KATY, TEXAS — R. S. Hart Commercial Brokerage’s Rachel S. Grant has arranged an $8.9 million refinancing loan for 26440 FM 1093 Ltd.-Westheimer Lakes Plaza II located in Katy. The multi-tenant retail property totals 52,567 square feet and was 100 percent occupied at the time of financing. Raintree Commercial’s Corey Ferguson developed the shopping center. Brock Tautenhahn of BBVA Compass Bank provided financing.
LATHAM, N.Y. — Berkadia has closed a $15.4 million refinancing loan for Latham Crossing, a retail property located in Latham. The 10-year, fixed-rate loan, which was provided by a conduit lender, features a 30-year amortization schedule with 2 years of interest-only payments, a 75 percent loan-to-value ratio and 1.25 times debt-service coverage. Located at 609 Troy Schenectady Road, the 100,000-square-foot center is fully occupied by a variety of tenants, including PetSmart and Staples. John DiCrocco of Berkadia’s New York City office arranged the financing for the undisclosed borrower.
MELVILLE, N.Y. — NorthMarq Capital has arranged $10.8 million in refinancing for a 111,700-square-foot office building located at 425 Broad Hollow Road in Melville. The five-year loan features a 30-year amortization schedule. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through a national bank for the undisclosed borrower.
OLATHE, KAN. — KeyBank Real Estate Capital has secured a $19.5 million Freddie Mac financing for Santa Barbara Estates. The 484-pad mobile home park was built in 1972. The property is located in Olathe, approximately 20 miles southwest of Kansas City. Alex Buecking of KeyBank arranged the financing.
CHICAGO — American Street Capital has arranged a $2.3 million acquisition loan for a multifamily property in Chicago. The property consists of 85 units and 64,390 square feet of rentable space. The borrower was undisclosed. The non-recourse CMBS loan features a 10-year term and 30-year amortization. Igor Zhizhin of America Street Capital arranged the loan.
IRVING, TEXAS — Grandbridge’s Blake Willeford has arranged $18.8 million in financing for Newport Apartments, a 308-unit apartment complex in Irving. The loan, arranged through a debt fund REIT, included financing for the acquisition as well as capital for improvements to enhance the property. The transaction was structured with a two-year, interest-only term. The asset, built in 1981, includes 200 renovated units with faux wood flooring, black appliances, and brush nickel plumbing and lighting fixtures. The borrower, PPA Group, plans to renovate the remaining 108 units and make exterior improvements including masonry dumpster enclosures, replacing wood with wrought iron on select balconies/patios, adding an outdoor kitchen, and adding a dog park.
MARIETTA, GA. — Greystone has provided a $58 million bridge loan to recapitalize the ownership of Watermark at East Cobb, a 510-unit apartment property in Marietta, a northern suburb of Atlanta. The apartment community features two resort-style pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and a pet park. Keith Hires and Greg Krafcik of Greystone originated the three-year bridge loan on behalf of the borrower, Cortland Partners. Mike Galla and David Collie of iCap Realty Advisors arranged the loan, which Cortland Partners will use to repay current debt, recapitalize membership interests and position for permanent financing.
TRAVERSE CITY, MICH. — Bernard Financial Group has arranged a $4.3 million loan for Airport 31 Retail Center. The 65,000-square-foot space is located in Traverse City. Airport 31 LLC is the borrowing entity. Assurity Life Insurance Co. is the lender, and Bernard Financial Group will service the loan. Dave Dismondy of Bernard Financial originated the loan.
PASADENA, TEXAS — Transwestern’s Houston headquarters has brokered the sale of Fairmont Parkway Shopping Center. An undisclosed South American buyer acquired the 172,002-square-foot power center located at the intersection of Beltway 8 and Fairmont Parkway in Pasadena for an undisclosed price. Micha van Marcke, Paul Barile, Janice Sellis and Chace Henke of Transwestern represented the seller, A-S 82 Fairmont Parkway — Beltway 8 LP. Jan Sparks, Michael Snodgrass and Tim Bennett of Transwestern secured the debt for the buyer. Fairmont Parkway Shopping Center is located in a regional retail hub for Pasadena and communities such as Deer Park and La Porte. The area consists of 1 million square feet of retail. Fairmont Parkway Shopping Center’s tenants include 24-Hour Fitness, iT’Z Family, Comerica Bank, Goodwill, Pei Wei and Food & Fun. The property was 96 percent occupied at the time of sale.
TUSCON, ARIZ. — CBRE National Senior Housing has arranged a $25 million construction loan for Hacienda at The River, a 129-unit assisted living, memory care and skilled nursing community in Tuscon. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community on a 5.75 acre plot. When completed, Watermark will manage the community. Aron Will, executive vice president of CBRE National Senior Housing, and Jim Sellers and Tim Prouty, both senior vice presidents of the CBRE Debt & Structured Finance office in Tucson, secured a three-year, floating-rate loan that then converts to a three-year, mini-perm loan. The loan was placed through a regional bank. Based in Tuscon, Watermark is the 13th largest operator of seniors housing communities in the U.S. with 38 communities comprising 7,483 units, according to 2015 data from the American Seniors Housing Association.