HOUSTON — LMI Capital has closed three loans totaling $15 million for the acquisition of two garden-style apartment complexes and the refinancing of a third multifamily property in metro Houston. The acquisitions included 260 units across two properties in the thriving Spring Branch submarket. While the assets shared a similar location, the transactions required distinct capital solutions. In the first transaction, Jamie Safier of LMI secured a 10-year CMBS loan at a low fixed rate. The loan represented over 90 percent of the purchase price. For the second acquisition, Safier arranged a five-year loan at a fixed rate of 4.35 percent. The loan equated to over 75 percent of the asset’s purchase price. The deal also featured a flexible prepayment structure. Amid the closings of the two acquisition loans, Safier closed a $2.5 million refinance loan for a 50-unit multifamily property in Tomball. The 10-year agency loan arranged at a fixed rate of 4.34 percent provided significant cash-out proceeds for the client within 18 months of its original acquisition.
SANTA CLARA, CALIF. — NorthMarq Capital has arranged $93 million in financing for Timberleaf Apartments and Alderwood Apartments, a pair of apartment buildings in the Silicon Valley submarket of Santa Clara. The funds will allow the borrower, Prometheus Real Estate Group, to lock in low interest rates. Prometheus will also enjoy a period of interest-only payments for part of the loan term. Prometheus built both properties in the late 1980s. The company has made substantial upgrades to both assets over the past 10 years. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the new senior mortgage loans were arranged by through the firm’s correspondent relationship with a life insurance company.
LA VERNE, CALIF. — NorthMarq Capital has arranged the $4.4 million refinance of a shopping center located at 1400, 1410 and 1480 Foothill Blvd. in La Verne. Michael Elmore and Ory Schwartz of NorthMarq secured financing through a national bank. The loan is structured with a 13-year term and 30-year amortization schedule and features a 4.46 percent fixed rate for 10 years with a floating tail. Tenants at the center include RiteAid, Auto Zone and Carl’s Jr.
CEDARHURST, N.Y. — Cedarhurst-based Paradigm Commercial Real Estate LLC has secured $47 million in refinancing for a package of 25 retail buildings located throughout the Bronx and Westchester counties. The properties are occupied by mom-and-pop shops, most of which have short-term leases. Michael Edery of Paradigm Commercial arranged the fully non-recourse loan, which features a 70 percent loan-to-value, for the borrower, a private family office. Proceeds of the loan will be used to expand the borrower’s portfolio, which currently includes 100 properties.
BRADENTON, FLA. — NXT Capital has provided a $25.6 million acquisition loan for Riversong Apartments, a newly constructed, 179-unit apartment complex in Bradenton. The property is located along the Manatee River and is adjacent to the Bradenton Riverwalk. Riversong’s amenities include a resort-style swimming pool and resident lounge with Wi-Fi, as well as a fitness center and a business center. According to the Bradenton Herald, a subsidiary of New York-based Beachwold Residential purchased the property from Atlanta-based Hatfield Development for $31.5 million.
PORT ROYAL, S.C. — NorthMarq Capital has arranged and closed a $9.1 million equity investment on behalf of Prominent Realty Group (PRG) for the purchase of a $38 million apartment property, the 400-unit Preserve at Port Royal located in Port Royal, S.C. The $9.1 million equity infusion came from an institutional investor that specializes in value-add properties. “The main challenge about this transaction was its location being perceived as tertiary,” says Will James, vice president of NorthMarq Capital’s Atlanta office who represented PRG. “The property was built in 2006 and in a great location within the city of Port Royal. Just 20 minutes away and closer to Hilton Head, a similar vintage project traded for a 20 percent premium just because it was on the way to Hilton Head Island.” PRG’s basis in the property is at or just below replacement cost, adds James. “Once the state sells the 50-acre Port of Port Royal, the waterfront will become a vibrant retail and tourist destination, further improving the rental market on the Port Royal island.” Economic generators locally include the University of South Carolina Beaufort campus, Parris Island’s Marine Corps, and the Beaufort Air Naval station, which is completing a $300 million runway and hangar facility …
MIAMI — Avison Young has arranged a $46.7 million construction loan for INTown, a two-tower, 14-story mixed-use project that will be located in Miami’s Little Havana neighborhood. The $81 million property will feature two split condominium and rental towers with retail space on the ground level. David Eyzenberg and Amanda Saltzman of Avison Young arranged the loan on behalf of the developer, Astor Cos. According to Avison Young, INTown will be the first high-rise developed in Little Havana in more than 10 years.
LAS VEGAS — NorthMarq Capital has arranged the $5.4 million refinance of Jones & 95, a 109,303-square-foot retail property located in Las Vegas. The transaction was structured with a 10-year term and 30-year amortization schedule through a CMBS lender. Scott Monroe of NorthMarq Capital arranged the financing.
CORAL SPRINGS, FLA. — Meridian Capital Group has arranged $15.2 million in acquisition financing for Heron Bay Corporate Center I & II in Coral Springs, a city in Broward County. The 89,000-square-foot office campus houses 19 tenants, including Regus. Avi Weinstock and Josh Rhine of Meridian’s New York City office arranged the seven-year loan through a regional balance sheet lender on behalf of the borrower, The Benedict Realty Group. The loan features a fixed 4 percent interest rate and three years of interest-only payments followed by a 30-year amortization schedule.
MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has secured a $40 million first mortgage for the acquisition of an office park located in Mendota Heights. The six-building park offers 420,000 square feet of office space. The funding, which was provided by BB&T Real Estate Funding and Grandbridge’s exclusive stabilized loan product, features a fixed rate for the entire 10-year term and 25-year amortization. Tony Carlson of Grandbridge originated the acquisition financing for the undisclosed buyer.