Loans

Sonnenblick-Eichner Arranges $153M in Financing for Pacifica Hotel Portfolio

by Nellie Day September 16, 2015

LOS ANGELES — Sonnenblick-Eichner Company has arranged $153 million in first-mortgage financing for The Pacifica Hotel Portfolio. The mostly California-based portfolio contains 10 hotel properties that total 739 rooms. A majority of the properties are oceanfront hotels situated on California’s central coast. Additional properties are located in the Los Angeles submarkets of Venice, Marina del Rey and Manhattan Beach. One property is also located in Port St. Lucie, Fla. The non-recourse loans were not cross-collateralized and feature 10-year, fixed-rate financing.

September 16, 2015

Georgia Loans Multifamily Southeast

Walker & Dunlop Provides $18.4M Loan for Apartment Community in Metro Atlanta

by John Nelson September 16, 2015

SMYRNA, GA. — Walker & Dunlop Inc. has provided an $18.4 million loan for the refinancing of Jasmine at the Galleria Apartments, a 270-unit apartment community in Smyrna, a northwest suburb of Atlanta. The property offers one-, two- and three-bedroom apartment units in 19 apartment buildings. Jasmine at the Galleria’s community amenities include tennis courts, a swimming pool, gated access and a business center. Walker & Dunlop provided the 10-year loan that features five years of interest-only payments to the borrower, Lyon Communities. The loan, which Walker & Dunlop provided using Freddie Mac’s index-lock program, will refinance the Freddie Mac adjustable rate mortgage that was placed on the property 16 months ago.

September 16, 2015

Loans Multifamily New York Northeast

Meridian Capital Group Arranges $122.8M in Acquisition Financing for Vacant Residential Property

by Amy Works September 16, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $122.8 million acquisition loan for the purchase of a vacant residential property located at 416 W. 52nd St. in the Clinton neighborhood of New York City. The borrower is Gaia Real Estate. The 36-month loan provided by TPG Real Estate Finance features a competitive floating rate and two 12-month options. Constructed in 1940 and gut-renovated in 2015, the 141,350-square-foot property features 156 apartments. All units are completely new and include premium appliances, custom cabinetry, designer fixtures, wood flooring and oversized windows. Building amenities include a furnished rooftop deck, a fitness center and tenant lounge, plus an interior courtyard. The gut renovation included the updating and replacing all aspects of the property from plumbing and electrical wires to refinishing and reconstructing all visible surfaces (floors, walls, ceilings, kitchens and baths). Ronnie Levine and Jeff Berkes of Meridian’s New York City office originated the loan.

September 16, 2015

Loans Multifamily New York Northeast

Arbor Provides $12.2M Loan for 716-Unit Multifamily Property in New York

by Amy Works September 16, 2015

BINGHAMTON, N.Y. — Arbor Commercial Mortgage has provided a $12.2 million loan for a multifamily property in Binghamton. The 716-unit property received the financing through Arbor Realty Trust’s Bridge product line. Alex Kaushansky of Arbor’s New York City office originated the loan.

September 16, 2015

Loans Multifamily Texas

BMC Capital Provides $1.9M Acquisition Loan for Multifamily Property in Austin

by Haisten Willis September 15, 2015

AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.9 million acquisition loan for a 28-unit multifamily property located in Austin. The loan featured a five-year fixed term, a fixed interest rate of 4.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. BMC Capital is a lender for small-balance multifamily and commercial loans.

September 15, 2015

California Industrial Loans Western

Partners Capital Property Provides $3.4M Acquisition Financing for Industrial Facility in Downtown LA

by Nellie Day September 15, 2015

LOS ANGELES — Partners Capital Property has provided a $3.4 million bridge loan for the acquisition of a 245,000-square-foot industrial facility in downtown Los Angeles’ Arts District. The two-building property is situated on four acres. Bobby Khorshidi of Partners Capital Finance arranged the deal. It allowed the borrower to acquire the property. The site was under a long-term escrow.

September 15, 2015

Loans New Jersey Northeast Office

HFF Arranges $23.7M in Refinancing for New Jersey Office Complex

by Amy Works September 15, 2015

WALL TOWNSHIP, N.J. — Holliday Fenoglio Fowler (HFF) has arranged $23.7 million in refinancing for a four-building office complex in Wall Township. Located at 1800 Route 34, the 189,836-square-foot complex is occupied by French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling. Constructed between 2001 and 2007, the property is 95 percent leased. Michael Klein led the HFF debt placement team that arranged the 10-year, fixed-rate loan through CIBC World Markets for the borrower, The Donato Group.

September 15, 2015

Florida Loans Mixed-Use Southeast

Berkadia Arranges $23.2M Construction Loan for Mixed-Use Project in Tallahassee

by John Nelson September 15, 2015

TALLAHASSEE, FLA. — Berkadia has arranged $23.2 million in construction financing for Seminole Booster Inc.’s College Town Phase II at Florida State University (FSU), a mixed-use development in Tallahassee. College Town Phase II will be situated less than half a mile from FSU and approximately a mile from downtown Tallahassee at the crossroads of South Woodward Avenue and West Madison Street. The project will comprise 89 student housing apartments with 202 beds in total, 23,145 square feet of retail space, 3,300 square feet of office space and a parking garage spanning 593 spaces. The developers, which include Alan Hooper and Tim Petrillo of Urban Street Development and Seminole Boosters Inc., plan to deliver College Town Phase II in August 2016. Phase I, which consists of 71 apartments and 33,000 square feet of restaurant and retail space, opened in August 2013. Hooper Construction will be the construction manager for the project. Brad Williamson of Berkadia’s Miami office worked on behalf of the developers to arranged the three-year, interest-only loan through Mutual of Omaha Bank.

September 15, 2015

Connecticut Loans Multifamily Northeast

CBRE Arranges $51.4M in Financing for 250-Unit Multifamily Development in Connecticut

by Amy Works September 14, 2015

GLASTONBURY, CONN. — CBRE Capital Markets’ Debt & Structured Finance team has arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit multifamily complex located in Glastonbury. The $36.5 million construction loan, which was provided by Wells Fargo Bank, carries a three-year term plus a mini-perm at a market spread over LIBOR. A private institutional investor contributed equity in excess of $14 million. The developers will convert a historic mill into a 250-unit apartment community featuring garages, an electric car charging station, carport parking, fitness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas. In-unit amenities include washers and dryers and top-of-the-line finishes. Additionally, Flanagan’s Landing will include 6,150 square feet of commercial space. Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn of CBRE placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity firm.

September 14, 2015

Loans Massachusetts Northeast Office

HFF Closes $7M Sale, $4.7M Financing for Office Building in Massachusetts

by Amy Works September 14, 2015

DEDHAM, MASS. — Holliday Fenoglio Fowler (HFF) has brokered the $7 million sale and arranged $4.7 million in acquisition financing for a 39,391-square-foot office building located at 20 Carematrix Drive in Dedham. Coleman Benedict and Ben Sayles of HFF represented the seller, an affiliate of The Bulfinch Companies Inc. Lauren O’Neil, also of HFF, led the debt placement team that arranged the acquisition financing for the buyer, an affiliate of NorthBridge CRE Advisors. The financing was arranged through Country Bank.

September 14, 2015

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