MAMARONECK, N.Y. — Houlihan-Parnes Realtors LLC has arranged $1.6 million in refinancing for a retail property located at 426-438 Mamaroneck Ave. in Mamaroneck. The one-story building offers 10,250 square feet of retail space. The five-year, non-recourse loan features a 3.75 percent fixed rate with a 30-year amortization schedule. Additionally, the loan, which was closed with a local bank, features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower.
HONOLULU — A 269-unit apartment project in Honolulu has received $100.6 million in construction financing. The development will be located at 7000 Hawaii Kai, at the intersection of Keahole Street and Hawaii Kai Drive in East Honolulu. The two, 10-story buildings will be situated on one of the last remaining residential development sites in the submarket, according to HFF, which secured the financing. Community amenities will include a swimming pool, fitness center with cardio machines and yoga studio, club room with full kitchen, library, meeting room, media/performance room and business center. The community will overlook the Hawaii Kai Marina once it’s completed in 2016. The project is being developed by a subsidiary of Hanwha America Development LLC and Avalon Development. Hanwha is the U.S. real estate arm of Korea-based Hanwha Engineering Construction Corp. HFF’s Aldon Cole and Zack Holderman secured the financing, which is composed of a $67.2-million, first-lien loan and $33.4 million in mezzanine financing. The first-lien loan was placed with Bank of the Ozarks, while the mezzanine financing was provided by iStar Financial.
BALTIMORE, OHIO — RED Mortgage Capital has originated a $1.8 million FHA 223(f) loan for National Church Residences in Baltimore, approximately 29 miles southeast of Columbus. The loan will be used to provide renovations and add amenities at Walnut Creek Village, a 40-unit, project-based Section 8 rental assistance property, which caters to low-income seniors and handicapped residents. In conjunction with the FHA 223(f) refinance, the owner also closed on a $3.3 million Service Enriched Housing (SEH) Grant, which was awarded by HUD under the Assisted Living Conversion Program (ALCP). The grant funds will also be used to make renovations at the property. National Church Residences of Columbus, Ohio is a non-profit subsidiary of National Church Residences. Founded in 1961, National Church Residences has more than 335 senior living communities in its current portfolio.
ATLANTA — HFF has arranged $33.3 million in acquisition financing for 2460 Peachtree Apartments, a 19-story multifamily community in Atlanta’s Buckhead neighborhood. The 236-unit community is located at the intersection of Peachtree Road and Lindbergh Drive. The property features an outdoor swimming pool with a sundeck, grilling area, resident garden, fitness center, saunas, hot tub, clubroom and a 24-hour doorman. The property was 98 percent occupied at the time of sale. Stephen Skok, Jason Bond and Mark Sixour led the HFF debt placement team that arranged the seven-year acquisition loan through Freddie Mac on behalf of the borrower, an affiliate of Waterton Associates LLC.
HATFIELD, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $7.65 million in bridge financing for a mixed-use development in Hatfield. The loan was structured with an 18-month initial term, an 18-month extension and 4.25 percent interest rate. The financing has a loan-to-value of 65 percent. Matthew Rosenberg of MMCC’s Philadelphia office arranged the financing.
JACKSON, MISS. — The Memphis, Tenn.-based office of Financial Federal Bank has arranged the $13.1 million refinancing of two apartment communities in Jackson. The properties, known as Somerset and Woodridge, were built in the 1980s and were both 95 percent occupied at the time of sale. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating rate loans with one year of interest-only payments and a 30-year amortization schedule through Freddie Mac.
HENDERSON, NEV. — Envoy Net Lease Partners LLC has closed a $4.5 million loan for a new Goodwill of Southern Nevada store, the first to be funded under a multi-property construction facility. The first project, a 16,000-square-foot freestanding retail store in Henderson, will be situated across the street from the Nevada DMV and a Walmart Neighborhood Market anchored-shopping center. Envoy worked in tandem with its senior bank partner to provide the subordinated “B-piece” financing that allowed the developer borrower, Brentwood Capital Partners, to fund the construction of the Henderson store.
AUSTELL, GA. — HFF has arranged $72.3 million in acquisition financing for Cobb West Business Park, a 16-property industrial campus totaling 1.7 million square feet in Austell, a western suburb of Atlanta. The financing was structured as a $61.3 million senior mortgage through SunTrust Bank and an $11 million mezzanine loan through Principal Global Investors. HFF arranged the financing on behalf of the borrowers, High Street Realty Co. LLC and an institutional joint venture partner. Brian Carlton and Gregg Shapiro led the HFF debt placement team in the deal.
SOUTH PASADENA, FLA. AND BALTIMORE — The Boca Raton, Fla., office of Berkadia Commercial Mortgage has arranged two loans totaling $26.1 million for two multifamily properties in Baltimore and South Pasadena. Michael Wallace and Mitchell Sinberg of Berkadia arranged $18.7 million to refinance the 263-unit Melvin Park in Baltimore and $7.4 million for the borrower to acquire the 210-unit Serenity Towers in South Pasadena. For the Baltimore transaction, Wallace and Sinberg arranged the 10-year, fixed-rate refinance loan through Freddie Mac on behalf of Franklin Melvin LLC. The property was 98 percent occupied at closing. For the South Pasadena transaction, Wallace and Sinberg arranged the seven-year, floating rate acquisition loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Bay Pointe Tower Apartments LLC. Serenity Towers was 97 percent occupied at closing.
NEW YORK CITY — Meridian Capital Group has arranged $737 million in acquisition financing for the purchase of The Putnam Portfolio, a six-property multifamily portfolio located in New York City. Brookfield Property Partners, along with its operating partner Urban American, will purchase the portfolio. The financing was sourced between New York Community Bank and Bank of China in six separate mortgages. Abe Hirsch, Zev Karpel and Akiva Friend of Meridian’s New York City headquarters negotiated the transaction. The portfolio is composed of six properties totaling 24 buildings and 3,962 units. The assets include 3333 Broadway; Roosevelt Landings at 510-530 Main St. on Roosevelt Island; River Crossing at 1940 First Ave.; The Heritage at 1295-1309 Fifth Ave; The Miles at 1990 Lexington Ave.; and The Parker at 1890 Lexington Ave. The buyers have a significant renovation program planned for the portfolio. Urban American will remain as the day-to-day property manager for the portfolio.