Loans

HFF Arranges $18.3M Refinancing for Retail Center in Metro Dallas

by Haisten Willis June 3, 2015

GRAPEVINE, TEXAS — HFF has arranged an $18.3 million refinancing for Grapevine Towne Center, a 207,004-square-foot retail center in Grapevine. HFF worked on behalf of the borrower, a joint venture managed by Cencor Realty Service, to secure the 10-year, fixed-rate loan with Morgan Stanley Bank. HFF will service the securitized loan. Loan proceeds will be used to refinance the borrower’s existing debt. Grapevine Towne Center is located along State Highway 114 between William D. Tate and Ira E. Woods Avenues (State Highway 26). Grapevine Towne Center’s main building and five outparcel pads are 87.5 percent leased. Tenants at the property include Office Depot, Ross Dress for Less and Big Lots in addition to Vision Works, Weight Watchers, Hallmark Creations and Bealls. Steve Heldenfels, Travis Anderson and Joe Lerer led the HFF team representing the borrower.

June 3, 2015

Hospitality Loans Midwest Minnesota

HFF Secures $25M Refinancing for DoubleTree Suites by Hilton Hotel Minneapolis

by Amy Works June 3, 2015

MINNEAPOLIS — HFF has secured $25 million in refinancing for the DoubleTree Suites by Hilton Hotel Minneapolis, a 12-story hotel located in downtown Minneapolis. HFF arranged the three-year, floating-rate loan with two optional one-year extensions through BBVA Compass Bank for the borrower, Wheelock Street Capital LLC. Proceeds of the loans will be used to refinance a loan, which was assumed by the borrower upon its acquisition of the property in 2012. Located at 1101 LaSalle Ave., the 150,752-square-foot property was renovated in 2013 and features 229 suites, 1,162 square feet of meeting space, a second-floor merchandising suite, parking garage, 24-hour business and fitness centers, in-house Starbucks Coffee and Lot 57, a full-service restaurant and lounge. Steven Klein and Sam Nidenberg of HFF represented the borrower in the financing.

June 3, 2015

Florida Loans Mixed-Use Southeast

Mission Capital Arranges $19M Acquisition, Renovation Loan for Mixed-Use Asset in Miami Beach

by John Nelson June 3, 2015

MIAMI BEACH, FLA. — Mission Capital Advisors has arranged $19 million in acquisition and renovation financing for the Variety Building, a 70-unit mixed-use building located at 1700 Alton Road in Miami Beach. The property will undergo renovations as the retail space is prepared for re-leasing and the residential component is converted to hospitality space. Jason Cohen, Jordan Ray, Ari Hirt and Axel DeAngelis of Mission Capital arranged the loan through Ladder Capital on behalf of the borrower, a joint venture between Springhouse Partners and Forte Capital Management. The property’s current tenant roster includes scooter dealer Vespa Miami.

June 3, 2015

Georgia Loans Retail Southeast

Grandbridge Arranges $10M Acquisition Loan for Metro Atlanta Shopping Center

by John Nelson June 3, 2015

JOHNS CREEK, GA. — Grandbridge Real Estate Capital has arranged a $10 million acquisition loan for a 109,586-square-foot shopping center in Johns Creek, an affluent northern suburb of Atlanta. Publix anchors the shopping center and has roughly five years remaining on its lease. Gerry Robbins of Grandbridge originated the loan through an unnamed insurance company lender on behalf of the undisclosed buyer, which purchased the lender-owned asset at auction.

June 3, 2015

Loans Multifamily Texas

NXT Capital Provides $30M Mortgage for Apartment Complex in Oklahoma City

by Haisten Willis June 2, 2015

OKLAHOMA CITY — NXT Capital has provided a $30 million first mortgage loan to finance the acquisition of Warwick West Apartments, a Class B, 424-unit property in Oklahoma City. Proceeds from NXT’s loan will fund a renovation plan. The property is adjacent to Integris Baptist Hospital and located near the headquarters of Chesapeake Energy. Community amenities include a clubhouse, fitness center, three swimming pools and a tennis court

June 2, 2015

Industrial Loans Michigan Midwest Office

Bernard Financial Arranges $5.7M Loan for Office/Industrial Property in Michigan

by Amy Works June 2, 2015

LAKE ORION, MICH. — Bernard Financial Group has arranged a $5.7 million non-recourse loan for BKG Orion, a 115,545-square-foot office and industrial property located in Lake Orion. The borrower is BKGE Orion LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial, which will service the loan, arranged the financing, which was provided by a national CMBS lender.

June 2, 2015

Loans Louisiana Midwest Multifamily Ohio Seniors Housing Southeast

Lancaster Pollard Arranges Seniors Housing Refinancing in Louisiana, Ohio

by John Nelson June 1, 2015

MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …

June 1, 2015

Industrial Loans Texas

NorthMarq Secures $1.5M Refinancing of Lone Star Self Storage in Metro Dallas

by Haisten Willis May 29, 2015

LEWISVILLE, TEXAS — Bart Dickinson of NorthMarq Capital’s Dallas office has secured the $1.5 million refinancing of a 42,546-square-foot Lone Star Self Storage facility in Lewisville. The transaction was structured with a fully amortizing, 25-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with an unnamed life insurance company.

May 29, 2015

Loans Restaurant Retail Texas

BMC Capital Provides $1.8M Loan for Olive Garden in Metro Dallas

by Haisten Willis May 29, 2015

WEATHERFORD, TEXAS — Jada Jordan of BMC Capital’s St. Louis office has arranged a $1.8 million acquisition loan for an Olive Garden location in Weatherford. The loan featured a 50 percent loan-to-value ratio, a 10-year fixed interest rate of 4.2 percent and a 25-year amortization schedule. The loan was arranged through one of BMC’s correspondent bank relationships.

May 29, 2015

Loans Multifamily Retail Western

San Francisco Condo, Retail Development Receives $48M Loan

by Nellie Day May 29, 2015

SAN FRANCISCO — A joint venture between Trumark Urban and Hillwood West has received a $48 million senior loan for a ground-up condo and retail development in San Francisco. The new project will be located at 645 Texas Street in the Dogpatch/East Potrero Hill neighborhood near the city’s downtown. The development will contain 91 condo units, 625 square feet of ground-floor retail and 67 subterranean parking stalls. The condo units will include one- and two-bedroom units, as well as three-bedroom penthouses. Construction is slated to commence this summer, with completion scheduled for late next year. The infill site currently contains two vacant warehouse buildings that will be demolished. The site will have direct access to Interstate 280, the 22nd Street Caltrain, the 3rd Street T-Line Muni, Espirit Park and the future Pier 70 waterfront development. Major employers in the area include UCSF Medical Center, Uber and Old Navy, which all maintain campuses about a mile north of the property. The senior loan was provided by PCCP LLC.

May 29, 2015

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