Loans

Meridian Capital Arranges $40M Acquisition Financing for Office Property in NYC

by Amy Works February 19, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $40 million loan for the acquisition of an office property located at 145 West 45th St. in New York City. The five-year loan, provided by a regional balance sheet lender, features a 3.5 percent fixed-rate and interest-only payments for the full term. A partnership led by the Aini family acquired the 12-story, 90,000-square-foot office building from an undisclosed seller. Rael Gervis and David Hayum of Meridian’s New York City office arranged the financing.

February 19, 2015

Industrial Loans Northeast Pennsylvania

HFF Arranges $50M in Financing for 10-Property Industrial Portfolio in Pennsylvania

by Amy Works February 19, 2015

PHILADELPHIA — HFF has arranged $50 million in financing for a 10-property industrial portfolio in central Pennsylvania. The portfolio features 86 buildings totaling 2.12 million square feet of industrial space. HFF worked on behalf of the borrower, Hager Pacific Properties, to secure the 17-year, 4.15 percent fixed-rate loan through a correspondent life company. The portfolio is currently 100 percent leased to Jacobson Cos., a warehousing and distribution company. Ryan Ade of HFF’s Philadelphia office and Mark Wintner of HFF’s Los Angeles office represented the borrower for the loan.

February 19, 2015

Loans Multifamily North Carolina Southeast

Prudential Mortgage Capital Provides $44M Acquisition Loan for Charlotte Apartment Property

by John Nelson February 19, 2015

CHARLOTTE, N.C. — Prudential Mortgage Capital Co. has provided a $44 million acquisition loan to a joint venture between Stockbridge Capital Group and TriBridge Residential for Venue, a 366-unit luxury apartment community in Charlotte’s Elizabeth neighborhood. The 10-year loan was structured with a fixed interest rate and features interest-only payments for the full term of the loan. Completed in November 2014, Venue’s Class A units include hardwood floors, granite countertops and stainless steel appliances, and the community amenities include a theater room, grilling areas and a resort-style pool. The Elizabeth neighborhood is less than three miles from Charlotte’s central business district and is close to a 1.5-mile streetcar project, which is currently under construction. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc.

February 19, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

NorthMarq Capital Arranges $33M in Refinancing for Two Multifamily Properties

by Danielle Everson February 18, 2015

MINNEAPOLIS AND ROSEVILLE, MINN. — NorthMarq Capital’s Minneapolis office has arranged $33 million in refinancing for two multifamily properties in Minneapolis and Roseville. The first property is ElseWarehouse Apartments, a mixed-use building that includes 116 apartment units and five commercial spaces. The property is located at 730 Washington Ave. N. in Minneapolis. NorthMarq arranged $21 million in financing for the borrower through its seller-servicer relationship with Freddie Mac. Cherrywood Pointe is the second property, which is a seniors housing property that includes 80 units. The property is located at 2996 Cleveland Ave. N. in Roseville. NorthMarq arranged $12 million in refinancing for the borrower through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq arranged both of the loans.

February 18, 2015

Illinois Loans Midwest Office

Cohen Financial Arranges $8.3M Acquisition Loan for Office Property

by Danielle Everson February 18, 2015

OAKBROOK TERRACE, ILL. — Cohen Financial has arranged an $8.3 million acquisition loan for a mid-rise office building located at 2 Trans Am Plaza Drive in Oakbrook Terrace. The property is a 5-story office building adjacent to a Marriott Courtyard hotel. The property is leased to multiple tenants. Dan Rosenberg of Cohen Financial’s Chicago office secured the loan with American Capital Ltd., a publicly traded private equity firm and global asset manager. The borrower is American Landmark Properties, a commercial real estate owner/manager experienced in office properties.

February 18, 2015

Loans Multifamily Texas

CBRE Arranges $44.6M Acquisition Loan for Apartment Complex in San Antonio

by Haisten Willis February 18, 2015

SAN ANTONIO — CBRE has secured $44.6 million in acquisition financing for Signature Ridge, a 612-unit, Class A multifamily community in San Antonio. The loan carries a 10-year floating-rate term, five years of interest-only payments and a 70 percent loan-to-value ratio. Fannie Mae provided financing. Jim Kirkpatrick of CBRE’s Houston office arranged the financing on behalf of the borrower, a joint venture between RailField Realty Partners and Artemis Real Estate. Located at 3711 Medical Drive, Signature Ridge is garden-style apartment community situated on more than 30 acres. The property is located within minutes of South Texas Medical Center and just southeast of USAA’s 4.2 million-square-foot campus.

February 18, 2015

Loans Multifamily Texas

NorthMarq Negotiates Refinancing of Apartment Complex in Metro Houston

by Haisten Willis February 18, 2015

KINGWOOD, TEXAS —NorthMarq Capital’s Kansas City-based regional office has negotiated the refinancing of Discovery at Kingwood Apartments, a 324-unit multifamily property located at 150 Northpark Plaza Drive in Kingwood. The 10-year loan includes five years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

February 18, 2015

Loans Multifamily Texas

HFF Arranges Acquisition Financing for Apartment Complex in Fort Worth

by Haisten Willis February 18, 2015

FORT WORTH, TEXAS — HFF has arranged acquisition financing for Belterra, a 288-unit, Class A apartment complex in Fort Worth. HFF worked on behalf of the borrower, Venterra Realty, to place the five-year loan with a fixed interest rate at 3.1 percent through PPM Finance Inc. The entire loan consists of interest-only payments. Belterra is located at 7001 Sandshell Blvd., east of I-35 West and south of Basswood Boulevard within the Keller Independent School District. Completed in 2005, the property has one-, two- and three-bedroom units averaging 966 square feet. Community amenities include a swimming pool, hot tub, fireside lounge areas, basketball court, fitness center, clubhouse, business center, billiards lounge and car care center. The property is 94 percent occupied. Cortney Cole and Steve Heldenfels led HFF’s debt placement team.

February 18, 2015

Florida Loans Multifamily Southeast

Oak Grove Capital Arranges $9.5M Refinance of Apartment Community in Fort Lauderdale

by John Nelson February 18, 2015

FORT LAUDERDALE, FLA. — Oak Grove Capital has arranged the $9.5 million refinance of Venice Cove, a 150-unit apartment community in Fort Lauderdale. Tim Leonhard of Oak Grove Capital arranged the standard rate lock loan through Freddie Mac on behalf of the unnamed borrower.

February 18, 2015

Affordable Housing Loans Multifamily South Carolina Southeast

TD Bank Provides $6M Redevelopment Loan for Affordable Housing Apartment Complex in Charleston

by John Nelson February 18, 2015

CHARLESTON, S.C. — TD Bank has provided approximately $6 million for the renovation and rehabilitation of 100 affordable housing multifamily units in Charleston’s Ashley River submarket. Lori Swan of TD Bank structured the five-year loan with a 25-year amortization schedule on behalf of the developer, The Hampstead Group. The loan will be used to renovate the apartment units at Palmilla Parkside, previously known as St. Andrews Gardens, to provide housing for moderate-income residents. The original apartments were built in the 1970s as low-income housing and recently fell into disrepair. As part of its planned remodeling, Hampstead will install energy-efficient windows, plank flooring, stainless steel appliances and other upgrades in this community. Construction began in January 2015 and is expected to be complete within the next 15 months.

February 18, 2015

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