KANSAS CITY, MO. — NorthMarq Capital has arranged $7.4 million refinancing for Forest Park Apartments in Kansas City. The 198-unit multifamily property is located at 4623 N.E. Winn Road. Greg Duvall and Brent Blake of NorthMarq structured the 10-year loan with a 30-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.
MIAMI — Grandbridge Real Estate Capital has closed $20.2 million in first mortgage construction loans for two new warehouse buildings at the AVE Aviation and Commerce Center, a 2.6 million-square-foot master-planned corporate business park in Miami. The warehouse properties, which are 32 percent pre-leased to an aircraft engine repair firm, will span 313,820 square feet. Phil Carroll of Grandbridge arranged the construction financing through BB&T.
PHILADELPHIA — Meridian Capital Group, on behalf of Pantzer Properties, has arranged a $31.5 million loan for the acquisition of The Sansom, a multifamily property located in Philadelphia. Located at 1605 Sansom St., the eight-story property features 104 multifamily units and 10,900 square feet of retail space occupied by Adolf Biecker Spa and Salon, Abe Fisher and Dizengoff. On-site amenities include a 24/7 doorman, private lobby, residents’ lounge, fitness center, bicycle parking and an outdoor terrace. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate and two years of interest-only payments followed by a 30-year amortization schedule. Drew Anderman and Alan Blank of Meridian Capital Group’s New York City headquarters negotiated the transaction.
BOSTON — CBRE/New England’s Debt & Structured Finance team has secured two separate acquisition loans for a three-building portfolio and an office building in Boston. The team secured $21.4 million from Brookline Bank for the Summer Street Portfolio, which comprises 71, 77 and 87 Summer Street in Boston and $27.8 million from Rockland Trust for 38 Chauncy Street in Boston. CBRE/NE’s Carlos Febres-Mazzei, Kyle Juszczyszyn, Chris Coutts, Alex Bradley and Taylor Shepard arranged the financing on behalf of Synergy Investments and DivcoWest. The Summer Street Portfolio totals 90,070 square feet and is 97 percent occupied. 38 Chauncy Street recently underwent significant capital improvements with several million invested in base building enhancements to the heating and cooling systems, elevators and lobby.
LOS ANGELES – The 88-unit Azusa Apartments in Los Angeles has received $30.1 million in financing. The affordable housing community is located in the San Gabriel Valley. The debt financing included an FHA Section 221(d)(4) mortgage of $16.5 million provided by RED Mortgage Capital; $12.1 million of 9 percent Low Income Housing Tax Credit (LIHTC) equity; and $1.5 million invested by sponsor Community HousingWorks, utilizing resources from NeighborWorks America.
PRINCETON, N.J. — Cushman & Wakefield has arranged an $18 million loan for 750 College Road East in Princeton. The three-year, non-recourse loan, which was provided by Square Mile Capital Management LLC, features a floating rate. Built in 2001, the three-story, 100,000-square-foot office building is fully leased to two tenants. Gideon Gil, Sridhar Vankayala and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance represented the borrower, an affiliate of ML7.
SUNRISE, FLA. — HFF has arranged a $38.2 million loan for the refinancing of Sawgrass Lake Center, a 239,373-square-foot, Class A office building in Sunrise. The property is located south of Sawgrass Mills Mall at 13450 W. Sunrise Blvd. The office building was 84 percent leased at the time of the sale. Paul Stasaitis, Chris Drew, Jorge Portela, Jose Carrazana and Maxx Carney of HFF arranged the loan through Mesa West Capital’s Mesa West Real Estate Income Fund III, a $750 million debt vehicle. The loan was arranged on behalf of the borrower, a joint venture between CNL Commercial Realty Estate and Long Wharf Real Estate Partners.
MONROVIA, CALIF. — Huntington Oaks Center, a 328,711-square-foot community shopping center in the Los Angeles submarket of Monrovia, has received a $71 million loan. The center is located at the southeast corner of Interstate 210 and Huntington Drive. Huntington Oaks is currently 98 percent leased to tenants such as Kohl’s, Trader Joe’s, Toys ‘R’ Us, Marshalls, Bed Bath & Beyond, Petco, Party City, Black Angus, LensCrafters, Mimi’s Café, Chili’s, Kirklands, Chase Bank and Applebees. The financing package includes a $60.5 million senior mortgage loan and a $10.5 million mezzanine loan. Those funds replaced a $51 million mortgage provided by Wachovia Bank. The borrower, Huntington Oaks Delaware Partners LLC, was represented by Lucescu Realty, which also procured the lender, Bank of America N.A.
PHOENIX — Avenue 25 Apartments has received a $24.8 million bridge loan from Capital One Multifamily Finance (formerly Beech Street Capital). The 254-unit community is located at 18250 North 25th Ave. in Phoenix. Drew Anderman and Alan Blank of Meridian Capital Group negotiated the three-year balance sheet bridge loan on behalf of the borrower, TruAmerica Multifamily. The loan features a fixed, LIBOR-based interest rate, two one-year extensions and one year of interest-only payments.
BLAINE, MINN. — Grandbridge Real Estate Capital has arranged a $3 million first mortgage loan for a 60-unit apartment complex in Blaine. The fully occupied property features a mix of one-, two, and three-bedroom units. Tony Carlson of Grandbridge’s Minneapolis office originated the 15-year, fixed-rate loan with a 25-year amortization schedule through an unnamed life insurance company. The loan required no personal guaranty for the undisclosed borrower, which plans to use the loan proceeds to retire existing recourse debt.
