Loans

A10 Capital Funds $4.3M Acquisition Loan for REO Retail Property in Louisville

by John Nelson January 14, 2015

LOUISVILLE, KY. — A10 Capital has funded a $4.3 million bridge loan for the acquisition of the Shoppes at Forest Green, an unanchored shopping center located at 10001 Forest Green Blvd. in Louisville. The loan is secured by the real estate-owned (REO) property and provided approximately 70 percent leverage. Michael Singh of A10 Capital structured the non-recourse loan on behalf of the borrower, BRAD Management. The loan will be used to fund the acquisition, as well as provide committed funds for a future tenant improvement facility.

January 14, 2015

Loans Midwest Minnesota Mixed-Use Office Retail

NorthMarq Secures $18.4M Loan for Marquee Place in Wayzata, Minn.

by Danielle Everson January 13, 2015

WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

January 13, 2015

Loans Massachusetts Multifamily Northeast

HFF Arranges $50.15M Sale, $21.2M Financing for 136-Unit Massachusetts Multifamily Property

by Amy Works January 13, 2015

BROOKLINE, MASS. — HFF has arranged the $50.15 million sale of a 136-unit multifamily property located at 1440 Beacon St. in the Coolidge Corner neighborhood of Brookline. Additionally, the firm arranged $21.2 million in financing for the acquisition. HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Co. An affiliate of Visconsi Cos. Ltd. purchased the asset, which will be managed by Samuel & Associates. The 15-year, fixed-rate acquisition loan was arranged through New York Life Real Estate Investors. The transit-oriented residential community, which has direct access to MBTA’s Green Line, features a mix of studio and one-bedroom apartments. On-site amenities include a parking garage, patio area with gas grills, and a fitness center. Mark Campbell, Coleman Benedict, Ben Sayles and Jackie Meagher of HFF represented the seller in the deal. Greg LaBine, also of HFF, led the firm’s debt placement team that arranged the financing.

January 13, 2015

Loans Massachusetts Northeast Retail

NorthMarq Capital Arranges $10.3M in Refinancing for Massachusetts Retail Property

by Amy Works January 12, 2015

MILFORD, MASS. — NorthMarq Capital has arranged $10.3 million in refinancing for Quarry Place II, a retail property located at 99-103 Cedar St. in Milford. The 55,000-square-foot property is anchored by The Sports Authority. The transaction was structured with a 10-year term and 25-year amortization schedule. Joseph Hegenbart and Ryan Demadis of NorthMarq Capital’s Boston office arranged the financing for the borrower, Quarry Place II LLC, through NorthMarq’s relationship with a regional bank.

January 12, 2015

Illinois Loans Midwest

Aries Capital Closes $2.4 Million Loan for Lincoln Park Apartments

by Danielle Everson January 12, 2015

CHICAGO — Aries Capital has brokered a $2.4 million Fannie Mae loan for an apartment building in Chicago. The property is located at 854 W. Armitage St. in Chicago’s Lincoln Park neighborhood. The building features five newly remodeled apartment units and ground level retail leased to a local business. Eric Jones of the firm’s Chicago office secured the 10-year, non-recourse loan for the borrowers, Douglas Crocker II and partners. The loan features a 4.23 percent interest rate and a 30-year amortization schedule. The fixed-rate loan represented 115 percent of the total cost basis.

January 12, 2015

Florida Loans Multifamily Southeast

Integra Real Estate Capital Arranges $22.5M Acquisition Loan for Embassy Crossing

by John Nelson January 9, 2015

PORT RICHEY, FLA. — Integra Real Estate Capital has secured a $22.5 million bridge loan for the acquisition of Embassy Crossing, a 333,850-square-foot shopping center in Port Richey. Embassy Crossing’s tenant roster includes Sports Authority, Bed Bath & Beyond, Ross Dress for Less, Michael’s, Books-A-Million, Lane Bryant, Bealls Outlet, Famous Footwear, Mercantile Bank, Petco, Scottrade, Chili’s Grill & Bar and Olive Garden. Meyer Perlman of Integra arranged the interest-only, non-recourse loan through an unnamed balance sheet bridge lender on behalf of the borrower, a New York-based buyer.

January 9, 2015

Piccadilly Apartments Goodlettsville Tennessee

Loans Southeast Tennessee

Financial Federal Bank Arranges Two Multifamily Refinance Loans Totaling $20.7M

by John Nelson January 9, 2015

GOODLETTSVILLE, TENN. — Memphis-based Financial Federal Bank has arranged two refinance loans for apartment communities in Goodlettsville, roughly 14 miles north of Nashville. Steve Curnutte of Financial Federal Bank’s Nashville office arranged the $13.4 million refinance of the 434-unit Piccadilly Apartments and the $7.3 million refinance of the 200-unit Nottingham Apartments. Both apartment communities were more than 95 percent occupied at the time of refinancing. Curnutte arranged the two 10-year, fixed-rate loans through Freddie Mac. The loans feature interest rates below 4 percent, 30-year amortization schedules and five years of interest-only payments.

January 9, 2015

Loans Midwest Minnesota Office

NorthMarq Secures $10.7M Loan for Office Property in Minnetonka, Minn.

by Danielle Everson January 8, 2015

MINNETONKA, MINN. — NorthMarq Capital’s Minneapolis office has arranged $10.7 million in acquisition financing for the Williston Business Center, a 354,730-square-foot office property in Minnetonka. Patrick Minea and Dan Trebil of NorthMarq arranged financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company.

January 8, 2015

Loans Mixed-Use New York Northeast

Madison Realty Provides $81M Loan for Level Hotel Mixed-Use Project in Brooklyn

by Amy Works January 7, 2015

NEW YORK CITY — Madison Realty Capital (MRC) has provided Zelig Weiss with $81 million in financing for the development of 55 Wythe Avenue in Brooklyn’s Williamsburg neighborhood. The project will be a 22-story, 260,000-square-foot mixed-use property that features retail, restaurant and commercial space, as well as a 183-room Level Hotel. The development will bring 40,000 square feet of retail space, a public rooftop garden, office space on the lower levels, and a Level Hotel with a banquet hall and pool deck. MRC initially provided Zelig Weiss with $18.35 million in acquisition financing for the site in May 2014. Andy Nemeroff and Michael Nemeroff of Imperial Capital Co. and Joel Friedman of Nationwide Realty represented the borrower in the transaction.

January 7, 2015

Loans Multifamily New Hampshire Northeast Seniors Housing Vermont

Cushman & Wakefield Senior Housing Arranges $49.6M Construction Financing for LCB Senior Living

by Amy Works January 7, 2015

SALEM, N.H., AND SOUTH BURLINGTON, VT. — Cushman & Wakefield Senior Housing Capital Markets has arranged $49.6 million in construction financing and joint venture equity for two senior housing developments in New England. The projects are LCB Senior Living’s seventh and eighth senior housing developments since it began its development program in 2013. The properties are The Residence at Salem Woods in Salem and The Residence at Quarry Hill in South Burlington. The Salem property will offer 84 apartments with 88 beds for independent, assisted and memory-care living. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project broke ground in November 2014 and is expected to open in early 2016. The South Burlington property features 102 apartments with 104 beds for independent, assisted and memory-care living. PNC Bank provided $18.4 million in construction financing, while Virtus Real Estate Capital provided $8.5 million in joint venture equity. Construction is slated to begin in January 2015 with a planned summer 2016 opening. Rick Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield negotiated the transactions.

January 7, 2015

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