Loans

Meridian Capital Arranges $27.5M Loan for 720-Unit Multifamily Project

by Amy Works May 28, 2015

NEW YORK CITY — Meridian Capital Group has arranged $27.5 million in bridge financing for a development site located at 77 Commercial St. in Brooklyn. The borrowers are Chetrit Group and Clipper Equity. The two-year loan, funded by a regional balance sheet lender, features a fixed-rate and interest-only payments for the full term. The borrowers plan to transform the site, situated on the Greenpoint waterfront, into a 750,000-square-foot, 720-unit residential development. Aaron Brinbaum and Tal Savariego of Meridian’s New York City office negotiated the loan.

May 28, 2015

Loans Michigan Midwest Multifamily

Pillar Originates $8.7M HUD Loan for Multifamily Property in Michigan

by Amy Works May 28, 2015

HASLETT, MICH. — Pillar, a Guggenheim Partners affiliate, has originated an $8.7 million 223(f) HUD Loan for Benson Hills Apartments and Townhomes in Haslett, a suburb of East Lansing, Mich. The borrower is MF Capital LLC. The property features 226 one- and two-bedroom apartment units. David Wilkins of Pillar originated the fixed-rate, 35-year loan, which features a 35-year amortization schedule. Kevin Kovachevich of Bernard Financial brokered the financing.

May 28, 2015

Loans Michigan Midwest Mixed-Use

Bernard Financial Arranges $6.8M HUD Loan in Downtown Detroit

by Amy Works May 28, 2015

DETROIT — Bernard Financial Group has arranged a $6.8 million HUD loan for the Moon Building on Woodward Avenue in downtown Detroit. The property features 42 apartment units and 5,000 square feet of retail space. The borrower is Moon Building at Merchants Row. Proceeds from the loan will be used to restore the building, as well as construction projects. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.

May 28, 2015

Loans Office Southeast Virginia

DTZ Arranges $83M Loan for Office Portfolio in Metro D.C.

by John Nelson May 28, 2015

HERNDON, VA. — DTZ has secured $83 million in financing for Woodland Park, a three-building office portfolio located in Herndon, a Virginia suburb of Washington, D.C. The 480,324-square-foot portfolio — comprising Plaza Ridge II and South Point I and II — is currently 96 percent leased. John Campanella arranged the 10-year, fixed-rate loan through an unnamed bank on behalf of the borrower, a joint venture between AEW Capital Management and American Real Estate Partners.

May 28, 2015

California Loans Multifamily Western

GH Palmer Receives $81M to Purchase The Paseos at Montclair North

by Nellie Day May 27, 2015

MONTCLAIR, CALIF. — GH Palmer Associates has received an $81-million bridge loan to purchase The Paseos at Montclair North, a 385-unit luxury multifamily community near Ontario. The community is located at 4914 Olive Street. The Paseos is situated directly across from Montclair Plaza regional mall. It is one block south of the Metro link commuter rail. The property features one-, two- and three- bedroom units with amenities like gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances and walk-in closets. Community amenities include two resort-style pools, spas with cabanas and pool beds, a central park with a concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a fitness facility. The bridge financing includes a 3.23 percent rate, a five-year term and a 75 percent loan-to-value. Financing was secured by George Smith Partners (GSP). It was one of the last financings completed by GE Capital before its sale this past April. GSP previously secured $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property for the original developer back in 2012.

May 27, 2015

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $24M Loan for Orion Commerce Center

by Amy Works May 27, 2015

ORION TOWNSHIP, MICH. — Bernard Financial Group has arranged a $24 million non-recourse loan for Orion Commerce Center in Orion Township. Located off I-75, the property features 890,000 square feet of warehouse/distribution space. Ashley Capital LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan through a national CMBS lender.

May 27, 2015

Industrial Loans North Carolina Southeast

CBRE Arranges $58M Loan for 1.6M SF Industrial Portfolio in Charlotte

by John Nelson May 27, 2015

CHARLOTTE, N.C. — CBRE Capital Markets has arranged $58 million in financing for an eight-property, 1.6 million-square-foot industrial portfolio located in Charlotte. The portfolio is 100 percent leased and comprises warehouse and distribution facilities. Hal Kempson and Compton Newman of CBRE’s Charlotte office arranged the loan on behalf of Beacon Partners, which is using the loan to refinance the portfolio. TIAA-CREF provided the 15-year loan at a fixed interest rate.

May 27, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $9.6M Loan for Apartment Property in Minnesota

by Amy Works May 26, 2015

MOORHEAD, MINN. — Dougherty Mortgage has arranged a $9.6 million Fannie Mae loan for the refinancing of Summit Ridge Apartments in Moorhead, a suburb of Fargo, Minn. The 12-year loan features a 30-year amortization schedule. The borrower was Apartments at Johnson Farms LLC. The 125-unit apartment property features one-, two- and three-bedroom units with open floor plans, 9-foot ceilings on the first and second floors, vaulted ceilings on the third floor, walkout patios or balconies, in-unit washers/dryers and garages.

May 26, 2015

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $1.1M Loan for Multifamily Property in Michigan

by Amy Works May 22, 2015

DAVISON, MICH. — Bernard Financial Group has arranged a $1.1 million loan for Rising Estates, a multifamily property in Davison. The borrower is Rising Estate LLC. Dave Dismondy of Bernard Financial originated the loan, which was provided by Assurity Life Insurance Co.

May 22, 2015

Loans New York Northeast Office

HFF Arranges $38.1M in Equity for Manhattan Office Property

by Amy Works May 22, 2015

NEW YORK CITY — HFF has arranged a $38.1 million preferred equity investment in an office property located at 95 Morton St. in Manhattan’s Midtown South neighborhood. HFF worked on behalf of the owner, Brickman, to secure the preferred equity through a national REIT for the 205,000-square-foot Class A property. The capital will be used to complement existing low-leverage financing, support further lease-up and allow for additional base building capital improvements. Originally built in 1911, the property was renovated in 2000 and is 88 percent occupied by a variety of technology, advertising, media and information tenants. Jay Marshall, Christopher Peck and David Fowler of HFF secured the financing for the borrower.

May 22, 2015

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