Loans

Mission Capital Advisors Arranges $24.5M Loan for Office Building in Connecticut

by Amy Works January 11, 2016

STAMFORD, CONN. — Mission Capital Advisors has arranged a $24.5 million loan for an office building located 9 W. Broad St. in Stamford. The borrower was a joint venture between certain funds managed by Westport Capital Partners and Forstone Capital. The 191,000-square-foot property was recently repositioned and upgraded by the ownership, which acquired the nearly vacant property in 2013. The property now features a ground-floor cafeteria, fitness center, conference rooms, lobbies and common areas. Additionally, the building features 540 on-site parking spaces and a shuttle service to the Stamford Transportation Center. Jordan Ray, Ari Hirt, Steven Buchwald and Lexington Henn of Mission Capital represented the borrower in the financing.

January 11, 2016

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $6.1M Construction Loan for Affordable Housing Property in Syracuse

by Amy Works January 11, 2016

SYRACUSE, N.Y. — KeyBank has provided a $6.1 million construction loan to Harbor Street Lofts LLC, an entity sponsored by the Sutton Real Estate Cos. in partnership with Bentham Foundation. Proceeds of the loan were used toward the acquisition and rehabilitation of a four-story, historic industrial building in Syracuse’s Westside neighborhood. The borrower is transforming the property into a 40-unit mixed-income apartment property. Lynne Callis-Wilson of Key’s Community Development Lending arranged the financing for the borrower.

January 11, 2016

California Loans Retail Western

NorthMarq Secures $4.2M Loan for Laguna Palms in Elk Grove

by Nellie Day January 8, 2016

ELK GROVE, CALIF. — NorthMarq Capital has arranged a $4.2 million refinancing for Laguna Palms, a retail property located at 9105 Bruceville Road in Elk Grove. The 15-year loan features a 25-year amortization schedule. Tenants at the 23,869-square-foot property include U.S. Post Office and Goodwill. Blake Melstrom of NorthMarq Capital’s Los Angeles office secured the financing for the undisclosed borrower.

January 8, 2016

Loans Multifamily New York Northeast

Cushman & Wakefield Closes $53.2M Construction Loan for Residential Complex in Harlem

by Amy Works January 8, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the closing of a $53.2 million construction loan for a property at 2341-2349 Adam Clayton Powell Jr. Blvd. in Manhattan’s Harlem neighborhood. The construction loan will finance the development of The Renny, a mixed-income residential rental complex set to open in 2017. The lender was Santander Bank. Preston Flammang of Cushman & Wakefield handled the transaction. The name of the borrower was not released.

January 8, 2016

Loans Louisiana Multifamily Southeast

NorthMarq Capital Arranges $16.3M Acquisition Loan for Multifamily Property in Louisiana

by John Nelson January 8, 2016

BOSSIER CITY, LA. — NorthMarq Capital has arranged a $16.3 million acquisition loan for Villaggio, a 239-unit apartment community located in Bossier City. Greg Duvall of NorthMarq Capital’s Kansas City office arranged the loan through Freddie Mac on behalf of the borrower. In addition to its apartment residences, Villaggio features retail and office space.

January 8, 2016

Loans Retail South Carolina Southeast

HFF Secures $13.4M Acquisition Loan for Shopping Center in Hilton Head

by John Nelson January 8, 2016

HILTON HEAD, S.C. — HFF has secured $13.4 million in acquisition financing for Fresh Market Shoppes, an 86,694-square-foot, grocery-anchored shopping center in Hilton Head. Redeveloped in 2004, the shopping center was 91.2 percent leased at the time of financing to 16 tenants, including anchor The Fresh Market, Bonefish Grill, Dollar Tree, Massage Envy and West Marine. Situated on 9.7 acres at 890 William Hilton Parkway, the shopping center is bounded by two golf courses: Long Cove Golf Club and Shipyard Plantation Golf Course. Travis Anderson and Cory Fowler led HFF’s debt placement team to arrange the loan through Synovus Bank on behalf of the borrower, Ferncroft Capital.

January 8, 2016

Loans Multifamily Northeast Pennsylvania

HFF Arranges $88M in Financing for 282-Unit Apartment Complex in Philadelphia

by Amy Works January 7, 2016

PHILADELPHIA — HFF has arranged $88 million in financing for The Left Bank, an apartment complex in Philadelphia. The firm placed the five-year, fixed-rate loan with a regional community bank for the borrower, Dranoff Properties. Located at 3131 Walnut St., The Left Bank features 282 apartment units in a mix of studio, one-, two- and three-bedroom layouts averaging 971 square feet. Community amenities include a lobby, sky deck, landscaped courtyard, fitness center, business center, community conference rooms, clubroom with catering kitchen, bike storage and 24-hour concierge service. The property also includes 98,707 square feet of office space and 22,605 square feet of retail, both of which are 100 percent occupied. Jim Cadranell and Ryan Ade of HFF arranged the financing for the borrower.

January 7, 2016

Hospitality Loans New Jersey Northeast

PMZ Arranges $26.5M Construction Loan for Autograph by Marriott in New Jersey

by Amy Works January 7, 2016

MONTCLAIR, N.J. — PMZ Realty Capital has arranged a $26.5 million construction loan for The MC Hotel, an Autograph by Marriott property, in Montclair. Situated within the CentroVerde development, the 150-room hotel will feature 7,500 square feet of office space, a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza. The hotel is slated to open in third quarter 2017.

January 7, 2016

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $11M Loan for 255,253 SF Warehouse Facility in New Jersey

by Amy Works January 7, 2016

WAYNE, N.J. — Morristown, N.J.-based G.S. Wilcox & Co. has arranged $11 million in financing for an undisclosed repeat borrower. The loan is secured by a 255,253-square-foot warehouse building located in Wayne. The five-year loan has a 30-year amortization schedule and was provided by Thrivent Financial. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. originated the loan for the borrower.

January 7, 2016

Colorado Loans Retail Western

HFF Arranges $23.7M Financing for Market Center in Downtown Denver

by Nellie Day January 7, 2016

DENVER — HFF has arranged $23.7 million in financing for Market Center, a mixed-use office and retail property totaling 120,736 square feet in downtown Denver. Leon McBroom and Eric Tupler of HFF worked on behalf of the borrower, a joint venture between Urban Renaissance Group, Stars Investments and City Street Investors, to secure the floating-rate financing through First National Denver. The 36-month loan has two 12-month extension options and was used to acquire the asset.

January 7, 2016

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