GROVE CITY, OHIO — RED Mortgage Capital LLC has provided a $2.3 million, FHA insured 221(d)(4) mortgage loan for the rehabilitation of Harrisburg Station Apartments in Grove City. RED Mortgage Capital provided the loan for Colonial American Development Corp. as part of a complex financing package. The package included 9 percent Low Income Housing Tax Credits (LIHTCs) along with Flex and Housing Development Assistance Program (HDAP) loans provided by the Ohio Housing Financing Agency (OHFA). Harrisburg Station is a 60-unit, fully occupied Section-8 apartment complex that was originally built in 1972. More than $44,000 per unit will be spent on repairs and improvements. These improvements will include replacement of windows, doors, flooring, kitchen cabinets, countertops, vanities and appliances, as well as the installation of new Energy Star split-system heat pumps.
CARY, N.C. — HFF has arranged $29.7 million in acquisition financing for Tradition at Stonewater, a 351-unit, Class A apartment community located at 12000 Wisdom Drive in Cary, roughly 35 minutes northwest of Raleigh. Matthew Schoenfeldt, Jason Bond, Travis Anderson and Ryan Clutter of HFF arranged the seven-year, fixed-rate loan through Allianz Real Estate of America Inc. on behalf of the borrower, Banner Apartments LLC. Tradition at Stonewater’s amenity package includes a resort-style saltwater swimming pool, outdoor lounge, summer kitchen, fitness center, theater, business center and a gated dog park.
VISALIA, CALIF. – Laurel Court at Quail Park, a 40-unit memory care community in Visalia, has received a $9.4-million refinance. The facility is located at 5050 W. Tulare Ave. It is operated by Living Care Lifestyles. The cash-out refinance was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s correspondent relationship with a life insurance company.
MIAMI — A group of banks led by Regions Bank has provided a $76 million construction loan for the 387-unit 1010 Brickell condominium project in Miami’s Brickell Financial District. Miami-based developers Key International and 13th Floor Investments received the mortgage from Regions Bank, Mercantil Commercebank and City National Bank of Florida. According to Key and 13th Floor, the property is 94 percent pre-sold. The developers broke ground on 1010 Brickell in September and plan to deliver it in 2017. The units will range from studios to three bedrooms, and the property’s amenity package will include a rooftop lounge and pool, a spa, playground and executive business center. Prices for the individual condominium units range from the mid $400,000s to $1.3 million. Sieger Suarez Architectural Partnership designed the property.
PARSIPPANY, N.J. — Angelic Real Estate has secured $7.85 million in financing for the acquisition of three office buildings, 10 and 30 Lanidex and 299 Cherry Hill in Parsippany. A joint venture between Red River Asset Management and Lincoln Property Co. purchased the properties, which included excess land at 20 Lanidex that currently serves as additional parking. The joint venture immediately resold one of the buildings to an affiliate of Grammercy Property Trust. CorAmerica/Colony Capital provided the acquisition financing and loan. The portfolio was approximately 67 percent leased at the time of sale. Gabriel Silverstein and Louis D’Lando of Angelic Real Estate brokered the transaction.
FRANKLIN, N.J. — Cronheim Mortgage has arranged $4 million in financing for Franklin Shopping Center, a retail center located along the Route 23 retail corridor in Franklin. The 56,100-square-foot retail center features a mix of national and regional tenants, including ShopRite Liquors, Dollar Tree and Mandee, among others. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing.
DENVER – Boulder Tech Center, a 169,596-square-foot flex/research and development campus in Boulder County, has received an $8-million loan. The four-building campus is located at 6400 and 6450 Dry Creek Parkway and 6325 and 6450 Monarch Parkway. The non-recourse, 10-year loan features an interest rate of 3.7 percent and a 25-year amortization schedule. It was arranged by Stephen P. Bye of NorthMarq Capital’s Denver regional office.
MIAMI — Cohen Financial has secured a $48.8 million land acquisition loan for 300 Biscayne Blvd. in downtown Miami, which will be the site of the Empire World Towers, two 93-story mixed-use towers. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Cohen Financial secured the loan through an unnamed global investment manager on behalf of the borrower, Property Markets Group (PMG). PMG purchased the two-acre, L-shaped site for $80 million.
WINSTON-SALEM, N.C. — NorthMarq Capital has arranged the $29 million refinance of Madison Park Office Complex, a seven-property office campus in Winston-Salem. The 485,954-square-foot park is located at 5660 and 6550 University Parkway in Winston-Salem. The office park’s tenant roster includes Lowe’s, Blue Cross Blue Shield and National General Insurance. Keith Braddish of NorthMarq’s New York metro office arranged the 10-year loan with three years of interest-only payments and a 30-year amortization schedule through Wells Fargo.
SAN BERNARDINO, CALIF. – The Glen at University Park, a 520-bed student housing development near California State University, San Bernardino, has received a $40.8-million construction loan. The new development will be located at the northwest corner of University Parkway and West Northpark Boulevard, directly across from the university. Community amenities will include a 7,000-square-foot recreational building with a fitness center, community lounge, media/gaming areas, a business center and study rooms. Outdoor amenities include a resort-style swimming pool, outdoor kitchen, barbecue area and open green space. The Glen at University Park is the final phase of the 132-acre University Park master-planned community, which commenced construction in 2003. It includes a mix of residential and student housing, public park space and retail options. The new student housing complex is scheduled for completion next September. The development is a joint venture between University Park Promenade & Shops and Capstone Development Partners. University Park Promenade & Shops is an affiliate of J.R. Watson & Associates. The Glen at University Park is being built by Bowlus Pacific. The three-year, floating-rate loan was arranged by HFF’s Adam Herrin and Charles Halladay. It was placed with Bank of the Ozarks.