Loans

Seligman Group’s California Holdings Receives $309M in Financing

by Nellie Day June 12, 2015

NEWPORT BEACH, CALIF. — The Seligman Group has received $309 million to refinance 23 of its assets throughout California. The portfolio includes more than 1.9 million square feet and 800 apartments. These assets make up the bulk of the San Francisco-based firm’s California holdings. It includes 12 commercial properties in Orange County and San Francisco, as well as 11 multifamily communities in Los Angeles. Financing was secured by Jordan Ray, Ari Hirt, Gregg Applefield, Steven Buchwald, Jamie Matheny and Eugene Shevaldin of Mission Capital Advisors. The portfolio received 23 separate loans. The refinance allowed the Seligman Group to replace its existing loans, taking advantage of favorable market conditions as the firm took additional cash out.

June 12, 2015

Loans Michigan Midwest Retail

Axilla Capital Secures $3.7M Refinance Loan for Shoppes at Park Place in Michigan

by Amy Works June 11, 2015

SOUTHFIELD, MICH. — Axilla Capital has arranged a $3.7 million loan for the refinancing of Shoppes at Park Place in Southfield. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. The 18,373-square-foot retail property is 93 percent occupied by several national tenants, including Fuddruckers, Tim Hortons, Subway and Qdoba. Joel Mazur of Axilla Capital originated the transaction and secured the financing for the undisclosed borrower.

June 11, 2015

Loans Midwest Retail Wisconsin

NorthMarq Capital Refinances Two Office Depot/Petco Properties for $6M

by Amy Works June 11, 2015

BROOKFIELD AND GREENFIELD, WIS. — NorthMarq Capital has arranged $6 million in refinancing for two retail properties, both occupied by Office Depot and Petco, in Wisconsin. Totaling 86,274 square feet, the properties are located at 16085-95 W. Bluemound Road in Brookfield and 4940-50 S. 76th St. in Greenfield. Jeff Frankel of NorthMarq’s Chicago office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with a life insurance company.

June 11, 2015

Loans Multifamily Seniors Housing Texas

Love Funding Secures $16.4M Loan for Seniors Housing Development in Metro Dallas

by Haisten Willis June 10, 2015

MCKINNEY, TEXAS — Love Funding (LFC) has secured a $16.4 million loan for the construction and financing of a new seniors housing community in McKinney. This is the second loan LFC and its local Dallas associate, Warsaw Realty Group, have provided in this community to partners David Brooks and George Fuller. St. Paul’s Square Senior Living will open in Adriatica Village. Work began eight years ago on the initial stages of the development, which included structured parking, a chapel surrounded by water, single-family homes and condominiums, retail stores, restaurants, medical offices and a weekly farmer’s market under a 128-foot tall bell tower. The village was designed so that residents can leave their cars at home on evenings and weekends. The new apartment addition, which is being funded by FHA financing secured by Love Funding senior director Laura Saull-Smith, will be a four-story, mid-rise apartment community with 121 units, all restricted to those aged 62 and older.

June 10, 2015

Industrial Loans New Jersey Northeast

Cronheim Mortgage Arranges Two Loans Totaling $13.5M in New Jersey

by Amy Works June 10, 2015

RIDGEFIELD AND NORTH BERGEN, N.J. — Cronheim Mortgage has arranged two loans totaling $13.5 million for two warehouse and distribution facilities in New Jersey. In the first transaction, Cronheim secured $10 million in financing for a 325,340-square-foot warehouse in Ridgefield. The 10-year loan features four years of interest-only payments and a 32-year amortization schedule. The property features 20-foot clear height ceilings, 24,000 square feet of office space, truck loading space and vehicle parking. Additionally, Cronheim arranged a $3.5 million loan for a 235,000-square-foot industrial facility in North Bergen. The 10-year loan features a 30-year amortization schedule. Leased by a wine and spirits company, the facility features 20-foot ceiling heights, ample truck and car parking, and 6,500 square feet of office space. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing in both deals.

June 10, 2015

Loans New York Northeast

Coney Island Property Renovation Funded by $11M Arranged by Progress Capital Advisors

by Amy Works June 10, 2015

CONEY ISLAND, N.Y. — Progress Capital Advisors | The Funding Source arranged an $11 million construction-to-permanent loan for a Hurricane Sandy-damaged 52,000-square-foot mixed-use building in Coney Island. The loan was used to renovate the building, which now includes a 9,400-square-foot Dollar Tree, a 15,000-square-foot Blink Fitness and space for the Human Resources Administration – City of New York. The original renovation loan was a LIBOR floating-rate loan, which recently converted to a permanent loan at 4.25 percent for 10 years with a 25-year amortization schedule. Kathy Anderson of Progress Capital Advisors | The Funding Source arranged the loan for the owner, Steve Samuels.

June 10, 2015

Illinois Loans Midwest Multifamily

NorthMarq Capital Secures $19.4M Refinance Loan for Multifamily Towers in Chicago

by Amy Works June 10, 2015

CHICAGO — NorthMarq Capital has secured $19.4 million in refinancing for Twin Towers Apartments in Chicago. The two 22-story multifamily buildings total 253 units. Sue Blumberg of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through NorthMarq’s Fannie Mae DUS platform.

June 10, 2015

Loans Multifamily Western

Duo of Las Vegas Apartment Communities Receives $70M in Financing

by Nellie Day June 10, 2015

LAS VEGAS — A pair of apartment communities in Las Vegas has received $70 million in financing. The new Class A communities are located just off U.S. Highway 95 and I-215 at Centennial Parkway in northwest Las Vegas. The contiguous development contains 739 units, as well as amenities like fitness centers, clubhouses with multiple meeting rooms, resort-style pools with cabanas, and entertainment areas with outdoor fireplaces and gas grills. Both loans featured 15-year loan terms with interest-only payments during the first five years, followed by a 30-year amortization schedule. The interest rates for the transactions were locked at 3.93 percent. Financing was arranged by Tom Kenny and Josh Boehling of Grandbridge Real Estate Capital. Funding was provided through Fannie Mae’s DUS loan product.

June 10, 2015

Loans Multifamily North Carolina South Carolina Southeast

Capital One Closes $53.4M Refinancing of Four Apartment Communities in the Carolinas

by John Nelson June 9, 2015

NEW YORK — Capital One has provided four loans totaling $53.4 million for the refinancing of four apartment communities in North Carolina and South Carolina. Capital One provided the loans to Brookfield Strategic Real Estate Partners Fund, which used the loans to repay existing CMBS debt on the properties, according to Capital One. The refinanced assets in North Carolina include the 252-unit Chason Ridge in Fayetteville and the 194-unit Bridges at Mallard Creek in Charlotte. Brookfield received loans of $9.5 million and $11.1 million, respectively, for those assets. In South Carolina, the refinanced properties include the 240-unit Waverly Place in North Charleston and the 232-unit Paces Watch in Mount Pleasant. Brookfield received loans for $12.7 million and $20.6 million, respectively.

June 9, 2015

Alabama Loans Retail Southeast

Merchants Retail Partners Closes $50M Refinancing of Target-Anchored Center in Alabama

by John Nelson June 9, 2015

ALABASTER, ALA. — Birmingham-based Merchants Retail Partners has closed the $50 million refinancing of Alabaster Promenade, a Target-anchored shopping center in Alabaster. Located along I-65, the 450,000-square-foot property opened in 2007 and underwent renovations in 2014 to accommodate a new Dick’s Sporting Goods store. The other tenants that will join the shopping center this year include ULTA Beauty and Verizon Wireless. Merchants Retail Partners closed the loan on behalf of its unnamed investment partner.

June 9, 2015

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