Loans

Grandbridge Facilitates $8.99M Seniors Housing Refinancing

by Amy Works October 28, 2014

ALLENTOWN, PA. — The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital has closed an $8.99 million permanent fixed-rate loan secured by Woodland Terrace at the Oaks. Located in Allentown, the 84-bed seniors housing community provides a mix of assisted living and memory care units. BB&T Real Estate Funding provided the funding, which features a 10-year term and 30-year amortization with a three-year interest-only component. Richard Thomas of Grandbridge originated the transaction.

October 28, 2014

Illinois Loans Midwest

Cohen Secures $9.5M Acquisition Loan for Retail Condominium Property

by Danielle Everson October 24, 2014

CHICAGO — Cohen Financial has secured $9.5 million in debt financing for the acquisition of a 37,415-square-foot retail condominium building in Chicago. The property is located at 2000-2056 Lincoln Park West and is fully leased to tenants including R.J. Grunts, a Lettuce Entertain You restaurant, PNC Bank and Starbucks. Dan Rosenberg of Cohen Financial’s Chicago office secured the $9.5 million acquisition loan with American Realty Capital, a full-service investment management firm. The borrower is LM Advisors, a San Diego- based affiliate of LM Capital Group, an investment management firm.

October 24, 2014

Loans Midwest Minnesota

Grandbridge Arranges $5.9M Financing for Student Housing Community

by Danielle Everson October 24, 2014

MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $5.9 million first mortgage loan for a 90-bed student-housing complex at the University of Minnesota in Minneapolis. The property, which was fully occupied at closing, features loft style units in a renovated warehouse at the heart of campus. Tony Carlson of Grandbridge’s Minneapolis office originated the refinancing for the undisclosed borrower.

October 24, 2014

Florida Loans Southeast

Canyon Capital Provides $123.6M Construction Loan for Echo Brickell

by John Nelson October 24, 2014

MIAMI — Canyon Capital Realty Advisors LLC has provided a $123.6 million construction loan for Echo Brickell, a 57-story residential condominium development in Miami’s Financial District. Echo Brickell is currently more than 80 percent presold. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Cohen Financial arranged the non-recourse loan through Canyon Capital on behalf of the borrower, Property Markets Group. Construction on Echo Brickell is slated to begin in late October for a 2017 delivery.

October 24, 2014

Loans Multifamily New York Northeast

Meridian Capital Arranges $50.6M Loan for NYC Multifamily Portfolio

by Amy Works October 23, 2014

NEW YORK CITY — Meridian Capital Group has arranged a $50.6 million mortgage to refinance a multifamily portfolio of properties located throughout Brooklyn and New York City. The borrower is Manhattan-based Fine Times Inc. The 17-property multifamily building portfolio totals 281 units located on West 68th Street, West 69th Street, West 70th Street, West 71st Street, West 73rd Street on Manhattan’s Upper West Side and on Columbia Heights, Pierrepont Street and Montague Terrance in the Brooklyn Heights neighborhood of Brooklyn. The seven-year loan, provided by a regional balance sheet lender, features a 3.38 percent fixed rate, three years of interest-only payments and a 30-year amortization schedule. Shamir Seidman of Meridian Capital’s New York City headquarters negotiated the transaction.

October 23, 2014

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $4.8M Financing for Apartment Community in Eden Prairie, Minn.

by Danielle Everson October 23, 2014

EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.

October 23, 2014

Florida Loans Southeast

Walker & Dunlop Originates $108M Fannie Mae Loan for Lakeland Manufactured Housing Community

by John Nelson October 23, 2014

LAKELAND, FLA. — Walker & Dunlop Inc. has closed a $108 million Fannie Mae loan for Cypress Lakes, a manufactured housing community in Lakeland. Walker & Dunlop worked with Keystone Commercial Capital to originate the 10-year loan with a fixed interest rate and four years of interest-only payments on behalf of the borrower, Blair Group. Brendan Coleman of Walker & Dunlop partnered with Ryan Nelson and Charlie Williams of Keystone Commercial Capital in the transaction.

October 23, 2014

Florida Loans Southeast

NorthMarq Capital Arranges $11.5M Loan for Jacksonville Apartment Community

by John Nelson October 23, 2014

JACKSONVILLE, FLA. — NorthMarq Capital has arranged $11.5 million in refinancing for Evergreen Club Apartments, a 240-unit multifamily community located at 9611 Southbrook Drive in Jacksonville. Greg Duvall of NorthMarq’s Kansas City office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.

October 23, 2014

Connecticut Loans Multifamily Northeast

CBRE/NE Arranges $48.3M Sale of Connecticut Multifamily Community

by Amy Works October 22, 2014

GROTON, CONN. — CBRE/New England’s Capital Markets team has brokered the sale and arranged financing for The Ledges, a multifamily community located in Groton. The 339-unit asset traded hands for $48.3 million. Built in 2005, the community consists of one single-story leasing center and 14 garden-style apartment buildings offering a mix of 148 one-bedroom units, 155 two-bedroom units and 36 three-bedroom townhomes with an average unit size of 1,022 square feet. Unit amenities include fully equipped kitchens, in-unit washer and dryers and more than eight-foot ceilings throughout. Community amenities include a clubhouse with a resort-style outdoor swimming pool with sundeck, resident lounge with gas fireplace and partial kitchen with built-in bar area, billiards rooms with pool table, business center, conference room, two fitness centers with bathrooms and showers, picnic areas with barbeque grills and a children’s playground, as well as walking trails and a Fit-Trail with 12 exercise stations. Simon Butler, Biria St. John and Mike Stone of CBRE/NE represented the seller, LCOR Groton Apartment LLC, an affiliate of LCOR, and procured the undisclosed buyer. Mike Riccio, Susan Larkin and Anna Pfau of CBRE Debt & Structured Finance team placed $39.21 million in acquisition financing for The Ledges.

October 22, 2014

Florida Loans Southeast

CBRE Arranges $39.5M Loan for Purchase of Tampa Office Portfolio

by John Nelson October 22, 2014

TAMPA, FLA. — CBRE Debt & Structured Finance has arranged a $39.5 million acquisition loan for nine office buildings in Sabal Park, a master-planned business park in Tampa. Sabal Park spans 1,000 acres near the interchange of I-4 and I-75 and features an office campus, five restaurants, three hotels, a dry cleaner, three banks and a childcare facility. Charles Foschini, Christopher Apone and Christian Lee of CBRE arranged the five-year, 65 percent LTV loan through BankUnited of Tampa on behalf of the borrowers/buyers, IP Capital Partners and Fir Tree Partners.

October 22, 2014

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