Loans

Cronheim Mortgage Arranges $30M Loan for Walmart-Anchored Retail Center

by Amy Works December 18, 2014

BURLINGTON, N.J. — Cronheim Mortgage has secured $30 million in financing for a Walmart Supercenter-anchored retail center in Burlington. The loan was structured with a 10-year term and a 30-year amortization schedule. The 380,383-square-foot Liberty Square Center is part of Purchase, N.Y.-based National Realty & Development Corp.’s 22 million-square-foot portfolio. The retail center is anchored by Marshalls, Acme Supermarket, Toys ‘R’ Us and Walmart Supercenter. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim secured the loan, which was placed with Voya Investment Management.

December 18, 2014

Loans South Carolina Southeast

Capital Advisors Arranges $17.4M Loan for Two Retail Properties in South Carolina

by John Nelson December 18, 2014

BLUFFTON AND BEAUFORT, S.C. — Capital Advisors has arranged $17.4 million to refinance two retail properties in coastal South Carolina. The properties include Best Buy Center, a 95,041-square-foot retail center leased to Best Buy, Petco and Dollar Tree in Bluffton, and the Crossings at Beaufort, a 19,600-square-foot retail center leased to Jersey Mike’s Subs, Anytime Fitness and Wingstop in Beaufort. Matt Good of Capital Advisors’ Greenville, S.C., office arranged the non-recourse, 10-year loan with a fixed 4.625 percent interest rate and a 30-year amortization schedule. The loan was arranged through Cantor Fitzgerald, a CMBS lender, on behalf of the borrower, BC 170 LLC.

December 18, 2014

Loans Michigan Midwest

Bernard Financial Group Arranges $18.5M Loan for Aspen Creek Apartments

by Danielle Everson December 17, 2014

CHESTERFIELD TOWNSHIP, MICH. — Bernard Financial Group has arranged an $18.5 million CMBS loan for Aspen Creek Apartments. The apartment property includes 46 two- and three-story garden-style buildings, which are situated on 60 acres in Chesterfield Township. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Aspen Creek Apartments LP.

December 17, 2014

Loans Retail Utah Western

The Family Center at Taylorsville Receives $45M in Financing

by Nellie Day December 17, 2014

SALT LAKE CITY — The Family Center at Taylorsville, a 779,000-square-foot regional power center, has received $45 million in post-closing acquisition financing. The center is located at 5400 South and Redwood in the suburb of Taylorsville, less than nine miles south of Downtown Salt Lake City. Notable tenants at the Family Center include Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A. The three-year, floating-rate loan was arranged by HFF’s Jim Curtin on behalf of TriGate Capital. The loan was provided by Wells Fargo Bank. Proceeds were used to acquire the center.

December 17, 2014

Loans Multifamily New York Northeast

HFF Arranges $61.75M Loan for 120-Unit Residential Tower Development

by Amy Works December 16, 2014

NEW YORK CITY — HFF has arranged $61.75 million in financing for the development of Exhibit, a residential tower located at 60 Fulton St. in Lower Manhattan. HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group to secure the 33-year construction-perm loan through Pacific Life Insurance Co. Being developed by Socius Development Group, the 23-story tower will feature 120 residential units and 6,800 square feet of retail space. The apartments, of which 96 are market rate and 24 are affordable, are a mix of studio, one- and two-bedroom plans. On-site amenities will include two rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. The building, which is the second collaboration between Socius Development and The Parkland Group, is slated for completion in 2016. Rob Rizzi, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the deal.

December 16, 2014

Healthcare Loans New York Northeast

Meridian Capital Closes $49M in CMBS Financing for Brooklyn’s Calko Medical Center

by Amy Works December 16, 2014

NEW YORK CITY — Meridian Capital Group has arranged a $49 million CMBS loan for the refinance of a medical office property located at 6002 Bay Parkway in Brooklyn. The 10-year CMBS loan features a fixed rate and interest-only payments for the first three years. Abe Hirsch and Zev Karpel of Meridian’s New York City headquarters negotiated the transaction. The newly constructed Calko Medical Center features 125,000 square feet of office and retail space. Additionally, the property is an Article 28 ambulatory surgery center, which provides patients with same-day surgical care, including diagnostic and preventive procedures.

December 16, 2014

Loans South Carolina Southeast

Grandbridge Closes $27.4M Loan for Multifamily Adaptive Reuse Project in Spartanburg

by John Nelson December 16, 2014

SPARTANBURG, S.C. — Grandbridge Real Estate Capital has closed a $27.4 million loan for the conversion of a historic textile mill in Spartanburg into Drayton Mills Loft Apartments. Bill Mattice and Phillip Cox of Grandbridge originated the 40-year loan. Tim Duncan led Grandbridge’s FHA/HUD team to utilize federal historic tax credits and South Carolina historic mill tax credits in conjunction with Grandbridge’s HUD 221(d)(4) construction to perm product. Drayton Mills Loft Apartments is a partnership between Pacolet Milliken Enterprises and TMS Development. Originally built in 1902, the repurposed property will house 279 apartment units and feature two historic water towers on the site. The property is located roughly one mile from downtown Spartanburg.

December 16, 2014

Loans Southeast Tennessee

Love Funding Closes $14.1M Construction Loan for Knoxville Apartment Community

by John Nelson December 16, 2014

KNOXVILLE, TENN. — Love Funding has closed a $14.1 million HUD 221(d)(4) loan for the construction of River’s Edge Apartments, a proposed 134-unit multifamily property in Knoxville. The property will be located on a site next to the Tennessee River in Knoxville’s Island Home district. Tammy Tate of Love Funding’s Knoxville office originated the non-recourse loan on behalf of the developers, Atlanta-based Camden Partners and Knoxville-based Dominion Development Group. The loan has a fixed interest rate for the initial 14-month construction period and a subsequent 40-year term. Knoxville-based Empire Construction is the general contractor for the project.

December 16, 2014

California Loans Multifamily Western

Fairmont at Willow Creek in Folsom Receives $28.5M Loan

by Nellie Day December 16, 2014

FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received a $28.5-million refinance. The community is located at 200 S. Lexington Drive. The loan features a 10-year interest-only term. It was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles regional office through a Fannie Mae DUS lender. The borrower was CWS Capital Partners.

December 16, 2014

Loans Western

Iron Gate Mill Plain Self-Storage Facility in Vancouver Receives $4M

by Nellie Day December 16, 2014

VANCOUVER, WASH. – The 520-unit Iron Gate Mill Plain Self-Storage facility in Vancouver has received $4 million in long-term financing. The facility is located at 12406 SE 5th Street. It was built in 2010. The loan features a 10-year term and a 25-year amortization schedule. It was arranged by Peter C. Norrie of Cohen Financial. The funds were provided by a correspondent life insurance company.

December 16, 2014

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