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218-250-Spring-St-MA
LoansMassachusettsMultifamilyNortheast

CBRE/NE Arranges $7.5M Acquisition Loan for a Multifamily Property in Massachusetts

by Amy Works

WEST ROXBURY, MASS. — CBRE/New England’s Multifamily Debt & Structured Finance group has arranged $7.5 million in acquisition financing for a multifamily property located at 218 and 250 Spring St. in West Roxbury. An affiliate of Yee Enterprises acquired the two-building, 55-unit property for $9.4 million. Constructed in 1968, the property is 100 percent market-rate apartments with a mix of studio, one-bedroom and two-bedroom units. John Kelly and Sam Dylag of CBRE/NE secured the financing through a local bank on behalf of the buyer. The name of the seller was not released.

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The Hilton Greenville
HospitalityLoansNorth CarolinaSoutheast

KeyBank Arranges $14.3M CMBS Loan for Hotel in North Carolina

by John Nelson

GREENVILLE, N.C. — KeyBank Real Estate Capital has arranged a $14.3 million CMBS loan for The Hilton Greenville, a 141-room hotel located at 207 Greenville Blvd. S.W. in Greenville. The hotel is situated on the 32-acre Greenville Convention Center campus and is within two miles of East Carolina University. Scott Bois of KeyBank’s commercial mortgage group arranged the non-recourse loan on behalf of the undisclosed borrower.

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LoansMultifamilySoutheastVirginia

Greystone Provides $6.5M Acquisition Loan for Virginia Beach Apartment Community

by John Nelson

VIRGINIA BEACH, VA. — Greystone has provided a $6.5 million Fannie Mae DUS loan for the acquisition of Tivoli Apartments, a 140-unit apartment complex in Virginia Beach. The property comprises 12 two-story buildings with a clubhouse, swimming pool, picnic areas, laundry building and storage. Andrew Ellis of Greystone originated the 15-year, fixed-rate loan with a 30-year amortization schedule and one year of interest-only payments. The acquisition loan is the fifth loan that Greystone has provided to the undisclosed borrower.

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Colony Center King Food Lion
LoansNorth CarolinaRetailSoutheast

NorthMarq Arranges $3.7M Acquisition Loan for Retail Center in North Carolina

by John Nelson

KING, N.C. — NorthMarq Capital has arranged a $3.7 million acquisition loan for Colony Center, an 84,069-square-foot retail property located at 705-745 S. Main St. in King. Colony Center’s tenant roster includes Food Lion, Family Dollar and Badcock Furniture. David Vinson of NorthMarq’s Raleigh office arranged the loan through an unnamed life insurance company on behalf of the borrower.

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CaliforniaLoansOfficeWestern

HFF Arranges $7.2M Refinancing for Office, Retail Property in San Diego

by Nellie Day

SAN DIEGO — Holliday Fenoglio Fowler (HFF) has arranged a $7.25 million refinancing for the majority of the Schiefer & Sons Building in downtown San Diego. Bank of America provided the 10-year, fixed-rate loan. The loan proceeds will be used to refinance existing debt. The property features 15,221 square feet of office and retail space. Located at 815 J St., the building is divided into six office units and two ground-level retail spaces. Kevin MacKenzie and Greg Brown of HFF secured the financing for the borrower, Capital Real Estate Ventures Inc.

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LoansMultifamilySeniors HousingTexas

RED Capital Group Closes $17.2M Loan for Prevarian Senior Living

by Haisten Willis

BROKEN ARROW, OKLA. — RED Capital Partners, the proprietary debt and equity banking arm of RED Capital Group, has closed a $17.2 million balance sheet construction loan for Prevarian Senior Living to build Prairie House Assisted Living and Memory Care, located on the campus of St. John Medical Center Hospital in Broken Arrow. Prairie House will be a 93,000-square-foot, two-story seniors housing community and will accommodate more than 100 senior citizens. The facility will include 73 alcove, one- and two-bedroom floor plans for assisted living. There will also be 32 suites designed for memory care residents. Construction began Sept. 9 and the project is expected to open in November 2016. The 105-unit, 117-bed assisted living and memory care property will operate under a long-term ground lease from an affiliate of St. John Medical Center Hospital. LifeCare Services, based in Des Moines, Iowa, will operate the property.

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274-Main-St-Norton-MA
LoansMassachusettsMultifamilyNortheast

HFF Arranges $41.8M in Financing for Multifamily Property in Massachusetts

by Amy Works

NORTON, MASS. — Holliday Fenoglio Fowler (HFF) has arranged $41.8 million in financing for a multifamily development in Norton. The borrower was a joint venture between Campanelli and Thorndike Development. HFF secured a $25 million construction loan through First Niagara Bank and a $16.8 million mezzanine loan through Cornerstone Real Estate Advisers on behalf of an institutional client. Slated for completion in 2016, 274 East Main St. will feature 188 apartment units, sidewalks, tree lined-streets and public spaces. In late 2014, HFF also secured $60 million in financing for One Upland, a 262-unit apartment community in Norwood, Mass., slated to open in October, for the joint venture. Greg LaBine and Patrick McAneny of HFF represented the borrower in both transactions.

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LoansMichiganMidwestOffice

Bernard Financial Arranges $70M Refinancing Loan for Detroit Office Building

by Christina Cannon

DETROIT — Bernard Financial Group has arranged a $70 million loan to refinance the First National Building in downtown Detroit. The office building, located at 660 Woodward Ave., is 25 stories and over 800,000 square feet. The borrowing entity is 660 Woodward Associates LLC, an affiliate of Bedrock Real Estate Services. Dennis Bernard and Kevin Kovachevich originated the loan and arranged it through a national commercial mortgage-backed securities (CMBS) lender. The First National Building was constructed in 1922. The property includes an internal 10-story parking garage with 477 spaces. Bernard Financial Group is a Detroit-based mortgage banking firm. Bernard Financial will provide full servicing for the loan. Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space.

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CaliforniaLoansMultifamilySeniors HousingWestern

CBRE Arranges $12M Fannie Mae Loan to Refinance Independent Living Community in California

by Nellie Day

CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.

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ArizonaLoansMultifamilySeniors HousingWestern

Grandbridge Arranges $10.5M Refinance of Community in Phoenix

by Nellie Day

PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.

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