Loans

CBRE Arranges $9.8M Refinancing for 200-Unit Multifamily Property in Indiana

by Christina Cannon June 7, 2016

KOKOMO, IND. — CBRE Group Inc. has arranged a $9.8 million loan to refinance Legends of Wildcat Creek, a 200-unit apartment complex in Kokomo, approximately 60 miles north of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the fixed-rate financing on behalf of the Diana L. Gunstra Trust. The loan features a 10-year term and 30-year amortization schedule. Legends of Wildcat Creek, located at 1762 Hogan Drive, offers one-, two- and three-bedroom units. Amenities at the property include a clubhouse, fitness center, laundry facility, swimming pool, covered parking and extra storage.

June 7, 2016

Hospitality Loans Northeast Pennsylvania

UC Funds Secures $24.2M Loan for Hotel Conversion in Pittsburgh

by Amy Works June 7, 2016

PITTSBURGH — UC Funds has completed a $24.2 million adaptive reuse bridge loan for the conversion of the historic Salvation Army building into the Distrikt Hotel in downtown Pittsburgh. The 183-room hotel will operate as a full-service boutique hotel with amenities including a high-end restaurant with room service, bar and lounge, fitness center and rooftop patio.

June 7, 2016

Loans Multifamily New York Northeast

Walker & Dunlop Closes $17.5M Acquisition, Repositioning Loan for Multifamily Property in the Bronx

by Amy Works June 7, 2016

NEW YORK CITY — Walker & Dunlop Commercial Property Funding has closed a $17.5 million loan for the acquisition and repositioning of a multifamily property located at 916-926 Southern Blvd. in the Bronx. The short-term high-yield bridge loan was used to fund the acquisition, as well as reserves related to capital improvements and operating shortfalls. Geoff Smith and Tom Toland of Walker & Dunlop originated the deal with Gold Edge Capital. Built in 1911, Southern Boulevard features two adjacent buildings totaling 66 multifamily units. The property will be transformed into 105 units of revitalized, market-rate multifamily housing and 12,333 square feet of ground-floor retail space.

June 7, 2016

Connecticut Loans Mixed-Use Northeast Office Retail

Cornerstone Realty Negotiates $2.9M Acquisition Loan for Mixed-Use Property in Connecticut

by Amy Works June 7, 2016

MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.

June 7, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $20.9M Loan to Refinance Seniors Housing Community in Chicago

by Christina Cannon June 6, 2016

CHICAGO — Capital One has provided a $20.9 million fixed-rate HUD 232/223(f) loan to refinance a 318-bed skilled nursing facility in Chicago. The loan features a 35-year term. The facility was built in 1975 and offers on-site dialysis and can accommodate patients with a diagnosis of dementia. Joshua Rosen of Capital originated the transaction.

June 6, 2016

Illinois Loans Midwest Multifamily

Pembrook Capital Management Provides $16.6M Loan for Chicago Apartment Property

by Christina Cannon June 6, 2016

CHICAGO — Pembrook Capital Management LLC, through its third commercial real estate debt fund, has provided a $16.6 million loan to The NHP Foundation for the acquisition of 152 affordable housing units. The Mark Twain Hotel is a single-room occupancy property in the Gold Coast neighborhood of Chicago. The NHP Foundation will maintain the property, located at North Clark and West Division streets, as affordable units. The 58,000-square-foot Mark Twain Hotel was built in 1932 as a residential hotel and features over 9,000 square feet of ground-floor retail space. The NHP Foundation plans to add kitchens to each unit and community space to the property. The renovation is anticipated to begin in 2017. The property will be included in the National Register’s proposed Residential Hotels in Chicago, 1900–1930 group designation, which recognizes this class of accommodation from this era as historically significant. The Chicago Community Loan Fund, Bellwether Enterprise Real Estate Capital, US Bank and the City of Chicago Department of Planning and Development also contributed financial resources to the acquisition and renovation of the property.

June 6, 2016

Connecticut Loans Multifamily Northeast

Eastern Union Secures $4.5M in Acquisition Financing for Two Multifamily Properties in Connecticut

by Amy Works June 6, 2016

HARTFORD, CONN. — Eastern Union Funding has arranged $4.5 million in acquisition financing on two neighboring multifamily properties in Hartford for borrower Aria Legacy Group, a privately held fully integrated real estate firm. The properties include a 70-unit building at 37 Charter Oak Place and a 10-unit building with two ground-floor retail spaces at 29 Charter Oak Ave. Joshua Novoseller and Adelle Ross of Eastern Union secured the loan through CBRE Capital Markets.

June 6, 2016

Loans Multifamily Texas

BMC Capital Provides $4.3M Loan for Apartment Property in Dallas

by Haisten Willis June 6, 2016

DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $4.3 million loan for the cash-out refinance of Andora Apartments, a multifamily property located in Dallas. The loan features a 3.6 percent fixed interest rate for five years, 75 percent loan-to-value ratio, no pre-payment penalty and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.

June 6, 2016

Loans Midwest Nebraska Retail

Q10 | Daisley Ruff Arranges $6.2M Loan for Shopping Center in Lincoln

by Christina Cannon June 3, 2016

LINCOLN, NEB. — Q10 | Daisley Ruff Financial has arranged a $6.2 million refinancing loan for South Ridge Shopping Center, a 100,000-square-foot shopping center in Lincoln. A Nebraska-based developer was the borrowing entity. The fully occupied South Ridge Shopping Center, which was built in 1999, includes tenants such as Super Saver, HuHot Mongolian Grill, Five Guys Burgers & Fries and Platos Closet. Steve Ruff and Eric Petersen arranged the fixed-rate, fully amortizing loan through a national life insurance company.

June 3, 2016

California Loans Office Western

CBRE Arranges $120M in Loans for Main Street Cupertino Office Development

by Nellie Day June 3, 2016

CUPERTINO, CALIF. — A joint venture between Sand Hill Property Company and its capital partner has received $120 million in financing for a pair of office buildings within the Main Street Cupertino mixed-use project in Silicon Valley. The buildings contain a total of 260,000 square feet. Main Street Cupertino will include a mix of office, retail, hotel and loft apartments. The office component was completed earlier this year. The retail component is scheduled for completion by the end of 2016, though seven retailers are already open for business. Stores include Dog, Lyfe Kitchen, TD Ameritrade, Eureka! Burger and Philz Coffee. The hotel is franchised to be a Marriott Residence Inn, and the loft apartments are set to open in 2017. Main Street Cupertino will also contain a one-acre town square and a half-acre park. The loan features a variable, LIBOR-based rate. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team arranged the financing. HSBC Bank USA, National Association provided the capital.

June 3, 2016

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