FORT WORTH — Pacific Southwest Realty Services (PSRS), a San Diego-based commercial mortgage banking firm, has arranged a $3.3 million loan secured by a 36,000-square-foot retail property in Fort Worth. David Hamilton of the firm’s San Diego office arranged the transaction. The fixed-rate loan features a 15-year term with a 25-year amortization schedule and three five-year resets. The interest rate starts at 3.9 percent and resets every five years. There is no prepayment premium and the only lender fee was $2,500 for processing. Hamilton arranged the financing through a credit union that PSRS represents.
ROSWELL, GA. — Meridian Capital Group has arranged $13.7 million in acquisition financing for Holcomb Woods Business Park, a four-building, 244,700-square-foot office park located at 1000 Holcomb Woods Parkway in Roswell. The office park was 75 percent leased at the time of financing to tenants such as Lennar of Georgia, Docufree, Arclin, Enveniam Inc. and Farmers Insurance. Michael Brown of Meridian’s Boca Raton, Fla., office arranged the three-year, non-recourse loan through an undisclosed bridge lender on behalf of the borrowers, RexHall Realty and Rugby Realty. The loan features a floating rate of 475 basis points over 30-day LIBOR, two one-year extension options and amortization beginning upon completion of renovations to the property.
READING, PA. — HFF has secured $17.7 million in financing for Spring Towne Shopping Center in Reading. HFF represented the borrower, Brandolini Cos., to secure a long-term, fixed-rate loan with an institutional quality insurance company. The loan will be used to refinance an existing mortgage on the property. Located at 2641-2679 Shillington Road, the four-building, 277,860-square-foot retail center is anchored by Lowe’s Home Improvement Warehouse and Giant. In addition to the anchor tenants, the center is more 97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway, Fulton Bank, Monro Muffler & Brake, Hallmark and other local retailers. Ryan Ade and Christopher Bigos of HFF negotiated the financing on behalf of the borrower.
LANCASTER, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.2 million in financing for Muirwood Apartments, a 256-unit multifamily property in Lancaster. The 20-year loan includes a 20-year amortization schedule and a 4.3 percent fixed interest rate. Noah Juran of MMCC’s Cincinnati office arranged the loan for the undisclosed borrower. Michael Barron, Joshua Wintermute and Dan Burkons of Marcus & Millichap’s Cleveland office, and Richard Lattro and Jordan Marshall in the firm’s Columbus office, facilitated the transaction.
AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $23.1 million Fannie Mae loan for Lakeshore Pearl, a multifamily apartment complex located in Austin. The 230-unit, mid-rise apartment complex was built in 2013. Chris Black of Key’s commercial mortgage group arranged the financing, which was used to acquire the property, for the undisclosed borrower.
DALLAS — Venture Commercial Real Estate has arranged the lease of an 11,400-square-foot space in Dallas’ Design District. Paul Morgan Photography Inc. will occupy the space located at 921 N. Riverfront Boulevard. McGregor Converse of Venture represented the tenant in lease negotiations. John Bowles of CASE Commercial Real Estate Partners represented the landlord. Photography business Paul Morgan and People relocated its media studio and corporate office to this location from 333 1st Ave. in Deep Ellum.
BUCYRUS, OHIO — NorthMarq Capital has arranged $2.7 million in acquisition financing for the purchase of a Holiday Inn Express & Suites in Bucyrus. The 40,380-square-foot hospitality property is located at 1575 N. Sandusky Ave. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Matt Marshall of NorthMarq Capital’s Boston regional office arranged the loan for the undisclosed borrower.
HOUSTON — LMI Capital has arranged loans for three properties in Houston. In the first transaction, Brandon Brown of LMI Capital arranged $4.3 million in debt for the refinance of two Class A, boutique multifamily assets in the Spring Branch submarket. The 10-year, fixed-rate loans both loans feature 4 percent interest rates and 30-year amortization schedules. In the second transaction, Brown arranged $8.4 million in debt for the refinance of a 124-unit seniors housing complex in Missouri City. The 10-year, fixed-rate CMBS loan will provide cash out proceeds to the client. The loan represented a 75 percent loan-to-value ratio and included a 30-year amortization schedule. In the third transaction, Jamie Stein of LMI Capital arranged $6.5 million in financing for a garden-style apartment complex in the Spring Branch submarket. Stein secured a 10-year, fixed-rate loan inclusive of a capital improvements component with a CMBS lender. The mortgage includes three years of interest-only payments.
MIAMI BEACH, FLA. — HFF has arranged a $40 million construction loan for the redevelopment of Park Central Hotel, a 1939 Art Deco hotel located at 620-650 Ocean Drive in Miami Beach. The loan will be used to take three existing Art Deco buildings — the Park Central Hotel, the Imperial Hotel and Heathcoat Apartments — and a 0.2-acre development site and turn them into the new Park Central Hotel. The new 135-room boutique hotel will feature three restaurants totaling 8,100 square feet, a rooftop glass bottom pool, ground-floor pool with ocean views from the deck, 24 suites and 1,380 square feet of meeting space. Jim Dockerty, Scott Wadler and Marc Roth led HFF’s debt placement team to secure a three-year, floating rate loan through BB&T Real Estate Funding on behalf of the borrower, Park Central Partners LLC, an entity controlled by Optimum Asset Management.
THORNTON, COLO. – Lambertson Lakes Shopping Center, a 13,465-square-foot retail center in the Denver submarket of Thornton, has received $2.1 million in financing. Phase I of the center is located at 871-887 Thornton Parkway. The property is shadow anchored by a 55,000-square-foot Safeway grocery store that was not part of the transaction. The permanent, 10-year, CMBS loan allowed the borrower to obtain a 30-year amortization on a non-recourse basis. The refinance was arranged by Steve Bye and Brian Fisher of NorthMarq Capital’s Denver office.