BOSTON — Fantini & Gorga has arranged $7 million in permanent financing for a mixed-use portfolio in the John Eliot Square section of Roxbury, a neighborhood in Boston. The financing was arranged on behalf of Roxbury Highland LLC with a major regional financial institution. The four-property portfolio consists of 52 apartments and two commercial spaces, totaling 33,000 square feet of rentable space. Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing.
ATLANTA — Lucror Resources LLC, an Atlanta-based developer, has closed an $11.2 million new markets tax credit transaction with Invest Atlanta and JPMorgan Chase to finance the renovation of the Atlanta Flatiron Building. Upon completion of the renovation, the 11-story office building will house the Microsoft Innovation Center and Women’s Entrepreneur Initiative. Georgia Tech’s Enterprise Innovation Institute will assist in the management of the building. Phase I of the renovation is slated for a summer 2015 completion. Aaron Kowan, Jason Cordon and Matt Brodnan of The Private Client Law Group represented Lucror in the negotiations. Drew Marlar of Kutak Rock represented Invest Atlanta, and Andrea Burke and Benjamin Swartzendruber of Applegate & Thorne-Thomsen represented JPMorgan Chase.
CLARK, N.J. — The Provident Bank has closed a $55 million loan for the development of Clark Commons, a 244,450-square-foot shopping center at Raritan Road and Walnut Avenue in Clark. Situated on 28 acres on the former U.S. Gypsum paper plant, the seven-building shopping center will offer 27 retail spaces. Completion is slated for late spring with a proposed grand opening in early August. The center is 100 percent preleased to Whole Foods Market, Home Goods, L.A. Fitness, Michaels, Petco, Ulta, Modell’s and Party City. Krame Development is constructing the center, which was designed by The Dietz Partnership Architects. The Provident Bank and M&T Bank provided the construction financing, with Provident serving as administrative agent. Gregory Lamb of Provident handled the transaction.
ALSIP, ILL. — Walker & Dunlop has arranged a $19 million loan to refinance a 575,000-square-foot light manufacturing warehouse facility in Alsip, 20 miles south of Chicago. The property includes two structures, a single-tenant 250,000-square-foot warehouse/light manufacturing space occupied by Crown Cork & Seal; and a multi-tenant 325,000-square-foot, two-story office building, which is occupied by Crown Cork & Seal Plastipak and GC America. The property was built in 1971. John Pantone led the Walker & Dunlop team that originated the CMBS loan for the borrower, Patriot Equities. The loan was structured on a 10-year term with a 4.8 percent interest rate. Walker & Dunlop Commercial Property Funding provided the loan.
KALAMAZOO, MICH. — NorthMarq Capital’s Chicago-based regional office has arranged $3 million in acquisition financing for Woodstone Apartments, a 99-unit multifamily property located in Kalamazoo. Sue Blumberg of NorthMarq arranged the 10-year loan, which includes a 30-year amortization schedule, for the undisclosed borrower through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
LIVERPOOL, N.Y. — Meridian Capital Group and Capital One have arranged an $18 million mortgage for the refinancing for Grenadier Village, a multifamily property in Liverpool. The 25-year, self-liquidating loan, which was provided by a life insurance company, features a 4.63 percent fixed-rate. Located at 100 Kings Park Dr., Grenadier Village offers 534 apartment units. Seth Grossman of Meridian Capital and Greg Reed and Kristen Croxton of Capital One arranged the financing for the undisclosed borrower.
AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $27.9 million Freddie Mac loan for Renaissance at North Bend, an apartment complex located in Austin. The 366-unit, garden-style apartment community was built in 1999. Alex Buecking of KeyBank’s commercial mortgage group arranged the financing, which was used to pay off an existing Fannie Mae Loan scheduled to mature in 2017.
DULUTH, MINN. — Dougherty Funding has arranged an $18.5 million construction loan for Pier B hotel in Duluth. The 140-room full-service waterfront hotel will be located in the Canal Park area. The site includes four 90-by-90 foot cement silos that are nearly 100 years old that will provide an iconic image for the development. The hotel complex will include a spa, banquet center, a pool overlooking Duluth’s harbor, and outdoor patios near bars and restaurants. Dougherty Funding served as the lead lender and servicer for the loan, which was arranged for the borrower, Pier B Holding LLC.
NEW YORK CITY — Meridian Capital Group has arranged a $30 million loan for the refinancing for a mixed-use property in New York City. The borrower is BLDG Management. The five-year loan, which was provided by a regional balance sheet lender, features a 2.85 percent fixed-rate. Located at 330 Bleecker St., the property features 199 apartments and 3,800 square feet of retail space. Carol Shelby and Dani Sabesan of Meridian Capital arranged the financing.
MONROE TOWNSHIP, N.J. — NorthMarq Capital has arranged $18 million for the refinancing of Concordia Shopping Center, a 135,090-square-foot retail property in Monroe Township. Located at 1600 Perrineville Road, the property is anchored by a Stop & Shop. The loan features a 10-year term and a 30-year amortization schedule. Ernest DesRochers of NorthMarq Capital secured the financing through NorthMarq’s correspondent relationship with a life insurance company.
