Loans

Cronheim Mortgage Arranges $28.1M Financing for Eleven80 in Newark

by Amy Works February 26, 2015

NEWARK, N.J. — Cronheim Mortgage has arranged $28.1 million in financing for Eleven80, a 37-story residential property in Newark. The three-year loan features a floating rate. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower, an affiliate of KBS Capital Advisors. Located at 1180 Raymond Blvd., the 418,797-square-foot building features 317 units. Originally built in 1929 as an office building, the property was converted in 2007 into an apartment building. The building also includes 7,567 square feet of retail space, which is occupied by TD Bank and a convenience store. Eleven80 features a 24-hour doorman, shuttle service, bowling alley, billiards room, library and 8,000-square-foot fitness center.

February 26, 2015

Loans Multifamily New Jersey Northeast

MMCC Arranges $6.5M Acquisition Loan for New Jersey Multifamily Property

by Amy Works February 26, 2015

WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.

February 26, 2015

Loans Mixed-Use New Jersey Northeast Retail

CBRE Group Brokers Sale of 70,400 SF Mixed-Use Facility in New Jersey

by Amy Works February 25, 2015

SPRINGFIELD, N.J. — CBRE FAMECO, a retail division of CBRE Group, has brokered the $5.5 million sale of the former 6th Avenue Electronics store, corporate office and warehouse facility at 22 Route 22 in Springfield. The undisclosed buyer plans to convert the 70,040-square-foot property into an 85,000-square-foot Metro Self Storage facility. The climate-controlled property will feature state-of-the-art security, two sets of elevators, four drive-in loading bays and an office component. Steven Winters of CBRE FAMECO represented the undisclosed seller, while Ed Horne of HK Commercial Realty Advisors LLC represented the buyer.

February 25, 2015

Loans Mixed-Use New York Northeast

Trevian Capital Funds $22M Loan for Mixed-Use Property in Tribeca

by Amy Works February 25, 2015

NEW YORK CITY — Trevian Capital has funded a $22 million first-mortgage bridge loan for a five-story, 17,247-square-foot building in the Tribeca neighborhood of Manhattan. The loan was used to pay off a matured first mortgage and to fund the conversion of the upper floors into four full-floor residential condos and reconfigure the ground-level retail cellar and sub-cellar. Terms and details of the transaction were not disclosed.

February 25, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $15.5M Loan for Multifamily Property in New York City

by Amy Works February 25, 2015

NEW YORK CITY — Meridian Capital Group has arranged $15.5 million in refinancing for a multifamily property in New York City. The seven-year loan, which was provided by a local savings bank, features a 3.37 percent fixed-rate and interest-only payments for the full term. Located at 1380 Riverside Dr., the 19-story property features 138 residential units and views of the Hudson River and George Washington Bridge. Isaac Filler of Meridian Capital’s New York City office negotiated the transaction. The name of the borrower was not released.

February 25, 2015

California Loans Multifamily Western

Pair of Lyon Communities SoCal Apartment Properties Receives $166.6M

by Nellie Day February 25, 2015

SANTA ANA, CALIF. — A pair of Lyon Communities’ recently constructed multifamily properties in Southern California has received $166.6 million in financing. Financing was provided to The Marke at South Coast Metro, a 300-unit community in Santa Ana, and the 370-unit Palomar Station in the San Diego submarket of San Marcos. The Marke is located at 100 East MacArthur Blvd. It was built in 2014. Palomar Station is located at 1257 Armorlite Drive, about 35 miles north of San Diego, near Palomar College and the Sprinter Commuter Rail. This community was also completed last year. The communities were 63 and 55 percent occupied, respectively, at closing. Both properties received 10-year, 3.32 percent, fixed-rate loans, which were financed through Freddie Mac’s premiere lease-up program. Financing was arranged for Lyon by HFF’s Charles Halladay and Sebastian Trujillo.

February 25, 2015

Loans Multifamily Texas

KeyBank Secures $52.7M Loan for Two Dallas Multifamily Communities

by Haisten Willis February 24, 2015

DALLAS — KeyBank Real Estate Capital has secured $52.8 million in Freddie Mac CME financing for two multifamily communities located in Dallas. The first loan, for $28 million, was used to refinance Grand Estates at Kessler Park, a 338-unit, garden-style apartment community that was built in 2002. The second loan, for $24.7 million was used to refinance Grand Estates at Founders Park, a 336-unit, garden-style apartment community that was built in 2004. Alex Buecking of KeyBank’s Commercial Mortgage Group originated and closed the 10-year term financing for both properties within 65 days.

February 24, 2015

Loans Multifamily Texas

HFF Arranges Financing for Apartment Complex in Austin

by Haisten Willis February 24, 2015

AUSTIN, TEXAS — HFF has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.6 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated on 23.8 acres at 9807 Ranch Road 620 N. Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and I-35. The 13 two- and three-story buildings are composed of one-, two- and three-bedroom units averaging 965 square feet. Eric Tupler, Josh Simon, Casey Wenzel, Leon McBroom and Bryan Harvey led the HFF debt placement team.

February 24, 2015

Loans Multifamily Northeast Pennsylvania

NorthMarq Capital Arranges Three Multifamily Loans Totaling $61.48M in Pennsylvania

by Amy Works February 24, 2015

ALLENTOWN, QUAKERTOWN AND READING, PA. — NorthMarq Capital has arranged a total of $61.48 million in refinancing for three multifamily properties in Pennsylvania. Robert Ranieri of NorthMarq Capital’s Greater Westchester, N.Y./Conn. regional office secured the financing through the firm’s seller-servicer relationship with Freddie Mac for each transaction. Located at 1207 E. Congress St. in Allentown, the 548-unit Congress Apartments received $36.3 million in refinancing. The 7-year loan features a 30-year amortization schedule. In Quakertown, the 264-unit Quakertown West apartment community, located at 491 S. Ninth St. received an $18.2 million loan, featuring a 7-year term and a 30-year amortization schedule. Additionally, the 148-unit Antietam Arms apartment community, located at 850 Carsonia Ave. in Reading, received $6.98 million in financing, also with a 7-year term and a 30-year amortization schedule.

February 24, 2015

Loans New Jersey Northeast Retail

Triangle Equities Receives $7.5M Loan for 62,000 SF Shopping Center

by Amy Works February 24, 2015

FREEHOLD, N.J. — Triangle Equities has received a $7.5 million loan for its 62,000-square-foot retail property, Freehold Raceway Village, in Freehold. The loan was provided by CIBC, and it follows the successful recapitalization of the shopping center. Located at 200-220 Trotters Way, the shopping center is 100 percent occupied by a variety of tenants, including Big Lots, Huffman Koos, Dick’s Sporting Goods, The Home Depot, Toys R Us, Raymour & Flanigan and Christmas Tree Shoppes.

February 24, 2015

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