CHANHASSEN, MINN. — Grandbridge Real Estate Capital closed a $4.9 million first mortgage loan secured by a 115,520-square-foot office/warehouse located in Chanhassen. Dave Rasmussen of Grandbridge originated the fixed-rate loan for the undisclosed borrower through a life insurance company. The property was fully leased with 55 percent office finish.
SPARTANBURG, S.C. — NorthMarq Capital has arranged $2.8 million in acquisition financing for Westgate Apartments, a 122-unit multifamily community in Spartanburg. Dave Stewart of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through an unnamed Fannie Mae DUS lender.
IRVINE, CALIF. — The Hoag Health Center – Irvine has received $41.2 million in a construction-to-permanent loan. The center will be located at the intersection of Alton Parkway and Sand Canyon Avenue, directly across from Hoag Hospital Irvine. The 150,000-square-foot medical office development contains three Class A, 50,000-square-foot ambulatory care centers with flexible floor plans. It is scheduled for completion in early 2016. The 12-year, fixed-rate loan is interest-only during the two-year construction period. The fixed rate was locked over eight months in advance of the loan closing. HFF’s Zach Koucos, Aldon Cole and Tim Wright secured the loan on behalf of Pacific Medical Buildings (PMB). The firm is also servicing the loan, which was secured through a correspondent life insurance company.
KENSINGTON, MD. — Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), has provided a $41 million loan to Fountain Square Properties to refinance Kensington Park, a Class A independent, assisted and memory care community located in Kensington. Tom Goodsite and Trace Wilson of Prudential Mortgage Capital were the leads on the transaction. The loan was originated through Freddie Mac’s Senior Housing program. The property consists of 61 independent living units, 52 assisted living units and 51 memory care units and is situated on more than eight acres, just north of the I- 495 Beltway in Montgomery County. Kensington Park is managed by an affiliate of its owner, Fountain Square Properties.
TALLAHASSEE, FLA. — CBRE Debt & Structured Finance has originated a $21.9 million acquisition loan for Delaney Park at Southwood, a 248-unit luxury apartment community located at 3550 Esplanade Way in Tallahassee. Completed in 2007 by Epoch Properties, the community’s interiors include 9- to 18-foot ceilings, bay windows, private entryways and surround sound. The property’s amenity package includes a clubhouse, movie theater, garages, car wash, sauna and spa, fitness center, indoor basketball court, business center, library and a swimming pool. Christopher Apone, Charles Foschini and Christian Lee of CBRE arranged the 10-year loan with four years of interest-only payments through Fannie Mae on behalf of the borrower, Miami-based Momentum Real Estate Partners.
CHICAGO — Los Angeles-based Thorofare Capital has funded a $5.4 million bridge loan for Cedar Street Capital’s acquisition of 1144 W. Fulton Market Street in the Fulton Market district of Chicago. The financing included a $4.5 million A-note and an $804,000 B-note, which represents nearly 80 percent of the total capital stack. The office property is located at 351 N. May St. and includes 32 parking spaces. The 27,689-square-foot loft building was originally built in the mid-1920s. The property is 78.5 percent occupied.
ORLANDO, FLA. — HFF has arranged $110 million in mortgage financing for a seven-property, 2,566-room hotel portfolio in Florida, California, Virginia, Ohio and New Mexico. The hotels include the 266-room Sheraton Tampa East in Tampa; the 382-room Sheraton Orlando North in Orlando; the 718-room Radisson Orlando Celebration in Orlando; the 329-room Hilton Concord in Concord, Calif.; the 295-room DoubleTree Williamsburg in Williamsburg, Va.; the 300-room Crowne Plaza Columbus North in Columbus, Ohio; and the 276-room Sheraton Albuquerque Airport in Albuquerque, N.M. Michael Weinberg, Dan Peek, Trey Morsbach and Preston Reid of HFF arranged the five-year, floating-rate laon through CCRE on behalf of the borrower, a joint venture between Varde Partners Inc., Interstate Hotels & Resorts and Waramaug Hospitality Management. Loan proceeds will be used to refinance existing debt on the properties.
TALLAHASSEE, FLA. — NorthMarq Capital has arranged $13.5 million in refinancing for University Village, a 152,104-square-foot retail center located at 2020 W. Pensacola St. in Tallahassee. The property’s major tenants include Gold’s Gym and the Post Office. Lee Weaver of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed CMBS lender.
NEW YORK CITY — HFF has arranged the sale of The Nathaniel, an 85-unit residential building located at 138 E. 12th St. in Manhattan’s Greenwich Village neighborhood. The firm also arranged financing for the $98.3 million acquisition. Wafra Residential Value Invest I, a fund managed by Wafra Investment Advisory Group Inc., purchased the asset from YYY Third Avenue LLC, a joint venture affiliate of Joy Construction Corp. Designed by Karl Fischer Architect and built in 2014, the nine-story, 49,741-square-foot property features 10,000 square feet of ground-floor retail space, 8,000 square feet of below-grade retail space, floor-to-ceiling windows, a 24-hour doorman, resident lounge with TV/media center and billiards, rooftop reflecting pool, sunset terrace, fitness center and bike storage. Andrew Scandalios, Erin Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller in the transaction. Steven Klein and Jennifer Keller, also of HFF, arranged the acquisition financing for the borrower.
NEW YORK CITY — Oak Grove Capital has arranged $82 million in refinancing for 33 West End Avenue Apartments, a 211-unit apartment building located on Manhattan’s Upper West Side. The floating-rate loan has a 20-year term with a 35-year amortization and a one-year lockout. The 25-story apartment building features a variety of amenities, including 24-hour concierge services, a fitness center, a tenant lounge, shuttle services to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace. C.W. Early of Oak Grove Capital arranged the Fannie Mae loan for the borrower, Atlantic Development.