NEW YORK CITY — HFF has arranged $32 million in non-recourse financing for the development of a 200-key boutique hotel in Manhattan’s Bowery neighborhood. Located at 223-225 Broadway, the hotel will include rooftop amenity space and restaurant and music space with entrances on Bowery and Freeman Alley. The hotel is slated for completion in 2015/2016. HFF worked on behalf of the borrower, a joint venture between Omnia Group and Northwind Group, to secure the loan through a global asset management company. Jay Marshall, Christopher Peck and Sam Nidenberg of HFF represented the borrower in the transaction.
CEDAR PARK & SEAGOVILLE, TEXAS — BMC Capital has provided a $5.9 million acquisition loan for a 100-unit multifamily property located in Cedar Park, a suburb of Austin. BMC has also provided a $588,000 acquisition loan for a 16-unit multifamily located in the Dallas suburb of Seagoville. The first is a five-year loan that includes a 69 percent loan-to-value ratio, a 4 percent fixed interest rate and a 30-year amortization schedule. The second is a seven-year loan that includes a 70 percent loan-to-value ratio, a 4.75 percent interest rate and a 25-year amortization schedule. The loans were arranged through BMC’s correspondent banking relationships.
WASHINGTON, D.C. — Leading commercial real estate lenders see a strong year ahead with ample credit and capital available to meet borrower demand, according to a newly released survey of Commercial Real Estate Finance Council (CREFC) members. Survey participants expect loan volume in 2015 to top 2014 levels as loan maturities rise and property fundamentals improve. The CRE Finance Council 2015 Market Outlook Survey was released on Monday, Jan. 5, in advance of CREFC’s Annual January Conference, which is Jan. 7-9. More than 1,600 industry participants are slated to attend the event at the Fontainebleau Hotel in Miami Beach. Survey respondents expect the U.S. commercial real estate finance market in 2015 to be quite healthy, buoyed by strong investor demand, rising loan maturities, relatively low levels of new construction and improving property fundamentals. While 74 percent of survey respondents expect benchmark interest rates to rise in 2015, in contrast to last year market participants are not as worried about interest rate increases as they are confident in the Federal Reserve’s ability to manage any increases in a thoughtful manner. Overall commercial real estate market liquidity is expected to stay the same or expand in 2015. Some 47 percent of respondents …
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $2.7 million loan to refinance an Applebee’s property in Southfield. The 5,430-square-foot building is a new construction. Dave Dismondy of Bernard Financial Group arranged the loan for the borrower, Kinaia-Ko LLC, through a life insurance company.
DALLAS, TEXAS — BMC Capital’s Dallas office has provided a $1.7 million purchase loan for Parkway Garden Apartments in Dallas. The seven-year loan includes a 70 percent loan-to-value ratio with a 4.37 percent fixed interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
BINGHAM FARMS, MICH. — Bernard Financial Group has arranged a $1.6 million loan for Bingham Retail, an 8,999-square-foot retail property in Bingham Farms. The property is located on an outlot of an 815,539-square-foot, five-building office park. Dave Dismondy of Bernard Financial originated the loan for the borrower, Bingham Retail LLC. The lender, Stancorp Mortgage Investors, LLC is an exclusive correspondent of Bernard Financial.
WYLIE, TEXAS — Dougherty Mortgage LLC has arranged a $3.2 million Fannie Mae loan for the acquisition of Trails Place Townhomes, a 62-unit market rate multifamily housing property located in Wylie. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. The loan was arranged by Dougherty’s Dallas office on behalf of the borrower, 3515 North Story IBAN LLC. Old Capital provided the loan.
FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received $28.5 million in refinancing. The community is located at 200 S. Lexington Drive. The loan includes a 10-year interest-only term. Financing was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s Fannie Mae DUS lender. The borrower was CWS Capital Partners.
HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has secured a long-term permanent loan for Woodmont Knolls at Hanover, a multifamily community located in the Cedar Knolls section of Hanover. The financing, which was provided by Valley National Bank, enables Woodmont to secure permanent financing for the property, which is now fully leased. Situated on a 15-acre former industrial site, the property features 126 one- and two-bedroom flats and carriage homes. On-site amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, and a swimming pool with a sundeck. Additionally, the pet-friendly community features a dog park and a picnic and barbeque area.
BOULDER, COLO. – Walnut Business Center, a 113,594-square-foot industrial/flex property in Boulder, has received $6.5 million in permanent financing. The center is located at 3201-3297 Walnut Street, 3220-3240 Prairie Ave. and 1925-1965 33rd Street. The eight-tenant center is fully leased. Financing was arranged by Steve Bye and Brian Fisher of NorthMarq Capital’s Denver office through the firm’s correspondent relationship with a life insurance company.