Loans

Cronheim Secures $11.5M Loan for New Jersey Retail Center

by Amy Works October 30, 2014

SEA GIRT, N.J. — Cronheim Mortgage has secured $11.5 million in financing for Brook 35 Plaza in Sea Girt. The 15-year interest-only loan was placed with American General Life Insurance Company and National Union Fire Insurance Company of Pittsburgh. The borrower is Sea Girt Limited Partnership, an affiliate of Federal Realty Investment Trust. Built in 1986, Brook 35 Plaza is an open-air lifestyle center comprising three retail buildings totaling 80,877 square feet. Current tenants include Chico’s, Coach, The Gap, Starbucks Coffee, Victoria’s Secret and Williams-Sonoma. Additionally, the retail center’s second floor contains 13,240 square feet that is 100 percent leased to Morgan Stanley and Premier Executive Suites. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the transaction.

October 30, 2014

Loans New York Northeast Retail

NorthMarq Capital Negotiates $5M in Refinancing for Allied Shopping Center

by Amy Works October 30, 2014

WHITESTONE, N.Y. — NorthMarq Capital’s Long Island-based office has arranged $5 million in refinancing for Allied Shopping Center, a retail property located in Whitestone. Located at Francis and Willis Point boulevards, the property offers 42,458 square feet of retail space. The financing was structured with a 10-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

October 30, 2014

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $3M Construction Loan for Industrial Building

by Danielle Everson October 30, 2014

ALBION TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million construction loan for an 83,087-square-foot industrial building in Albion Township. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Woodworth Homer LLC. Stancorp Mortgage Investors LLC, a mortgage-banking firm representing several life insurance companies and conduits, provided financing for the loan.

October 30, 2014

Florida Loans Southeast

KeyBank Provides $48.2M for Florida Skilled Nursing Facilities

by John Nelson October 30, 2014

CLEVELAND — KeyBank Real Estate Capital has provided $48.2 million in long-term financing for a portfolio of four skilled nursing facilities totaling 493 beds in Florida. The four properties include Lehigh Acres Health & Rehabilitation Center in Lehigh Acres, Village Place Health & Rehabilitation Center in Port Charlotte, Lexington Health & Rehabilitation Center in St. Petersburg and Sunset Lake Health & Rehabilitation Center in Venice. Greystone Healthcare Management Corp. manages all four assets. Craig Gulley and Wayne Horvath of KeyBank arranged three 35-year FHA loans for three of the properties and a 33-year FHA loan for the fourth property. The loan proceeds were used to pay off term loans held with other lenders.

October 30, 2014

Florida Loans Southeast

Dockerty Romer Arranges $4.6M Loan for Trader Joe’s in Boca Raton

by John Nelson October 30, 2014

BOCA RATON, FLA. — Dockerty Romer & Co. has arranged a $4.6 million permanent mortgage loan for the newly constructed Trader Joe’s in Boca Raton. Bob Dockerty of Dockerty Romer & Co. arranged the five-year, fixed-rate loan through Americo Life & Annuity Insurance Co. on behalf of the borrower, I.S. Three Austin/Hunter’s Ridge LP. The Trader Joe’s is one of four new Trader Joe’s to open in Palm Beach County.

October 30, 2014

Loans Massachusetts Multifamily Northeast

RED Mortgage Capital Delivers $10.3M of Refinancing for Victoria Riverside Townhouse Lofts

by Amy Works October 29, 2014

NEW BEDFORD, MASS. — RED Mortgage Capital, the mortgage lending entity of comprehensive capital provider RED Capital Group, with assistance from Jeffrey Rome of Capital Access US, has completed a Fannie Mae DUS loan in the amount of $10.3 million. The borrower, Victoria Riverside LLC, will use the loan to refinance Victoria Riverside Townhouse Lofts in New Bedford. The non-recourse, fixed-rate loan features payments based on a 30-year amortization schedule. Victoria Riverside LLC utilized a combination of federal and state historic tax credits to fund a portion of the redevelopment of the former Whitman Mill into 101 townhome lofts. Formerly a cotton mill built in the 1896 by William Whitman, the building is listed in the National Register of Historic Places.

October 29, 2014

Loans Massachusetts Northeast Office

NorthMarq Capital Arranges $2.5M Acquisition Loan for Office Building

by Amy Works October 29, 2014

HAVERHILL, MASS. — NorthMarq Capital’s Boston regional office has secured $2.5 million in acquisition financing for an office building in Haverhill. Located at 26 Parkridge Road, the property offers 42,000 square feet of office space. Ed Riekstins of NorthMarq Capital arranged financing, which has a 20-year term and a 25-year amortization schedule, through its correspondent relationship with a life insurance company.

October 29, 2014

Georgia Loans Southeast

Grandbridge Arranges $7.1M Loan for Seniors Housing Property in South Georgia

by John Nelson October 29, 2014

QUITMAN, GA. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has arranged a $7.1 million loan for the 204-bed Presbyterian Home and Retirement Community of Quitman in Quitman, a town near the Georgia-Florida border. BB&T referred Grandbridge to the transaction. Richard Thomas of Grandbridge originated the fully amortizing, 35-year refinance loan through FHA’s 232/223(a)(7) program.

October 29, 2014

Loans North Carolina Southeast

Grandbridge Arranges $8.3M Loan for Six Forks Square in Raleigh

by John Nelson October 28, 2014

RALEIGH, N.C. — Grandbridge Real Estate Capital has arranged an $8.3 million loan for Six Forks Square, a 149,372-square-foot office campus in Raleigh. The office park was fully leased to the State of North Carolina at the close of the transaction. Robert Hukill and Wesley Fricks of Grandbridge originated the loan through BB&T Real Estate Funding on behalf of the owner, Heritage Capital Group, which purchased the office park for $12.4 million. The loan features three years of interest-only payments and a 25-year amortization schedule.

October 28, 2014

Connecticut Loans Northeast Retail

NorthMarq Capital Arranges $20.8M in Refinancing for Whole Foods Location

by Amy Works October 28, 2014

DARIEN, CONN. — NorthMarq Capital’s New York office has finalized the $20.8 million refinancing of a Whole Foods in Darien. The 50,000-square-foot specialty grocery store is located at 150-152 Ledge Road. Ernest DesRochers of NorthMarq Capital arranged the financing for the borrower through its correspondent relationship with a credit tenant lease (CTL) lender. The transaction was structured as a 24-year fully amortizing loan with a low debt service coverage ratio requirement.

October 28, 2014

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