EAST LANSING, MICH. — Cohen Financial has secured a $7.7 million CMBS loan on behalf of River Caddis Development for Trowbridge Village Retail Center in East Lansing. Located adjacent to Michigan State University, the 48,600-square-foot shopping center is anchored by Fresh Thyme Farmers Market, a Midwest-based natural foods grocery store. Cathy Bronkema of Cohen Financial secured the financing with a CMBS lender.
CONCORD, N.H. — Cronheim Hotel Capital has secured $5.9 million in financing for Holiday Inn in Concord. Lisa McMahon and Andrew Stewart of Cronheim Hotel Capital arranged the 10-year loan, which features a 30-year amortization schedule, for the borrower, an affiliate of Chartwell Hotels. Renovated in 2010, the hotel features 122 rooms and 5,300 square feet of meeting space.
NEW BRAUNFELS, TEXAS — Metropolitan Capital Advisors has arranged a loan totaling $12.8 million for a retail property located in New Braunfels. Walnut Square Shopping Center is a 95,952-square-foot retail shopping center shadow anchored by At Home (formerly known as Garden Ridge). Situated on 11.9 acres, the property’s tenant roster includes Chase Bank, AutoZone and Dollar Tree. The sponsor, a Dallas-based property company, plans to fill the largest vacant space — 31,442 square feet — with a big-box credit tenant. Metropolitan Capital placed the acquisition loan, which equated to 75 percent loan-to-cost, with a fixed interest rate of 4.5 percent. The loan structure also featured one year of interest-only payments and a 25-year amortization schedule.
SPARTANBURG, S.C. — SunTrust Bank has provided $41.7 million in construction financing to Johnson Development Associates Inc. for the new Rite Aid Corp. distribution center in Spartanburg. The 900,000-square-foot facility will consolidate three existing distribution centers and is expected to employ roughly 600 new jobs once fully operational. Construction began on the distribution center in March and is expected to wrap up by this December. Johnson Development has also announced a 362,880-square-foot speculative building to be developed at Flatwood Industrial Park in Spartanburg. Construction is currently underway and is expected to wrap up by the end of the year.
MANASSAS, VA. — HFF has secured $33.8 million in refinancing for Davis Ford Crossing, a 152,391-square-foot neighborhood shopping center in Manassas. The center was 97.5 percent leased at the time of sale to tenants such as LA Fitness, Staples, Petco, CVS, Sleepy’s and GNC. Outparcel tenants include McDonald’s, United Bank, Arby’s and Exxon. Mark Remington and Robert Carey of HFF arranged the 10-year loan through Principal Real Estate Investors on behalf of the borrower, Rappaport. The loan features a fixed interest rate of 4.34 percent.
WASHINGTON TOWNSHIP AND MONROE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $25.6 million in Fannie Mae loans for Aragona Properties for the refinancing of two suburban Detroit multifamily properties. Pillar secured a $16.2 million loan for Enclave Apartments, a 200-unit complex in Washington Township, approximately 35 miles north of Detroit. Consisting of 46 single-story buildings, the property offers a mix of one- and two-bedroom garden apartments. Aragona Properties and Lombardo Cos. developed the property. Additionally, Pillar originated a $9.3 million loan to refinance the Hampton Apartments, a 235-unit, garden-style multifamily property in Monroe, about 40 miles south of Detroit. Aragona and Sam Mignano developed the 38-building property. Adam Klingher and Brook Jackson of Pillar originated the two fixed-rate, 15-year loans, which both feature five years of interest-only payments and a 30-year amortization schedule.
NEW YORK CITY — Eastern Consolidated has secured $65 million in debt and equity for a planned mixed-use rental project at 1 Flatbush Ave. in downtown Brooklyn. Developed by Slate Property Group, the 19-story, 172,000-square-foot property will feature 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable, and 30,000 square feet of basement, ground- and second-level retail space, as well as a fitness center for residents. Adam Hakim and Sam Zabala of Eastern Consolidated’s Capital Advisory Division arranged the financing for the acquisition and pre-development phases of the project.
MCLEAN, VA. — LCOR has received a $59 million loan from Santander Bank to construct a multifamily property at 7480 Birdwood Ave. in McLean, roughly 10 miles west of Washington, D.C., in the Tysons region of northern Virginia. LCOR plans to redevelop the land into two residential buildings spanning 12 and 15 stories that will be connected by a central sky bridge. Totaling 340,000 square feet, the property will comprise 11,000 square feet of amenity space, 388 below grade parking spaces and 319 residential units, of which 64 units will be reserved for Workforce Dwelling Units. Upon completion in the first quarter of 2017, the project will include a mix of studio, one-, two- and three-bedroom apartments with duplex units featured on the ground floor. The residences will feature carpeted bedrooms, vinyl wood plank flooring in the kitchen and living areas and ceramic tiles in the bathrooms. Stainless steel appliances will be featured in the kitchen. The project’s amenities will include an outdoor swimming pool, fitness center, game center, kids room, party space, bicycle storage, dining room, pet grooming station, glass-enclosed Sky Lounge on the 10th floor and a rooftop amenity area with garden plots located on the west tower. …
FORT WASHINGTON, MD. — KeyBank Real Estate Capital has provided an $18.5 million acquisition loan for Henson Creek Manor, a 210-unit affordable housing community in Fort Washington. Caleb Marten of KeyBank arranged the Freddie Mac loan on behalf of the undisclosed buyer. The apartment community was constructed in two phases between 1994 and 1998. The older part of the development is limited to residents with 50 percent of the average median income and the second portion is limited to residents with 60 percent of area median incomes.
REDLANDS, CALIF. — Capital Funding Group has arranged a bridge-to-HUD acquisition financing deal with Braswell’s Colonial Care, a skilled nursing facility in Redlands. At 243 beds, Braswell’s Colonial Care is one of the largest skilled nursing facilities in the state. Braswell’s Colonial Care offers rehabilitation, memory care, assisted living, independent retirement, post-acute rehabilitation, skilled nursing, long-term care and hospice care. In addition, the facility has a 32-bed sub-acute area for patients requiring complex care or rehabilitation. Erik Howard of Capital Funding LLC, a subsidiary of CFG Community Bank, originated the transaction. Capital Funding served as agent/senior lender in the deal, which totaled $13.9 million.
