SAN JOSE, CALIF. — A 181,800-square-foot, Class B research and development industrial property in the Silicon Valley submarket of Milpitas has received a $26.2 million loan. The loan will refinance the property and fund its renovation. The credit facility contains a $12.4 million short-term loan, along with future funding of $13.8 million for capital expenditures, tenant improvements, leasing commissions and other expenses. The borrower is Stephens & Stephens LLC, the industrial real estate investment arm of D.R. Stephens & Company. The loan was provided by Calmwater Capital, formerly known as Karlin Real Estate Lending.
DALLAS — Metropolitan Capital Advisors (MCA) has arranged a senior secured credit facility for Austin-based Bandon Holdings LLC, the largest Anytime Fitness franchisee in Texas and the third largest in the United States. Bandon owns and operates 17 Anytime Fitness health and fitness clubs across Central and North Texas. The credit facility was made up of a term loan and development/acquisition line of credit secured by leasehold and business assets. The loan was used to retire existing debt. The line of credit will fund the development and acquisition of additional Anytime Fitness locations as well as planned renovations and equipment purchases/upgrades over the next three years. MCA secured the credit facility with BBVA Compass. Sunny Sajnani of MCA arranged the financing.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6.2 million cash out refinancing for a portfolio of four apartment properties consisting of 116 units located in Dallas. The non-recourse loan featured a 10-year term with 4.6 percent interest, a 30-year amortization schedule and three years of interest-only payments. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
ATLANTA — Cushman & Wakefield has arranged the $13.5 million refinancing of 109 of the 155 apartment units at ATLofts at Atlantic Station in Atlanta. Mike Ryan, Telly Fathaly, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s Atlanta office arranged the loan through GE Capital on behalf of the undisclosed owner, which will use the funding to refinance existing debt on the property, as well as purchase additional units at ATLofts. Atlantic Station is 1.4 million-square-foot mixed-use development in Midtown Atlanta that features Class A office towers, retail space, restaurants, entertainment venues, student housing, apartment residences, condominiums and a hotel.
PORT CHESTER, N.Y. — New York Life Real Estate Investors originated a $120 million loan for Port Chester Shopping Center, a 507,000-square-foot center anchored by Whole Foods and Kohl’s. The property is located on Boston Post Road in Westchester County. The 15-year loan was made to a joint venture between Depa USA and AVR Realty.
HUMBLE, TEXAS — Brandon Brown of LMI Capital has arranged $9 million in debt for the refinancing of a garden-style apartment complex in Humble. Brown worked on behalf of the borrower to obtain a fixed-rate loan featuring three years of interest-only payments to refinance the existing debt 12 months before the loan comes to term. With the new, 10-year loan, the borrower significantly reduced his interest expense and recaptured the equity injected during the property’s rehab.
KENNESAW, GA. — CBRE Capital Markets has secured $78 million in acquisition and construction financing for Kennesaw Marketplace, a 288,000-square-foot retail shopping center located in Kennesaw, a northern suburb of Atlanta. Located at the intersection of Barrett Parkway and Georgia Highway 41, Kennesaw Marketplace will bring Whole Foods, Academy Sports and a mix of national and local tenants to the area. Construction is expected to commence immediately and will be completed by the third quarter of 2016. Jeffrey Ackemann, Jonathan Rice and Robert LaChapelle of CBRE’s Atlanta office arranged the three-year, non-recourse loan through Heitman Real Estate on behalf of a joint venture between Fuqua Development and Batson-Cook Development.
SIDNEY, MONTANA – A 22.5-acre, mixed-use development site in Sidney has received a $1.4 million loan. The site is located along East Holly Street in east-central Montana, near the North Dakota border. The development site contains 18 lots within the Sunrise Village subdivision. The project features 11 lots zoned for residential and seven lots zoned for commercial use. The developer is American Land Development-Sidney LLC, an affiliate of American Land Development Corp. The three-year, interest-only financing was closed by Kennedy Funding Financial LLC, which will also service the loan.
DAYTONA BEACH, FLA. — Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach. The Silver Spring, Md.-based developer is building student residence facilities that will be leased back to BCU. Brian Boland of Phillips Realty Capital structured the financing with a lender that specializes in credit tenant-lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term. Quantum’s 1,206-bed residence hall project will include four student housing buildings at two different locations on the BCU campus. The completed residence halls’ design includes high-efficiency energy systems and student amenities. Each student housing building will comprise exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas will include multipurpose rooms, as well as fitness, lounge and laundry facilities. Construction is underway, with Phase I expected to be completed in January 2016. Completion of Phase II is expected in June 2016.
WAKEFIELD, MASS. — Walker & Dunlop has closed a $19.52 million Fannie Mae fixed-rate loan for True North Capital Partners’ acquisition of Wakefield Vista Apartments, a 114-unit property located in Wakefield. The property, which was built in 2013, is located 12 miles north of Boston and features one- and two-bedroom units, with 25 percent of the units set aside for families earning less than 80 percent of the area’s median income. Property amenities include a fitness center, garage parking, in-unit washers and dryers, and a community room with a fireplace and lounge area. Steve Natale and Bill Battaglia led the Walker & Dunlop team that worked with Fannie Mae to structure a 12-year fixed-rate loan with four years of interest-only, with a 77 percent loan-to-purchase price ratio. This is the borrower¹s fifth acquisition in the Boston area.