ORLANDO, FLA. — KeyBank Real Estate Capital has secured a $17 million acquisition loan for Falcon Trace Apartments, a 252-unit garden-style community in Orlando. The apartment complex was built in 1999. Jane Harrison of KeyBank’s commercial mortgage group secured the financing through Freddie Mac’s CME program.
FORT LAUDERDALE, FLA. — NXT Capital has provided a $37.9 million first mortgage loan to refinance Crown Center Offices, a five-building, 350,000-square-foot office campus in Fort Lauderdale. The property is located within a mile of I-95 and three miles from the Florida Turnpike. Paul Ahmed of Walker & Dunlop arranged the loan through NXT Capital on behalf of the undisclosed borrower.
GLEN MILLS, PA. — HFF has arranged $60 million in financing for Concordville Town Centre, a retail center located at 101 Byers Dr. in Glen Mills. HFF secured the long-term, fixed-rate mortgage through an institutional insurance company for the borrower, Brandolini Cos. Consisting of 12 buildings, the 397,188-square-foot center is 99.3 percent occupied by a variety of tenants, including The Home Depot, Acme Markets, Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci’s. Ryan Ade led the HFF team that secured the financing for the borrower.
NASHVILLE, TENN. — HFF has arranged permanent financing for the 800-room Omni Nashville Hotel, a LEED Silver-certified, upscale hotel located across from Music City Center in downtown Nashville. Completed in 2013 and located at 250 Fifth Ave., the hotel features the 5,500-square-foot Mokara Spa, a rooftop swimming pool, whirlpool with a lounge deck and cabanas, business center, 80,000 square feet of meeting space, 49,000 square feet of pre-function space and dining options such as Bob’s Steak & Chop House, Kitchen Notes and Barlines. Whitaker Johnson, Jim Curtin and Sarah Baccich of HFF arranged the fixed-rate loan through Prudential Mortgage Capital on behalf of the borrower, TRT Holdings.
WORTHINGTON, OHIO — PCCP has provided a $29.5 million senior loan to a private, high-net-worth investor for the acquisition and lease-up of The Heights, a newly constructed two-building, Class A apartment complex in Worthington, a suburb of Columbus. The property includes 193 units and 23,320 square feet of office space. Located at 160 W. Wilson Bridge Road, the property includes one- and two-bedroom apartments. Unit amenities include washers and dryers, granite countertops, patios and balconies. The seller was Crawford Hoying, a local developer, who began construction of The Heights in September 2013. The smaller, 59-unit building was completed in September 2014 and the larger, 134-unit apartment building, which includes commercial space, is anticipated for completion this month. PCCP is a real estate finance and investment management firm.
NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.
HONOLULU, HAWAII — The Howard Hughes Corporation has received a $350 million syndicated loan for two condo development projects in Honolulu. The condos, called Waiea and Anaha, will be situated within Ward Village. Ward Village is a 60-acre, urban master-planned community located between the city’s downtown and Waikiki. The community will feature more than 4,000 high-rise residences and more than one million square feet of retail space. The retail will be surrounded by outdoor public gathering places and pedestrian-friendly streets. Ward Village will be anchored by a four-acre public park that will serve as a multipurpose gathering space. The two condo developments offer views of the Pacific Ocean and Diamond Head. Amenities including fitness centers, swimming pools, a library, children’s play areas and dog parks. The projects will also feature about 24,000 square feet of retail space and 989 parking spaces. The A-note will be spread between five lenders, including Wells Fargo, Ullico, Washington Capital Management, First Hawaiian Bank and American Savings Bank. The note is part of a larger $600 million construction loan, which was secured by JLL for the Howard Hughes Corporation in late 2014. Financing was provided by Blackstone Real Estate Debt Strategies. The JLL team was …
MONSEY, N.Y. — Cronheim Mortgage has arranged $8.5 million in financing for 69-P Edison Court, a 328-unit apartment complex located in Monsey. The 10-year loan, which was provided by Voya Insurance and Annuity Co., features a 3.1 percent interest rate. Constructed in 1973, the 13-building property features a mix of one-, two- and three-bedroom units featuring hardwood floors, air conditioning, walk-in closets, and a patio, balcony or deck. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.
ARLINGTON, VA. — PCCP LLC has provided a $34.6 million senior loan to refinance a nine-story, 114,766-square-foot office building in Arlington. The asset is located in the Courthouse submarket of Arlington’s Rosslyn-Ballston Corridor. The borrower, Washington, D.C.-based Penzance, will use the loan to refinance maturing debt on the asset, as well as finance tenant improvements, leasing efforts and renovations. Built in 1987, the office building is currently occupied by 14 tenants, 11 of which use the office building as their corporate headquarters.
DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million refinancing loan for a 72-unit apartment complex located in Denton. The seven-year loan includes a 4 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
