Loans

HFF Secures $81.3M Refinance Loan for 15-Property Industrial Portfolio

by Amy Works August 11, 2015

FLORHAM PARK, N.J. — Holliday Fenoglio Fowler’s Florham Park office has arranged $81.3 million in refinancing for a 15-property industrial portfolio. HFF secured the 10-year, fixed-rate loan through Principal Commercial Capital for the borrower, Heritage Capital Group. The 2.58 million-square-foot portfolio includes a mix of warehouse, distribution and cold storage facilities in New York, Pennsylvania and Ohio. The properties feature clear heights ranging from 20 to 40 feet and include office space. Additionally, eight buildings have rail service access. At the time of closing, the portfolio was 92 percent leased to 31 tenants, including Staples Inc., Storage Mobility, McLane Food Service Inc., Victory Packaging LP, McGrann Paper, Scholastic Book Fairs Inc., Packaging Corporation of America and Global Foundries. Four properties are located near Syracuse, N.Y.; three near Rochester and Albany, N.Y.; three near Harrisburg, Pa.; and two near Columbus, Ohio. Jon Mikula of HFF led the team that represented the borrower in the transaction.

August 11, 2015

Loans Northeast Office Pennsylvania

CBRE Group Arranges $49.7M Financing for Public Ledger Building in Philadelphia

by Amy Works August 11, 2015

PHILADELPHIA — CBRE Group Inc. has arranged $49.7 million in acquisition and renovation financing for the Public Ledger Building in Philadelphia. The borrower, Purchase, N.Y.-based Carlyle Development Group, received short-term acquisition financing for a three-year term with two one-year extensions for the purpose of acquiring and improving the property. (The Public Ledger was a daily newspaper in Philadelphia published from 1836 to 1942.) The bridge financing allows the borrower to receive additional proceeds for future lease-up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed. Located at 600 Chestnut St., the 534,004-square-foot property is 65 percent occupied, with The United States of America General Services Administration as the largest tenant. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a national debt fund.

August 11, 2015

Loans Multifamily Texas

KeyBank Provides $7.2M Financing for Tulsa Apartment Complex

by Haisten Willis August 10, 2015

TULSA, OKLA. — KeyBank Real Estate Capital has provided a $7.2 million non-recourse, CMBS first mortgage for Park Villas Apartments, an apartment community located in Tulsa. The Class B property was 95 percent occupied at the time of financing. John Loshbaugh of KeyBank’s Commercial Mortgage Group arranged the financing.

August 10, 2015

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $13.4M Construction Loan for Boston Multifamily Development

by Amy Works August 10, 2015

BOSTON — Fantini & Gorga has arranged a $13.4 million construction loan for the development of a multifamily property located at 900 Beacon St. in Boston’s Audubon Circle neighborhood. Upon completion, the property will feature 28 market-rate apartments and four affordable units, as well as 4,340 square feet of ground-floor retail space. Additional on-site amenities include underground parking for 30 vehicles and an outdoor patio area to be used by the commercial tenants. Casmir Groblewski, Tim O’Donnell and Despina Hatzipetrou of Fantini & Gorga arranged the financing for the undisclosed developer. The lender is a Massachusetts-based financial institution.

August 10, 2015

Loans New Jersey Northeast Office

HFF Secures $10M Refinancing Loan for New Jersey Office Campus

by Amy Works August 10, 2015

EATONTOWN, N.J. — Holliday Fenoglio Fowler (HFF) has secured $10 million in refinancing for West Ridge Corporate Center in Eatontown. HFF placed the 10-year, fixed-rate loan with Principal Commercial Capital for the borrower, Bollerman Real Estate Services Inc. Located at One Industrial Way West, the five-building, 113,715-square-foot office/flex complex is currently 96 percent leased. Michael Klein led the HFF team representing Bollerman in the financing.

August 10, 2015

Illinois Loans Midwest Mixed-Use

NorthMarq Capital Secures $13.3M Refinancing Loan for Kingsbury Center in Chicago

by Jonathan Mehall August 7, 2015

CHICAGO — NorthMarq Capital has secured a $13.3 million refinancing loan for the Kingsbury Center, a mixed-used property in Chicago’s River North neighborhood. The 10-year loan includes a 25-year amortization schedule. Sue Blumberg and Eric Kanz of NorthMarq Capital’s Chicago office arranged the financing for the borrower, which includes the Hochberg family, through its correspondent relationship with a life insurance company. The 135,256-square-foot property, located at 344 W. Hubbard St., was 100 percent occupied at the time of sale. Tenants in the Kingsbury Center include Petco, Ace Hardware and CVS as retailers. Related Companies and The Habitat Company hold office space.

August 7, 2015

Loans New Jersey Northeast Office

Rubenstein Partners Receives $28.5M Refinancing for Office Property in New Jersey

by Amy Works August 7, 2015

BASKING RIDGE, N.J. — Rubenstein Partners has received $28.5 million in refinancing for 211 Mount Airy Road, a 305,000-square-foot office property in Basking Ridge. Rubenstein Partners along with its partner, Onyx Equities, recently completed a redevelopment plan to improve and modernize the property. The partnership additionally signed a 61,676 square feet lease with Avaya Inc. The property features a full cafeteria, state-of-the-art fitness facilities and a 127-seat auditorium and conference center. Wells Fargo is providing the five-year loan facility.

August 7, 2015

Loans Midwest Mixed-Use Ohio

Love Funding Secures $15.3M Loan to Turn Historic Cleveland Block into Apartments

by Jonathan Mehall August 6, 2015

CLEVELAND — Love Funding has closed on a $15.3 million loan to renovate a large, historic city block in downtown Cleveland into a loft apartment community. West 25th Street Lofts will offer 83 market-rate loft apartments in four adjacent buildings in Cleveland’s Ohio City neighborhood, including one that was originally constructed in 1866 to house the Jacob Beahr Brewery. In short, the apartments will replace a vacant group of buildings on West 25th Street. The developers of the $27.4 million project are Rick Foran of Foran Group Development LLC and Chris Smythe of Smythe Property Advisors LLC. Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. The loan was originally slated to be finalized in 2014, but the closing of a charter school in one of the newer buildings enabled the development team to add another 22 units to the project, according to Love Funding. Since then, the immediate area has benefited from further development, leadingUSA Today to name the area one of the 10 “up and coming” neighborhoods in the United States. …

August 6, 2015

Loans Multifamily Texas

Churchill Capital Arranges $4.7M Acquisition Loan for Dallas Apartment Complex

by Haisten Willis August 6, 2015

DALLAS — Churchill Capital Co. of Dallas has arranged a $4.7 million loan for the acquisition and improvement of a 173-unit Class C multifamily community located at 1810 John West Road in northeast Dallas. The Buckner Village Apartments are garden-style, one- and two-story units with one-, two- and three-bedroom floor plans. The 7.6-acre complex was fully renovated in 2009 and features gated access, a pool and a playground. Duke Stone and Steve Forson of Churchill Capital arranged the three-year, floating-rate loan through a local bank on behalf of the borrower, JAG Re-Development.

August 6, 2015

Marymount University Ballston Center Campus

Loans Mixed-Use Southeast Virginia

HFF Arranges $62.5M Construction Loan for Mixed-Use Tower in Metro D.C.

by John Nelson August 6, 2015

ARLINGTON, VA. — HFF has arranged $62.5 million in financing for the development of the leasehold interest in 1008 North Glebe, a planned 15-story, 267-unit apartment and retail tower in Arlington, a northern Virginia suburb of Washington, D.C. The Shooshan Co. will develop the Class A property on Marymount University’s Ballston Center Campus, located at the intersection of North Glebe Road, North Fairfax Drive and I-66 in the Rosslyn-Ballston Corridor. Adjacent to the new project will be a 165,000-square-foot classroom/office building owned by Marymount University. The combined project is slated for a spring 2017 completion. Sue Carras, Walter Coker and Brian Crivella led HFF’s debt placement team to arrange the construction loan through SunTrust Bank.

August 6, 2015

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