SUNRISE, FLA. — The Canadian Imperial Bank of Commerce (CIBC) has provided a $20.9 million CMBS loan to refinance Sawgrass Landings, a 64,500-square-foot shopping center in the Broward County city of Sunrise. The retail center’s tenant roster includes LA Fitness, Starbucks Coffee and FedEx Office. The mall is shadow anchored by Sawgrass Mills Mall. Steven Weiss, Romano Tio and Marc Sznajderman of RM Capital arranged the 10-year, fixed-rate loan on behalf of the borrower, Trikon Sunrise LLC, which is managed by Jon Samuel. The loan features four years of interest-only payments.
BAYTOWN, TEXAS — KeyBank Real Estate Capital has secured a $21.3 million life insurance loan for Remington Park Baytown, an assisted living and memory care community located in Baytown. Monique Bimler of KeyBank’s Healthcare Mortgage Group arranged the 10-year, fixed-rate loan on behalf of Capital Senior Living, which was used to acquire the property. Capital Senior Living Corp. is a operator of residential communities for senior adults. The company operates 115 senior living communities with an aggregate capacity of approximately 15,000 residents.
WASHINGTON, D.C. — Capital One Bank has closed a $90 million construction loan for Grosvenor America’s new mixed-use development in Washington, D.C.’s Capital Riverfront District. The project, named F1RST, will be located adjacent to Nationals Park baseball stadium. F1RST, will span 300,000 square feet and comprise a 13-story apartment building, 170-room Residence Inn by Marriott and 22,000 square feet of retail space. The multifamily component will feature amenities such as a rooftop swimming pool and hot tub, outdoor kitchens, fitness center, lounge, courtyard garden, pet spa and concierge services. Grosvenor Americas has executed leases with Taylor Gourmet and Chop’t for the retail portion. The project team includes contractor Clark Construction Group and McCaffery Interests. Capital One plans to hold $50 million of the loan and is syndicating $20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley of Capital One’s Washington office originated the loan on behalf of Grosvenor Americas.
LOS ANGELES – The Medallion, a 96-unit apartment building in Downtown Los Angeles, has received a $33-million refinance. The community is located at 334 S Main Street. It is currently 97 percent occupied. The property also contains 80,000 square feet of ground-floor retail space and a 275-car parking garage. The loan is also secured by a fully entitled, two-acre development site that sits adjacent to the Medallion. That site is slated for Phase II of the community, which will include an additional 300 units. It is currently leased to a parking lot operator. The short-term bridge loan was secured by Jonathan Hakakha and Mike Yim of Quantum Capital Partners on behalf of Illusion Holdings and Ocean Blue Investments.
FRIDLEY, MINN. — Grandbridge Real Estate Capital has provided a $4.1 million first mortgage and raised additional equity funds from a regional equity fund secured by a 150,000-square-foot office/tech/warehouse property in Fridley. Minneapolis-based Dave Rasmusen of Grandbridge originated the debt and equity. Grandbridge worked with the borrower, an affiliate of Hoyt Properties, and lender to structure the transaction to meet the borrower’s objectives. The client sought to purchase the value-add property, which was 60 percent leased. Grandbridge brought $4.1 million of non-recourse debt from a local bank and approximately $2 million of equity from a regional equity fund to complete the purchase.
FREDERICK, MD. — NorthMarq Capital has arranged the $5.3 million refinance of Festival at Frederick, a 90,359-square-foot shopping center located at 430-490 Prospect Blvd. in Frederick. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.
CHICAGO — Oak Grove Capital has arranged a $27 million adjustable-rate mortgage through Freddie Mac for Algonquin Square Apartments, a 220-unit multifamily property located in Chicago’s western suburbs.The property was built in 2012 and 2013. The loan was for a joint venture between Marquette Cos., EJ Plesko & Associates and American National Insurance, which served as the limited partner.The new loan allowed for the payoff of the construction loan, municipal loans and further returned some of the original investment to the investor members. Scott Streiff of Oak Grove Capital arranged the seven-year loan that includes two years of interest-only payments and a 30-year amortization schedule.
AUSTIN, TEXAS — A10 Capital has funded a $4.6 million bridge loan to fund the refinance of two medical office buildings in Austin. The commercial mortgage is secured by the two Class B buildings and provided 65 percent leverage. Dennis Williams of NorthMarq Capital arranged the financing. The bridge loan was structured on a non-recourse basis and proceeds were used to fund the refinance of a mature CMBS loan as well as provide committed funds to facilitate the future lease up of the property.
ATLANTA — JLL has arranged a $38.2 million Freddie Mac loan for Walton Westside, a newly constructed 254-unit apartment community in Atlanta. The property is located in Atlanta’s West Midtown district and features a 2,000-square-foot rooftop terrace, onsite coffee shop, resort-style swimming pool, fitness center, outdoor grills and fire pits. Faron Thompson and John Bray of JLL arranged the loan on behalf of the borrower, Walton Communities.
BOSTON — KeyBank Real Estate Capital has provided $215 million in senior debt financing for Harbor Point in Boston. The multifamily property offers 1,284 affordable and market-rate apartment units. The 20-year loan, which was placed through Freddie Mac, features a 35-year amortization period, 10 years of interest-only payments and a sub-3.65 percent interest rate. Dirk Falardeau, Todd Goulet and Mathew Purtell of KeyBank originated the loan for the sponsors, Corcoran, Mullins, Jennison Inc.