Loans

Dougherty Closes $22.9M New Construction Loan for Grain Belt Terraces

by Danielle Everson December 2, 2014

MINNEAPOLIS — Dougherty Mortgage LLC has closed on a $22.9 million new construction/rehabilitation loan for Grain Belt Terraces, a 150-unit apartment property in Minneapolis. Dougherty arranged the 40-year loan for Orth-Grain Belt LLC. Grain Belt Terraces is part of the redevelopment of the Grain Belt brewery site in the historic Sheridan neighborhood of northeast Minneapolis. Unit amenities at the rental property will include oversized windows and black appliances with granite countertops. The penthouse units will have stainless steel appliances, upgraded flooring and 10-foot ceilings. Property amenities include three elevators, a lounge, an outdoor plaza and underground garage.

December 2, 2014

Loans Michigan Midwest Office

Bernard Financial Group Arranges $38.5M Refinancing Loan for Office Property

by Danielle Everson December 1, 2014

SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $38.5 million CMBS loan for Oakland Towne Square, a class A, 18-story office building in Southfield. The 426,760-square-foot property is located at One Towne Square. Dennis Bernard of Bernard Financial Group arranged the loan for the borrower Allied Phase One Venture LLC.

December 1, 2014

California Loans Western

HFF Arranges $140 Refinancing Loan for Omni San Diego Hotel

by John Nelson November 26, 2014

SAN DIEGO — A joint venture between TRT Holdings and JMI Realty has received a $140 million refinancing loan for the 511-room Omni San Diego hotel. The property is located at 675 L St. in San Diego’s Gaslamp Quarter. The 200,000-square-foot-hotel is directly across Harbor Road from the main entrance of the San Diego Convention Center. It was built in 2004 and renovated in 2013. The hotel features McCormick & Schmick’s Seafood Restaurant, in addition to Terrace Bar & Grill and Morsel’s. Hotel amenities include an 8,000-square-foot rooftop terrace, 27,000 square feet of meeting space, outdoor heated pool and spa and a full-service fitness center. The 15-year, fixed-rate loan will refinance the existing debt on the hotel. HFF’s Whitaker Johnson, James Fowler, Scott Hall and Sarah Baccich arranged the financing through AIG Investments.

November 26, 2014

Loans New York Northeast Retail

Cronheim Mortgage Secures $7.7M in Financing for Nine Mall Plaza in New York

by Amy Works November 26, 2014

POUGHKEEPSIE, N.Y. — Cronheim Mortgage has secured $7.7 million in financing for Nine Mall Plaza in Poughkeepsie. The 99,765-square-foot shopping center is occupied by Babies R Us, Aldi, H&R Block, Verizon, Supercuts and a variety of local retailers, including a dance studio and nail salon. The loan was structured with a 10-year initial term, a 22.5-year amortization schedule and flexible prepayment options for the borrower, Nine Mall Investors LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.

November 26, 2014

Georgia Loans Southeast

IPA Capital Markets Arranges $17.2M Acquisition Loan for Atlanta High-Rise

by John Nelson November 26, 2014

ATLANTA — Institutional Property Advisors Capital Markets (IPA Capital Markets) has arranged $17.2 million in acquisition financing for The Waterford on Piedmont, a 153-unit high-rise apartment community in Atlanta. The residential tower is located at 530 Piedmont Ave. in Atlanta’s Midtown district. Jake Roberts and Anita Paryani of IPA Capital Markets’ West Los Angeles office arranged the 12-year loan with seven years of interest-only payments and a 30-year amortization schedule. The loan has a fixed interest rate of 4.04 percent.

November 26, 2014

Iowa Loans Midwest

NorthMarq Secures $10.8M In Refinancing for Two Multifamily Properties in Iowa

by Danielle Everson November 25, 2014

ANKENY AND GRIMES, IOWA — NorthMarq Capital’s Omaha office has secured refinancing of two multifamily properties located in Iowa totaling a combined $10.8 million. The properties include Tradition Pointe, a 72-unit apartment property located at 1103 S.W. 28th St. in Ankeny and Reserve at Glenstone, a 54-unit apartment property located at 3300 SE Glenstone Drive in Grimes. Jason Kinnison of NorthMarq arranged the 10-year loans with a 30-year amortization schedules. NorthMarq arranged financing for the borrowers, Tradition Pointe LLC and Glenstone Apartments LLC, through its seller/servicer relationship with Freddie Mac.

November 25, 2014

Kentucky Loans Southeast

HFF Arranges $57.5M Refinancing for Office Portfolio in Louisville

by John Nelson November 25, 2014

LOUISVILLE, KY. — HFF has arranged a $57.5 million refinance for an eight-property office portfolio in suburban Louisville. The portfolio is comprised of Bluegrass Business Center I and II; Plainview Point I, II and III; Thornton Park Plaza; Atrium Center; Plainview Center; and NTS Center. The approximately 780,000-square-foot portfolio is 86 percent leased. The properties are all located within suburban office submarkets along the I-64 corridor east of Louisville’s central business district. Leasing and property management of the office portfolio is provided by NTS. John Ahmed and Rex Cruz of HFF arranged the floating-rate loan through Prime Finance Partners on behalf of the borrower, Ascent Properties. The loan will recapitalize the current portfolio and provide leasing costs for the ongoing stabilization of the properties. The financing also facilitated the acquisition of one of the buildings.

November 25, 2014

Loans North Carolina Southeast

NorthMarq Capital Arranges $11.9M Acquisition Loan for Wilmington Apartment Community

by John Nelson November 25, 2014

WILMINGTON, N.C. — NorthMarq Capital has arranged $11.9 million in acquisition financing for Governours Square, a 219-unit apartment community in Wilmington. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 30-year amortization schedule through a Fannie Mae DUS lender on behalf of the unnamed borrower.

November 25, 2014

California Loans Multifamily Western

Jasmine Heights Apartments in Delano Receives $7.8M Loan

by Nellie Day November 25, 2014

DELANO, CALIF. – The 128-unit Jasmine Heights Apartments in the San Francisco submarket of Delano has received a $7.8-million loan. The community is located at 851 22nd Ave. The non-recourse, fixed-rate loan will finance the affordable housing community’s rehabilitation. It was funded through HUD’s Section 223(f) Low Income Housing Tax Credit (LIHTC) Pilot Program. The fully amortizing loan features a 35-year term. It was arranged by CBRE Group through its FHA lending platform. The sponsor was Golden Empire Affordable Housing.

November 25, 2014

Loans Multifamily Texas

Berkadia Secures $55M Loan for Construction of New Apartment Complex

by Haisten Willis November 24, 2014

LEWISVILLE, TEXAS — Berkadia Commercial Mortgage LLC has secured a $55 million loan for the construction of Discovery at the Realm, an apartment complex that will be located in Lewisville. Joseph Hevey of Berkadia worked with the borrower, Bright Realty, to secure the three-year, interest-only loan through Mutual of Omaha Bank. The bank provided $43 million in senior debt financing. Great Southern Bank of Springfield, Mo., also participated in the construction loan, and Cornerstone Real Estate Advisers LLC provided $12 million in mezzanine debt financing. Construction will begin on Discovery at the Realm in December. The property will be located at the southeast corner of Windhaven Parkway and Castle Hills Drive, 25 miles north of Dallas. The complex will consist of 423 units located across three buildings on more than 20 acres of land. The total cost for the project will be more than $75 million. BB&M Architecture is providing architectural services, while Andres Construction of Dallas will serve as the general contractor.

November 24, 2014

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