FARMINGTON, MO. — Axiom Capital Corp. has arranged a $3 million loan for the refinancing of a 51,373-square-foot retail building in Farmington, a city in eastern Missouri. Built in 2016, the single-tenant property is occupied by Hobby Lobby. The nonrecourse loan features a five-year term and a fixed interest rate. The lender and borrower were not provided.
NEWPORT BEACH, CALIF. — RA Centers has arranged $72 million for the refinancing of a portfolio comprising four shopping centers. Located in Redlands, California, the first property, Orange Street Plaza, totals 155,000 square feet. Vons, Trader Joes, Office Depot and U.S. Bank anchor the center, which was 99 percent occupied at the time of financing. The second property, Front Gate Plaza, is located in Lancaster, California, and comprises 150,000 square feet. Stater Brothers, Goodwill, Wells Fargo, McDonalds, Taco Bell and The Habit anchor the center, which was 90 percent occupied at the time of financing. Pueblo Shopping Center in Pueblo, Colorado, was 90 percent occupied and is anchored by King Soopers, CATO, Dollar Tree, Dominos and Sally Beauty. Essencia Medical Facility, VA Clinic, Harbor Freight, Hobby Lobby, JoAnn’s Fabrics, Planet Fitness, LongHorn Steakhouse, Gate City Bank and Perkins anchor the fourth property, Gateway Fashion Mall. Located in Bismarck, North Dakota, the center totals 385,000 square feet and was 85 percent occupied at the time of financing. Raymond Arjmand of RA Centers secured the financing through JP Morgan with Logan Ahlers.
NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $500 million in funds to refinance debt on 919 Third Avenue, a 1.5 million-square-foot office building in Midtown Manhattan. Designed by international architecture firm Skidmore, Owings & Merrill, the 47-story building was originally completed in 1970. It was designed to accommodate an existing New York City landmark, famed restaurant and saloon P.J. Clarke’s. SL Green owns the building in partnership with an institutional investor advised by J.P. Morgan Global Alternatives. The property is 80 percent leased to tenants such as Bloomberg, which expanded by an additional five floors last winter, as well as law firm Shulte Roth & Zabel LLP. Another law firm, Cohen Clair Lans Greifer & Simpson LLP, became the building’s newest tenant when it inked a 17,862-square-foot deal last month. A consortium of lenders led by New York City-based Aareal Capital Corp. and French lender Credit Agricole Corporate & Investment Bank provided the financing. James Millon, Tom Traynor and Mark Finan of CBRE arranged the debt. The loan bears interest at a rate of 250 basis points above the Secured Overnight Financing Rate (SOFR), which closed at 4.81 percent on Friday, …
BRIDGEPORT, W.VA. — KeyBank Real Estate Capital (KBREC) has arranged a $33 million loan for the acquisition of Meadow Creek Apartments, a multifamily community located in Bridgeport. Built in 2017 on 31.5 acres, the property comprises 29 buildings ranging from two to four stories. Alan Isenstadt, Pranav Sarda and John Ward of KBREC structured the fixed-rate Fannie Mae loan. Moshe Feiner of Sevenstone Capital arranged the financing on behalf of the undisclosed borrower.
MIAMI — Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans for a mixed-use development. The property is zoned for up to 1,800 residential units. Hermitage Palmer Land LLC provided the acquisition loan.
INDIANAPOLIS — Greystone has provided $40.1 million in Fannie Mae DUS financing for two multifamily properties totaling 408 units in Indianapolis. Dan Sacks and Avi Kozlowski of Greystone originated the loans. In the first transaction, Greystone provided a $23.5 million Fannie Mae Green Rewards loan with a 10-year term and 30-year amortization. The 26-building property was constructed in 1972 and features 200 units. Loan proceeds enable the borrower to acquire and make improvements to the community. In the second transaction, Greystone secured a $16.6 million fixed-rate loan that features a 10-year term and 35-year amortization. The garden-style community was built in 1970 and consists of 208 units across 24 buildings. In addition to refinancing, loan proceeds enable the borrower to make improvements and monetize a portion of its equity.
BROOKFIELD, WIS. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $6.2 million loan for the acquisition of Shoppes of Brookfield Commons, a retail center in the Milwaukee suburb of Brookfield. The two-building property totals 42,356 square feet. At the time of loan closing, the asset was 54 percent leased. Ryan Morris of BWE arranged the loan on behalf of the borrower, CapRock Real Estate. Ameritas Investment Partners provided the three-year loan, which features a fixed interest rate along with $1 million of future funding for capital improvements and leasing efforts.
IRVING, TEXAS — Newmark has arranged a $122 million loan for the refinancing of Alesio Urban Center, a 908-unit apartment community in Irving. Alesio Urban Center offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as new hardware, lighting and cabinetry. Amenities include five pools, six courtyards, a fitness center, outdoor grilling and dining stations, running trails and a game lounge. Henry Stimler, Bill Weber and Ari Schwartzbard of Newmark arranged the five-year fixed-rate loan through global investment management firm KKR on behalf of the borrower, Harbor Group International.
MARYSVILLE, OHIO — Walker & Dunlop has arranged $69.5 million in construction financing for a 1.3 million-square-foot industrial facility in the Columbus suburb of Marysville. The property is a build-to-suit for Scotts Lawn Care, a full-service landscaping company specializing in commercial and residential lawn services. The project site at 12575 Industrial Parkway is minutes away from Scotts’ national headquarters. Chad Kiner and AJ Mangan of Walker & Dunlop arranged the financing on behalf of the developer, Crawford Hoying. Centennial Bank was the lender.
NEW YORK CITY — Locally based brokerage and financial advisory firm Ariel Property Partners has arranged a $13.5 million acquisition loan for three mixed-use buildings in Manhattan’s Hell’s Kitchen neighborhood. The addresses and specific uses of the buildings were not disclosed. Matthew Dzbanek, Matt Swerdlow and Drew Chartash of Ariel Property Advisors arranged the five-year loan, which carried a fixed interest rate of 6.5 percent, a 30-year amortization schedule and two years of interest-only payments. The borrower was also not disclosed.
