CLEVELAND — KeyBank Real Estate Capital has secured $66 million in debt financing on behalf of Pierce Education Properties for a five-property student housing apartment portfolio. Totaling 2,788 beds, the properties are located in four states across the Midwest and Southeast. KeyBank originally funded five on-balance sheet, three-year, non-recourse loans to finance the acquisition of the five properties in 2014. KeyBank refinanced the original bank loans with 10-year, interest-only floating rate debt with a loan-to-value ratio of 55 percent. Robert Prouty and Andrew Lucca of KeyBank’s Commercial Mortgage Group arranged the financing.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $9.5 million HUD 223(f) loan for the refinancing of Crosby Pointe Apartments, a 73-unit multifamily market rate apartment property located in St. Paul. The 35-year loan includes a 35-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crosby Pointe LLC. Real Estate Equities LLC manages Crosby Pointe Apartments. The property features an outdoor pool, fitness center and an underground parking garage. Units are currently undergoing renovations that include the addition of stainless steel appliances, granite countertops and new finishes.
WASHINGTON, D.C. — HFF has arranged a $14.5 million acquisition loan for a 32,000-square-foot office building located at 1509 16th St. N.W. in Washington, D.C.’s Dupont Circle neighborhood. Dan McIntyre of HFF arranged the 10-year, fixed-rate loan through First National Bank on behalf of the borrowers, MidAtlantic Realty Partners LLC and UberOffices. In addition to the acquisition, the borrowers will use the loan proceeds to fund renovation/lease up costs. Originally built in 1909, the building will be fully renovated by early 2016 for UberOffices, which will occupy the entire office building.
WHITE PLAINS, N.Y. — NorthMarq Capital’s Greater Westchester New York/Connecticut office has arranged $4.2 million in refinancing for a retail property located at 350-360 Tarrytown Road in White Plains. The 10-year loan, provided by a local bank, features a 30-year amortization schedule. The 18,056-square-foot retail center is anchored by a Men’s Wearhouse. Robert Ranieri of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower.
SOUTH PORTLAND, MAINE — Fantini & Gorga has arranged $6.6 million in permanent financing for a multifamily property located in South Portland. Originally built in 1943 as World War II housing, the property features 24 two-story buildings offer a total of 95 one-bedroom apartments. Derek Coulombe, Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing for the undisclosed borrower.
NEW YORK CITY — Los Angeles-based Thorofare Capital has funded a $4.2 million adaptive reuse loan for a mixed-use property located in Brooklyn’s Bushwick neighborhood. The undisclosed borrower plans to implement a capital improvement program at the property, located at 599 Johnson Ave., to convert the asset into entertainment, food and beverage and retail use.
LOS ANGELES — Freddie Mac Multifamily has provided an $878 million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast. HFF arranged the financing for borrower Prime Residential. Funding will be used to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program. The 4,245-unit property is rent-controlled, with about 10 percent of the units having below market-rate rents. The community includes 18 high-rise towers and 175 garden-style apartment buildings on 144 acres. Approximately 10,000 residents live in the community. The apartment community includes 24-hour security patrol, courtyards, Wi-Fi cafes, fitness trails, a movie theater, hair salon and business and fitness centers. Originally built between 1944 and 1952, Park La Brea underwent renovations between 1995 and 2014. The 96.4-percent-leased complex is located at 6200 W. Third St., about seven miles west of downtown Los Angeles near the Miracle Mile district. Managing director Peter Smyslowski of HFF led and assembled the West Coast-based team that arranged the financing. The team included executive managing director Jody Thornton, senior managing directors Paul Brindley and Kevin MacKenzie and managing director Charles Halladay. Freddie Mac provides liquidity, stability and affordability to the nation’s residential …
WASHINGTON, D.C. — The Greysteel Co. has arranged $21.5 million to refinance a three-property, 193-unit multifamily portfolio located in Washington, D.C.’s Capitol Hill East neighborhood. Mark Bittenbender, Matthew Schwartz, Ari Firoozabadi and Paul Pierre of Greysteel arranged the loan through a conduit lender on behalf of the borrower, Capitol East Partners.
HOUSTON — HFF has secured refinancing for One City Centre, a 608,660-square-foot office tower in downtown Houston. The Class A, 32-story property includes two parking garages. HFF worked on behalf of the borrower, Accesso Partners, to secure the 10-year, fixed-rate loan through J.P Morgan Chase Bank. Loan proceeds were used to retire existing debt that was used to purchase the property in 2012. One City Centre is located at 1021 Main St. The property has direct access to the Metro Light Rail line and tunnel system in downtown Houston. Originally built in 1961, the property was most recently renovated in 2010 and is LEED EB Gold certified. Tenants at the tower, which is 86 percent leased, include Waste Management and Energy XXI. One City Centre also includes the 758-space One City Centre Garage and the 611-space Fannin Garage. Susan Hill and Michael Johnson led the HFF debt placement team representing the borrower. Accesso Partners is a commercial real estate investment manager, owner and operator.
HEBRON AND WILDER, KY. — NorthMarq Capital has arranged the refinancing of two properties in Hebron and Wilder totaling $18.1 million. The properties include Shoppes at Worldwide Park in Hebron and Aspen Pines Apartments in Wilder. Shoppes at Worldwide Park is a 13,174-square-foot unanchored retail property located at 2010 N. Bend Road. Aspen Pines is a 245-unit Class A apartment community located at 1700 Aspen Pines Drive. Susan Branscome of NorthMarq’s Cincinnati office arranged the $16.8 million loan for Aspen Pines through PPM and the $1.3 million loan for Shoppes at Worldwide Park through Symetra.