MIAMI — Aztec Group has arranged a $17.4 million refinancing loan for Sunset Strip, an 86,029-square-foot retail center in Miami. Presidente Supermarket and Dollar Tree anchor the property, which includes other tenants such as Atlantis Academy, Metro PCS, Inkaholik and Atlakat Restaurant & Grill. The property is situated at 10855 S.W. 72nd St., 12 miles west of downtown Miami. Starwood Mortgage Capital provided the loan to an affiliate of Miami-based CF Properties. The nonrecourse, interest-only loan has a 10-year term with a fixed 3.57 percent interest rate.
Loans
HOUSTON — Acres Capital Corp., a New York-based balance sheet lender, has provided a $49 million construction loan to fund the completion of Sovereign at the Ballpark, a 229-unit apartment community located near Minute Maid Park in downtown Houston. Units at the Class A property will feature stainless steel appliances, granite and quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, game room, golf simulator and a coffee bar. The borrower was Sovereign Properties, an investment and development firm led by Russ Krivor. The construction loan carries an 18-month term.
Winstanley Enterprises Acquires Industrial Portfolio in South Windsor, Connecticut, for $44M
by Alex Patton
SOUTH WINDSOR, CONN. — Winstanley Enterprises LLC, a Massachusetts-based development and investment firm, has acquired a two-property industrial portfolio totaling 460,000-square-foot in South Windsor, a northeastern suburb of Hartford. The sales price was $44 million. The first property, located at 135 Sullivan Ave., is a 292,000-square-foot dry goods distribution center leased to Mobis Parts of America. The second property, located at 175 Sullivan Ave., is a 168,00-square-foot cold storage distribution center leased to Performance Food Group Inc. Both tenants will continue their leases with Winstanley as the new landlord. Brad Ruppel and Lauren Dawickiof of CBRE represented Winstanley in the transaction. The seller was undisclosed.
NEW YORK CITY — Morgan Stanley has provided a $43.8 million loan to refinance a six-property multifamily portfolio in the Bronx. The loan, which Morgan Stanley provided to Timberger East Real Estate, features a fixed rate of 3.74 percent and ten years of full-term, interest-only payments. The properties include 305 total units and are located at 104 W. 190th St., 1055 Grand Concourse, 1354 Commonwealth Ave., 2085 Valentine Ave., 2264 Creston Ave. and 3425 Knox Ave. Bryan Manz, Rob Serra and Emil DePasquale of Black Bear Capital Partners secured the loan.
Berkadia Provides $25.8M Acquisition Loan for Multifamily Complex in North Carolina’s Triad Region
by Alex Tostado
GREENSBORO, N.C. — Berkadia has provided a $25.8 million Freddie Mac acquisition loan for Waterford Place, a 240-unit apartment complex in Greensboro. The property was built in 1997 at 101 Shore Lake Drive, a few blocks from Lake Jeanette and six miles north of downtown Greensboro. Waterford Place offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, tennis court and maid service. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured the loan on behalf of the buyers, a joint venture between New York City-based GMF Capital and Lakewood, N.J.-based Eminent Capital. The loan features a 10-year term with a fixed interest rate and five years of interest-only payments. The seller was McLean, Va.-based Kettler Management.
GRAND RAPIDS, NOVI AND STERLING HEIGHTS, MICH. — Mag Mile Capital has arranged $23.6 million in CMBS loans for the refinancing of three Michigan hotels. Stellar Hospitality was the borrower. In the first transaction, Francisco Narcoda of Mag Mile arranged a $9.4 million loan for a Staybridge Suites hotel in Grand Rapids. The 94-room hotel opened in December 2001. Nacorda also secured an $8.5 million loan for the 89-room Homewood Suites in Novi. In the final transaction, the team arranged a $5.7 million loan for the 98-room Tru by Hilton property in Sterling Heights. The 10-year loans feature an interest rate of 4.2 percent.
KALAMAZOO AND SAGINAW, MICH. — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $18.3 million for the refinancing of two multifamily properties in Michigan. The borrower is Michigan-based limited liability company ROCO Real Estate. Both loans feature 10-year terms with 30-year amortization periods. The properties include Waverly Place, a 228-unit community in Kalamazoo; and Bancroft, a 152-unit community in Saginaw.
OMAHA, NEB. — Petros PACE Finance LLC has provided a $4.2 million commercial property assessed clean energy (C-PACE) loan for the conversion of a historic building in downtown Omaha into a boutique hotel. REV Development was the borrower. The transaction will fund a portion of the renovation of Omaha’s century-old Logan Building. The seven-story building will be operated as a 90-key Hotel Indigo, with additional space reserved for condos and ground-level retail. The redevelopment project includes energy-saving improvements to the property’s lighting, HVAC, windows, roofing and plumbing systems. Completion of construction is slated for July 2020. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. Building owners borrow money for energy-efficiency projects and make repayments via an assessment on their property tax bills. C-PACE may be funded by private investors or government programs, but it is only available in states with enabling legislation and active programs, according to the U.S. Department of Energy.
SCOTTSDALE, ARIZ. — The Davies Group at Los Angeles-based George Smith Partners arranged a total of $56 million in structured financing on behalf of Opwest Partners for its development of Scottsdale Curio, a lifestyle hotel in Scottsdale. The financing comprised a $20 million placement of joint venture equity from Argosy Real Estate Partners and $36 million of senior construction debt from Wells Fargo Bank. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis and Aiden Moran of George Smith Partners sourced the financing for Opwest. Located at 7501 E. Camelback Road, the six-story, 97,058-square-foot hotel will feature 169 guest rooms, a subterranean parking garage, restaurant, lounge, indoor/outdoor fitness center, and amenity deck with pool and bar. Construction is slated to begin this summer.
Cambridge Provides $16.3M Refinancing for Anberry Transitional Care in Merced, California
by Amy Works
MERCED, CALIF. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.