Loans

Thorofare Capital Provides $43.7M in Financing for 16000 Pines Market Retail Development in South Florida

by Julia Sanders June 24, 2021

PEMBROKE PINES, FLA. — Thorofare Capital Inc. has provided $43.7 million in senior mortgage financing to an entity managed by Miami-based Terra for 16000 Pines Market, a 135,000-square-foot mixed-use development nearing completion in Pembroke Pines. Keith Kurland, Jackson Sastri and Ian Hawk of Walker & Dunlop arranged the financing. Terra will utilize the loan proceeds to finish construction, capitalize the tenant improvements/leasing commissions and carry the project until it’s stabilized. The first phase of construction for 16000 Pines Market was completed earlier this year, with construction of Phase II now underway and slated to deliver in 2022. 16000 Pines Market is situated on 13.2 acres with visibility along Pines Boulevard and Dykes Road. The shopping center is anchored by Publix as well as Burlington and Crunch Fitness. Additional tenants include Verizon Wireless, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now. Thorofare Capital Inc. is a commercial real estate debt fund manager and affiliate of Thorofare LLC. Terra is a real estate development and investment company.

June 24, 2021

Hospitality Loans Mixed-Use Office Washington Western

American Life Receives $122.7M in Refinancing for Mixed-Use Property in Seattle

by Amy Works June 24, 2021

SEATTLE — American Life Insurance (ALI) has received a $122.7 million loan for the refinancing of 255 South King Street, an office and hotel property located in Seattle. PCCP provided the loan to ALI, which developed the mixed-use property in February 2018. 255 South King Street consists of a 209,476-square-foot office tower and a 23-story, 282-room Hilton Embassy Suites. The hotel features approximately 10,000 square feet of meeting and event space, a pool, and a fitness center. The office tower, which spans 11 stories above a seven-story retail and parking garage podium, was fully leased at the time of sale. Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the financing for the borrower.

June 24, 2021

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $4.3M HUD-Insured Loan for Refinancing of Affordable Housing Property in Minnesota

by Kristin Harlow June 24, 2021

MANKATO, MINN. — Colliers Mortgage’s Minneapolis office has provided a $4.3 million HUD 223(f) loan for the refinancing of Rosa Place in Mankato, about 80 miles southwest of Minneapolis. The 60-unit affordable housing property was built in 2019 using 9 percent Low-Income Housing Tax Credit (LIHTC) proceeds. All units are reserved for households that earn up to 50 percent of area median income. Velair Property Management LLC manages the property. Rosa Place LP was the borrower. The 35-year loan is fully amortizing.

June 24, 2021

Loans Multifamily New York Northeast Retail

Columbia Pacific Provides $39.1M Bridge Loan for SoHo Multifamily, Retail Building

by Taylor Williams June 24, 2021

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million bridge loan for an eight-story multifamily and retail building located at 68-70 Spring St. in Manhattan’s SoHo neighborhood. The 24,357-square-foot property totals 10 residential units in two- and three-bedroom formats. The undisclosed borrower will use the proceeds from the 36-month loan to fund capital improvements and lease-up costs.

June 24, 2021

Loans Office Texas

Barings Provides Loan for Refinancing of 504,750 SF Office Tower in Dallas

by Taylor Williams June 23, 2021

DALLAS — Barings Real Estate has provided a loan for the refinancing of PwC Tower at Park District, a 504,750-square-foot office tower in Uptown Dallas. The amount of the loan was not disclosed, but the Dallas Morning News reports that it was $225 million. Built in 2018, the building consists of 20 stories of office space above a four-story parking garage. Onsite amenities include three restaurants, a tenant lounge, conference center and a 7,000-square-foot health club. Jim Curtin of JLL arranged the loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, MetLife Investment Management. PwC Tower at Park District, which bears the name of its anchor tenant, PricewaterhouseCoopers, was approximately 93 percent leased at the time of the loan closing.

June 23, 2021

Florida Loans Office Southeast

Cushman & Wakefield Secures $33.8M in Financing for Two Harbour Place Office Building in Downtown Tampa

by Julia Sanders June 23, 2021

TAMPA, FLA. — Cushman & Wakefield has secured $33.8 million in financing for Two Harbour Place, a Class A office building located in downtown Tampa. Cushman & Wakefield also arranged the sale for the property. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Dominic Montazemi of Cushman & Wakefield represented the seller, a joint venture between CP Group and CenterSquare Investment Management, in the transaction. Farley White Interests, a Boston-based commercial real estate owner, acquired the property for an undisclosed price. Jason Hochman, Brian Linnihan, Mike Ryan and Ron Granite of Cushman & Wakefield secured the long-term, fixed-rate acquisition loan through Metropolitan Life Insurance Co. Located at 302 Knights Run Avenue, the 12-story building was 92 percent leased at the time of sale. Property amenities include 3.7 per 1,000-square-foot parking ratio via an attached structured garage, as well as an onsite coffeehouse, concierge services, a full-time day porter, auto detailing and dry-cleaning pick-up and delivery. CP Group, formerly Crocker Partners, is a Boca Raton, Fla.-based owner, operator and developer of office and mixed-use projects throughout the Southeast and Southwest United States. CenterSquare is a global investment manager based in Philadelphia.

June 23, 2021

Healthcare Life Sciences Loans New Jersey Northeast Office

Newmark Arranges $76M Acquisition Loan for Life Sciences Campus in Hopewell, New Jersey

by Taylor Williams June 23, 2021

HOPEWELL, N.J. — Newmark has arranged a $76 million acquisition loan for Princeton West Innovation Campus, a 1.1 million-square-foot life sciences property in Hopewell, about 55 miles southwest of New York City. The property, which formerly served as the global R&D headquarters of pharmaceutical giant Bristol Myers Squibb, is located less than 10 miles from its namesake university’s main campus. Amenities include a full-service cafeteria, an 8,000-square-foot fitness center, a 28,000-square-foot child development center and multiple conference areas. The borrower was a partnership between H.I.G. Realty Partners and Lincoln Equities Group. Dustin Stolly and Jordan Roeschlaub of Newmark placed the debt through Denver-based ArrowMark Partners. The new ownership will use a portion of the proceeds to fund capital improvements and speculative leasing costs.

June 23, 2021

Indiana Loans Midwest Multifamily Student Housing

Berkadia Arranges $8.9M Acquisition Loan for Student Housing Property in New Albany, Indiana

by Kristin Harlow June 23, 2021

NEW ALBANY, IND. — Berkadia has arranged an $8.9 million bridge loan for the acquisition of The Annex of New Albany, a 141-unit student housing property in New Albany near Louisville. The property is located at 4100 Prestwick Square and is adjacent to Indiana University Southeast. Jason Brown and Sam Orman of Berkadia Indianapolis arranged the bridge loan on behalf of the borrower, Indiana-based Zidan Management Group Inc. Old National Bank provided the three-year loan, which features a 3 percent floating interest rate. David Gaines, Scott Clifton and Kyle Butler of JLL Capital Markets represented the seller, The Annex Group, in the $11.8 million sale.

June 23, 2021

Alabama Loans Multifamily Southeast

Trillium Capital Resources Arranges $14M in Refinancing for Two Apartment Communities in Phenix City, Alabama

by Julia Sanders June 22, 2021

PHENIX CITY, ALA. — Trillium Capital Resources has arranged $14 million in refinancing for The Gardens Apartments and Post Ridge Apartments, which are both multifamily communities located in Phenix City. The Gardens Apartments has 190 units and Post Ridge Apartments has 152 units. Located at 501 16th Ave. N., Post Ridge includes one-, two- and three-bedroom units. HUD’s A7 refinance program allowed Trillium to procure a fixed interest rate of 2.75 percent for The Gardens. The 25-year loan reduces the undisclosed borrower’s mortgage insurance premium (MIP) from 0.60 percent to 0.25 percent.

June 22, 2021

Affordable Housing Loans Multifamily Oklahoma Texas

KeyBank Provides $20.6M Financing for Oklahoma City Affordable Housing Community

by Taylor Williams June 22, 2021

OKLAHOMA CITY — KeyBank’s Community Development Lending and Investment (CDLI) platform has provided $20.6 million in financing for the purchase and renovation of Hillcrest Green Apartments, a 96-unit affordable housing property in Oklahoma City. The financing consists of a $9.3 million construction loan, $7 million in low-income housing tax credit equity from the Key Community Development Corp. and a $4.3 million permanent loan. Units at the Section 8 property include studio, one-, two- and four-bedroom residences that are reserved for renters earning 60 percent or less of the area median income. The borrower was Indianapolis-based developer TWG. Kelly Frank and Ryan Olman of KeyBank’s CDLI team originated the financing.

June 22, 2021

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