Loans

PCCP Provides $29.5M Acquisition Loan for Apartment/Office Property in Ohio

by Danielle Everson April 6, 2015

WORTHINGTON, OHIO — PCCP has provided a $29.5 million senior loan to a private, high-net-worth investor for the acquisition and lease-up of The Heights, a newly constructed two-building, Class A apartment complex in Worthington, a suburb of Columbus. The property includes 193 units and 23,320 square feet of office space. Located at 160 W. Wilson Bridge Road, the property includes one- and two-bedroom apartments. Unit amenities include washers and dryers, granite countertops, patios and balconies. The seller was Crawford Hoying, a local developer, who began construction of The Heights in September 2013. The smaller, 59-unit building was completed in September 2014 and the larger, 134-unit apartment building, which includes commercial space, is anticipated for completion this month. PCCP is a real estate finance and investment management firm.

April 6, 2015

Loans Michigan Midwest Retail

Horizon Group Properties Refinances Three Outlet Centers

by Danielle Everson April 6, 2015

NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.

April 6, 2015

Hawaii Loans Multifamily Western

Waiea, Anaha Condo Developments in Honolulu Receive $350M Loan

by Nellie Day April 3, 2015

HONOLULU, HAWAII — The Howard Hughes Corporation has received a $350 million syndicated loan for two condo development projects in Honolulu. The condos, called Waiea and Anaha, will be situated within Ward Village. Ward Village is a 60-acre, urban master-planned community located between the city’s downtown and Waikiki. The community will feature more than 4,000 high-rise residences and more than one million square feet of retail space. The retail will be surrounded by outdoor public gathering places and pedestrian-friendly streets. Ward Village will be anchored by a four-acre public park that will serve as a multipurpose gathering space. The two condo developments offer views of the Pacific Ocean and Diamond Head. Amenities including fitness centers, swimming pools, a library, children’s play areas and dog parks. The projects will also feature about 24,000 square feet of retail space and 989 parking spaces. The A-note will be spread between five lenders, including Wells Fargo, Ullico, Washington Capital Management, First Hawaiian Bank and American Savings Bank. The note is part of a larger $600 million construction loan, which was secured by JLL for the Howard Hughes Corporation in late 2014. Financing was provided by Blackstone Real Estate Debt Strategies. The JLL team was …

April 3, 2015

Loans Multifamily New York Northeast

Cronheim Mortgage Secures $8.5M Loan for 328-Unit Apartment Complex

by Amy Works April 2, 2015

MONSEY, N.Y. — Cronheim Mortgage has arranged $8.5 million in financing for 69-P Edison Court, a 328-unit apartment complex located in Monsey. The 10-year loan, which was provided by Voya Insurance and Annuity Co., features a 3.1 percent interest rate. Constructed in 1973, the 13-building property features a mix of one-, two- and three-bedroom units featuring hardwood floors, air conditioning, walk-in closets, and a patio, balcony or deck. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.

April 2, 2015

Loans Office Southeast Virginia

PCCP Provides $34.6M Refinance Loan for Office Building in Arlington

by John Nelson April 2, 2015

ARLINGTON, VA. — PCCP LLC has provided a $34.6 million senior loan to refinance a nine-story, 114,766-square-foot office building in Arlington. The asset is located in the Courthouse submarket of Arlington’s Rosslyn-Ballston Corridor. The borrower, Washington, D.C.-based Penzance, will use the loan to refinance maturing debt on the asset, as well as finance tenant improvements, leasing efforts and renovations. Built in 1987, the office building is currently occupied by 14 tenants, 11 of which use the office building as their corporate headquarters.

April 2, 2015

Loans Multifamily Texas

BMC Capital Provides $2.6M Loan for Apartment Complex in Metro Dallas

by Haisten Willis April 1, 2015

DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million refinancing loan for a 72-unit apartment complex located in Denton. The seven-year loan includes a 4 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.

April 1, 2015

Illinois Loans Midwest Office

Thorofare Funds $5.3M Bridge Loan for 1144 W. Fulton Market in Chicago

by John Nelson April 1, 2015

CHICAGO — Thorofare has funded a $5.3 million bridge loan for 1144 W. Fulton Market in Chicago. The Class A office property is 78.5 percent occupied. Thorofare will advance a capital expenditure and leasing cost earn-out facility in order to capitalize the sponsor’s business plan of converting the ground floor from office to retail to improve the profitability of the property and fill the retail void in the neighborhood. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of institutional investors.

April 1, 2015

Residences on the Avenue Washington, D.C.

District of Columbia Loans Multifamily Southeast

Prudential Mortgage Provides $110M Acquisition Loan for D.C. Apartment Community

by John Nelson April 1, 2015

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided a $110 million Fannie Mae loan to acquire Residences on the Avenue, a 335-unit apartment community in Washington, D.C.’s Foggy Bottom neighborhood. The property is the only high-rise residential building between Georgetown and the central business district. Completed in 2011, the community’s amenity package includes a fitness and wellness center with a spa, rooftop deck with a pool and grilling areas and 24-hour concierge services. Residences on the Avenue also includes 50,000 square feet of retail space split into five units. Whole Foods Market is the anchor in a long-term lease. Prudential provided the acquisition loan to an unnamed real estate investment manager.

April 1, 2015

Loans Seniors Housing Southeast Tennessee

NHI Obtains $78M in Fannie Mae Financing

by John Nelson April 1, 2015

MURFREESBORO, TENN. — National Health Investors Inc. (NYSE:NHI) has obtained $78 million in Fannie Mae financing through KeyBank National Association. The debt financing consists of interest-only payments at 3.79 percent and a 10-year maturity. The mortgages are secured by 13 properties in NHI’s joint venture with Bickford Senior Living. Proceeds were used to reduce borrowings on NHI’s unsecured bank credit facility. NHI is a real estate investment trust (REIT) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of seniors housing and medical investments. NHI’s portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

April 1, 2015

Loans North Carolina Office Southeast

HFF Arranges $7.6M Acquisition Loan for Office Building in Charlotte

by John Nelson April 1, 2015

CHARLOTTE, N.C. — HFF has arranged $7.6 million in acquisition financing for Quail Plaza, an 86,979-square-foot office building located at 7621 Little Ave. in south Charlotte. Travis Anderson, Jim Curtin, Cory Fowler and Ryan O’Dwyer of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, TriGate Capital. The five-story office building was 84 percent leased at the time of financing to tenants such as The Steritech Group, FedEx, American Realty Capital, Landworks Design Group PA, Union Security and Mutual of Omaha.

April 1, 2015

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