ZION, ILL. — Cohen Financial has arranged $9.2 million in acquisition loans through Pillar’s lending program for two multifamily properties in Zion. Dan Rosenberg of Cohen Financial’s Chicago office secured a $5.3 million loan for Country Chalet Apartments and a $3.85 million loan for Park Trails Apartments. The two properties purchased included a total of 247 units. The fixed-rate, 15-year loans include 30-year amortization schedules. The borrower is an affiliated entity of The Ferndale Realty Group LLC, a Chicago-based real estate investment company.
LONGVIEW, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2 million purchase loan for a 100-unit apartment complex located in Longview. The seven-year loan includes a 4.35 percent interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.
FORT WASHINGTON, PA. — HFF has arranged a $22.1 million bridge loan with $14.3 million of future funding for Fort Washington Executive Center, a three-building office complex located at 600, 601 and 602 Office Center Dr. in Fort Washington. HFF secured the three-year, floating-rate loan through Citizens Bank for the borrower, a joint venture between Kairos Real Estate Partners and Artemis Real Estate Partners. The loan, which features two one-year extension options, will be used to recapitalize the property, as well as fund future capital improvements and leasing costs. The complex offers 393,067 square feet of Class A office space. Current tenants include Nutrisystem, AstraZeneca, McNeil, AmeriHealth and Allstate. The borrower plans to renovate the property, including upgrades to the common areas, restrooms, amenities, conference and training facilities, and landscaping. Ryan Ade, James Conley and Mike Pagniucci of HFF represented the borrower in the financing.
ARLINGTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $612,500 purchase loan for a 20-unit apartment complex located in Arlington. The loan features a five-year term with a 4.3 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.
NEW YORK CITY — Madison Realty Capital has provided $34 million in financing for the acquisition and renovation of a mixed-use residential and retail building in Manhattan’s Chelsea neighborhood. The loan provides $29 million in immediate acquisition funding and $5 million for planned renovations. Located at 125 West 16th St., the 39,504-square-foot building features 40 residential units and two ground-floor retail units. The name of the borrower was not released.
MERRILL, WIS. — Cohen Financial has arranged a $6.3 million refinancing loan for Merrill Ridge Plaza, a mixed-use retail and office center located at 3404-3500 East Main Street in Merrill. Merrill Ridge Plaza is a 122,919-square-foot property that’s 97 percent leased. Anchor tenants include Piggly Wiggly, Dollar Tree and Church Mutual Insurance Co. Don Trossman of Cohen Financial’s Chicago office secured the fixed-rate loan that includes a 20-year amortization schedule with River Valley Bank, a regional bank. Martin Graff of M.H. Graff & Associates represented the borrower, Focused Retail-Merrill Ridge LLC.
INGLESIDE, TEXAS — Elliot Auerbacher of NorthMarq Capital’s New York regional office has arranged a $10.5 million construction loan for Seaside Landing Apartments, a 120-unit multifamily property located at Highway 361 and Main Street in Ingleside. The transaction was structured with a five-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.
MINNEAPOLIS — Dougherty Funding has arranged a $10.3 million construction loan for a new six-story, 45-unit apartment project in Minneapolis. The site for the project is located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood. Dougherty Funding arranged financing for the borrower, Laguna Property Investors LLC. CPM Development will begin construction on the project in May. Construction is expected to take 12 months. Dougherty Funding LLC serves as lead lender and servicer for the loan.
ROCK HILL, S.C. AND GASTONIA, N.C. — NorthMarq Capital has arranged two refinance loans totaling $34.8 million for two multifamily properties in the Carolinas. The assets include the 436-unit Brentwood Chase Apartments at 1654 Lowell Bethesda Road in Gastonia and the 248-unit Cowan Farms at 1310 Cypress Point Drive in Rock Hill. Bill Matone of NorthMarq Capital’s Charlotte office arranged both loans with 10-year terms and 30-year amortization schedules. Brentwood Chase’s loan amount was $21.8 million and Cowan Farms’ was $13 million.
NEW YORK CITY — New York Life Real Estate Investors has originated $205 million in financing for an office tower, located at 757 Third Ave. in Midtown Manhattan. Multi-Employer Property Trust, as advised by Bentall Kennedy (U.S.) Limited Partnership, owns the 503,000-square-foot Class A office property. The loan has a term of 15 years. Eric Becher of New York Life Real Estate Investors’ New York regional office negotiated the transaction.