NEW YORK CITY — Equicap has arranged $6.6 million in permanent financing for the refinance of a multifamily property located in Brooklyn’s Park Slope neighborhood. The non-recourse loan features a 10-year term with three years of interest-only payments and a 30-year amortization schedule at a 3.8 percent interest rate. The asset features 29 apartment units. Daniel Hilpert of Equicap negotiated the loan for the undisclosed borrower.
SANTA ROSA, Calif. — Greystone, a real estate lending, investment and advisory company, has provided a $58.3 million Freddie Mac loan to refinance Varenna at Fountaingrove, a 163-unit independent living facility in Santa Rosa, just north of San Francisco. Affiliates of Oakmont Senior Living own and operate the luxury community. The 10-year loan was funded via Freddie Mac’s Index Lock product, which enabled the borrower to take advantage of the existing 10-Year Treasury rate prior to commitment.
MIAMI — Miami-based Melo Group has closed a $95 million loan from Ocean Bank to fund the construction of Aria on the Bay, a 647-unit luxury condominium tower under development at 1770 N. Bayshore Drive in downtown Miami’s Arts & Entertainment district. Designed by Arquitectonica, the 53-story condo tower will overlook Margaret Pace Park and Biscayne Bay. Site development is underway and vertical construction is set to begin next month, with delivery slated for 2017. Upon completion, Aria on the Bay will offer one-, two- and three-bedroom condos, as well as three-story upper penthouses, with prices ranging from the $400,000s to more than $12 million. Residence features include private elevator access, floor-to-ceiling glass, wrap-around terraces, bay and city views, open-plan living areas, new finishes and fixtures and European-style kitchens with custom-designed cabinetry. Amenities will include a resort amenity deck on the 14th floor with four pools, a sundeck lounge with fire pits, barbecue grills and outdoor summer kitchens. Additional features include private spa and massage treatment facilities, a fitness center and yoga studio, indoor/outdoor social room and a private screening room with theater seating. The project will also feature about 20,000 square feet of commercial space on the lower floors, …
JACKSONVILLE AND PENSACOLA, FLA. — Walker & Dunlop Inc. has arranged two loans totaling $9.4 million for two apartment communities in Florida. The financing includes a $5.4 million loan for Mandarin Trace Apartments in Jacksonville and a $4 million loan for College Trace Apartments in Pensacola. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged both fixed-rate loans with 15-year terms, three years of interest-only payments and 30-year amortization schedules. Walker & Dunlop arranged the loans 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.
COVENTRY, R.I. — Fantini & Gorga has arranged $16 million in permanent financing for a recently renovated multifamily property in Coventry. The 15-year loan provided by regional financial institutions features a 3.75 percent fixed rate. Originally constructed from the 1850s to 1900, the property includes 140 apartment units, a fitness center, community room, game room, indoor basketball court, movie theater and outdoor courtyard with grill area. Mark Whelan of Fantini & Gorga secured the financing on behalf of the borrower, a long-term client of the firm.
MIAMI — Calmwater Capital, formerly known as Karlin Real Estate Lending, has provided a $34.7 million acquisition loan for the purchase of Security Building, a historic 96,575-square-foot office and residential tower in downtown Miami. Built in 1926 and converted to live-work-play lifestyle condo units in 2007, the 16-story Security Building is located in Miami’s financial district. In addition to the acquisition, the proceeds of the loan will be used by the borrower, Security Building AR Owner LLC, to upgrade and lease the asset. As a part of the lease-up strategy, the building owner secured a lease with WeWork, a New York-based provider of creative communal office space, to take 100 percent of the building and convert existing residential units into office space. The $34.7 million credit facility consists of an $18.2 million short-term loan, which was funded to acquire 55 of the 60 residential units. Future funding of $16.5 million will be provided for the acquisition of the five remaining condominium units, tenant improvements, overall building renovations and an interest reserve, according to Calmwater Capital.
MEMPHIS, TENN. — Colliers International has arranged the $21.5 million refinancing of Poplar Plaza, a 351,419-square-foot shopping center in Memphis. A 85,000-square-foot Kroger anchors the center, which comprises 50 tenants, five restaurants and a 40,000-square-foot fitness center. The property is currently 95.4 percent leased to tenants such as Petco, Old Navy and Dollar Tree. Jeff Black of Colliers International’s Boston office secured the 10-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, an affiliate of Boston-based Finard Properties LLC.
LAGUNA HILLS, CALIF. — Holliday Fenoglio Fowler (HFF) has secured a $33 million refinancing for The Village at Nellie Gail Ranch, an 87,561-square-foot Smart & Final Extra-anchored shopping center located in Laguna Hills. James Fowler and Greg Brown of HFF represented the borrower, Fred Sands of Vintage Real Estate, to secure the two-year, floating-rate loan with three one-year extensions through Colony Capital. Tenants at the center include Chuck E. Cheese’s, Nothing Bundt Cakes, Banfield Pet Hospital, Rita’s Ice, Pharmaca, Laguna Hills Dental and Edible Arrangements. Loan proceeds will be used to refinance existing debt and fund capital expenditures related to tenant improvement costs and leasing commissions to lease the limited remaining vacant space.
CONCORD, CALIF. — DTZ Mortgage Services has closed an $8.7 million leasehold acquisition loan for the Four Corners Shopping Center in Concord. Located at Monument Boulevard and Oak Grove Road, the property consists of 35,921 square feet of retail space. Kurt Scheidt and Terry Daly of DTZ Mortgage Services arranged the non-recourse, fixed-rate loan for the borrower, Farm Sub LCC.
NAPA, CALIF. — A joint venture between Madison Marquette and Carlin Co. has arranged the recapitalization of Oxbow Publix Market, a 30,000-square-foot shopping center located in Napa. The center is 98 percent occupied by tenants including Hog Island Oyster Co., Gott’s Roadside, Five Dot Ranch, C Casa, The Fatted Calf, Kitchen Door, The Model Bakery, Ritual Coffee Roasters and Oxbow Cheese and Wine.