Loans

Alpha Alternative Arranges $18.3M Bridge, Preferred Equity Loan for Office Building in Chicago Suburb

by Christina Cannon January 7, 2016

ROLLING MEADOWS, ILL. — Alpha Alternative LLC has arranged an $18.3 million bridge and preferred equity loan for an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. 1600 Corporate Center is a 12-story, Class A multi-tenant office building that is located at 1600 Golf Road. The asset has 255,440 rentable square feet and was built in 1986. Bank of America recently signed a lease to occupy more than one-third of the building, which brought the total occupancy to 89 percent. Alpha Alternatives utilized a securitized lender and private equity lender to provide the interest-only financing for a combined rate of 500 basis points over LIBOR. Anthony Longo of Alpha Alternative arranged the 85 percent loan-to-cost financing.

January 7, 2016

Arizona Loans Multifamily Western

Bank of America Merrill Lynch Provides $97M Credit Facility to Refinance Multifamily Portfolio in Arizona

by Nellie Day January 6, 2016

PHOENIX — BH Properties has received a $97 million credit facility to refinance a multifamily portfolio in the Phoenix area. The portfolio contains 12 properties and about 3,000 apartment units. The Bank of America Merrill Lynch credit facility replaces multiple existing loans with various lenders. The properties average a 93 percent occupancy rate.

January 6, 2016

California Loans Office Western

BH Properties Receives $13M Refinancing for Office, Retail Portfolio

by Nellie Day January 6, 2016

LOS ANGELES — BH Properties has received a $13 million refinancing for an office and retail portfolio it owns. The portfolio contains five office and retail properties for a total of about 231,000 square feet. The assets are situated in California, Tennessee and Florida. The semi-permanent bridge financing replaces short-term financing associated with the recent acquisition of these properties. The assets have a combined occupancy rate of 60 percent.

January 6, 2016

Loans Office Texas

HFF Arranges $60.7M Acquisition Financing for Galleria Place in Houston

by Haisten Willis January 5, 2016

HOUSTON — HFF has arranged $60.7 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet, plus a standalone retail site across from the Galleria Mall in Houston. HFF arranged the loan on behalf of the borrower, LPC Realty Advisors I, an affiliate of Lincoln Property Co. LPC Realty Advisors closed the loan on behalf of a pension fund client. HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital. HFF also arranged the sale of the property earlier in 2015. Galleria Place consists of Galleria Place I, an 11-story, 217,006-square-foot office building; Galleria Place II, a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and IHS. The properties occupy six acres bounded by Sage and Westheimer roads and West Alabama Street directly across from the Houston Galleria shopping and dining district. Susan Hill led HFF’s debt placement team representing the borrower.

January 5, 2016

Loans Retail Texas

Berkadia Arranges $18.4M in Financing for Retail Property in Plano

by Haisten Willis January 5, 2016

PLANO, TEXAS — Berkadia has arranged $18.4 million in financing for H Mart Town Center, a grocery-anchored retail property in Plano. Joseph Hevey Jr. of Berkadia’s Dallas office secured the refinancing through Morgan Stanley Bank, N.A. The loan features a 4.8 percent fixed interest rate with three years of interest-only payments, followed by a 30-year amortization schedule for the remaining seven years. The borrower, RPI H Mart Town Center, will use the loan to refinance existing debt on the location. Located at 3420 K Ave., the property was 94 percent leased at the time of sale to tenants including H Mart, Fresenius and Prime Overstock. The 211,718-square-foot property sits on 17.5 acres less than two miles north of downtown Plano.

January 5, 2016

Loans Multifamily Seniors Housing Washington Western

Lancaster Pollard Closes $4.5M Refinancing for Seniors Housing Community in Washington

by Nellie Day January 5, 2016

CLARKSTON, WASH. — Lancaster Pollard has closed a $4.5 million refinancing for Evergreen Estates Retirement & Assisted Living Community, a seniors housing community located in Clarkston along the southeast border of Washington State. The FHA loan will be used to refinance existing debt and fund the community’s replacement reserve account. The loan features a 30-year term at a lower interest rate than the previous bank loan. Matt Lindsay led the transaction for Lancaster Pollard.

January 5, 2016

174-Newbury-St-471-475-Commonwealth-Ave-Boston

Loans Massachusetts Mixed-Use Multifamily Northeast Office Retail

Fantini & Gorga Arranges Three Loans Totaling $12.3M for Three Properties in Boston

by Amy Works January 5, 2016

BOSTON — Fantini & Gorga has arranged three loans totaling $12.3 million in permanent financing for three properties in Boston. The properties include a mixed-use property at 174 Newbury St. and two multifamily assets located at 471 and 475 Commonwealth Ave. within Kenmore Square. The Newbury Street property features four stores with a lower level retail space occupied by Ben & Jerry’s and Vans, and five apartment units on the upper levels with direct access to the sidewalk. 471 Commonwealth is a four-story building with 10 apartment units and 475 Commonwealth is a seven-story property with 42 apartments and one office suite. Derek Coulombe, Tim O’Donnell and Chris Miller of Fantini & Gorga arranged the financing for the undisclosed borrower.

January 5, 2016

Florida Loans Multifamily Southeast

PCCP Provides $70M Construction Loan to Carter for Apartment Tower in Downtown Tampa

by John Nelson January 5, 2016

TAMPA, FLA. — PCCP has provided a $70 million loan to Carter for the development of a 23-story residential tower in downtown Tampa. The 362-unit development will be situated atop a six-story parking garage and 6,500 square feet of ground-level retail space. Community amenities will include a pool deck and terrace, ground-level fitness center and a clubroom on the top floor. The project will comprise a full city block bordered by North Franklin, North Florida, East Tyler and East Cass streets. Construction is anticipated to be completed in late 2017.

January 5, 2016

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $2.4M HUD Refinancing Loan for 37-Unit Affordable Housing Building in Minneapolis

by Christina Cannon January 5, 2016

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $2.4 million HUD loan for the refinancing of a multifamily property in Minneapolis. Vantage Flats is a 37-unit affordable workforce housing property. The building is a transit-oriented project located near the METRO Blue line in South Minneapolis. The property, located at 5341-5359 Minnehaha Ave., was built in 2007 and is comprised of one-, two- and three-bedroom floorplans. Amenities include a community room with kitchen, exercise room, bike racks and underground heated parking. Dougherty arranged the 40-year term loan for MDI Limited Partnership #64.

January 5, 2016

Florida Loans Multifamily Southeast

Related Group, Rabina Close $105M Construction Loan from SunTrust for High-Rise in Fort Lauderdale

by John Nelson January 4, 2016

FORT LAUDERDALE, FLA. — The Related Group and Rabina Properties have closed a $105 million construction loan from SunTrust Bank for a high-rise apartment tower in Fort Lauderdale. The 45-story, 272-unit tower will be located at 500 E. Las Olas Blvd. and is set for completion in the second quarter of 2017. The project, known as Icon Las Olas, is the third Related Group development under construction in Broward County.

January 4, 2016

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