Loans

HFF Secures $15.5M Loan for Two Denholtz-Owned Properties

by Amy Works October 3, 2014

EDISON AND PISCATAWAY, N.J. — HFF has secured $15.5 million in financing for the Business Centre at Edison, a 12-building office park located in Edison, and 140 Ethel Road West, an industrial building in Piscataway. HFF placed the seven-year, fixed-rate loan with Investor Banks for the borrower, Denholtz Associates. The loan will be used to retire existing debt. Located at 1090 King Georges Post Road in Edison, the 125,981-square-foot Business Centre at Edison is currently 96.9 percent leased. Situated on 6.24 acres in Piscataway, the 108,875-square-foot 140 Ethel Road West is currently 90 percent leased. Jon Mikula, Michael Klein and Michael Lachs of HFF negotiated the financing for the borrower.

October 3, 2014

Kansas Loans Midwest Multifamily

NorthMarq Capital Arranges $15.8M Refinancing of The Overlook Apartments

by Danielle Everson October 2, 2014

TOPEKA, KAN. — NorthMarq Capital has arranged the $15.8 million refinancing of The Overlook Apartments, a 318-unit multifamily property in Topeka. The apartment community is located at 1310 S.W. Summit Woods Drive. Dan Trebil of NorthMarq Capital’s Minneapolis office arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.

October 2, 2014

Loans Multifamily New York Northeast

Meridian Capital Arranges $18.4M Loan for Residential Cooperative

by Amy Works October 2, 2014

NEW YORK CITY — Meridian Capital Group has negotiated $18.4 million in refinancing for the residential cooperative portion of Lincoln Towers on West End Avenue in New York City. The 29-story property, which is part of the Lincoln Towers condo, totals 444 units and 32 parking spots. Meridian has arranged financing for six of the eight buildings that are part of the Lincoln Towers complex. The 30-year self-liquidating loan, which was provided by a life insurance company, features a 4.44 percent fixed rate. Steve Geller and Nicoletta Pagnotta of Meridian Capital Group’s New York City’s headquarters brokered the transaction.

October 2, 2014

Industrial Loans Massachusetts Northeast

NorthMarq Capital Arranges $9.9M Loan for Industrial Building

by Amy Works October 2, 2014

PEABODY, MASS. — NorthMarq Capital’s Boston office has secured $9.9 million in refinancing for an industrial property located at 3 Technology Way in Peabody. The property offers 160,000 square feet of Class A industrial space. The commercial mortgage was structured with a 10-year term and a 30-year amortization schedule. Michael Chase of NorthMarq arranged the financing for the borrower through its correspondent relationship with a Guardian Life Insurance Company.

October 2, 2014

Loans Midwest Nebraska Retail

NorthMarq Arranges $16.4M Refinancing of Self Storage Properties in Lincoln, Neb.

by Danielle Everson October 1, 2014

LINCOLN, NEB. — NorthMarq Capital has arranged the $16.4 million refinancing of six Big Red Self Storage properties in Lincoln. The properties include a combined 2,750 units. John Reed of NorthMarq Capital structured the 20-year, fixed-rate loan with a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

October 1, 2014

Loans Multifamily New York Northeast Office

Meridian Capital Arranges $228.5M Construction Loan for Flatotel Conversion

by Amy Works October 1, 2014

NEW YORK CITY — Meridian Capital Group has arranged $228.5 million in construction financing for the condominium conversion of the former Flatotel hospitality property in New York City. A partnership between Chetrit Group and Clipper Equity plan to convert the asset, which is located at 135West 52th St., into a five-story boutique office condominium and a 37-floorluxury residential condominium property. The 55,000-square-foot office component will be located on floors two through seven and approximately 109residential units will span floors eight through 47. The total project is estimated to cost $300 million. Aaron Birnbaum and Emanuel Westfried of Meridian’s New York City headquarters negotiated the two-year, non-recourse, interest-only loan, which features a floating LIBOR-based interest rate and a one-year extension option.

October 1, 2014

Loans Multifamily South Carolina Southeast

CBRE Arranges $30.1M Financing for Columbia Multifamily Development

by Jaime Lackey September 30, 2014

COLUMBIA, S.C. — CBRE Group Inc. has arranged $30.1 million in non-recourse construction and permanent financing for The Atlantic at Parkridge, a 298-unit apartment complex that will be built in Columbia’s Irmo submarket. CBRE arranged the financing through HUD’s 221(d)(4) new construction mortgage insurance program, which provides an interest-only construction period of 22 months with a 40-year, fully amortizing permanent loan. Steve Heffner of CBRE’s capital markets group in Charlotte co-originated the loan with Monica Newman of CBRE’s capital markets group in Denver on behalf of the sponsors, New York-based AVR Realty Co. LLC and Charleston-based Middle Street Partners LLC. The project team includes Orlando-based architect Humphreys & Partners and Jacksonville-based general contractor Summit Contracting Group Inc.

September 30, 2014

Loans Office Texas

Mesa West Capital Provides $12.6M Loan for Acquisition of Austin Office Complex

by Jaime Lackey September 30, 2014

AUSTIN — Mesa West Capital has provided CapRidge Partners with $12.6 million in first mortgage debt to finance the acquisition and lease up of Canyon at Wild Basin, a 74,580-square-foot Class A office complex in Austin. Boston-based Intercontinental Real Estate Corp. was the seller. The three-story building was built in 1999 and is located at 115 Wild Basin Road with highway frontage along Loop 360. The building was 81 percent leased at the time of sale, with tenants including Cloud 8 Sixteen, Alliance Association Management Inc. and Powell & Leon. Andy Scott and Jim Curtin of HFF’s Dallas office arranged financing for the transaction.

September 30, 2014

Illinois Industrial Loans Midwest

NorthMarq Arranges $4.5M Refinancing for Flex Warehouse Property

by Jaime Lackey September 30, 2014

WILLOWBROOK, ILL. — NorthMarq Capital has arranged a $4.5 million refinancing loan for a 50,157-square-foot, flex industrial warehouse in Willowbrook. The property is located at 7100 Madison St. James Murphy of NorthMarq Capital’s Boston office structured the five-year loan with a 25-year amortization schedule for the borrower, a Boston-based equity fund. A life insurance company provided funding for the loan.

September 30, 2014

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Provides $32M Construction Loan For Mixed-Use Project

by Jaime Lackey September 30, 2014

NEW YORK CITY — Madison Realty Capital (MRC) has closed a $32 million construction loan for a mixed-use project at the former 266,322-square-foot St. John’s Queens Hospital, located at 90-02 Queens Blvd. in the Elmhurst neighborhood of Queens. The construction financing follows an initial $38 million acquisition loan provided by MRC in December 2013, which brings the total financing package from MRC to $70 million. Located along Queens Boulevard between 57th Avenue and Woodhaven Boulevard, the property allows for 148,109 square feet of residential space and 118,213 square feet of commercial and community space. Once redeveloped, the project will offer retail space and 144 residential units. Additionally, the purchaser acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which offers 290 parking spaces and direct access from Queens Boulevard. After the $38 million acquisition loan closed, MRC offered a conditional commitment to fund the remaining renovation of the property once the borrower received approvals on all building plans. St. John’s Queens Hospital has been closed since the hospital’s operator filed for bankruptcy in 2009.

September 30, 2014

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