Loans

HFF Secures $18.5M in Refinancing for New Jersey Office Building

by Amy Works June 30, 2015

ISELIN, N.J. — HFF has secured $18.5 million in refinancing for Centra, an office building located at 100 Wood Ave. in Iselin. On behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF also placed in November 2010 for the redevelopment of the property. The four-story 110,700-square-foot property is 95 percent leased to a variety of tenants, including JP Morgan Chase, MetLife, Grant Thornton and Net App. Michael Klein and Jon Mikula of HFF represented the borrower in the transaction.

June 30, 2015

Hospitality Loans Northeast Pennsylvania

Cronheim Hotel Capital Secures $15.2M Acquisition Financing for Hampton Inn Property

by Amy Works June 30, 2015

WYOMISSING, PA. — Cronheim Hotel Capital has secured $15.2 million in financing for the acquisition of the 142-room Hampton Inn in Wyomissing. The borrowers were Ayer Capital Advisors, an investment firm, and The Wankawala Organization, a hotel owner and management firm. The 10-year, non-recourse loan was funded at 79 percent loan-to-cost and carries a 30-year amortization schedule. The buyers currently own and manage a portfolio of 10 hotels totaling more than 1,000 rooms. David Turley, Janet Proscia and Jeffrey Pacailler of Cronheim Hotel Capital arranged the financing for the borrowers. Cronheim Hotel Capital is an affiliate of Chatham, N.J.-based David Cronheim Mortgage Corp.

June 30, 2015

Loans Multifamily Texas

NXT Capital Provides Mortgage for Acquisition of Apartment Property in Austin

by Haisten Willis June 30, 2015

AUSTIN, TEXAS — NXT Capital has financed the acquisition of a Class B garden style apartment project located in Austin. The amount of the transaction was not disclosed. The property is located in south Austin, less than one block from IH-35, Austin’s major north-south thoroughfare. It also offers access to central Austin’s restaurants, bars and clubs. Community amenities include picnic areas with grills, a swimming pool and a clubroom.

June 30, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Closes $23.7M in Refinancing for Chicago-Area Skilled Nursing Facility

by Amy Works June 30, 2015

CHICAGO — Capital One has provided a $23.7 million fixed-rate, HUD 232/223(f) loan for the refinancing of a skilled nursing facility in Northern Illinois. Built in 1972, the property features 400 beds. Joshua Rosen of Capital One’s Chicago office originated the transaction.

June 30, 2015

Loans Midwest Missouri Office

NorthMarq Capital Secures $10.5M Loan for St. Louis Office Building

by Amy Works June 30, 2015

ST. LOUIS — NorthMarq Capital has secured $10.5 million for the refinancing of Center 40 Office Building in St. Louis. Located at 1600 Brentwood Blvd., the property offers 105,750 square feet of office space. Jeffrey Chaney of NorthMarq’s St. Louis office arranged the loan, which features a 15-year fixed rate on a 25-year amortization schedule, through NorthMarq’s correspondent relationship with a life insurance company.

June 30, 2015

Loans Multifamily North Carolina Southeast

Grandbridge Arranges $16M Loan for Apartment Community in Wilmington

by John Nelson June 30, 2015

WILMINGTON, N.C. — Grandbridge Real Estate Capital has closed a $16 million first mortgage loan for the refinancing of Stephens Pointe Apartments, a newly built, 192-unit apartment community in Wilmington’s Porters Neck area. Wesley Fricks of Grandbridge arranged the 10-year loan with a 30-year amortization schedule. The property was more than 90 percent occupied at the time of financing.

June 30, 2015

Iowa Loans Midwest Multifamily Student Housing

Hunt Mortgage Secures $6.4M Acquisition Loan for Student Housing Property in Iowa

by Amy Works June 29, 2015

AMES, IOWA — Hunt Mortgage Group has provided a $6.4 million Fannie Mae loan for the acquisition of a student housing property in Ames. Located on the campus of Iowa State University, South Meadow Apartments features 148 one-bedroom units, 15 two-bedroom units and 19 three-bedroom units. On-site amenities include common laundry areas, courtyards and parking. The property is 100 percent occupied and fully pre-leased for the 2015-2016 school year. South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner, was the borrower. The 7-year loan features a 30-year amortization schedule.

June 29, 2015

Florida Hospitality Loans Southeast

Thorofare Capital Provides $12M Acquisition Loan for Four Points by Sheraton Orlando Studio City

by John Nelson June 29, 2015

ORLANDO, FLA. — Los Angeles-based Thorofare Capital has provided a $12 million acquisition loan for Four Points by Sheraton Orlando Studio City. The 301-room hotel is located on International Drive in Orlando and is directly across from Universal Orlando Resort. The seller, a New York City-based asset management firm, previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner. The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of high-net-worth and institutional investors. Thorofare has funded in excess of $500 million across 26 states since 2011.

June 29, 2015

California Loans Office Western

Watt Plaza Office Complex in Los Angeles Receives $220M Loan

by Nellie Day June 29, 2015

LOS ANGELES — Watt Plaza, a 903,000-square-foot office complex in Los Angeles, has received a $220 million refinance. The complex includes twin 23-story office towers and a 10-story parking structure. Watt Plaza is located at 1875 Century Park East. It was built in 1982. The complex was the first building in the Los Angeles submarket of Century City to receive LEED-Platinum certification. The complex has undergone $42 million worth of renovations since 2003. It is occupied by a mix of legal, accounting and financial services firms. Convenient services at the plaza include a Chase Bank, Starbucks and FedEx store. The 15-year, fixed-rate loan was provided to the Watt Companies by Prudential Mortgage Capital Company. This is the commercial mortgage lending business of Prudential Financial Inc.

June 29, 2015

Illinois Loans Midwest Retail

Berkadia Secures $9.1M in Loans for Two Illinois Properties

by Amy Works June 26, 2015

WESTMONT AND HIGHLAND PARK, ILL. — Berkadia’s Chicago office has secured two loans, totaling $9.1 million, for two properties in Westmont and Highland Park. In Westmont, Bob Toland and Michael Slovitt of Berkadia arranged a $6.5 million loan for the acquisition of a two-tenant retail center, which is occupied by Hobby Lobby and Micro Center. Berkadia provided the 10-year loan through a life insurance company correspondent on behalf of the borrower, SCP Realty Fund II – Westmont LLC. In the second transaction, Aaron Abelson and Slovitt of Berkadia secured a $2.6 million loan to facilitate the acquisition of Fresenius Medical Care Highland Park, a dialysis treatment center in Highland Park. Berkadia arranged the 20-year loan through a life insurance company correspondent for the borrowers, Shepard-Warrenville I LLC and Shepard Warrenville II LCC.

June 26, 2015

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