ORLANDO, FLA. — Los Angeles-based Thorofare Capital has provided a $12 million acquisition loan for Four Points by Sheraton Orlando Studio City. The 301-room hotel is located on International Drive in Orlando and is directly across from Universal Orlando Resort. The seller, a New York City-based asset management firm, previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner. The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of high-net-worth and institutional investors. Thorofare has funded in excess of $500 million across 26 states since 2011.
LOS ANGELES — Watt Plaza, a 903,000-square-foot office complex in Los Angeles, has received a $220 million refinance. The complex includes twin 23-story office towers and a 10-story parking structure. Watt Plaza is located at 1875 Century Park East. It was built in 1982. The complex was the first building in the Los Angeles submarket of Century City to receive LEED-Platinum certification. The complex has undergone $42 million worth of renovations since 2003. It is occupied by a mix of legal, accounting and financial services firms. Convenient services at the plaza include a Chase Bank, Starbucks and FedEx store. The 15-year, fixed-rate loan was provided to the Watt Companies by Prudential Mortgage Capital Company. This is the commercial mortgage lending business of Prudential Financial Inc.
WESTMONT AND HIGHLAND PARK, ILL. — Berkadia’s Chicago office has secured two loans, totaling $9.1 million, for two properties in Westmont and Highland Park. In Westmont, Bob Toland and Michael Slovitt of Berkadia arranged a $6.5 million loan for the acquisition of a two-tenant retail center, which is occupied by Hobby Lobby and Micro Center. Berkadia provided the 10-year loan through a life insurance company correspondent on behalf of the borrower, SCP Realty Fund II – Westmont LLC. In the second transaction, Aaron Abelson and Slovitt of Berkadia secured a $2.6 million loan to facilitate the acquisition of Fresenius Medical Care Highland Park, a dialysis treatment center in Highland Park. Berkadia arranged the 20-year loan through a life insurance company correspondent for the borrowers, Shepard-Warrenville I LLC and Shepard Warrenville II LCC.
ST. PAUL, MINN. — Dougherty Mortgage LLC has closed a $12.3 million HUD 221(d)(4) loan for the construction of The Cambric, an affordable seniors housing community in St. Paul. Restricted to residents 55 years of age or older, the property will offer 113 apartments units, with 23 set aside at fair market rates. Dougherty’s Minneapolis office arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VI LLLP.
PHILADELPHIA — Berkadia has arranged an $80.4 million loan for the acquisition of ICON 1616, a multifamily property located at 1616 Walnut St. in Philadelphia. The borrower, Castle Rock Equity Group, will use the loan toward the $112 million acquisition of the property. Yuri Kletsman of Berkadia secured the 10-year, fixed-rate loan through Berkardia’s Fannie Mae DUS Program. Terms of the loan include a 4.06 percent interest rate and a 30-year amortization schedule. The financing also incorporated the property’s PILOT program and historic tax credits. Built in 1929, the 25-story property features 206 studio, one-, two- and three-bedroom floor plans. Community amenities include a sky deck with 360-degree views; a grilling station; herb garden and outdoor living area; a yoga studio; a club level with a kitchen, billiard tables, flat-screen televisions and a large-screen media room; and a business center with computers, printers and conference rooms.
BEAR, DEL. — HFF has arranged $45 million in financing for Christiana Meadows, a multifamily property located in Bear. The 10-year loan, which features a 3.62 percent fixed rate, was secured for the borrower, a joint venture between The Commonwealth Group and The Emory Hill Companies. Proceeds of the loan will be used to refinance existing debt on the property. Located at 265 Bear Christiana Road, the 54-building property features 648 one- and two-bedroom apartment units. On-site community amenities include an Olympic-sized swimming pool, sauna, hot tub, playground, tennis court and clubhouse with fitness center and large conference room. At the time of financing, the property was 92 percent occupied. James Conley and Mike Pagniucci of HFF arranged the financing.
HOUSTON — Suzanne Jones of NorthMarq Capital’s Dallas office has negotiated a $23.3 million acquisition loan for Braesridge Apartments, a 542-unit multifamily property located at 11100 Braesridge Drive in Houston. The 10-year loan includes three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
TULSA, OKLA. — KeyBank Real Estate Capital has secured a $7.8 million non-recourse, CMBS first mortgage for Wimbledon Place Apartments. The 292-unit, garden-style apartment community is located in Tulsa. John Loshbaugh of KeyBank’s commercial mortgage group arranged the financing.
MOBILE, ALA. — The Memphis office of Financial Federal Bank has arranged an $18 million acquisition loan for The Campus Quarters Apartments in Mobile. The 533-bed student housing property, located one block from the University of South Alabama campus, was built in 2012. The property’s 165 units were 93 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, fixed-rate loan with 40 months of interest-only payments and a 30-year amortization schedule through their relationship with a national CMBS lender.
HOUSTON — Q10 KDH vice president Larry Peters has arranged $2.8 million in permanent financing for a mixed-use center in Houston through correspondent insurance company lender Symetra. Built in 1974 and located in north Houston, the mixed-use center offers 56,206 square feet of space divided into 75 percent retail use and 25 percent warehouse space.