NEW YORK CITY — Capital One has completed the syndication of a $180 million senior loan for an office-to-multifamily conversion in Lower Manhattan. The borrowers, VANBARTON GROUP and Metro Loft Management, plan to convert the 508,000-square-foot tower at 180 Water St. into multifamily apartments. The redeveloped property will feature 360,000 square feet of residential space and 10,000 square feet of street-level retail space. Additionally, the redevelopment plans include increasing the property’s height to 29 stories. Redevelopment is slated to begin in July, with all residential units scheduled for delivery by the beginning of 2017. Capital One provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing. Participating lenders in the syndication include the CIT Group and Santander Bank, a joint lead arranger.
HACKENSACK, N.J. — NorthMarq Capital has arranged $51.8 million in refinancing for Excelsior II, a multifamily and commercial property located at 170 Prospect Ave. in Hackensack. The property features 267 multifamily residences and 11 professional spaces. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.
DORAL, FLA. — The Related Group, in partnership with Prudential Real Estate Investors and Shoma Homes, has secured a $137 million construction loan for Phase III of CityPlace Doral, a mixed-use development located in Doral, west of downtown Miami. The third phase of development will include 304 residential units located above 250,000 square feet of retail space. CityPlace Doral is more than 60 percent pre-leased to tenants including The Fresh Market, CinéBistro-Cobb Theatres, Kings Bowling and 30 additional restaurants and retail shops. The first phase of CityPlace Doral is set to open in November 2016. Suffolk Construction is building the project, and Related Urban is in charge of leasing efforts.
WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged a total of $34.9 million in Freddie Mac financing for a four-property, 694-unit multifamily in Wilmington. The apartment properties include Hawthorne at New Centre, Hawthorne Centre North, Hawthorne Commons and Hawthorne Lofts South. Charles Williams and Jeffrey Hunkele of KeyBank’s commercial mortgage group arranged the loans, which were used to pay off existing KeyBank balance sheet loans.
ASHEVILLE, N.C. — NorthMarq Capital has secured a $20 million loan for Palisades Apartments, a 224-unit multifamily property located at 1100 Palisades Circle in Asheville. Bill Matone of NorthMarq’s Charlotte office arranged the fully amortizing, 20-year loan through an unnamed life insurance firm.
LOUISVILLE, KY. — Lancaster Pollard has provided $5.4 million in HUD financing for Springhurst Pines, a continuing care retirement community (CCRC) in Louisville. Baptist Homes Inc. (BHI) owns and operates the CCRC, which includes three separate facilities on a 20-acre campus. The financing will be used to convert 35 percent of the community’s semi-private Medicaid skilled nursing units to private Medicare units, as well as build a 40-unit Medicare wing with therapy space. The nonrecourse loan made through HUD’s 232/241(a) supplemental loan program has a loan term of 25 years. Chris Blanda led the transaction for Lancaster Pollard.
SEATTLE — The 328-unit Leilani on Greenwood apartment complex in Seattle has received $47.8 million in acquisition financing. The community is located at 10215 Greenwood Ave N. Leilani on Greenwood contains two mid-rise apartment properties that feature a mix of studio, one- and two-bedroom apartments, in addition to live/work spaces. Common-area amenities include concierge services, a resident lounge, business center, fitness facility, resident theater, and multiple indoor and outdoor community gathering areas. The property was developed by Weidner Apartment Homes. The 10-year, fixed-rate loan was closed by Joe DeCarlo and Sean Sunderland of M&T Realty Capital Corporation. It features a 3.45 percent interest rate and a 59.8 percent loan-to-value.
LAS VEGAS — NorthMarq Capital has arranged the $16.85 million refinance of Trop Dec Plaza, a 74,824-square-foot retail property located on Tropicana Avenue in Las Vegas. The transaction was structured with a 10-year term, and has a 30-year amortization schedule. Scott Monroe of NorthMarq arranged financing for the borrower with a CMBS lender.
ODESSA, TEXAS — NorthMarq Capital’s Denver office has arranged $29.3 million in financing for Andalucía Villas located at 5075 E. 52nd St. in Odessa. Constructed between 2012 and 2013, the community consists of 402 units contained in 17 two- and three-story residential buildings. Property amenities include gated access, business and 24-hour fitness centers, putting green, bocce ball court, splash pad, three onsite dog parks, outdoor pool and fireplace along with four barbecue areas. Units have washer/dryers, tile flooring, built-in decks and, in select units, garages, and garden bathtubs. Greg Benjamin and Jeff DeHarty of NorthMarq arranged the financing for the borrower, a division of Weidner Investment Services Inc.
NEW YORK CITY — Meridian Capital Group has arranged a $35 million loan for the refinancing of the Windsor Tower of Tudor City Place, a residential property located at 5 Tudor City in Manhattan’s Midtown East neighborhood. The 30-year loan, provided by a life insurance company, features a 3.9 percent fixed rate and a 40-year amortization schedule. The residential tower features 795 units. Steven Geller and Nicoletta Pagnotta of Meridian Capital negotiated the financing for the borrower, Windsor Owners Cooperative.