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29105-29229-S-Western-Ave-Rancho-Palos-Verdes-CA
AcquisitionsCaliforniaLoansRetailWestern

Calmwater Capital Provides $12.3M Acquisition Loan for Western Plaza Shopping Center in Rancho Palos Verdes, California

by Amy Works

RANCHO PALOS VERDES, CALIF. — Calmwater Capital has provided Irvine-based West Hive Capital with $12.3 million in short-term first mortgage debt. The loan will fund the off-market acquisition and renovation of a neighborhood retail property in Rancho Palos Verdes, a coastal city south of Los Angeles. The three-year, interest-only, nonrecourse financing was secured by Western Plaza, a 44,000-square-foot shopping center at 29105-29229 S. Western Ave. A portion of the loan proceeds will be used to fund an extensive renovation of the property, which the seller owned for the past 60 years. West Hive plans to demolish one of three existing buildings and create a 3,000-square-foot outdoor patio. Additional improvements will include modernized storefronts and architectural façades, contemporary signage, new landscaping and a resurfaced, 119-space parking lot. Michael Guterman of BWE arranged the financing. Jason Ehrenpreis of CBM1 represented both parties in the acquisition and is the leasing broker for West Hive.

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ConnecticutHospitalityLoansNew YorkNortheastTop Stories

MCR, Building and Land Technology Secure $632M Refinancing of 53-Hotel Portfolio

by John Nelson

NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …

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HealthcareLoansOfficeSoutheastVirginia

Monday Properties Obtains $205.5M Refinancing for Office Tower, Medical Office Building in Metro D.C.

by John Nelson

ARLINGTON, VA. — Monday Properties has obtained two loans totaling $205.5 million for the refinancing for two commercial properties in Arlington, a suburb of Washington, D.C. The assets include a 540,000-square-foot office tower at 1812 N. Moore St. and Shirlington Gateway, a 12-story medical office building. Citi Real Estate Funding Inc. provided the $173 million loan for the office tower and $32.5 million loan for the medical office building, both of which were CMBS loans with five-year terms and fixed interest rates. Monday Properties leased 60,000 square feet of space at 1812 N. Moore over the past six months, bringing it to 90 percent leased. There are an additional 20,000 square feet of deals in the pipeline. Shirlington Gateway was 93 percent leased at the time of financing to healthcare tenants including Anderson Orthopedic Clinic, INOVA and Virginia Hospital Center, which has signage on the building’s exterior.

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FloridaIndustrialLoansSoutheast

JLL Secures $100M Loan for Warehouse Portfolio in South Florida

by John Nelson

MIAMI — JLL has secured a $100 million loan for a nine-property warehouse portfolio spanning 824,546 square feet in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo of JLL arranged the seven-year, interest-only loan through Nationwide Mutual Insurance Co. on behalf of the borrower, Seagis Property Group LP. The assets in the portfolio include warehouses at Lakeway Corporate Center in Miami Lakes; 3450 NW 115th Ave. in Doral; Commerce Park in Miami; Miami Gardens Industrial Center in Miami; Deerwood Commerce Center in Miami; Flamingo Park of Commerce in Miramar; and University Park of Commerce in Fort Lauderdale. The portfolio was 99 percent leased at the time of financing.

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Oaks-at-Covell-Edmond-Oklahoma
DevelopmentLoansMultifamilyTexas

IPA Arranges $13.1M in Equity Financing for Multifamily Project in Edmond, Oklahoma

by Taylor Williams

EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a multifamily project in Edmond, located just north of Oklahoma City. Oaks at Covell will comprise 102 townhomes in two-, three- and four-bedroom floor plans that will be located along I-35. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.

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Westminster-Village-Arms-Lowell-Massachusetts
Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $94M in Financing for Metro Boston Affordable Housing Complex

by Taylor Williams

LOWELL, MASS. — MassHousing has provided $94 million in financing for Westminster Village Arms, a 432-unit affordable housing complex located north of Boston in Lowell. The property comprises 36 three-story buildings and a maintenance building that were constructed in 1970 and last renovated in 2012. Units come in studio, one-, two- and three-bedroom floor plans and are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, basketball court, playground, business center, community room with a kitchen and onsite laundry facilities. The borrower, Related Affordable, will use the proceeds to retire existing debt, preserve the property’s affordability status and fund approximately $20 million in renovations.

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LoansMichiganMidwestRetail

District Capital Arranges $10M Loan for Refinancing of Retail Center in Oakland County, Michigan

by Kristin Harlow

OAKLAND COUNTY, MICH. — District Capital has arranged a $10 million loan for the refinancing of a 62,000-square-foot retail center in Oakland County within the Detroit metro area. Justin Hollis of District Capital arranged the loan through a life insurance lender. The interest rate was locked at application.

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CaliforniaLoansMultifamilyWestern

Northmarq Arranges $50.7M Loan for 10-Property Multifamily Portfolio Near Los Angeles

by Amy Works

LOS ANGELES — Northmarq has secured $50.7 million in refinancing for a 10-property apartment portfolio in the Los Angeles/Hollywood areas. Panot Capital manages the buildings, which were built in the 1920s and offer a total of 482 units. Zalmi Klyne of Northmarq’s Los Angeles debt and equity team arranged the financing, which was structured with a seven-year term and four years of interest-only payments at a rate of 5.9 percent. The lender was Israel Discount Bank of New York.

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Lodge-Mallards-Landing-Gig-Harbor-WA
LoansMultifamilySeniors HousingWashingtonWestern

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Amy Works

GIG HARBOR, WASH. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 independent living/assisted living units, 24 independent living cottages and a separate, secured, two-story memory care building with 25 units. Tacoma-based Senior Services of America manages the community and has for more than 10 years.

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Parkside-Uptown-Dallas
LoansOfficeTexas

JLL Arranges $290M Construction Loan for Uptown Dallas Office Tower

by Taylor Williams

DALLAS — JLL has arranged a $290 million construction loan for Parkside Uptown, a 500,000-square-foot office tower that will be located at the corner of North Harwood Street and Woodall Rodgers Freeway in Dallas. Bank of America has preleased roughly half the space at the 30-story building, which is slated for a 2027 delivery. Trey Morsbach, Jim Curtin, Michael Cosby and Greg Napper of JLL arranged the four-year, floating-rate loan through Goldman Sachs Alternatives. The borrower is a partnership led by Pacific Elm Properties that also includes local developer KDC. New York-based architect Kohn Pedersen Fox designed Parkside Uptown.

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