Loans

Hickory Hills East Apartments Great Mills

Aztec Group Arranges $20.2M Loan for Apartment Community in Maryland

by John Nelson August 24, 2015

GREAT MILLS, MD. — Aztec Group Inc. has secured a $20.2 million loan for Hickory Hills East Apartments, a 231-unit apartment community located at 22501 Iverson Drive in Great Mills. Charles Penan and Howard Taft of Aztec Group arranged the 10-year loan through Rialto Mortgage Finance, a New York-based conduit lender, on behalf of the borrower, a joint venture between affiliates of BAF Associates and the Raleigh Cos. The loan was structured with five years of interest-only payments, a 30-year amortization schedule, 75 percent loan-to-value ratio and a fixed interest rate below 4.6 percent.

August 24, 2015

Florida Loans Seniors Housing Southeast

Bank Leumi Refinances Two Seniors Housing Facilities in Central Florida for $16.7M

by John Nelson August 24, 2015

HIGH SPRINGS AND ORLANDO, FLA. — Bank Leumi USA, a full-service commercial and private bank, has provided $16.7 million in total refinancing to Plantation Oaks Senior Living Management, a Florida-based owner/operator. The first loan is secured by a first mortgage on an existing seniors housing community located in High Springs, comprising 37 assisted living units and 29 memory care units. The credit facility was structured with a $5 million initial funding and a $1.2 million earn-out. The second credit facility is secured by an existing senior housing community located in Orlando, comprising 17 independent living units, 86 assisted living units and 22 memory care units. The $10.5 million financing was structured with an initial funding of $5.4 million, a $3.5 million holdback to fund the expansion of a 48-unit memory care building and a $1.6 million earn-out. Both of these loans refinanced existing debt, lowered the interest rate and provided a dividend to the owners of the communities. The fixed-rate loans have a five-year term and are intended to serve as a bridge to agency financing or to the future sale of the communities. Hely Santeliz of Bank Leumi led the team that structured the loan.

August 24, 2015

Loans Midwest Missouri Multifamily

Walker & Dunlop Arranges $4.3M Freddie Mac Loan for Apartment Community in Kansas City, Mo.

by Jonathan Mehall August 21, 2015

KANSAS CITY, MO. — Walker & Dunlop Inc. has arranged a $4.3 million Freddie Mac loan for Cloverleaf Apartments in Kansas City. The 204-unit affordable housing complex is located near US Highway 71 and features a mix of two- and three-bedroom apartments. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged the fixed-rate loan with a 10-year term, two years of interest-only payments and a 30-year amortization schedule. Walker & Dunlop arranged the acquisition loan on behalf of the borrower, Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Section 8 housing projects across the United States.

August 21, 2015

Illinois Loans Midwest Office

Philipsborn Arranges $4M Refinancing for Office Property in Deerfield, Ill.

by Jonathan Mehall August 21, 2015

DEERFIELD, ILL. — The Philipsborn Co. has arranged $4 million in first mortgage financing for an 81,550-square-foot, multi-tenant office building located at 707 Lake Cook Road in Deerfield, a northern suburb of Chicago. Ameritas Investment Partners provided the 21-year, fixed-rate, self-amortizing refinancing loan. Constructed in 1979, the three-story office building is located in the north village’s corporate business corridor and is currently 80 percent leased. David Kubert of Philipsborn represented the lender and the borrower, an Illinois-based limited liability company.

August 21, 2015

Loans Multifamily Texas

HFF Arranges $45M in Acquisition Financing for Apartment Complex in Metro Dallas

by Haisten Willis August 21, 2015

FRISCO, TEXAS — HFF has arranged $45 million in acquisition financing for Amalfi Stonebriar, a 395-unit, Class A apartment complex in Frisco. Working on behalf of the borrower, Pure Multi-Family REIT LP, HFF placed the 12-year, fixed-rate loan through TIAA-CREF. Amalfi Stonebriar is located at 5725 Town & Country Blvd. in the north Dallas suburb of Frisco across from the future headquarters of Toyota and FedEx, as well as the new Liberty Mutual office campus. Completed in 2014, the property has units ranging from 603 to 1,689 square feet, with 69 percent of the units one-bedroom and 31 percent two-bedroom. Amenities include a swimming pool, fitness center, grilling areas, courtyard and a business center. The asset is 94 percent occupied. John Brownlee and Michael Cosby led the HFF debt placement team representing the borrower.

August 21, 2015

Loans New York Northeast Office

Capital One Closes $150M Refinance Loan for Tribeca Office Building

by Amy Works August 21, 2015

NEW YORK CITY — Capital One served as joint lead arranger, joint bookrunner and administrative agent for a 10-year, $150 million syndicated loan to refinance an office building at 40 Worth St. in Tribeca. Owned by Newmark Holdings, the 16-story property features 761,000 net rentable square feet, including 106,000 square feet of retail space. The property is currently occupied by a variety of retail and commercial tenants, including several New York City agencies and a number of nonprofits. TD Bank also served as a lead arranger and bookrunner on the loan. Paul Verdi of Capital One represented the bank, while Paul Talbot of NGKF Capital Markets represented the borrower in the financing transaction.

August 21, 2015

Loans Massachusetts Mixed-Use Northeast Office Restaurant Retail

Rockland Trust Invests $27M in Sam Park & Co.’s The Point in Massachusetts

by Amy Works August 21, 2015

LITTLETON, MASS. — Rockland Trust has provided $27 million in financing to Boston-based Sam Park & Co. for the completion of the first phase of The Point, a 540,000-square-foot mixed-use project currently under construction in Littleton. Located at the intersection of Interstate 495 and Route 119, the project will feature 400,000 square feet of retail space, an entertainment complex, office space, a health club and a 115-room Courtyard by Marriott. Retail tenants will include Market Basket, Starbucks, AT&T, O’neil Cinemas, The Paper Source, Tavern in the Square and Pet Source, among others.

August 21, 2015

Hospitality Loans Midwest Wisconsin

PMZ Arranges $8.1M Non-Recourse Loan for Harbourwalk Hotel in Racine, Wis.

by Jonathan Mehall August 20, 2015

RACINE, WIS. — PMZ Realty Capital LLC has arranged an $8.1 million non-recourse loan for the Harbourwalk Hotel, located at 223 Gas Light Circle in Racine, approximately 24 miles south of Milwaukee. The loan carries a fixed interest rate of below 4.5 percent. JP Morgan provided the funds to the owner, an affiliate of Graves Hospitality, which will be used to repay existing debt and renovate the hotel. The $2 million renovations, to be completed by next summer, will include a total refurbishment of the guest rooms and common areas to meet the standards for a Doubletree by Hilton Hotel. The property has been without a franchise and is converting to a DoubleTree by Hilton flag within the next 12 months.

August 20, 2015

Loans Multifamily New York

Meridian Capital Group Arranges $30M Loan for Park Avenue Multifamily Property

by Amy Works August 20, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $30 million mortgage for the refinancing of a multifamily property located at 15-17 Park Ave. in New York City. The seven-year loan, which was provided by a regional balance sheet lender, features a 3.5 percent fixed rate and interest-only payments for the full term. The borrower is Samson Management LLC. Built in 1924, the 16-story property features 97 apartment units and 2,810 square feet of office space. Avi Weinstock and Chaim Tessler of Meridian Capital Group negotiated the financing.

August 20, 2015

Loans Multifamily New Jersey Northeast

Cushman & Wakefield Secures $22M in Refinancing for SilkLofts in New Jersey

by Amy Works August 20, 2015

BAYONNE, N.J. — Cushman & Wakefield has arranged $22 million in refinancing for SilkLofts, a multifamily property located at 154-157 Avenue E in Bayonne. The loan features a seven-year term at a 3.3 percent fixed rate, with a five-year extension option. Originally the Maidenform Brassiere factory, the property was converted into a multifamily development with five studio units, 26 two-bedroom units, 48 one-bedroom units and six private artist lofts. George Gnad of Cushman & Wakefield handled the transaction.

August 20, 2015

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