Loans

CBRE Arranges $71.6M Acquisition Loan for Office Portfolio in Boca Raton

by John Nelson March 16, 2015

BOCA RATON, FLA. — CBRE’s capital markets debt and structured finance team has arranged $71.6 million in acquisition financing for an office portfolio in Boca Raton. Spanning 330,438 square feet, the portfolio includes two Class A office buildings: The Plaza at 5355 Town Center Road and One Town Center at 1 Town Center Road. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office arranged the 3.5-year bridge loan through Mesa West Capital LLC on behalf of the borrower, Boca Raton-based Crocker Partners. The interest-only loan was structured with a floating interest rate. Crocker Partners purchased the portfolio from MetLife Real Estate Investors. Lee, Foschini and Apone, along with Jose Lobon and Michael Erickson of CBRE, represented MetLife in the transaction.

March 16, 2015

Loans Midwest Minnesota

Dougherty Funding Arranges $12.7M Loan for Aeon MP3 Project in Minneapolis

by Danielle Everson March 13, 2015

MINNEAPOLIS — Dougherty Funding LLC has arranged a $12.7 million tax credit equity bridge loan as part of Aeon’s Minneapolis Portfolio Preservation Project. The borrower will utilize 4 percent low income tax credits (LIHTCs) as well as federal and state historic tax credits as a portion of the equity required for the acquisition and renovation of the property portfolio. The loan will provide bridge financing until receipt of the capital contributions from the sale of the LIHTCs and the Federal HTCs, as well as the receipt of State HTC proceeds. The project includes substantial renovation of ten affordable projects located in the Elliot Park and Loring Park neighborhoods of downtown Minneapolis. As part of the project, 566 existing units will be renovated and 16 new units will be constructed. Dougherty Funding LLC serves as lead lender and servicer for the loan, arranged for Aeon.

March 13, 2015

Florida Loans Mixed-Use Southeast

Avison Young Secures $44M Construction Loan for Beachside Resort in Destin

by John Nelson March 13, 2015

DESTIN, FLA. — Avison Young’s debt, joint venture and structured capital team in New York has secured a $44 million construction loan for Phase I of Henderson Beach Resort, a five-phase beachside resort along the Gulf of Mexico in Destin. Phase I comprises a 170-room hotel and conference center that Salamander Hotels & Resorts will manage. David Eyzenberg and Amanda Saltzman of Avison Young arranged the loan through Ozark Bank on behalf of the project sponsor, Dunavant Enterprises. In addition to the construction loan, the resort is being financed through an EB-5 funding component totaling approximately $50 million. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program, also known as the U.S. Immigrant Investor program, allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Henderson Beach Resort is $500,000.

March 13, 2015

Loans Midwest Minnesota

NorthMarq Capital Arranges $13M Refinancing for Shingle Creek Crossing Phase III

by Danielle Everson March 12, 2015

BROOKLYN, MINN. — Robert Bhat of NorthMarq Capital’s Miami-based regional office has arranged a $13 million loan for the refinancing of Shingle Creek Crossing Phase III, a 20-acre site consisting of eight super pads, five outparcels and a 75,000-square-foot building located at 1341 Brookdale Center in Brooklyn. NorthMarq arranged financing for the borrower, Gatlin Development, through its relationship with a national bank. The development is part of the 60-plus acre redevelopment of the former Brookdale Mall, a regional mall originally built in 1962. Since acquiring the property in 2010, Gatlin Development, along with Mid-America Real Estate, transformed the site into a retail development. Michaels, TJ Maxx and several other tenants plan to open soon at the development.

March 12, 2015

Loans Michigan Midwest

Capital One Bank Arranges $9.5M Freddie Mac Loan for Mobile Home Community

by Danielle Everson March 12, 2015

HOWELL TOWNSHIP, MICH. — Capital One Multifamily Finance has provided a $9.5 million Freddie Mac fixed-rate loan to refinance Burkhart Ridge Mobile Estates, a 306-space Class A manufactured home community (MHC) in Howell Township near Detroit. Damon Reed of Capital One Multifamily originated the transaction. The 10-year, fixed-rate loan has one year of interest-only payments and a 30-year amortization schedule. Proceeds from the loan will be used to retire higher-rate debt and to return cash to the partnership in order to acquire additional homes and enhance amenities for residents. Burkhart Ridge was developed in three phases between 1999 and 2005. All sites can accommodate a doublewide home, attached garage and parking area. Amenities at the community include a clubhouse, pool, fitness center and facilities for volleyball, basketball, soccer and hockey.

March 12, 2015

Loans Multifamily Texas

Q10 KDH Secures $4M Loan for Apartment Complex in Houston

by Haisten Willis March 12, 2015

HOUSTON — Q10 Kinghorn, Driver, Hough & Co. has secured a $4 million fixed-rate loan for Forest Palm Apartments with correspondent lender, StanCorp. The Class A multifamily property was built in 2014 and includes 119 garden-style units across six two-story buildings. Q10 KDH is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate. Ryan Watson of Q10 KDH arranged the transaction.

March 12, 2015

Colorado Loans Multifamily Western

The Confluence Apartment Building in Denver Receives $79M in Financing

by Nellie Day March 11, 2015

DENVER — The Confluence, a 288-unit residential development in Denver, has received $79 million in financing. The project is located at the southwest corner of 15th Street and Little Raven Street, in the Riverfront Park area of the city’s Lower Downtown (LoDo) district. The 34-story tower will include 10,000 square feet of retail space and a 300-space underground parking garage. Community amenities will include a fitness center, swimming pool with lounge and cabanas, spa, fire pit, game room, clubhouse and business center. The Confluence is being developed by PM Realty Group and National Real Estate Advisors. The construction loan was arranged by HFF’s Rob Rizzi, Josh Simon, Colin Oberg, Leon McBroom and Matt Gangawar through a national bank. It features a 48-month term at 65 percent loan-to-cost. HFF also arranged the joint venture partnership in 2013.

March 11, 2015

Loans Retail Washington Western

Seattle Design Center Receives $40M in Financing

by Nellie Day March 11, 2015

SEATTLE — Seattle Design Center, a 410,000-square-foot, high-end home furnishings and design services center, has received $40 million in financing. The two-building center is located at 5701 6th Ave. S. The center first opened in 1973. Its two buildings are connected via a skybridge walkway. Seattle Design Center also contains 400 parking spaces. The borrower will use the floating-rate loan to acquire and reposition the center. It features a three-year initial term and two, one-year extension options. A debt fund provided the loan. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets served as the exclusive advisor to the Los Angeles-based sponsor.

March 11, 2015

Loans Office Texas

CPR Money Provides $4.2M Acquisition Loan for Office Building in Houston

by Haisten Willis March 11, 2015

HOUSTON — CPR Money has provided a $4.2 million acquisition loan for a 16-story vacant office building in Houston’s central business district. During the loan term, the borrower will finalize pre-development plans for a conversion to a 154-room Hyatt Place Hotel, with construction expected to begin in nine to 12 months. The property is located near the George Brown Convention Center, Toyota Center, Minute Maid Park and the Houston Pavilions.

March 11, 2015

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $26.7 M Loan for Texas Long-Term Care Portfolio

by Haisten Willis March 11, 2015

COPPERAS COVE, HARKER HEIGHTS and KILLEEN, TEXAS — KeyBank Real Estate Capital has arranged a total of $26.7 million in FHA financing for a three-property, long-term care portfolio in Texas. Two of the properties are skilled nursing facilities and one is a combination skilled nursing and assisted living facility. The properties were built in the 1990s and have a combined total of 250 units and 418 beds. Allison Holland of KeyBank arranged the non-recourse, fixed-rate first mortgages for all three properties. The portfolio is comprised of Hill Country Rehab and Nursing Center located in Copperas Cove; Indian Oaks Living Center located in Harker Heights; and The Rosewood Retirement Community located in Killeen.

March 11, 2015

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