NEW YORK CITY — Houlihan-Parnes Realtors LLC has received a $3.3 million loan for the refinancing of a 10,000-square-foot retail property in the Inwood area of Manhattan. A local bank provided the loan, which was structured with a fixed interest rate of 3.5 percent for the first 24 months of the five-year term and the option to extend the loan for an additional five years. Houlihan-Parnes owns the property in partnership with ISJ Management.
DENVER — Berkadia has brokered the sale of 16 Penn, a mid-rise apartment community located in Denver. Denver-based The Burgwyn Co. sold the asset to an undisclosed entity for $39 million. Located at 1615 Pennsylvania St., 16 Penn features 99 apartments in a mix of one- and two-bedroom floor plans with in-unit washers/dryers and private balconies. Community amenities include a fitness studio, media room, community kitchen, courtyard with a fireplace and grills, and a library. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the transaction. Matt Schildwatcher of Berkadia Denver secured a $32 million, four-year, interest-only bridge loan for the buyer.
REDMOND, WASH. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.
CLINTON, MD. — JLL Capital Markets has secured a $44.5 million loan for The Landing at Woodyard, a newly redeveloped, 210,000-square-foot shopping center located in the Washington, D.C. suburb of Clinton. JLL worked on behalf of the borrower, Meritus Realty Ventures, to place the 10-year, fixed-rate CMBS loan with Morgan Stanley Real Estate. Loan proceeds were used to repay the existing bridge loan and fund remaining tenant improvements for the tenants that recently signed new leases. Meritus has owned Landing at Woodyard since 2016. The center is currently 95 percent leased and has a tenant roster including Aldi, Chick-fil-A, Marshalls, Popeyes, Ross Dress for Less, Burlington and Panera. Situated at 8801 Woodyard Road, Landing at Woodyard is located at the intersection of Branch Avenue and Woodyard Road. The project was renamed The Landing at Woodyard partially due to its proximity to Andrews Air Force base, which is just two miles away. Max Herzog, Marko Kazanjian and Daniel McIntyre of JLL represented the borrower.
SAN DIEGO — PCCP has provided a $76 million senior loan to an affiliate of Sares Regis Group for the purchase and renovation of LIT Cortez Hill (formerly known as AVA Cortez Hill), a multifamily property in downtown San Diego. AvalonBay sold the property for an undisclosed price. Located at 1399 Ninth Ave., the 15-story building features 299 apartments and 1,670 square feet of ground-floor retail space. The unit mix is 97 studios, 117 one-bedroom and 85 two-bedroom units, all with private patios or balconies and ranging from 570 square feet to 1,059 square feet. The property features 30,000 square feet of outdoor amenity space with full-size basketball and tennis courts, resort-style pool and spa, fitness center, resident lounge, 13 laundry rooms and a ground-floor market.
On June 29, France Media hosted the “Impact Investing: ESG/C-PACE/Brownfield Remediation” webinar, sponsored by Enhanced Capital. Environmental, social and corporate governance (ESG) investing is one of the biggest trends in commercial real estate finance, and the interest in this form of financing is only expected to accelerate. Michael Korengold, President & CEO, Enhanced Capital, explained the transformation of ESG over the past few years. “ESG became a consideration that certain investors were seeking in their portfolios… where they were screening out investments that they no longer wanted to have in their portfolios (including tobacco, fossil fuels or unfair labor practices in foreign countries). And that became one way for people to feel better about their investments. That core concept of negative screening has evolved into more of an affirmative approach to directing investment to achieve nonpecuniary or economic outcomes. Enhanced Capital doesn’t make concessions on returns, but we’ve always participated in mandates that seek some kind of definable, quantifiable metric-driven impact outcomes.” Listen to experts share their thoughts on protocols, methods for adhering to socially responsible tenets, positive impacts on valuation and considerations for the triple bottom line. See a list of some topics covered below: Interest rates on …
HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of Houston Design Center, a 281,356-square-foot office and showroom on the city’s west side. John Burke of NorthMarq arranged the nonrecourse, fixed-rate loan through an undisclosed regional bank on behalf of the borrower, locally based investment firm MLB Capital Partners.
FORT WORTH, TEXAS — Greystone has provided a $45 million Freddie Mac loan for the refinancing of a 306-unit multifamily property in Fort Worth. Cary Tremper of Greystone originated the financing, which carried a 10-year term, fixed interest rate, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the newly built property were not disclosed.
NEW HAVEN, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.6 million CMBS loan for a portfolio of eight multifamily properties totaling 99 units in New Haven. Robert Noeldechen arranged the nonrecourse loan, which includes five years of interest-only payments, on behalf of the locally based borrower, Pike International. The direct lender was not disclosed.
FARMERS BRANCH, TEXAS — Manhattan-based lender Emerald Creek Capital has provided a $10.3 million bridge loan for the acquisition of a 170,915-square-foot office building in the northern Dallas suburb of Farmers Branch. The property sits on eight acres and contains 18 leasable units that are occupied by tenants in the finance, engineering and physical therapy industries. Matt Fantuzzi of Emerald Creek Capital originated the loan on behalf of the undisclosed borrower.