WEATHERFORD, TEXAS — Jada Jordan of BMC Capital’s St. Louis office has arranged a $1.8 million acquisition loan for an Olive Garden location in Weatherford. The loan featured a 50 percent loan-to-value ratio, a 10-year fixed interest rate of 4.2 percent and a 25-year amortization schedule. The loan was arranged through one of BMC’s correspondent bank relationships.
SAN FRANCISCO — A joint venture between Trumark Urban and Hillwood West has received a $48 million senior loan for a ground-up condo and retail development in San Francisco. The new project will be located at 645 Texas Street in the Dogpatch/East Potrero Hill neighborhood near the city’s downtown. The development will contain 91 condo units, 625 square feet of ground-floor retail and 67 subterranean parking stalls. The condo units will include one- and two-bedroom units, as well as three-bedroom penthouses. Construction is slated to commence this summer, with completion scheduled for late next year. The infill site currently contains two vacant warehouse buildings that will be demolished. The site will have direct access to Interstate 280, the 22nd Street Caltrain, the 3rd Street T-Line Muni, Espirit Park and the future Pier 70 waterfront development. Major employers in the area include UCSF Medical Center, Uber and Old Navy, which all maintain campuses about a mile north of the property. The senior loan was provided by PCCP LLC.
MIAMI — Aztec Group Inc. has secured $18.6 million in financing for Sedano’s Plaza at Lakes on the Green, a 129,000-square-foot shopping center in Miami that features a standalone three-story office building. A 37,000-square-foot Sedano’s Supermarket anchors the shopping center. The retail component and office outparcel were developed in 2006 and 2010, respectively. The property is currently 85 percent occupied, with tenants including Carrabba’s Italian Grill, Sherwin-Williams and Vicky Bakery. Starwood Mortgage Capital provided financing. Terms of the 10-year facility include a 75 percent loan-to-value ratio, a 30-year amortization schedule, several years of interest-only payments and a fixed interest rate.
RALEIGH, N.C. — A10 Capital has funded two bridge loans totaling $9.1 million for the refinancing of two suburban office properties in Raleigh. Chuck Taylor of A10 Capital structured and closed both loans. Todd Crouse of NorthMarq Capital arranged both loans on behalf of the borrower, a local experienced investor and operator of office properties.
BOSTON — NorthMarq Capital has finalized $54.3 million in refinancing for a five-property portfolio of apartments in the Fenway neighborhood of Boston. Michael Chase of NorthMarq arranged the $29.3 million refinance of Symphony & Hemenway Apartments, three multifamily properties totaling 116 units in the Fenway neighborhood of Boston. This latest loan complements the $25 million loan that NorthMarq secured for the refinancing of Westland Avenue Apartments in Boston’s Fenway neighborhood. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
BOSTON AND NORWOOD, MASS. — EagleBridge Capital has arranged $8.9 million in permanent mortgage financing for two properties in Massachusetts. The first property, located at 33 Broad St. in Boston, features 40,500 square feet of office space and is 100 percent leased to a variety of tenants, including State Street Eye Health, Expresso Love, law firms, accountants and consultants, among others. The second property, located at 340-346 Vanderbilt Ave. in Norwood, offers 65,240 square feet of multi-tenant industrial space and is fully leased to eight tenants. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a financial institution.
OMAHA, NEB. — NorthMarq Capital has secured a $4.7 million loan for the refinancing of two multifamily properties in Omaha. The properties are Four Seasons Apartments and South Park Apartments. Jason Kinnison of NorthMarq Capital’s Omaha office arranged the financing for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.
NEW YORK CITY — Meridian Capital Group has arranged $27.5 million in bridge financing for a development site located at 77 Commercial St. in Brooklyn. The borrowers are Chetrit Group and Clipper Equity. The two-year loan, funded by a regional balance sheet lender, features a fixed-rate and interest-only payments for the full term. The borrowers plan to transform the site, situated on the Greenpoint waterfront, into a 750,000-square-foot, 720-unit residential development. Aaron Brinbaum and Tal Savariego of Meridian’s New York City office negotiated the loan.
HASLETT, MICH. — Pillar, a Guggenheim Partners affiliate, has originated an $8.7 million 223(f) HUD Loan for Benson Hills Apartments and Townhomes in Haslett, a suburb of East Lansing, Mich. The borrower is MF Capital LLC. The property features 226 one- and two-bedroom apartment units. David Wilkins of Pillar originated the fixed-rate, 35-year loan, which features a 35-year amortization schedule. Kevin Kovachevich of Bernard Financial brokered the financing.
DETROIT — Bernard Financial Group has arranged a $6.8 million HUD loan for the Moon Building on Woodward Avenue in downtown Detroit. The property features 42 apartment units and 5,000 square feet of retail space. The borrower is Moon Building at Merchants Row. Proceeds from the loan will be used to restore the building, as well as construction projects. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.