PITTSBURGH — First Niagara’s Commercial Real Estate Group has closed a $40 million loan with PMC Property Group for a mixed-use property in downtown Pittsburgh. Proceeds of the loan will go to the continued redevelopment of the property, which will include 241 multifamily units, 133,000 square feet of office space and 6,200 square feet of retail space, including two restaurants and a coffee and juice bar. Located at 425 Sixth Ave., the 30-story skyscraper was originally built in 1953 as the headquarters of the Aluminum Company of America. Being developed by PMC Property Group, the property is slated for completion by March 2016. Strada is the architect of the project.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million of financing collateralized by three properties located in Queens. The undisclosed borrower is using the proceeds of the loan to close a separate acquisition in New York. The collateralized properties include 163-05 Archer Ave., a 32,471-square-foot retail building in Jamaica, Queens; 163-25 Archer Ave., a development site with 700,000 buildable square feet; and a newly developed condominium building in Flushing, Queens. MRC was able to close the transaction within six days of sourcing the opportunity.
FRAMINGHAM, MASS. — NorthMarq Capital has secured $1 million in acquisition financing for a 21,940-square-foot warehouse/office property located at 223 Arlington St. in Framingham. The loan, which was provided by a local bank, features a fully amortizing 20-year term. Ed Reikstins of NorthMarq’s Boston office arranged the financing for the undisclosed borrower.
MACON, GA. — Dougherty Mortgage LLC has closed a $9.6 million Fannie Mae loan for the refinancing of Rutland Place Apartments, a 228-unit multifamily property located in Macon. The apartment community features one-, two- and three-bedroom floorplans, as well as a fitness center, two swimming pools, onsite laundry facility and a clubhouse. Dougherty’s Nashville office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Rutland Apartments LLC.
GRANITE BAY, CALIF. — Cain Brothers Funding LLC, the mortgage banking affiliate of Cain Brothers, has arranged a $13.7 million mortgage loan for Eskaton Lodge Granite Bay, a 105-unit nonprofit assisted living facility in Northern California. The proceeds of the FHA loan were used to retire existing bank debt and an interest rate swap. As a result of the refinancing, Eskaton was able to eliminate the risks associated with the bank debt/swap structure and replace it with a 35-year fully amortizing loan with a fixed mortgage note interest rate of 3.07 percent.
DALLAS, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $924,000 purchase loan for a 16-unit apartment property located in Dallas. The five-year loan includes a 3.9 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.
HARTFORD, CONN. — Integra Real Estate Capital has advised a $65 million loan for the acquisition of Constitution Plaza in Hartford. The five-building complex offers 665,000 square feet of office space and 1,743 parking spaces. Meyer Perlman of Integra advised the borrower, a New York-based investment group, on the three-year non-recourse loan, which was provided by a national balance sheet lender.
LEANDER, TEXAS — Dougherty Mortgage LLC has secured a $7.7 million Fannie Mae loan for the refinancing of Merritt Legacy Apartments, a 208-unit multifamily affordable housing property located in Leander. The 15-year loan includes a 35-year amortization schedule and was arranged by Dougherty’s Dallas office. Amenities include Energy Star appliances, washer and dryer connections, large closets and private patios or balconies with extra storage. Property features include a pet-friendly environment with pet stations, a pet park, library, fitness center, covered parking, swimming pool, barbecue grills and picnic tables.
CONSHOHOCKEN, PA. — The Carlton Group has arranged a bridge loan of $18.5 million in senior debt to facilitate the development of a two-property multifamily complex located in Conshohocken. Plans for the 318- and 270-unit multifamily properties, located at 401 and 433 Washington St., are pending final approval. Stephen Scorgie, Brendan Sullivan, Michael Campbell and Andrew Karaan of The Carlton Group managed the transaction. The sponsor of a deal is a local developer.
JACKSONVILLE, FLA. — HFF has arranged $50 million in acquisition financing for Thornton Park, a 474-unit, Class A apartment community located at 8450 Gate Parkway W. in Jacksonville’s Southside submarket. The developer, Epoch Residential, is using the loan to purchase the apartment community outright. The acquisition marks Epoch Residential’s first purchase in its 45-year history. Completed in 2008, the apartment community features two resort-style swimming pools and spas, a picnic area with barbecue grills, playground, indoor basketball court, fitness center, clubhouse, library, billiards room, sports bar and detached garages. Elliott Throne and Brett Moss of HFF arranged the three-year, floating-rate loan through Colony Mortgage Capital.