NEW YORK CITY — HKS Capital Partners has secured $109 million in financing to complete the SLS Midtown South, a boutique hotel at 444 Park Avenue South in New York City. Moin Development acquired a 14-story office building at the site in 2011 for $45 million and partnered with SBE to develop the $150 million SLS Midtown South, which is slated to open next spring. The 20-story hotel will feature a 6,000-square-foot sub-cellar. Ayush Kapahi and Gabrielle Simon of HKS Capital Partners arranged the financing, which was provided by Fortress Investment Group.
NEW YORK CITY — Meridian Capital Group has arranged $22.7 million in permanent financing for a multifamily property in New York City. The five-year loan, provided by a regional balance sheet lender, features a fixed rate of 3 percent and three years of interest-only payments. Located at 555 Edgecombe Ave., the 14-story property, known as the Paul Robeson Residence, contains 128 units. Judah Hammer and Daniel Neiss of Meridian Capital negotiated the financing for the undisclosed borrower.
FORT LAUDERDALE, FLA. — Berkadia has arranged $52.6 million in financing for New River Yacht Club, a 249-unit luxury apartment community located at 400 S.W. 1st Ave. in Fort Lauderdale. The apartment asset is located along New River in the center of Fort Lauderdale. The property features a covered pool deck pavilion, 24-hour fitness center, game room, clubroom and business conference room. The apartment community was 97 percent occupied at the time of sale. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia’s South Florida team secured the 10-year loan through Fannie Mae. The loan features a sub-4 percent fixed interest rate and five years of interest-only payments. The borrower will use the loan to take out the construction loan on the property and return equity to the borrower.
SAN ANTONIO — Berkadia has originated a $29.8 million loan for the acquisition of Grand Estates at TPC, a multifamily property located at 5707 TPC Parkway in San Antonio. Jeff Robbins and Matt Ewig of Berkadia’s Chicago office secured the 10-year loan through Fannie Mae. Robbins and Ewig arranged the loan, which includes seven years of interest-only payments, on behalf of the borrowers, Wood Partners, Silverpeak Capital and W. P. Carey Inc. Grand Estates at TPC features 408 units and is 94 percent occupied. Community amenities include a pool, game room and fitness center. The property is situated near U.S. Highway 281, which provides access to downtown San Antonio, approximately 22 miles south.
TALLAHASSEE, FLA. — Grandbridge Real Estate Capital has closed a $25.6 million first mortgage refinancing on Doubletree by Hilton, a 243-room hotel in downtown Tallahassee. The property is located within walking distance to the Florida Capitol Building, Florida State University and Florida A&M University. The hotel features a full-service bar and restaurant, banquet and meeting rooms, fitness center, swimming pool and parking garage. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the loan through Goldman Sachs in a CMBS loan structure.
AKRON, OHIO — McKinley has secured $32.9 million in credit tenant lease financing with KeyBank Real Estate Capital for FirstEnergy Plaza in downtown Akron. After executing a long-term lease with FirstEnergy Corp., McKinley secured the loan to finance major improvements at the 19-story, 335,000-square-foot Class A office tower. FirstEnergy Tower is part of a 530,000-square-foot twin-tower development, which includes Akron Center Plaza, owned by McKinley.
VANCOUVER, WASH. — Walker & Dunlop Inc. (NYSE: WD) has closed a $3.4 million loan for Arbor Ridge Assisted Living with the Vancouver Housing Authority. Arbor Ridge Assisted Living provides affordable housing for seniors who cannot afford private facilities within the local market. This is the first Rental Assistance Demonstration (RAD) transaction Walker & Dunlop and HUD’s Lean 232 program have completed for a health care facility. The RAD program is HUD’s major effort to recapitalize public affordable housing. RAD focuses on conserving affordable rental housing, meeting the needs of residents and constructing lasting communities along with supporting future property improvements. The Arbor Ridge transaction was structured with a 35-year term and a 35-year amortization schedule. Additionally, the loan was written to a 78.5 percent loan-to-value and 1.45 debt service coverage ratio. Michael Vaughn, senior vice president, led the Walker & Dunlop team.
OMAHA, NEB. — Grandbridge Real Estate Capital has secured a $25.5 million first mortgage loan for a multifamily property in Omaha. The funding was provided by a Grandbridge correspondent life insurance company and features a 10-year term and a 30-year amortization schedule. Built in 1958 as an office building and later converted to residential, the 300-unit Class A apartment building is 100 percent leased. Dick Riley and Brett Olson of Grandbridge’s Minneapolis office originated and closed the refinance transaction.
EAST LANSING, MICH. — Cohen Financial has secured a $7.7 million CMBS loan on behalf of River Caddis Development for Trowbridge Village Retail Center in East Lansing. Located adjacent to Michigan State University, the 48,600-square-foot shopping center is anchored by Fresh Thyme Farmers Market, a Midwest-based natural foods grocery store. Cathy Bronkema of Cohen Financial secured the financing with a CMBS lender.
CONCORD, N.H. — Cronheim Hotel Capital has secured $5.9 million in financing for Holiday Inn in Concord. Lisa McMahon and Andrew Stewart of Cronheim Hotel Capital arranged the 10-year loan, which features a 30-year amortization schedule, for the borrower, an affiliate of Chartwell Hotels. Renovated in 2010, the hotel features 122 rooms and 5,300 square feet of meeting space.