Loans

HFF Arranges $80M Construction Loan for Midtown Miami Apartment Tower

by John Nelson November 3, 2014

MIAMI — HFF has arranged $80 million in construction financing for Midtown 5, a 24-story, 400-unit residential tower in midtown Miami. The property will be located roughly four miles west of Miami Beach at 3301 N.E. 1st Ave. Mike Tepedino, Elliott Throne, Jennifer Keller and Scott Wadler of HFF arranged the loan through TD Bank and Mercantil Commercebank on behalf of the borrower, a joint venture between Magellan Development Group and Midtown Development. Midtown 5 is slated for a fall 2016 completion. Chicago-based Loewenberg Architects designed Midtown 5 to achieve LEED Silver certification. The project will include 21,500 square feet of ground-floor retail space, 2,600 square feet of office space and a 450-space parking garage. The property’s amenity package also includes a 24-hour doorman, outdoor lounges with grilling stations, swimming pools and cabanas, a spa, fitness center with steam room and a sauna, game room, dog run, bike room and a business center.

November 3, 2014

Loans North Carolina Southeast

Berkadia Arranges $14M for Assisted Living Facilities in North Carolina

by John Nelson November 3, 2014

NEW YORK — Berkadia Commercial Mortgage LLC has originated a $14.1 million loan to refinance three assisted living facilities in North Carolina. Christopher Fenton of Berkadia’s seniors housing and healthcare group originated the 35-year, fixed-rate financing through HUD’s 232/223(f) program on behalf of the borrower, an affiliate of Agemark Assisted Living. The properties total 111 assisted living units and are 90 percent occupied.

November 3, 2014

Loans Southeast Virginia

Capital One Provides $12.7M Fannie Mae Loan to Refinance Apartment Community in Richmond

by John Nelson November 3, 2014

RICHMOND, VA. — Capital One Multifamily Finance has provided a $12.7 million Fannie Mae loan to refinance Wilde Lake Apartments, a 190-unit apartment community in Richmond. Sadhvi Subramanian and Mike Antonelli of Capital One originated the 10-year loan with a 30-year amortization schedule on behalf of the borrower, an affiliate of Lerner Enterprises. The property’s amenity package includes a pool, fitness center with a sauna, tennis courts and a clubhouse with a billiards room.

November 3, 2014

Loans Multifamily Utah Western

Midtown360 Apartment Development in Orem Receives $56.5M in Financing

by Nellie Day November 3, 2014

OREM, UTAH – Midtown360, a 594-unit multifamily development in Orem, has received a $56.5-million senior loan. The loan will finance the acquisition, development and stabilization of the project. The community will be located at 320 South State Street, just 40 miles south of Salt Lake City. It is situated in a very student-dense area, with about 70,000 college students residing in Orem and Provo. Phase I of Midtown360 will include 286 units in two mid-rise towers, in addition to 50,000 square feet of retail space. Common amenities will include a study lounge, business center, rooftop deck, clubhouse, fitness center, pool and basketball court. Phase I construction should be completed in 18 months. Phase II will include 308 units in a third tower. Construction on this phase is expected to commence in about two years. Construction on this project initially commenced before the recession. At the time, it was called Midtown Village. The developer partially completed 40 of the units before construction was halted in 2008. The new loan was provided to The Ritchie Group by PCCP LLC.

November 3, 2014

California Loans Retail Western

Pasadena Retail Property Receives $7.8M Loan

by Nellie Day November 3, 2014

PASADENA, CALIF. – A 59,268-square-foot retail property in Pasadena has received a $7.8-million loan. The center is located at 855–875 S. Arroyo Parkway. Notable tenants include Petco, BevMo and Staples. The owner is a large, nationally known owner and developer of commercial and multifamily real estate. Financing was arranged by Amos Smith and Sean Skelton of Johnson Capital’s Irvine office. The permanent, fixed-rate, non-recourse loan was provided by a national life insurance company. It features a 10-year term.

November 3, 2014

Loans Mixed-Use Multifamily New York Northeast

Mission Capital Secures $21M in Financing for Acquisition of 66 Pearl Street

by Amy Works November 3, 2014

NEW YORK CITY — Mission Capital Advisors’ Debt & Equity Finance Group has arranged $21 million in first mortgage financing on behalf of Northwind Group for the acquisition of 66 Pearl Street in New York City. Northwind Group is purchasing the six-story, mixed-use residential property located in New York City’s Financial District for $30 million. The 43,546-square-foot building features 42 residential units, with 6,485 square feet of ground-floor retail. Jonathan More, Ari Hirt, Steve Buchwald and David Behmoaras represented the sponsor, Northwind Group, in arranging the financing with Sterling National Bank.

November 3, 2014

Hospitality Loans Massachusetts Northeast

CBRE/NE Arranges $12M Construction Financing for Hyannis Fairfield Inn & Suites

by Amy Works November 3, 2014

HYANNIS, MASS. —CBRE/New England’s Debt & Structured Finance team has secured $12 million in construction financing for the Fairfield Inn & Suites by Marriott in Hyannis. The loan from Cambridge Savings Bank allows the borrower, The Simon Konover Company, to redevelop a current two-story, 99-room Days Inn into a three-story, 125-room Fairfield Inn & Suites. Located at 867 Iyannough Road, the new hotel is expected to open in May 2015. Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard of CBRE/NE arranged the financing on behalf of the borrower.

November 3, 2014

Loans Massachusetts Multifamily Northeast

EagleBridge Capital Arranges $3.5M Construction Financing for Boston Condos

by Amy Works November 3, 2014

BOSTON — EagleBridge Capital has arranged $3.5 million in mortgage acquisition/construction financing for two condo units located in Boston. Ted Sidel and Brian Sheehan of EagleBridge Capital on behalf of Neelon Properties arranged a $1.8 million mortgage for a unit at 193 Beacon Street and a $1.7 million mortgage for a unit at 71 Marlborough Street in Boston’s Back Bay neighborhood. The Beacon Street property is a two-story, 2,062-square-foot unit with two bedrooms, two and one half-baths, hardwood floors, high ceilings, a patio and a garage. The Malborough Street unit a two-story, 1,753-square-foot duplex with three bedrooms, one and one-half bath, hardwood floors, high ceilings and two parking spaces. The lender was a leading financial institution.

November 3, 2014

Illinois Loans Midwest

Capital One Bank Closes $21.4M FHA Loan to Refinance Skilled Nursing Facility in Chicago

by Danielle Everson October 31, 2014

CHICAGO — Capital One Multifamily Finance has provided a $21.4 million fixed-rate, HUD 232/223(f) loan to refinance a 186-bed skilled nursing facility in Chicago. The borrowers are operators who have assembled an extensive portfolio of skilled nursing facilities in the Midwest over the last decade. Joshua Rosen, who leads Capital One’s agency healthcare lending from the company’s Chicago office, originated the transaction for the borrowers. The 35-year loan is nonrecourse and fully assumable.

October 31, 2014

Loans New York Northeast Retail

NorthMarq Capital Secures $21.5M in Refinancing for Southgate Shopping Center

by Amy Works October 31, 2014

MASSAPEQUA, N.Y. — NorthMarq Capital has arranged $21.5 million in refinancing for Southgate Shopping Center in Massapequa. Located at 4900-4914 Merrick Road, the 117,960-square-foot center is occupied by King Kullen Supermarket and U.S. Post Office, among others. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the loan, which features a 15-year term with 10 years interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through its correspondent relationship with a life insurance company.

October 31, 2014

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