HARTFORD, CONN. — Meridian Capital Group has arranged a $28.1 million CMBS loan for the acquisition of an office property located at 100 Pearl St. in Hartford. The borrowers are SGS Pearl LLC and Shelbourne Pearl LLC. The 10-year loan, which was provided by a CMBS lender, features a 70 percent loan-to-cost ratio and a fixed rate with two years of interest-only payments. Built in 1989, the 17-story property features 281,000 square feet of office space. On-site building amenities include a parking garage, a fitness center, conference rooms, a food service lounge with seating, an art gallery, building concierge and 24-hour security. Shaya Ackerman, Steven Adler and Jacob Schmuckler of Meridian Capital Group negotiated the transaction.
OVERLAND PARK, KAN. — NorthMarq Capital’s Kansas City office has arranged acquisition financing of $32.6 million for Corbin Crossing Apartments, a 298-unit multifamily property in Overland Park. The property is located at 6801 W. 138th Terrace. Greg Duvall of NorthMarq arranged the seven-year loan that includes two-year interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
KINGWOOD, TEXAS — HFF has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A apartment complex in Kingwood. HFF worked on behalf of the borrower, Mark-Dana Corp., to secure the loan through an affiliate of Prime Finance. Amegy Bank provided the senior construction loan in a non-HFF related transaction. Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each with attached garage parking. Situated on 12.6 acres at 331 Forest Center Drive, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, 24 miles north of downtown Houston. Colby Mueck led HFF’s equity placement team.
HOUSTON — Jamie Mullin of LMI Capital has arranged $26.4 million in debt for the refinance of a garden-style apartment complex in Houston’s Galleria submarket. On behalf of the borrower, Mullin secured the 10-year, fixed-rate CMBS loan that provided cash out proceeds to the client. The loan featured a 4.2 percent interest rate and five years of interest-only payments followed by a 30-year amortization schedule.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has closed an $8.9 million acquisition loan for Camfield Corners, a 69,857-square-foot shopping center in Charlotte’s Ballantyne area. The Bi-Lo-anchored center was 97 percent leased at the time of financing. Wesley Fricks of Grandbridge’s Raleigh office originated the loan through Starwood Mortgage Capital, a CMBS lender, on behalf of the New York-based borrower. The fixed-rate loan has a 10-year term and a 30-year amortization schedule.
DEERFIELD BEACH, FLA. — Dockerty Romer & Co. has arranged a $6.8 million acquisition loan for The Shoppes of Hillsboro, a 61,165-square-foot shopping center located along Hillsboro Boulevard in Deerfield Beach, a town in Broward County. The shopping center was 99 percent leased at the time of financing to tenants including Optimum Bank, Gentle Dental and Bank United. Bob Dockerty of Dockerty Romer arranged the 10-year loan through a New York-based CMBS lender on behalf of the borrower, BREF Hillsboro LLC. The loan was structured at an interest rate fixed below 4 percent and with five years of interest-only payments.
SUGAR LAND AND MISSOURI CITY, TEXAS — Brandon Brown of LMI Capital has arranged $11 million in debt for the refinance of a garden-style apartment complex in the Sugar Land/Missouri City submarket of Houston. Brown secured the 10-year, fixed-rate Fannie Mae loan, which will provide cash out proceeds , on behalf of the unnamed borrower. A portion of the cash out was earmarked for interior and exterior property upgrades. The non-recourse loan features a 4.2 percent interest rate and a 30-year amortization schedule.
FRISCO, TEXAS — Pillar has arranged a $9.2 million Fannie Mae acquisition loan for Stonebrook Village, a multifamily affordable housing property. Stonebrook Village includes one-, two- and three-bedroom apartment units located in Frisco. The property was developed in 1994. Marc Cesare of Pillar’s Dallas office originated the fixed-rate, 10-year term loan with a 30-year amortization schedule. Stonebrook Village is located near the North Dallas Tollway and just north of the new Dallas Cowboys world headquarters scheduled for completion in 2016.
NEW YORK CITY — Meridian Capital Group has arranged $48 million in refinancing for an office property located at 1156 Avenue of the Americas in New York City. The borrower was APF Properties. The seven-year loan, which was provided by a regional balance sheet lender, features a fixed rate, a five-year extension option and five years of interest-only payments followed by a 30-year amortization schedule. The nine-story office property offers 71,900 square feet of office space and 8,000 square feet of retail space. Tal Bar-Or of Meridian negotiated the financing on behalf of the borrower.
GREENSBORO, N.C. — Capstone Capital has arranged a $35 million loan to refinance Hayleigh Village Apartments, a 360-unit apartment community in Greensboro. Capstone arranged the 10-year loan with a fixed 4.13 percent interest rate through Fannie Mae on behalf of the borrower, an undisclosed multifamily owner and developer based in the Southeast. The loan features three years of interest-only payments and a 30-year amortization schedule for the remaining seven years of the term. Hayleigh Village Apartments recently appraised for $46.7 million.