LAS VEGAS — NorthMarq Capital has arranged the $16.85 million refinance of Trop Dec Plaza, a 74,824-square-foot retail property located on Tropicana Avenue in Las Vegas. The transaction was structured with a 10-year term, and has a 30-year amortization schedule. Scott Monroe of NorthMarq arranged financing for the borrower with a CMBS lender.
ODESSA, TEXAS — NorthMarq Capital’s Denver office has arranged $29.3 million in financing for Andalucía Villas located at 5075 E. 52nd St. in Odessa. Constructed between 2012 and 2013, the community consists of 402 units contained in 17 two- and three-story residential buildings. Property amenities include gated access, business and 24-hour fitness centers, putting green, bocce ball court, splash pad, three onsite dog parks, outdoor pool and fireplace along with four barbecue areas. Units have washer/dryers, tile flooring, built-in decks and, in select units, garages, and garden bathtubs. Greg Benjamin and Jeff DeHarty of NorthMarq arranged the financing for the borrower, a division of Weidner Investment Services Inc.
NEW YORK CITY — Meridian Capital Group has arranged a $35 million loan for the refinancing of the Windsor Tower of Tudor City Place, a residential property located at 5 Tudor City in Manhattan’s Midtown East neighborhood. The 30-year loan, provided by a life insurance company, features a 3.9 percent fixed rate and a 40-year amortization schedule. The residential tower features 795 units. Steven Geller and Nicoletta Pagnotta of Meridian Capital negotiated the financing for the borrower, Windsor Owners Cooperative.
FRANKLIN COUNTY, PA. — Kennedy Funding Financial LLC has closed a $3.4 million loan for a multi-building industrial property located in Franklin County. The two-year interest-only loan was secured by Foremost Realty Holdings, an affiliate of Foremost Industries. The lender was Foremost Realty Lender and the funding will be serviced by Kennedy Funding. The undisclosed borrower will use the proceeds to pay off an existing mortgage and secure a first lien. The collateral consists of a 260,000-square-foot, three-building property situated on 52.6 acres at 6100 Buchanan Trail West in Montgomery and Peters Townships, Franklin County.
GREENSBORO AND HIGH POINTE, N.C. — HFF has secured financing totaling $49.8 million for a three-property apartment portfolio spanning 811 units in Greensboro and High Pointe. The properties include Steeplechase at Adam’s Farm located at 1338 Adams Farm Parkway in Greensboro; Park Forest located at 3214 Brassfield Road in Greensboro; and Deep River Pointe located at 3971 River Pointe Place in High Pointe. Each apartment community features swimming pools with sundecks, 24-hour fitness centers, business centers, tennis courts and walking trails. The portfolio’s average occupancy is 96 percent. Thomas Didio and Luke Vanderpoel of HFF arranged the 10-year, fixed-rate Freddie Mac loans on behalf of the borrower, Hudson Capital Properties.
LOS ANGELES – A 30-unit apartment community in Los Angeles has received a $3.9 million acquisition loan. The community is located at 1135 Grand View Street in the Westlake submarket. It was purchased by the Armor Family Trust. The five-year loan features a fixed interest rate of 3.2 percent. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office. It was provided by Wayne D. McCoy of OneUnited Bank.
NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.
WALLINGTON, N.J. — NorthMarq Capital has arranged $16 million in refinancing for Wallington Plaza, a retail property located at 375 Paterson Ave. in Wallington. ShopRite Supermarket is the major tenant at the 92,823-square-foot retail property. Robert Ranieri of NorthMarq Capital arranged the ground-lease financing, which features a seven-year term and 30-year amortization schedule, through a regional bank. The borrower was not released.
VICTORVILLE, CALIF. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refinance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability company, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.
DALLAS — NXT Capital has provided a $22.3 million first mortgage loan to finance the acquisition of two multifamily properties located in Dallas. The two properties total 394 units. Both properties provide access to I-635, eastern Dallas and Uptown Dallas. One of the properties offers two swimming pools and a fitness center, and the other property offers a swimming pool and a clubhouse. Andy Scott of HFF’s Dallas office placed the loan. NXT Capital’s real estate finance group primarily serves experienced real estate investors with non-recourse first mortgages of $10 million to $40 million for major-market properties.
