Loans

HFF Arranges $41.8M in Financing for Multifamily Property in Massachusetts

by Amy Works September 22, 2015

NORTON, MASS. — Holliday Fenoglio Fowler (HFF) has arranged $41.8 million in financing for a multifamily development in Norton. The borrower was a joint venture between Campanelli and Thorndike Development. HFF secured a $25 million construction loan through First Niagara Bank and a $16.8 million mezzanine loan through Cornerstone Real Estate Advisers on behalf of an institutional client. Slated for completion in 2016, 274 East Main St. will feature 188 apartment units, sidewalks, tree lined-streets and public spaces. In late 2014, HFF also secured $60 million in financing for One Upland, a 262-unit apartment community in Norwood, Mass., slated to open in October, for the joint venture. Greg LaBine and Patrick McAneny of HFF represented the borrower in both transactions.

September 22, 2015

Loans Michigan Midwest Office

Bernard Financial Arranges $70M Refinancing Loan for Detroit Office Building

by Christina Cannon September 22, 2015

DETROIT — Bernard Financial Group has arranged a $70 million loan to refinance the First National Building in downtown Detroit. The office building, located at 660 Woodward Ave., is 25 stories and over 800,000 square feet. The borrowing entity is 660 Woodward Associates LLC, an affiliate of Bedrock Real Estate Services. Dennis Bernard and Kevin Kovachevich originated the loan and arranged it through a national commercial mortgage-backed securities (CMBS) lender. The First National Building was constructed in 1922. The property includes an internal 10-story parking garage with 477 spaces. Bernard Financial Group is a Detroit-based mortgage banking firm. Bernard Financial will provide full servicing for the loan. Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space.

September 22, 2015

California Loans Multifamily Seniors Housing Western

CBRE Arranges $12M Fannie Mae Loan to Refinance Independent Living Community in California

by Nellie Day September 21, 2015

CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.

September 21, 2015

Arizona Loans Multifamily Seniors Housing Western

Grandbridge Arranges $10.5M Refinance of Community in Phoenix

by Nellie Day September 21, 2015

PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.

September 21, 2015

California Loans Retail Western

CBRE Capital Markets Secures $9M in Financing for Regency Plaza

by Nellie Day September 21, 2015

PLEASANT HILL, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has arranged $9 million in non-recourse financing for the refinance of Regency Plaza in Pleasant Hill. The center features 36,597 square feet of retail space. CBRE arranged the 10-year, fixed-rate financing at a 74 percent loan-to-value on behalf of the client, a private high-net-worth real estate investor. A foreign bank provided the capital. Michael Walker of CBRE secured the financing for the borrower.

September 21, 2015

Loans New York Northeast Office

GFI Realty Arranges $150.6M of Financing for 33-Story Office Building in Manhattan

by Amy Works September 21, 2015

NEW YORK CITY — GFI Realty Services has arranged a $150.6 million floating-rate loan on behalf of an office building located at 330 W. 42nd St. in Manhattan. Constructed in 1931, the 33-story building offers 590,000 square feet of office space. The building has occupancy of 90 percent. Daniel Lerer and Will Watkins of GFI procured the loan from Natixis, an investment bank.

September 21, 2015

Loans New Hampshire Northeast

Fantini & Gorga Secures $28.2M Loan for Exeter Mill Apartments in New Hampshire

by Amy Works September 21, 2015

EXETER, N.H. — Fantini & Gorga has arranged $28.2 million in permanent financing for Exeter Mill Apartments in Exeter. The company placed the 35-year, fixed-rate loan with its correspondent MAP Lender, Eastern Mortgage Capital. FHA insured the loan under the 223(f) program, which provides long-term, fixed-rate, non-recourse financing. Redeveloped in 1987, the 161-unit apartment community consists of a mix of flats, lofts, duplexes and townhomes. On-site amenities include an indoor heated pool, sauna, fitness center, resident lounge and garage parking. Mark Whelan of Fantini & Gorga secured the financing for the undisclosed borrower.

September 21, 2015

Hospitality Loans New York Northeast

HREC Arranges $7.1M in Financing for Comfort Inn Red Hook in Brooklyn

by Amy Works September 21, 2015

NEW YORK CITY — HREC Investment Advisors has arranged a $7.1 million loan for the acquisition of Comfort Inn Red Hook in Brooklyn. Located one block from the Brooklyn Cruise Terminal and Battery Tunnel, the hotel features 81 rooms. A bridge lender provided the capital. Geoff Davis and Mike Armstrong of HREC represented the investment group that purchased the hotel in the financing deal.

September 21, 2015

Loans Midwest Missouri Multifamily Seniors Housing

Lancaster Pollard Brokers Refinancing Loan for Senior Living Facility in Missouri

by Christina Cannon September 21, 2015

HIGGINSVILLE, MO. — Lancaster Pollard has arranged funding for a refinance and renovation of John Knox Village East in Higginsville, which is 50 miles east of Kansas City. John Knox Village East is a senior living facility that features both intermediate care and skilled nursing beds and is managed by Life Care Services. The renovation will increase the number of skilled nursing beds, adding 16 private beds in a new wing. Lancaster Pollard worked with local banks to provide construction financing for the renovation and also obtained permanent financing via a $7.1 million loan insured by the USDA Community Facilities program. Mike Ashley led the transaction for Lancaster Pollard.

September 21, 2015

Industrial Loans Southeast Virginia

HFF Arranges $23.6M Acquisition Loan for Industrial Complex in Northern Virginia

by John Nelson September 21, 2015

ALEXANDRIA, VA. — HFF has arranged $23.6 million in acquisition financing for a three-building, 246,145-square-foot industrial complex in Alexandria. The fully leased properties are located within Pickett Industrial Park at 841-929 S. Pickett St. The complex’s tenant roster includes General Services Administration, Commercial Carpets of America, Michael Baker Corp. and Habitat for Humanity of Northern Virginia. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 10-year, floating-rate loan through SunTrust Bank on behalf of the borrower, an affiliate of JBG Core Venture I LP — a joint venture between CBRE Global Investment Partners and The JBG Cos.

September 21, 2015

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