Loans

NorthMarq Capital Arranges Three Multifamily Loans Totaling $61.48M in Pennsylvania

by Amy Works February 24, 2015

ALLENTOWN, QUAKERTOWN AND READING, PA. — NorthMarq Capital has arranged a total of $61.48 million in refinancing for three multifamily properties in Pennsylvania. Robert Ranieri of NorthMarq Capital’s Greater Westchester, N.Y./Conn. regional office secured the financing through the firm’s seller-servicer relationship with Freddie Mac for each transaction. Located at 1207 E. Congress St. in Allentown, the 548-unit Congress Apartments received $36.3 million in refinancing. The 7-year loan features a 30-year amortization schedule. In Quakertown, the 264-unit Quakertown West apartment community, located at 491 S. Ninth St. received an $18.2 million loan, featuring a 7-year term and a 30-year amortization schedule. Additionally, the 148-unit Antietam Arms apartment community, located at 850 Carsonia Ave. in Reading, received $6.98 million in financing, also with a 7-year term and a 30-year amortization schedule.

February 24, 2015

Loans New Jersey Northeast Retail

Triangle Equities Receives $7.5M Loan for 62,000 SF Shopping Center

by Amy Works February 24, 2015

FREEHOLD, N.J. — Triangle Equities has received a $7.5 million loan for its 62,000-square-foot retail property, Freehold Raceway Village, in Freehold. The loan was provided by CIBC, and it follows the successful recapitalization of the shopping center. Located at 200-220 Trotters Way, the shopping center is 100 percent occupied by a variety of tenants, including Big Lots, Huffman Koos, Dick’s Sporting Goods, The Home Depot, Toys R Us, Raymour & Flanigan and Christmas Tree Shoppes.

February 24, 2015

Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Arranges $7M Loan for Boston Mixed-Use Portfolio

by Amy Works February 24, 2015

BOSTON — Fantini & Gorga has arranged $7 million in permanent financing for a mixed-use portfolio in the John Eliot Square section of Roxbury, a neighborhood in Boston. The financing was arranged on behalf of Roxbury Highland LLC with a major regional financial institution. The four-property portfolio consists of 52 apartments and two commercial spaces, totaling 33,000 square feet of rentable space. Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing.

February 24, 2015

Georgia Loans Office Southeast

Lucror Resources Closes $11.2M Financing for Atlanta Flatiron Building Renovation

by John Nelson February 24, 2015

ATLANTA — Lucror Resources LLC, an Atlanta-based developer, has closed an $11.2 million new markets tax credit transaction with Invest Atlanta and JPMorgan Chase to finance the renovation of the Atlanta Flatiron Building. Upon completion of the renovation, the 11-story office building will house the Microsoft Innovation Center and Women’s Entrepreneur Initiative. Georgia Tech’s Enterprise Innovation Institute will assist in the management of the building. Phase I of the renovation is slated for a summer 2015 completion. Aaron Kowan, Jason Cordon and Matt Brodnan of The Private Client Law Group represented Lucror in the negotiations. Drew Marlar of Kutak Rock represented Invest Atlanta, and Andrea Burke and Benjamin Swartzendruber of Applegate & Thorne-Thomsen represented JPMorgan Chase.

February 24, 2015

Loans New Jersey Northeast Retail

The Provident Bank Closes $55M Loan for Development of 244,450 SF Shopping Center

by Amy Works February 23, 2015

CLARK, N.J. — The Provident Bank has closed a $55 million loan for the development of Clark Commons, a 244,450-square-foot shopping center at Raritan Road and Walnut Avenue in Clark. Situated on 28 acres on the former U.S. Gypsum paper plant, the seven-building shopping center will offer 27 retail spaces. Completion is slated for late spring with a proposed grand opening in early August. The center is 100 percent preleased to Whole Foods Market, Home Goods, L.A. Fitness, Michaels, Petco, Ulta, Modell’s and Party City. Krame Development is constructing the center, which was designed by The Dietz Partnership Architects. The Provident Bank and M&T Bank provided the construction financing, with Provident serving as administrative agent. Gregory Lamb of Provident handled the transaction.

February 23, 2015

Illinois Loans Midwest

Walker & Dunlop Arranges $19M in Refinancing for Light Manufacturing Warehouse

by Danielle Everson February 23, 2015

ALSIP, ILL. — Walker & Dunlop has arranged a $19 million loan to refinance a 575,000-square-foot light manufacturing warehouse facility in Alsip, 20 miles south of Chicago. The property includes two structures, a single-tenant 250,000-square-foot warehouse/light manufacturing space occupied by Crown Cork & Seal; and a multi-tenant 325,000-square-foot, two-story office building, which is occupied by Crown Cork & Seal Plastipak and GC America. The property was built in 1971. John Pantone led the Walker & Dunlop team that originated the CMBS loan for the borrower, Patriot Equities. The loan was structured on a 10-year term with a 4.8 percent interest rate. Walker & Dunlop Commercial Property Funding provided the loan.

February 23, 2015

Loans Michigan Midwest Multifamily

NorthMarq Arranges $3M Acquisition Loan for Apartment Complex in Kalamazoo, Mich.

by Danielle Everson February 23, 2015

KALAMAZOO, MICH. — NorthMarq Capital’s Chicago-based regional office has arranged $3 million in acquisition financing for Woodstone Apartments, a 99-unit multifamily property located in Kalamazoo. Sue Blumberg of NorthMarq arranged the 10-year loan, which includes a 30-year amortization schedule, for the undisclosed borrower through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.

February 23, 2015

Grenadier-Village-Meridian-Capital-Group

Loans Multifamily New York Northeast

Meridian Capital, Capital One Arrange $18M in Refinancing for Multifamily Property in New York

by Amy Works February 23, 2015

LIVERPOOL, N.Y. — Meridian Capital Group and Capital One have arranged an $18 million mortgage for the refinancing for Grenadier Village, a multifamily property in Liverpool. The 25-year, self-liquidating loan, which was provided by a life insurance company, features a 4.63 percent fixed-rate. Located at 100 Kings Park Dr., Grenadier Village offers 534 apartment units. Seth Grossman of Meridian Capital and Greg Reed and Kristen Croxton of Capital One arranged the financing for the undisclosed borrower.

February 23, 2015

Loans Multifamily Texas

KeyBank Provides $27.9M Loan for Apartment Complex in Austin

by Haisten Willis February 20, 2015

AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $27.9 million Freddie Mac loan for Renaissance at North Bend, an apartment complex located in Austin. The 366-unit, garden-style apartment community was built in 1999. Alex Buecking of KeyBank’s commercial mortgage group arranged the financing, which was used to pay off an existing Fannie Mae Loan scheduled to mature in 2017.

February 20, 2015

Hospitality Loans Midwest Minnesota

Dougherty Arranges $18.5M Construction Loan for Pier B Hotel in Duluth, Minn.

by John Nelson February 20, 2015

DULUTH, MINN. — Dougherty Funding has arranged an $18.5 million construction loan for Pier B hotel in Duluth. The 140-room full-service waterfront hotel will be located in the Canal Park area. The site includes four 90-by-90 foot cement silos that are nearly 100 years old that will provide an iconic image for the development. The hotel complex will include a spa, banquet center, a pool overlooking Duluth’s harbor, and outdoor patios near bars and restaurants. Dougherty Funding served as the lead lender and servicer for the loan, which was arranged for the borrower, Pier B Holding LLC.

February 20, 2015

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