TACOMA, WASH. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.
NEW YORK CITY — NorthMarq has provided a $44.5 million Freddie Mac loan for the refinancing of Briarwood Gardens, a 514-unit multifamily property located in the Jamaica area of Queens. The property was built in the 1950s and offers studio, one- and two-bedroom units, as well as a playground, dog park and onsite laundry facilities. Robert Ranieri of NorthMarq originated the fixed-rate loan. The borrower was not disclosed.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $34.4 million bridge loan for the refinancing of a 117-unit apartment building in the Williamsburg neighborhood of Brooklyn. The property, which includes 4,000 square feet of commercial space, was originally built as a pencil factory and was converted to multifamily in 2012. A private lender provided the five-year loan, which was structured with a 3.65 percent interest rate, three years of interest-only payments and a 75 percent loan-to-value ratio. Steven Rock of MMCC originated the debt. The borrower was not disclosed.
CHICAGO — California-based investment firm KBS has received a $375 million loan for the refinancing of Accenture Tower, a 40-story, 1.5 million-square-foot office building located at 500 W. Madison St. in downtown Chicago. Accenture Tower, named for the accounting firm formerly known as Arthur Andersen that changed its name following the 2001 Enron scandal, was originally built in 1987. The LEED Gold-certified building sits above the Ogilvie Transportation Center, one of two main train stations in Chicago’s West Loop, which connects the suburbs with the downtown area. In terms of amenities, Accenture Tower features a fitness center, tenant lounge, and conference centers. Tenants also have access to an onsite bank branch, courier service and concierge service. U.S. Bank and Bank of America jointly provided the financing, which consisted of a $281 million term loan and a $94 million revolving loan. The term loan was structured with a three-year initial term with two one-year extension options, and priced with floating interest rate over LIBOR. U.S. Bank will be the primary servicer of the loan. Deutsche Pfandbriefbank, a German bank specializing in real estate and public sector financing, participated in the transaction, though the company’s role was unclear. “The iconic nature of …
MIAMI — Walker & Dunlop has arranged $43 million in construction and acquisition financing for 1 Southside Park, a mixed-use development spanning a full city block in Miami’s Brickell district. The borrower is JDS Development Group, a development firm based in New York City. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Michael Ianno, Sean Bastian and Ian Hawk arranged the fixed-rate, interest-only loan through Atalaya Capital. Designed by SHoP Architects, 1 Southside Park will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will be located near the Miami-Dade Metrorail Brickell Station as well as The Underline, a newly delivered linear park stretching from Brickell to Dadeland. Landscape architect James Corner Field Operations is working with JDS to integrate 1 Southside Park with The Underline, which was formerly a Metrorail line. The new development will feature 90,000 square feet of wellness-centric amenities such as a fitness center and spa to complement The Underline. JDS plans to break ground in the near future, according to founder and CEO Michael Stern.
BLOOMFIELD HILLS, MICH. — Kennedy Funding has provided a $1.8 million loan for the refinancing of 31.3 acres of land in Bloomfield Hills. Proceeds from the loan will be used to pay off the existing first mortgage. Remaining proceeds will be used as working capital. The property is zoned as a research park district and is currently listed for sale for $4.9 million. Bloomfield Technology Park LLC was the borrower. New Jersey-based Kennedy Funding is a direct private lender specializing in bridge loans for commercial property and land acquisition, developments, workouts, bankruptcies and foreclosures.
HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of Memorial Park Place, an 80,349-square-foot office building in Houston. The five-story building was built in 1984 and was 91 percent leased at the time of sale to 33 tenants. Michael Johnson and Kevin McConn of JLL arranged the 10-year, fixed-rate loan through TIAA Commercial Finance on behalf of the borrower, Gupta Partners.
NEW YORK CITY — Mortgage banking company Merchants Capital has arranged a $51 million construction loan and $28.4 million in Freddie Mac Low-Income Housing Tax Credits (LIHTC) to fund the redevelopment of Manhattan’s historic Park 79 hotel into an affordable housing property for seniors. The borrower and project developer, Fairstead, will oversee renovations that will reconfigure the seven-story building into 77 apartments along with multiple community spaces, including an indoor/outdoor community room, dining room and meeting rooms. Additional rehabilitation will be done throughout the building, including creation of a common dining and recreation room, social services offices and an outdoor garden area. Upon completion, the property will employ two full-time social service coordinators to work alongside residents in organizing community programming events. The hotel originally opened in 1899 as “The Indiana.” The redevelopment is expected to be complete in 2022.
NEW YORK CITY — Knighthead Funding, a direct lender with offices in Connecticut and South Florida, has provided a $42 million construction loan for an 84,746-square-foot medical office building that will be located in the Astoria neighborhood of Queens. The borrower was a local partnership doing business as Astoria Crescent Owner LLC. Mount Sinai Health System, which has a hospital across the street, has signed a 30-year lease as the building’s anchor tenant, which brings its preleased occupancy rate to 65 percent. An expected completion date was not disclosed.
MORRIS PLAINS, N.J. — Rubenstein Mortgage Capital has arranged a $57 million acquisition loan for a 465,000-square-foot office building located at 115 Tabor Road in the Northern New Jersey community of Morris Plains. The property was originally developed as a build-to-suit in 2007 as a headquarters facility for Pfizer. Following Pfizer’s acquisition by Johnson & Johnson, the building was vacant until Honeywell purchased it in 2015 and implemented a full interior renovation. Amenities now include a cafeteria, auditorium, basketball court and a fitness center. Andrew Murray of Rubenstein Mortgage originated the loan through an undisclosed lender on behalf of the borrower, Argent Ventures.
