Loans

The Confluence Apartment Building in Denver Receives $79M in Financing

by Nellie Day March 11, 2015

DENVER — The Confluence, a 288-unit residential development in Denver, has received $79 million in financing. The project is located at the southwest corner of 15th Street and Little Raven Street, in the Riverfront Park area of the city’s Lower Downtown (LoDo) district. The 34-story tower will include 10,000 square feet of retail space and a 300-space underground parking garage. Community amenities will include a fitness center, swimming pool with lounge and cabanas, spa, fire pit, game room, clubhouse and business center. The Confluence is being developed by PM Realty Group and National Real Estate Advisors. The construction loan was arranged by HFF’s Rob Rizzi, Josh Simon, Colin Oberg, Leon McBroom and Matt Gangawar through a national bank. It features a 48-month term at 65 percent loan-to-cost. HFF also arranged the joint venture partnership in 2013.

March 11, 2015

Loans Retail Washington Western

Seattle Design Center Receives $40M in Financing

by Nellie Day March 11, 2015

SEATTLE — Seattle Design Center, a 410,000-square-foot, high-end home furnishings and design services center, has received $40 million in financing. The two-building center is located at 5701 6th Ave. S. The center first opened in 1973. Its two buildings are connected via a skybridge walkway. Seattle Design Center also contains 400 parking spaces. The borrower will use the floating-rate loan to acquire and reposition the center. It features a three-year initial term and two, one-year extension options. A debt fund provided the loan. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets served as the exclusive advisor to the Los Angeles-based sponsor.

March 11, 2015

Loans Office Texas

CPR Money Provides $4.2M Acquisition Loan for Office Building in Houston

by Haisten Willis March 11, 2015

HOUSTON — CPR Money has provided a $4.2 million acquisition loan for a 16-story vacant office building in Houston’s central business district. During the loan term, the borrower will finalize pre-development plans for a conversion to a 154-room Hyatt Place Hotel, with construction expected to begin in nine to 12 months. The property is located near the George Brown Convention Center, Toyota Center, Minute Maid Park and the Houston Pavilions.

March 11, 2015

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $26.7 M Loan for Texas Long-Term Care Portfolio

by Haisten Willis March 11, 2015

COPPERAS COVE, HARKER HEIGHTS and KILLEEN, TEXAS — KeyBank Real Estate Capital has arranged a total of $26.7 million in FHA financing for a three-property, long-term care portfolio in Texas. Two of the properties are skilled nursing facilities and one is a combination skilled nursing and assisted living facility. The properties were built in the 1990s and have a combined total of 250 units and 418 beds. Allison Holland of KeyBank arranged the non-recourse, fixed-rate first mortgages for all three properties. The portfolio is comprised of Hill Country Rehab and Nursing Center located in Copperas Cove; Indian Oaks Living Center located in Harker Heights; and The Rosewood Retirement Community located in Killeen.

March 11, 2015

Loans New York Northeast Office

Mission Capital Advisors Arranges $29M Acquisition Loan for Mott Haven Office Property

by Amy Works March 11, 2015

NEW YORK CITY — Mission Capital Advisors has arranged $29 million in non-recourse acquisition and renovation financing for a commercial loft property located at 2415 Third Ave. in the Mott Haven section of the Bronx. The eight-story, 175,000-square-foot property will undergo a capital improvements program, including upgrades to elevators, bathrooms, windows, corridors and HVAC systems. Additionally the new ownership plans to rebrand the property as the Bruckner Building. Jonathan More, Ari Hirt, Steven Buchwald and David Behmoaras of Missions Capital secured the loan on behalf of a joint venture between Savanna and Hornig Capital Partners.

March 11, 2015

Florida Loans Multifamily Southeast

NXT Capital Provides $20.4M Acquisition Loan for Apartment Community in St. Petersburg

by John Nelson March 11, 2015

ST. PETERSBURG, FLA. — NXT Capital has provided a $20.4 million acquisition loan for Sienna Bay, a Class B apartment community in St. Petersburg. The property is located roughly 14 miles from downtown Tampa and 12 miles from MacDill Air Force Base. Proceeds from the loan will be used to renovate the asset. The apartment community features swimming pools, a tennis court and a fitness center.

March 11, 2015

Loans Multifamily South Carolina Southeast

Walker & Dunlop Arranges $17M Refinance of Apartment Community in Metro Charlotte

by John Nelson March 11, 2015

ROCK HILL, S.C. — Walker & Dunlop Inc. has structured a $17 million refinance loan for Brookstone Apartments, a 348-unit multifamily community located in Rock Hill, a suburb of Charlotte. Justin Nelson led Walker & Dunlop’s team to arrange the 15-year loan with five years of interest-only payments and a 30-year amortization schedule. Built in 2001, the property’s amenity package includes a clubhouse, 24-hour fitness center, laundry facility, gated access, playground, swimming pool, volleyball court and dog park.

March 11, 2015

Loans Multifamily Texas

LMI Capital Arranges Two Loans for Apartment Complexes in Houston

by Haisten Willis March 10, 2015

HOUSTON — LMI Capital has arranged two loans for several Houston apartment complexes. In the first transaction, Brandon Brown and Jamie Mullin of LMI Capital arranged $11.7 million in debt for the refinancing of two multifamily properties. Both assets had permanent loans maturing this year. Brown and Mullin worked on behalf of the borrower to obtain 10-year, fixed-rate CMBS loans that provided cash out proceeds to the client. Both loans featured a three-year interest-only period followed by 30-year amortization schedules. In the second transaction, Brown arranged $11.1 million in financing for a garden-style apartment complex in the Bear Creek/Copperfield submarket. Working on behalf of the borrower, Brown secured the 10-year loan with a CMBS lender at the fixed rate of 4.2 percent. The first mortgage represented 80 percent of the purchase price and included five years of interest-only payments.

March 10, 2015

Hospitality Loans Northeast Pennsylvania

NorthStar Income II Originates $42M Loan for Marriott Hotel in Pennsylvania

by Amy Works March 10, 2015

CORAOPOLIS, PA. — NorthStar Real Estate Income II Inc. has originated a $42 million senior loan for a Marriott-branded hotel located in Coraopolis. The 318-room was recently renovated and the borrower plans to complete $4 million in capital improvements using the proceeds from the loan, for a total of $8.3 million in capital expenditures.

March 10, 2015

Florida Loans Office Southeast

CBRE Arranges $95M Acquisition Loan for 1.6M SF Office Portfolio

by John Nelson March 10, 2015

MIAMI — CBRE’s capital markets debt and structured finance team has arranged a $95 million acquisition loan for a portfolio of five single-tenant office properties totaling 1.6 million square feet in the Southeast. The properties, which are all leased by Wells Fargo, include 3579-3585 Atlanta Ave. in Atlanta; 401 Linden St. in Winston-Salem, N.C.; 809 W. 4½ St. and 801 W. 4 St. in Winston-Salem; 101 Greystone Blvd. in Columbia, S.C.; and 7711 Plantation Road in Roanoke, Va. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office secured the financing on behalf of the borrower, a private family interest in Brazil. Guggenheim Partners provided the 10-year loan with a 30-year amortization schedule at 65 percent loan-to-value.

March 10, 2015

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