant from the Michigan Economic Development Corporation and the Michigan Department of Environmental Quality, and $4.1 million for building and property acquisition. BGL was the exclusive real estate advisor for the borrower, Ferragon in the transaction. BGL Real Estate Advisors provides comprehensive real estate investment banking services to the middle market, which includes real estate advisory, debt and equity placements, financial restructuring, and asset acquisition and disposition. Ferragon Corporation is a provider of comprehensive toll processing services for hot rolled and cold rolled steel that operates four other facilities in the Midwest and Southern regions.

September 25, 2015

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Finances $21.7M Acquisition of Seniors Housing Community in Chicago MSA

by Christina Cannon September 25, 2015

PARK RIDGE, Ill. — CBRE National Senior Housing has arranged financing on behalf of Capitol Seniors Housing (CSH) for the acquisition of The Summit of Uptown, a 147-unit independent living and assisted living community located in Park Ridge, a suburb of Chicago. CBRE secured a $27.9 million, non-recourse, floating-rate bridge loan that includes a five-year term with 36 months of interest-only payments from a regional bank. Total proceeds includes a loan of $21.7 million for the acquisition of the property along with a loan of $4.2 million for planned capital improvements and a $2 million earnout feature. CSH, a seniors housing investment company, plans to convert 28 independent living units to assisted living and add 21 memory care units. Once complete, the community will feature a fortified memory care wing and can provide its residents with a full continuum of care. CSH will lease the community to Atlanta-based operator The Arbor Company.

September 25, 2015

Loans Multifamily Texas

Berkadia Originates $15.7M Acquisition Loan for Multifamily Property in San Antonio

by Haisten Willis September 24, 2015

SAN ANTONIO — Berkadia has secured $15.7 million in financing for The Parq on the Boulevard, a multifamily property located at 5655 UTSA Blvd. in San Antonio. Andy Hill of Berkadia’s Austin office secured the loan through Berkadia’s Freddie Mac program. The borrower, Mosaic Marq LP, will use the seven-year, floating-rate financing for the acquisition of the property. Loan terms include two years of interest-only payments followed by a 30-year amortization schedule. The Parq on the Boulevard is a 208-unit property that features one-, two- and three-bedroom floor plans. Community amenities include a pool with a tanning deck, barbeque grills, fitness center, pet park and a business center. Situated on more than 11 acres, the property was 94 percent occupied at the time of closing.

September 24, 2015

Florida Loans Mixed-Use Southeast

NorthMarq Arranges Financing for Two Florida Properties Totaling $74.6M

by John Nelson September 24, 2015

KEY WEST AND PORT ST. LUCIE, FLA. — NorthMarq Capital’s Boca Raton office has arranged the refinancings of The Westin Key West Resort in Key West and The Atlantic at Tradition Apartments in Port St. Lucie for a combined $74.6 million. Located at 245 Front St., The Westin Key West Resort’s amenities include a swimming pool, marina, two different spa facilities, beach access and a workout fitness studio. Bill Johnson of NorthMarq arranged the 20-year, $50 million loan through a life insurance company on behalf of the borrower. Located at 10297 S.W. Village Parkway, the 252-unit Atlantic at Tradition is in close proximity to the 150-acre Tradition Center of Innovation Research Park and a VA hospital currently under construction. The property’s amenity package includes a clubhouse, swimming pool, sundeck, theater, Jacuzzi, veranda, 24-hour fitness center, business center, tennis court, dog park and lakeside walking trail. Johnson arranged the 10-year, $24.6 million loan for the apartment community through a life insurance company on behalf of the borrower. The loan features two years of interest-only payments followed by a 30-year amortization schedule.

September 24, 2015

Loans Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Provides $17M FHA Refinance for CCRC in Ohio

by Christina Cannon September 24, 2015

GARFIELD HEIGHTS, OHIO — Lancaster Pollard has provided a $17 million FHA refinance for The Village at Marymount, a nonprofit continuing care retirement community (CCRC) affiliated with the Sisters of St. Joseph of the Third Order of St. Francis. The community is located in Garfield Heights, a suburb of Cleveland. The CCRC consists of Villa St. Joseph (a 102-bed skilled nursing and 12-bed memory care facility), Marymount Place (a 104-unit assisted living facility) and Clare Hall (a long-term care facility that includes a newly renovated 10-bed inpatient hospital unit). The loan carries a 35-year term, is nonrecourse, has no financial covenants, and provides for approximately $171,000 in annual debt service savings as well as nearly $75,000 for repairs and improvements. Kass Matt led the transaction for Lancaster Pollard.

September 24, 2015

Life Sciences Loans Massachusetts Northeast Office

HFF Secures $74.2M in Financing for Lab/Biotech Building in Waltham

by Amy Works September 24, 2015

WALTHAM, MASS. — Holliday Fenoglio Fowler (HFF) has secured $74.2 million in first mortgage financing for a lab/biotech facility located at 830 Winter St. in Waltham, a western suburb of Boston. HFF arranged the floating-rate loan with Wells Fargo while working on behalf of the borrower, a joint venture between King Street Properties and an affiliate of Carlyle Realty Partners VII. Completed in 2001, the 182,104-square-foot facility is fully leased to ImmunoGen, GlaxoSmithKline and Histogenics Corp. Greg LaBine of HFF represented the borrower in the financing transaction.

September 24, 2015

Loans New York Northeast Retail

NorthMarq Capital Completes $12.9M in Financing for Five Retail Properties

by Amy Works September 24, 2015

LONG ISLAND AND DIX HILLS, N.Y. — NorthMarq Capital has arranged $12.9 million in financing for a four-property retail portfolio in Suffolk County, Long Island, and a retail plaza in Dix Hills. In the first transaction, the four-property portfolio in Suffolk County was refinanced for $4.4 million. The portfolio contains a combined 131,500 square feet of retail space. NorthMarq arranged a fully amortizing 18-year loan through its correspondent relationship with a life insurance company. In the second transaction, the company arranged $8.5 million in refinancing for Dix Hills Plaza, a 51,820-square-foot retail property located at 1815-1819 E. Jericho Turnpike in Dix Hills. NorthMarq structured a 9-year term with a 25-year amortization schedule through its relationship with a local bank for the borrower. Ernest DesRochers and Charles Cotsalas of NorthMarq Capital secured the financing in both transactions.

September 24, 2015

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