Loans

HFF Closes Sale, Arranges $33.2M Loan for 142-Unit Seniors Housing Property

by Amy Works August 18, 2015

TEANECK, N.J. — HFF has closed the sale of, and secured financing for, Heritage Pointe of Teaneck, a 142-unit independent living facility located at 600 Frank W. Burr Blvd. in Teaneck. The firm marketed the property on behalf of the seller, Lowe Enterprises Investors, to an undisclosed buyer. Additionally, HFF secured a $33.2 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Co. FSB. Completed in 2004, the four-story property features 45 one-bedroom, 94 two-bedroom and three three-bedroom units, averaging 1,045 square feet. On-site amenities include a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon, and tennis courts. The property was 97.2 percent occupied at the time of sale. Ryan Maconachy, Chad Lavendar, Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF brokered the transaction, while Steven Klein, also of HFF, arranged the financing.

August 18, 2015

Loans Multifamily Student Housing Texas

VistaPointe Partners Secures $29.6M Construction Loan for Apartment Complex in College Station

by Haisten Willis August 18, 2015

COLLEGE STATION, TEXAS — VistaPointe Partners has secured a $29.6 million construction loan for a student housing development in College Station. VistaPointe Partners secured the financing on behalf of the project’s developer, Holleman-College Station LP. Located at the southwest corner of Harvey Mitchell South/State Highway 2818 and Holleman Drive, the 432-unit development is 1.9 miles from the Texas A&M University campus and will include 792 beds. Construction has commenced and the project is slated to open in August 2016.

August 18, 2015

Florida Loans Multifamily Southeast

New York Life Real Estate Investors Originates $41.3M Loan for Apartment Community in Metro Orlando

by John Nelson August 18, 2015

SANFORD, FLA. — New York Life Real Estate Investors has originated a $41.3 million acquisition loan for Elan Towne Center Apartments, a 360-unit, Class A multifamily community in metro Orlando. The property is located at 12500 Solstice Loop in Sanford. The apartment community’s amenity package includes a swimming pool, sundeck with outdoor TVs and a fire pit, a tanning salon, walking trails, dog park, detached garages, cyber café and coffee bar, fitness center, movie theater, business center and an outdoor kitchen. Paul Ahmed of Walker & Dunlop’s Fort Lauderdale office arranged the 15-year loan with five years of interest-only payments.

August 18, 2015

California Loans Retail Western

Madison Marquette, Carlin Co. Arrange Recapitalization of Napa Retail Center

by Nellie Day August 17, 2015

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.

August 17, 2015

California Loans Retail Western

NorthMarq Capital Arranges $4.5M Refinance of Palm Court Plaza

by Nellie Day August 17, 2015

WESTMINSTER, CALIF. — NorthMarq Capital has secured $4.5 million in refinancing for Palm Court Plaza, a 29,000-square-foot retail property located in Westminster. The transaction was structured with a 20-year term and 25-year amortization schedule. Joe Giordani of NorthMarq arranged financing for the borrower through a life insurance company.

August 17, 2015

Colorado Loans Retail Western

HFF Arranges Joint Venture Equity and Financing for Denver Pavilions

by Nellie Day August 17, 2015

DENVER — Holliday Fenoglio Fowler (HFF) has arranged joint venture equity and financing for a recapitalization of Denver Pavilions, a 351,347-square-foot, open-air regional shopping mall located in downtown Denver. Mary Sullivan, John Jugl and Eric Tupler of HFF worked on behalf of the owner, Gart Properties, to arrange a joint venture equity partnership with MetLife Real Estate Investors, and to place a 10-year, fixed-rate loan for the partnership with Cornerstone Real Estate Advisers. The 95 percent leased center was renovated in 2010, and is home to tenants including H&M, United Artists theater, Lucky Strike Lanes, Hard Rock Café, Coyote Ugly Saloon, Barnes and Noble, Forever 21, Banana Republic and BareMinerals.

August 17, 2015

Loans Multifamily Northeast Pennsylvania

Colliers Secures $10.8M Construction Loan for Multifamily Development in Philadelphia

by Amy Works August 17, 2015

PHILADELPHIA — Colliers International’s Philadelphia Capital Markets Group has secured a $10.8 million construction loan for Green Street Townhomes, a for-sale townhome development in Philadelphia. The loan features an 80 percent loan-to-cost ratio, a 4.5 percent floating rate, 24 months of interest-only payments and a 12-month extension option. Kris Wood, John Banas and Alex Hails of Colliers arranged the financing for the undisclosed borrower.

August 17, 2015

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $109.4M Bond Financing to Expand The Buckingham CCRC in Houston

by Haisten Willis August 14, 2015

HOUSTON — Ziegler, a specialty investment bank, has arranged $109.4 million in fixed-rate bonds for The Buckingham, a 323-unit seniors housing complex. Nonprofit operator Senior Quality Lifestyles Corp. (SQLC) manages The Buckingham, which is located on a 23-acre plot in the Memorial/Tanglewood neighborhoods of Houston. The community includes 204 independent living apartments, 43 assisted living units, 16 memory support units and a health center with 60 nursing beds. The bonds will be used to expand The Buckingham to include a new tower featuring 106 additional independent living units, 27 additional assisted living units, 18 additional memory care units, 32 additional skilled nursing beds, an underground parking garage with 111 total spaces and an additional 292 surface level spaces. SQLC operates five communities in Texas totaling 1,586 units.

August 14, 2015

Industrial Loans Multifamily Northeast Office Retail Rhode Island

Colliers International Arranges $6.3M Refinance Loan for Pearl Street Lofts, Pearl Street Commons

by Amy Works August 14, 2015

PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.

August 14, 2015

Loans Multifamily New Jersey Northeast

FM Capital Closes $1M Loan for Multifamily Property in New Jersey

by Amy Works August 14, 2015

IRVINGTON, N.J. — FM Capital has acquired a non-performing loan with a current unpaid principal balance of $1 million. The loan is secured by Irvington Apartments, a multifamily property in Irvington. Built in 1965, the 18-unit apartment building includes one parking space per unit and is located seven miles from Newark International Airport. FM Capital is actively pursuing both defaulted and performing debt on commercial real estate nationwide.

August 14, 2015

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