Loans

Fantini & Gorga Secures $28.2M Loan for Exeter Mill Apartments in New Hampshire

by Amy Works September 21, 2015

EXETER, N.H. — Fantini & Gorga has arranged $28.2 million in permanent financing for Exeter Mill Apartments in Exeter. The company placed the 35-year, fixed-rate loan with its correspondent MAP Lender, Eastern Mortgage Capital. FHA insured the loan under the 223(f) program, which provides long-term, fixed-rate, non-recourse financing. Redeveloped in 1987, the 161-unit apartment community consists of a mix of flats, lofts, duplexes and townhomes. On-site amenities include an indoor heated pool, sauna, fitness center, resident lounge and garage parking. Mark Whelan of Fantini & Gorga secured the financing for the undisclosed borrower.

September 21, 2015

Hospitality Loans New York Northeast

HREC Arranges $7.1M in Financing for Comfort Inn Red Hook in Brooklyn

by Amy Works September 21, 2015

NEW YORK CITY — HREC Investment Advisors has arranged a $7.1 million loan for the acquisition of Comfort Inn Red Hook in Brooklyn. Located one block from the Brooklyn Cruise Terminal and Battery Tunnel, the hotel features 81 rooms. A bridge lender provided the capital. Geoff Davis and Mike Armstrong of HREC represented the investment group that purchased the hotel in the financing deal.

September 21, 2015

Loans Midwest Missouri Multifamily Seniors Housing

Lancaster Pollard Brokers Refinancing Loan for Senior Living Facility in Missouri

by Christina Cannon September 21, 2015

HIGGINSVILLE, MO. — Lancaster Pollard has arranged funding for a refinance and renovation of John Knox Village East in Higginsville, which is 50 miles east of Kansas City. John Knox Village East is a senior living facility that features both intermediate care and skilled nursing beds and is managed by Life Care Services. The renovation will increase the number of skilled nursing beds, adding 16 private beds in a new wing. Lancaster Pollard worked with local banks to provide construction financing for the renovation and also obtained permanent financing via a $7.1 million loan insured by the USDA Community Facilities program. Mike Ashley led the transaction for Lancaster Pollard.

September 21, 2015

Industrial Loans Southeast Virginia

HFF Arranges $23.6M Acquisition Loan for Industrial Complex in Northern Virginia

by John Nelson September 21, 2015

ALEXANDRIA, VA. — HFF has arranged $23.6 million in acquisition financing for a three-building, 246,145-square-foot industrial complex in Alexandria. The fully leased properties are located within Pickett Industrial Park at 841-929 S. Pickett St. The complex’s tenant roster includes General Services Administration, Commercial Carpets of America, Michael Baker Corp. and Habitat for Humanity of Northern Virginia. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 10-year, floating-rate loan through SunTrust Bank on behalf of the borrower, an affiliate of JBG Core Venture I LP — a joint venture between CBRE Global Investment Partners and The JBG Cos.

September 21, 2015

California Hospitality Loans Western

AJ Capital Receives $31.5M to Acquire, Reposition Hotel Durant in Berkeley

by Nellie Day September 18, 2015

BERKELEY, CALIF. — AJ Capital has received $31.5 million in financing to acquire and reposition the 144-unit Hotel Durant in Berkeley. The hotel is located at 2600 Durant Ave. AJ Capital plans to rebrand the property as the Graduate Hotel. The Graduate brand is the first to cater exclusively to college- and university-anchored markets. It is targeted toward alumni and other college visitors. The Graduate portfolio was launched in 2014. It currently contains 1,355 rooms in nine university-anchored markets across the country. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoar of Mission Capital Advisors’ Debt & Equity Finance Group arranged the financing.

September 18, 2015

Colorado Loans Multifamily Western

HFF Arranges $41.8M in Financing for Del Arte Lofts and Flats near Denver

by Nellie Day September 18, 2015

AURORA, COLO. — HFF has arranged $41.8 million in financing for the 351-unit Del Arte Lofts and Flats in Aurora. The community is located at 151 South Joliet Circle, about nine miles southeast of Denver’s central business district. Del Arte is currently 93 percent leased. It is situated near the Lowry Air Force Base and the 578-acre Fitzsimons/Anschutz Medical Campus. The seven-year loan features a 2.28 percent adjustable rate with three years interest-only payments. HFF’s Josh Simon and Eric Tupler arranged the financing with Freddie Mac on behalf of Advenir.

September 18, 2015

California Loans Multifamily Western

CBRE Arranges $12M Fannie Mae Loan to Refinance Independent Living Community in California

by Nellie Day September 18, 2015

CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.

September 18, 2015

Loans Retail Texas

Q10 KDH Provides $44M Financing for Centre at Bunker Hill in Houston

by Haisten Willis September 18, 2015

HOUSTON — Q10 KDH Vice President Matt Franke has arranged $44 million in financing for Centre at Bunker Hill in Houston. The multi-anchor, Class A retail property is 100 percent occupied and includes 430,820 rentable square feet.

September 18, 2015

Loans Multifamily Southeast Student Housing Virginia

Berkadia Arranges $48M Loan for Student Housing Property Near Virginia Tech

by John Nelson September 18, 2015

BLACKSBURG, VA. — Berkadia has arranged a $48 million loan for The Edge Apartment Homes, a newly constructed student housing property near Virginia Tech in Blacksburg. John M.R. Reed of Berkadia secured the 20-year, fixed-rate loan on behalf of the borrower, Related Properties I LLC, an affiliate of SAS Builders Inc., through a life insurance company. The fully occupied, 252-unit property features two-, three- and four-bedroom apartments and townhomes. Units are fully furnished and contain a washer and dryer. Amenities at the student housing community include high-speed internet, a fitness center, yoga room, student center, heated swimming pool, picnic area and a two-story clubhouse.

September 18, 2015

Industrial Loans New Jersey Northeast Retail

Trevian Capital Funds $16.5M Bridge Loan for Self-Storage, Warehouse Property

by Amy Works September 17, 2015

BELLEVILLE, N.J. — Trevian Capital has funded a $16.5 million first-mortgage bridge loan secured by a fully occupied self-storage and warehouse facility in Belleville. The loan proceeds are being used to pay off an existing defaulted CMBS loan, fund the build-out of an additional 510 self-storage units, and provide the borrower cash out refinancing. The property is primarily occupied by Safe & Secure Self Storage, which occupies 300,000 square feet, with an additional 100,000 square feet of warehouse/storage space leased on a long-term basis to Essex County and Ecuadorian Rain Forest. Additional terms of the financing, including the name of the borrower, were not released.

September 17, 2015

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