Loans

Avison Young Secures $40M Financing for Midtown Exchange Project in Raleigh

by Julia Sanders May 3, 2021

RALEIGH, N.C. — Avison Young has secured a $40 million senior loan to fund the pre-development activities and horizontal infrastructure construction for Midtown Exchange, a $1 billion mixed-use development underway in Raleigh. The developer of Midtown Exchange, Dewitt Carolinas, received the funding for the 353,000-square-foot office tower. Wes Boatwright, Mike Yavinsky and Jon Goldstein of Avison Young led the financing transaction through an undisclosed lender. At full buildout, Midtown Exchange will include 790,000 square feet of Class A office space, 1,275 residential units, 300 seniors housing units, 300 hotel rooms, 125,000 square feet of retail and dining space, a convention center and more than seven acres of green space and park amenities. Raleigh-based Dewitt Carolinas is active in development, ownership, management and acquisition of real estate throughout the Carolinas. The firm has completed more than 600 developments and over $2 billion of construction.

May 3, 2021

Loans Multifamily Texas

MMCC Arranges $4.5M Loan for Refinancing of Houston Multifamily Property

by Taylor Williams May 3, 2021

HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.5 million loan for the refinancing of a 65-unit multifamily property in Houston. The loan was structured with a fixed 3.45 percent interest rate, a 10-year term and three years of interest-only payments. Jamie Safier of MMCC arranged the financing on behalf of the undisclosed borrower. The property name and direct lender were also not disclosed.

May 3, 2021

Loans New York Northeast Office

Bank of America Provides $52M Loan for Refinancing of Queens Office Building

by Taylor Williams May 3, 2021

NEW YORK CITY — Bank of America has provided a $52 million loan for the refinancing of Flushing Plaza, a 233,436-square-foot office building in Queens. The property includes 71,930 square feet of medical office space, 10,653 square feet of retail space and an 808-space parking garage. Gideon Gil and Alex Lapidus of Cushman & Wakefield arranged the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, Muss Development LLC.

May 3, 2021

Loans Multifamily New York Northeast

Eastern Union Arranges $28M Construction Loan for Multifamily Project in Monroe, New York

by Taylor Williams May 3, 2021

MONROE, N.Y. — New York City-based finance firm Eastern Union has arranged a $28 million construction loan for a 159-unit multifamily project in Monroe, located about 60 miles north of Manhattan. The loan was structured with a 24-month term and a 75 percent loan-to-cost ratio. Abraham Bergman and Yossi Orzel of Eastern Union originated the financing. The direct lender was a New Jersey-based bank, and the borrower was a local family office.

May 3, 2021

Wilshire-West-Medical-Tower-Los-Angeles-CA

California Healthcare Loans Office Western

JLL Arranges $42.5M Refinancing for Wilshire West Medical Tower in Los Angeles

by Amy Works May 3, 2021

LOS ANGELES — JLL Capital Markets has secured $42.5 million in refinancing for Wilshire West Medical Tower, a medical office building located in the Brentwood neighborhood of West Los Angeles. Marc Schillinger and Keith Rosso of JLL’s Capital Markets team represented the borrower, a private, Los Angeles-based medical office owner-operator, to secure the long-term, fixed-rate loan. Located at 11645 Wilshire Blvd., the property features 78,702 square feet of medical office space and is leased to a diverse mix of medical office tenants, including physicians, dental practices, plastic surgeons, medical testing and rehabilitation operators and aestheticians.

May 3, 2021

California Healthcare Loans Office Western

Bellwether Enterprise Secures $23.5M Refinancing for Medical Office Buildings in Southern California

by Amy Works May 3, 2021

TORRANCE, CALIF. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has arranged $23.5 in refinancing for two medical office buildings in Torrance. The properties are a 37,143-square-foot, four-story building on 1.67 acres at 3500 Lomita Ave. and a two-story, 42,101-square-foot building on 2.7 acres at 23560 Madison St. The undisclosed borrower acquired both assets in 2008. Kevin Mulvaney of Bellwether Enterprise’s Los Angeles office arranged the loan with MetLife.

May 3, 2021

Development Florida Loans Mixed-Use Multifamily Southeast

Centennial Bank Provides $68M Construction Loan for Bentley Apartments in Orlando

by Julia Sanders April 30, 2021

ORLANDO, FLA. — Centennial Bank has provided a $68 million loan to Unicorp National Developments Inc. for the construction of The Bentley, a 396-unit apartment tower in Orlando. The high-rise is part of Unicorp’s $1 billion mixed-use development O-Town West. Robby Barrows of Centennial Bank led the loan transaction for developer Unicorp. O-Town West will be a multi-phase, live-work epicenter delivering single-family homes, apartments, a Publix-anchored retail package and office space. Confirmed tenants for The Town Center at O-Town West include Publix, AT&T, Heartland Dental, McDonalds and Planet Smoothie. The Bentley is one of the first phases of the development, in addition to Town Center, both of which are slated to break ground soon. The Bentley is slated for completion at the end of next year. The Bentley’s amenities will include a resort-style swimming pool with a Jacuzzi, resident lounge with a coffee bar, social area featuring billiards and arcade games, theater room, entertainment lanai with a TV, Zen garden with hanging moon chairs and water features, outdoor walking trail, a firepit, 24-hour fitness center with TRX and yoga studio, conference room, bike rentals, outdoor gaming areas and electric car charging stations. Centennial Bank has financed more than $149 million …

April 30, 2021

Arkansas Loans Multifamily Southeast

Colliers Mortgage Secures $36.8M Refinancing for Pointe North Hills Apartments in North Little Rock

by Julia Sanders April 30, 2021

NORTH LITTLE ROCK, ARK. — The Minneapolis office of Colliers Mortgage, formerly Dougherty Mortgage, has secured a $36.8 million Fannie Mae loan for the refinancing of The Pointe North Hills in North Little Rock. The 305-unit, market-rate multifamily property was built in 2019. The gated community includes eight three-story buildings, a clubhouse, playground, community and corporate suites, fitness center, business center, pool, picnic area, golf simulator and an onsite maintenance and leasing office. Colliers Mortgage arranged the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, an entity doing business as The Pointe North Hills LLC.

April 30, 2021

Industrial Loans Texas

NorthMarq Arranges $5M Acquisition Loan for Industrial Flex Property in Metro Austin

by Taylor Williams April 30, 2021

ROUND ROCK, TEXAS — NorthMarq has arranged a $5 million acquisition loan for a 38,024-square-foot industrial flex property in Round Rock, a northern suburb of Austin. The property was fully leased to two medical and diagnostic lab users at the time of the loan closing. Chase Johnson of NorthMarq arranged the loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also undisclosed.

April 30, 2021

Indiana Loans Midwest Retail

Mag Mile Capital Arranges $5.7M Acquisition Loan for Indiana Retail Center

by Kristin Harlow April 30, 2021

MUNSTER, IND. — Mag Mile Capital has arranged a $5.7 million loan for the acquisition of an 18,440-square-foot retail center in Munster, about 30 miles southeast of Chicago. Situated at 8201-8231 Calumet Ave., the property is leased to a mix of national and local retailers, including Target, Starbucks and Panera Bread. Prabhat Jayara of Mag Mile arranged the five-year, fixed-rate loan on behalf of Translucence Management. A local bank provided the loan, which features a 75 percent loan-to-value ratio, an interest rate of 4.25 percent and a 25-year amortization schedule.

April 30, 2021

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