Loans

Meridian Capital Arranges $60.3M in Construction Financing for Astoria Multifamily Development

by Amy Works January 14, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $44.8 million loan and $15.5 million in joint-venture equity for the construction of a multifamily property in the Astoria neighborhood of Queens. The three-year, interest-only loan, which was provided by CIT Real Estate Finance, features a LIBOR-based, floating-rate and two one-year extension options. Glenmont Capital Management provided the $15.5 million joint-venture equity. Tal Bar-Or of Meridian Capital Group negotiated the transactions. The undisclosed sponsor plans to develop a 143,320-square-foot structure on the site, which is located at 31-53 31st St. and was acquired through an off-market transaction. The property will feature 114 apartments, parking, retail space, storage and a community facility. On-site amenities will include a 24-hour doorman, sound-proof construction, on-site parking, a laundry room, bicycle storage, a media room, a fitness and yoga room, grocery storage, tenant storage and rooftop decks for grilling and lounging.

January 14, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Closes $12.4M Financing for Affordable Housing Community in Largo

by John Nelson January 14, 2015

LARGO, FLA. — Housing Trust Group (HTG) has closed on the financing of Whispering Palms Apartments, a $12.4 million, 63-unit affordable housing community in Largo. HTG will develop the property on a 4.4-acre site at 601 16th Ave. S.E. HTG secured the financing through Raymond James Tax Credit Fund equity raised from the purchase of Florida Housing Finance Corp. low-income housing tax credits; construction and permanent debt financed by JP Morgan Chase and First Housing Development Corp.; and a loan from the Pinellas County HOME Investment Partnership loan program. Whispering Palms Apartments will feature a clubhouse, pool, fitness center, playground, computer lab and four units specifically for special needs families.

January 14, 2015

Kentucky Loans Retail Southeast

A10 Capital Funds $4.3M Acquisition Loan for REO Retail Property in Louisville

by John Nelson January 14, 2015

LOUISVILLE, KY. — A10 Capital has funded a $4.3 million bridge loan for the acquisition of the Shoppes at Forest Green, an unanchored shopping center located at 10001 Forest Green Blvd. in Louisville. The loan is secured by the real estate-owned (REO) property and provided approximately 70 percent leverage. Michael Singh of A10 Capital structured the non-recourse loan on behalf of the borrower, BRAD Management. The loan will be used to fund the acquisition, as well as provide committed funds for a future tenant improvement facility.

January 14, 2015

Loans Midwest Minnesota Mixed-Use Office Retail

NorthMarq Secures $18.4M Loan for Marquee Place in Wayzata, Minn.

by Danielle Everson January 13, 2015

WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

January 13, 2015

Loans Massachusetts Multifamily Northeast

HFF Arranges $50.15M Sale, $21.2M Financing for 136-Unit Massachusetts Multifamily Property

by Amy Works January 13, 2015

BROOKLINE, MASS. — HFF has arranged the $50.15 million sale of a 136-unit multifamily property located at 1440 Beacon St. in the Coolidge Corner neighborhood of Brookline. Additionally, the firm arranged $21.2 million in financing for the acquisition. HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Co. An affiliate of Visconsi Cos. Ltd. purchased the asset, which will be managed by Samuel & Associates. The 15-year, fixed-rate acquisition loan was arranged through New York Life Real Estate Investors. The transit-oriented residential community, which has direct access to MBTA’s Green Line, features a mix of studio and one-bedroom apartments. On-site amenities include a parking garage, patio area with gas grills, and a fitness center. Mark Campbell, Coleman Benedict, Ben Sayles and Jackie Meagher of HFF represented the seller in the deal. Greg LaBine, also of HFF, led the firm’s debt placement team that arranged the financing.

January 13, 2015

Loans Massachusetts Northeast Retail

NorthMarq Capital Arranges $10.3M in Refinancing for Massachusetts Retail Property

by Amy Works January 12, 2015

MILFORD, MASS. — NorthMarq Capital has arranged $10.3 million in refinancing for Quarry Place II, a retail property located at 99-103 Cedar St. in Milford. The 55,000-square-foot property is anchored by The Sports Authority. The transaction was structured with a 10-year term and 25-year amortization schedule. Joseph Hegenbart and Ryan Demadis of NorthMarq Capital’s Boston office arranged the financing for the borrower, Quarry Place II LLC, through NorthMarq’s relationship with a regional bank.

January 12, 2015

Illinois Loans Midwest

Aries Capital Closes $2.4 Million Loan for Lincoln Park Apartments

by Danielle Everson January 12, 2015

CHICAGO — Aries Capital has brokered a $2.4 million Fannie Mae loan for an apartment building in Chicago. The property is located at 854 W. Armitage St. in Chicago’s Lincoln Park neighborhood. The building features five newly remodeled apartment units and ground level retail leased to a local business. Eric Jones of the firm’s Chicago office secured the 10-year, non-recourse loan for the borrowers, Douglas Crocker II and partners. The loan features a 4.23 percent interest rate and a 30-year amortization schedule. The fixed-rate loan represented 115 percent of the total cost basis.

January 12, 2015

Florida Loans Multifamily Southeast

Integra Real Estate Capital Arranges $22.5M Acquisition Loan for Embassy Crossing

by John Nelson January 9, 2015

PORT RICHEY, FLA. — Integra Real Estate Capital has secured a $22.5 million bridge loan for the acquisition of Embassy Crossing, a 333,850-square-foot shopping center in Port Richey. Embassy Crossing’s tenant roster includes Sports Authority, Bed Bath & Beyond, Ross Dress for Less, Michael’s, Books-A-Million, Lane Bryant, Bealls Outlet, Famous Footwear, Mercantile Bank, Petco, Scottrade, Chili’s Grill & Bar and Olive Garden. Meyer Perlman of Integra arranged the interest-only, non-recourse loan through an unnamed balance sheet bridge lender on behalf of the borrower, a New York-based buyer.

January 9, 2015

Piccadilly Apartments Goodlettsville Tennessee

Loans Southeast Tennessee

Financial Federal Bank Arranges Two Multifamily Refinance Loans Totaling $20.7M

by John Nelson January 9, 2015

GOODLETTSVILLE, TENN. — Memphis-based Financial Federal Bank has arranged two refinance loans for apartment communities in Goodlettsville, roughly 14 miles north of Nashville. Steve Curnutte of Financial Federal Bank’s Nashville office arranged the $13.4 million refinance of the 434-unit Piccadilly Apartments and the $7.3 million refinance of the 200-unit Nottingham Apartments. Both apartment communities were more than 95 percent occupied at the time of refinancing. Curnutte arranged the two 10-year, fixed-rate loans through Freddie Mac. The loans feature interest rates below 4 percent, 30-year amortization schedules and five years of interest-only payments.

January 9, 2015

Loans Midwest Minnesota Office

NorthMarq Secures $10.7M Loan for Office Property in Minnetonka, Minn.

by Danielle Everson January 8, 2015

MINNETONKA, MINN. — NorthMarq Capital’s Minneapolis office has arranged $10.7 million in acquisition financing for the Williston Business Center, a 354,730-square-foot office property in Minnetonka. Patrick Minea and Dan Trebil of NorthMarq arranged financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company.

January 8, 2015

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