Loans

Walker & Dunlop Arranges $11M Redevelopment Loan for Fort Myers Seniors Community

by John Nelson May 7, 2015

FORT MYERS, FLA. — Walker & Dunlop Inc. has arranged an $11 million acquisition bridge loan for The MacFarlane Group, which will use the loan to convert the currently Ambassador Hotel in Fort Myers into a 323-unit independent living facility. The development plan for the property is fully approved. Daniel Lisser, New York-based senior vice president, led the Walker & Dunlop team that structured the one-year bridge loan, which includes full-term interest only payments. ACRES Capital, a bridge lender that started its business just a few months ago, provided the financing after the original lender dropped out of the deal.

May 7, 2015

Georgia Hospitality Loans Southeast

Meridian Capital Arranges $18.2M Acquisition Loan for Holiday Inn in Savannah

by John Nelson May 7, 2015

SAVANNAH, GA. — Meridian Capital Group has arranged an $18.2 million acquisition loan for Holiday Inn Savannah Historic District in Savannah. The five-story, 127-room hotel is located at 15 Martin Luther King Jr. Blvd. in Savannah’s Historic District. The hotel opened in 2007 as a Four Points by Sheraton and was renovated and rebranded in 2014. Noam Kaminetzky of Meridian’s Boca Raton, Fla., office arranged the two-year, interest-only loan through a balance sheet lender with an exit to CMBS execution. The floating-rate loan features a one-year extension option. The unnamed borrower is a large international hotel operator, according to Meridian Capital Group.

May 7, 2015

Loans Northeast Pennsylvania Retail

HFF Secures $38.3M in Refinancing for Paoli Shopping Center in Suburban Philadelphia

by Amy Works May 7, 2015

PAOLI, PA. — HFF has arranged $38.3 million in financing for Paoli Shopping Center, a grocery-anchored retail center in Paoli. HFF worked on behalf of Berwyn, Pa.-based Brandolini Cos. to secure the long-term, fixed-rate mortgage through an institutional lender advised by Quadrant Real Estate Advisors. The loan will be used to refinance existing debts. Situated on 18.8 acres, the 165,617-square-foot center is 96.8 percent occupied by a variety of tenants, including Acme Markets, Pier 1 Imports, Talbots, Loft, Chico’s, JoS. A. Bank, Francesca’s, Einstein’s Bagels, Bravo’s Pizza and Kitchen Capers. Ryan Ade led the HFF team that represented the borrower in the financing.

May 7, 2015

Connecticut Loans Mixed-Use Multifamily New York Northeast Retail

Avant Capital Partners Originates $6.3M in Bridge Loans for Two Properties

by Amy Works May 7, 2015

NEW YORK CITY AND GREENWICH, CONN. — Avant Capital Partners has originated $6.3 million in bridge loans for two properties in Manhattan and Greenwich. The project located in Manhattan’s Midtown West neighborhood comprises three contiguous mixed-use properties offering 20 apartments and three ground-floor retail units in a total of 16,916 square feet. In Greenwich, the asset consists of four under-construction condominium units. Each unit will feature three bedrooms, 3.5 bathrooms and high-end interior finishes, including hardwood floors and high ceilings. The average unit size for the condos is 3,650 square feet.

May 7, 2015

Kentucky Loans Southeast

NorthMarq Capital Opens New Office in Louisville

by John Nelson May 6, 2015

LOUISVILLE, KY. — NorthMarq Capital has opened a new commercial and multifamily loan production office in Louisville. Randy Waddell will serve as senior vice president of the new office. Waddell will work closely with NorthMarq’s Cincinnati office, which was recently acquired from Quest Commercial Capital. Waddell’s primary focus will be to source, structure and originate debt for owners of commercial and multifamily assets.

May 6, 2015

Loans Massachusetts Northeast

NorthMarq Capital Arranges $25M in Refinancing for Boston Apartment Community

by Amy Works May 6, 2015

BOSTON — NorthMarq Capital has arranged $25 million in refinancing for Westland Avenue Apartments, three multifamily properties located in Boston’s Fenway neighborhood. The properties offer a total of 101 apartment units. Michael Chase of NorthMarq Capital’s Boston office secured the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with Guardian Life Insurance Company of America. The mortgage features a competitive rate and a flexible prepayment structure.

May 6, 2015

Loans Midwest Office Ohio

Thorofare Capital Funds $6.5M Loan for Acquisition of Office Near Dayton, Ohio

by Danielle Everson May 5, 2015

BEAVERCREEK, OHIO — Thorofare Capital has funded a $6.5 million floating rate commercial mortgage loan for the acquisition of the Apple Valley Office Campus, a 130,440-square-foot, three-building office campus in Beavercreek. The properties are located near the intersection of Research Boulevard and Grange Hall Road near Wright Patterson Air Force Base. The borrower is a partnership between two Southern California-based, privately held investment firms. The borrower purchased the portfolio in an off-market transaction. The non-recourse financing structure included an initial term of three years with extensions, and was sized to 70 percent of the total project capitalization. Apple Valley Office Center’s anchor tenants include Northrop Grumman Systems Corp., a global defense and technology company, and MacAulay-Brown, a Dayton-based engineering company. The campus includes more than 500 parking spaces and is accessible via Interstates 675, 75 and 70, as well as State Route 35.

May 5, 2015

Georgia Loans Multifamily Southeast

Greystone Closes $64.3M Freddie Mac Loan for Multifamily Property in Metro Atlanta

by John Nelson May 5, 2015

ROSWELL, GA. — Greystone has closed a $64.3 million Freddie Mac loan for Park 83, a 664-unit multifamily property in Roswell, a suburb of Atlanta. Greystone provided a $60.5 million bridge loan for the acquisition of the property in 2014. Park 83 features two swimming pools, a fitness center, nature trails, tennis courts, volleyball court, dog park and a playground. As of the end of 2014, the asset was 96 percent occupied. Keith Hires and Tim Wright of Greystone closed the seven-year Freddie Mac loan, which features three years of interest-only payments and a 30-year amortization schedule. Hires and Wright closed the loan on behalf of the borrower, Cortland Partners.

May 5, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Arranges $10.9M FHA Loan to Refinance Skilled Nursing Facility

by Danielle Everson May 4, 2015

OAK LAWN, ILL. — Capital One Multifamily Finance has provided a $10.9 million fixed-rate, HUD 232/223(f) loan to refinance a 133-bed skilled nursing facility in Oak Lawn. Joshua Rosen of Capital One originated the transaction for the undisclosed borrower. The property was built in 1962, with an addition in 1985 and substantial renovations and improvements between 2005 and 2012. The current owners acquired the property in 2012, and have upgraded resident rooms and bathrooms.

May 4, 2015

Loans Michigan Midwest

Bernard Financial Group Arranges $3.3M Loan for Retail Property in Adrian, Mich.

by Danielle Everson May 4, 2015

ADRIAN, MICH. — Bernard Financial Group has arranged a $3.3 million, non-recourse CMBS loan for Southland Plaza in Adrian. The property includes approximately 72,600 square feet of retail space. The borrowing entity is Warwick Realty-Adrian LLC. Neil Gorosh of Bernard Financial originated the loan.

May 4, 2015

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