WESTON, FLA. — Citigroup’s CMBS & commercial real estate finance office has arranged the $60 million refinancing of Weston Town Center, a retail and office campus in Weston. Anchored by Publix, the property is located at 2000 Main St. in South Florida’s Broward County. Michael Cohen of Citigroup arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.
WASHINGTON, D.C. — Douglas Development Corp. (DDC) has secured $93.5 million in construction financing for Uline, DDC’s mixed-use development in Washington, D.C. The development will be located at 1140 3rd St. N.E. directly across from the NoMa-Gallaudet U Metro station. Upon completion in the fall of 2016, Uline will feature 174,000 square feet of loft office space with rooftop decks and 70,000 square feet of retail space, including a 51,000-square-foot REI. The $93.5 million financing includes a $75.5 million construction loan from Natixis Real Estate Capital and $18 million in preferred equity from EB5 Capital. The financing represents roughly 75 percent of the Uline’s total construction cost, and DDC will provide the remaining balance with sponsor equity. For EB5 Capital’s portion, 36 immigrant investors each contributed $500,000, making them eligible to apply for permanent U.S. residency through the EB-5 Immigrant Investor Program. Phillips Realty Capital is EB5 Capital’s joint venture partner. The Uline project is expected to create roughly 450 jobs.
CHARLESTON, S.C. AND CHARLOTTE, N.C. — Federal Capital Partners (FCP), through a $10 million loan provided by Capital One Bank, has recapitalized two apartment communities in the Carolinas. The properties include the 264-unit Plantation Oaks in Charleston and the 240-unit York Ridge in Charlotte. Plantation Oaks is FCP’s fourth investment in Charleston, and York Ridge is the firm’s third investment in Charlotte. FCP is partnering with High Real Estate Group LLC, which will retain an ownership interest in the portfolio and continue to provide property management services. Common area and individual apartment upgrades are planned for both communities.
NEW YORK CITY — Meridian Capital Group has arranged an $18.5 million refinance loan for two contiguous mixed-use properties located in East Harlem for principals Shawn Vahdat and Saba Vahdat on behalf of K&V Realty Corp. and 2109 First Avenue Realty Corp. The five-year loan, provided by Suffolk County National Bank, features a 3.1 percent fixed rate and a five-year extension option. Located at 2105 and 2109 First Ave., the two properties feature a total of 66 apartment units and 7,500 square feet of retail space. Isaac Filler of Meridian’s New York City headquarters negotiated the financing.
COUNCIL BLUFFS, IOWA AND BELLEVUE, NEB. — NorthMarq Capital has secured a $3.4 million Freddie Mac refinancing loan for two Section 8 affordable housing properties. Maple Second Avenue Apartment Homes is located at 3524 Second Ave. in Council Bluffs. The property features one- and two-bedroom floor plans with a patio/balcony and in-unit washers and dryers. Bellevue Place Apartments, a senior community located at 1808 Warren St. in Bellevue, contains one-bedroom floor plans with paid utilities. John Reed of NorthMarq Capital’s Omaha office represented the borrower, the Seldin Co., in the transaction.
WALTHAM AND NORTH ANDOVER, MASS. — HFF has secured two acquisition loans totaling $35.2 million for retail properties in Massachusetts. Working on behalf of the borrower, Linear Retail Properties, HFF arranged the fixed-rate, first mortgage loans with different lenders in two separate transactions. A $14.5 million loan was placed with Cambridge Trust Company for Main Street Marketplace at 1030 Main St. in Waltham, and a $20.6 million loan was secured through Washington Trust with Middlesex Savings Bank for Eaglewood Shops at 145 Turnpike St. in North Andover. The 44,461-square-foot Main Street Marketplace is fully leased to 13 local, regional and national tenants, including iParty, Panera Bread, Chipotle Mexican Grill, GNC, Aspen Dental, Supercuts, Five Guys and AT&T. The fully leased, 77,558-square-foot Eaglewood Shops is occupied by Pier 1 Imports, Jos. A. Bank, Burtons Grill, Chipotle Mexican Grill, Thyme Sushi and b good. Riaz Cassum and Breet Paulsrud of HFF arranged the financing for the borrower.
AUSTIN, TEXAS — HFF has arranged financing for Falcon Ridge, a 296-unit apartment complex in Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the 10-year, fixed-rate loan with TIAA-CREF. Loan proceeds were used to acquire the property. Built in 2000, Falcon Ridge has 12 residential buildings consisting of one-, two- and three-bedroom floor plans averaging 901 square feet. Community amenities include two swimming pools, a spa, fitness center, tanning room, sand volleyball court, barbecue area with grills, dog park, jogging trail, car wash and clubroom/business center. The property is situated on 23 acres at 500 E. Stassney Lane, immediately southeast of the intersection of Interstate 35 and Highway 71. The asset is 94 percent occupied. Eric Tupler, Josh Simon and Casey Wenzel led the HFF debt placement team representing the borrower.
CHARLOTTE, N.C. — New York Life Real Estate Investors has provided a $34 million acquisition loan for Hawfield Farms, a 210-unit, Class A apartment community in Charlotte. Grandbridge Real Estate Capital arranged the seven-year loan with five years of interest-only payments on behalf of the borrower, Bell Partners.
LINDEN, MICH. — Associated Bank has provided a $3.8 million construction loan to Chicago-based Zeman Homes for the construction of Pine Ridge Manufactured Housing Community in Linden. The 195-site manufactured housing community, located at 9348 Silver Lake Road, about 17 miles south of Flint, Mich., features a clubhouse and children’s playground. Jerry Rotunnno of Associated Bank originated the loan.
GREAT MILLS, MD. — Aztec Group Inc. has secured a $20.2 million loan for Hickory Hills East Apartments, a 231-unit apartment community located at 22501 Iverson Drive in Great Mills. Charles Penan and Howard Taft of Aztec Group arranged the 10-year loan through Rialto Mortgage Finance, a New York-based conduit lender, on behalf of the borrower, a joint venture between affiliates of BAF Associates and the Raleigh Cos. The loan was structured with five years of interest-only payments, a 30-year amortization schedule, 75 percent loan-to-value ratio and a fixed interest rate below 4.6 percent.
