Loans

Greystone Provides $30.5M in Acquisition Financing for Multifamily Portfolio in Piedmont Triad

by John Nelson February 4, 2015

GREENSBORO AND WINSTON-SALEM, N.C. — Greystone has provided $30.5 million in acquisition financing for four multifamily properties in the Piedmont Triad region of North Carolina. Vincent Langan of Greystone arranged the four Fannie Mae DUS loans on behalf of the borrower, Varden Capital Properties. The loan terms for all four properties include 10-year financing with 30-year amortization schedules and one year of interest-only payments. The apartment communities comprise a total 941 units and all offer amenities such as swimming pools, fitness centers, clubhouses and tennis courts. The properties in this portfolio include: Ashland Apartments in Greensboro; The Lakes on Meadowood in Greensboro; Ambercrest Apartments in Winston-Salem; and The Hunt Club Apartments in Winston-Salem.

February 4, 2015

Loans New Jersey Northeast Office Retail

HFF Arranges $221.8M Loan for 30-Property Retail, Office Portfolio

by Amy Works February 4, 2015

FLORHAM PARK, N.J. — Florham-based HFF, on behalf of Paramount Realty Services, has arranged $221.8 million in financing for an approximately 2 million-square-foot portfolio consisting of 30 retail, office and medical office properties in Pennsylvania and Maryland. The portfolio was 96 percent occupied at the time of closing. Jon Mikula, Jim Cadranell, Samuel Seiden and Michael Cerulo of HFF represented the borrower in the transaction. The financing was closed with a portfolio lender. Additional details of the deal were not released.

February 4, 2015

Loans Office Texas

HFF Arranges $50M in Financing for Office Building in Houston

by Haisten Willis February 3, 2015

HOUSTON — HFF has arranged $50 million in financing for 3040 Post Oak Blvd., a 427,486-square-foot, Class A office building in the Lakes on Post Oak complex adjacent to the Galleria in Houston. HFF worked on behalf of the borrower, MetLife Real Estate Investors, to secure the 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Co. HFF previously marketed and closed the sale of this property, which was purchased by the borrower. 3040 Post Oak Blvd. is located at the intersection of Post Oak Boulevard and Hidalgo in Houston’s Galleria/Uptown District. The property is 80 percent leased to 25 tenants including Bechtel Corp., Carriage Services and Wealth Design Group. Wally Reid Tyler Ford and Matthew Putterman led the HFF debt placement team.

February 3, 2015

Illinois Loans Midwest Office

Mesa West Originates $220M Loan to Refinance Chicago’s 1KFulton Office Building

by Danielle Everson February 3, 2015

CHICAGO — Mesa West Capital has provided Sterling Bay $220 million to refinance 1KFulton, a 10-story, 535,000-square-foot office building in Chicago’s West Loop. The property will serve as Google’s new regional headquarters. Other tenants include bicycle gear maker SRAM International Corp. and Venture Capital firm Sandbox Industries. The financing included $35 million of mezzanine debt, which was placed at closing with Morgan Stanley Real Estate Investing. The building features efficient floor plates up to 71,000 square feet with 11-foot floor-to-ceiling glass and 12-foot slab-to-slab height. Additionally, select property amenities include a subterranean parking garage, fitness center and unmatched rooftop common areas as well as easy access to the newly completed Morgan & Lake CTA stop located one block south of the property. Local development firm Sterling Bay acquired the former Fulton Market Cold Storage warehouse in 2012. The nearly 100-year-old vacant 10-story structure is now a state-of-the-art LEED Gold certified office and retail building. Michael Kavanau, Tim Joyce and Christopher Knight of HFF arranged financing. The building was 88 percent leased at the time of financing.

February 3, 2015

Indiana Loans Midwest

Vista Capital Co. Structures $10.9M of Financing for Homewood Suites in Indianapolis

by Danielle Everson February 3, 2015

INDIANAPOLIS — Vista Capital Co. has structured $10.9 million of financing for the Keystone Homewood Suites located in Indianapolis. Vista was able to negotiate non-recourse, fixed-rate financing with pricing below 4.5 percent. The 10-year capital will be used, in part, to fund a large renovation project. The financing was awarded to an affiliate of a European-based investment bank. Homewood Suites is a 116 all-suite, upscale, extended-stay hotel situated on the north side of Indianapolis.

February 3, 2015

Loans Midwest Minnesota

Dougherty Arranges $3.1M Fannie Mae Loan for Crest Oak Apartments

by Danielle Everson February 3, 2015

MINNEAPOLIS — Dougherty Mortgage has arranged a $3.1 million Fannie Mae loan for the acquisition of Crest Oak Apartments, a 60-unit multifamily affordable housing property located in Coon Rapids. The 12-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crest Oaks LLC. Crest Oak Apartments is nestled in a woodland setting, located within blocks of the Coon Rapids dam, parks and Mississippi trails.

February 3, 2015

Loans Multifamily Texas

M&M Capital Corp. Arranges $7M Loan for Apartment Complex in Metro Dallas

by Haisten Willis February 3, 2015

ARLINGTON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7 million loan for the purchase of a 252-unit apartment complex in Arlington. Sharone Sabar of MMCC’s Encino, Calif. office arranged the debt placement. John Barker, Mark Allen and Alexander Skotarek of Marcus & Millichap’s Fort Worth office represented the undisclosed seller in the transaction. Joshua Ross of the firm’s Encino office represented the undisclosed buyer. The 10-year loan included a fixed interest rate of 4.4 percent and a 78 percent loan-to-value ratio.

February 3, 2015

Loans Multifamily Texas

R3 Funding Arranges $6.25M Refinancing for Apartment Complex in Waco

by Haisten Willis February 3, 2015

WACO, TEXAS — R3 Funding has arranged a $6.25 million refinancing loan for The Highlands apartment complex, a 224-unit property in Waco. Located at 1600 Lake Shore Drive, The Highlands was purchased by its current owner in 2012, with occupancy around 70 percent at the time. Occupancy is now at 92 percent. The 10-year, fixed-rate Freddie Mac loan includes a 30-year amortization schedule and two years of interest-only payments.

February 3, 2015

Illinois Loans Midwest Multifamily Student Housing

KeyBank Secures $25.9M Loan for Illinois Student Housing Apartment Complex

by Danielle Everson January 30, 2015

EDWARDSVILLE, ILL. — KeyBank Real Estate Capital has secured $25.9 million in CMBS financing for Enclave West, a 552-bed student housing apartment complex in Edwardsville. Randy Martin of KeyBank Real Estate Capital Markets arranged a $22.7 million non-recourse, fixed-rate CMBS first mortgage and a $3.24 million full-recourse, fixed-rate life company mezzanine loan for the undisclosed borrower. Located 20 miles northeast of downtown St. Louis, the 98.4 percent occupied property was built in phases in 2013 and 2014. The property is the closest off-campus student housing property to the University of Southern Illinois Edwardsville.

January 30, 2015

Florida Loans Multifamily Southeast

NorthMarq Arranges $14.7M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson January 30, 2015

JACKSONVILLE, FLA. — NorthMarq Capital has arranged a $14.7 million acquisition loan for Park South at Deerwood Apartments, a 240-unit multifamily property located at 7932 Southside Blvd. in Jacksonville. Ory Schwartz of NorthMarq Capital’s Los Angeles office arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. Schwartz arranged the loan through an unnamed CMBS lender on behalf of the borrower, a private investor based on the West Coast.

January 30, 2015

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