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NorthMarq Arranges $185M Loan for Northrop Grumman Innovation Systems Campus in Arizona

by Amy Works January 15, 2020

CHANDLER, ARIZ. — The San Diego office of NorthMarq has arranged a $185 million loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler. A life insurance company funded the fixed-rate loan, which amortizes over 23 years. Eric Flyckt, Wyatt Campbell and Casey Allred of NorthMarq secured the loan for Northrop Grumman, an aerospace and defense technologies designer and manufacturer. The campus comprises a three-story, Class A office building totaling 352,545 square feet and a 269,852-square-foot manufacturing facility. The property serves as Northrop Grumman Innovation Systems’ Launch Vehicle Division Headquarters. Designed and manufactured at the campus, the launch vehicles transport cargo to the International Space Station, launch satellites and are used for military functions. The campus is located within San Diego-based Douglas Allred Co.’s Park Place, a 200-acre business park situated at the intersection of Loop 101 and 202 freeways.

January 15, 2020

Development Loans Mixed-Use Multifamily Washington Western

MRC Provides $27M in Financing for Two Multifamily Developments in Metro Seattle

by Amy Works January 15, 2020

SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan. The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space. Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor. Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.

January 15, 2020

Industrial Loans Midwest Wisconsin

Draper and Kramer Arranges $60M Refinancing for Milwaukee Industrial Portfolio

by Kristin Harlow January 15, 2020

MILWAUKEE — Draper and Kramer’s Commercial Finance Group has arranged a $60 million refinancing for an eight-property, 1.6 million-square-foot industrial portfolio located in metro Milwaukee. Dallas-based Westmount Realty Capital LLC owns the portfolio. All of the properties are situated near major regional highways and the General Mitchell International Airport. Westmount acquired the portfolio in 2015 and implemented a capital improvement program, helping push occupancy to nearly 100 percent. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer arranged the nonrecourse loan with a national bank.

January 15, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $7M Bridge Loan for Multifamily Property in Chicago

by Kristin Harlow January 15, 2020

CHICAGO — American Street Capital (ASC) has arranged a $7 million bridge loan for the acquisition of a 45-unit multifamily property in Chicago’s Logan Square. Originally built in 1928, the asset was recently renovated. Floor plans range from one- to three-bedroom units. Amenities include a bike storage room, Wi-Fi and common laundry area. Igor Zhizhin of ASC arranged the 12-month loan with Freddie Mac. The loan was later converted to a 10-year, fixed-rate loan with a 30-year amortization schedule. The borrower was undisclosed.

January 15, 2020

Loans Office Top Stories Washington Western

Gemini Rosemont Receives $204M Refinancing for Office Campus in Bellevue, Washington

by Kristin Harlow January 15, 2020

BELLEVUE, WASH. — Gemini Rosemont Commercial Real Estate, in partnership with an affiliate of Beacon Capital Partners, has received a $204 million loan for the recapitalization and refinancing of One Twelfth @ Twelfth, an office campus in Bellevue. The asset comprises three six-story buildings totaling 480,187 square feet. The Class A, LEED Gold-certified buildings are located just off the I-405 corridor in downtown Bellevue, about 10 miles east of Seattle. Constructed in 2000, the property features a full-service café, fitness center, outdoor balconies, electric car charging stations, bicycle storage, conference room, outdoor plazas and close proximity the Bellevue Transit Center. Gemini Rosemont acquired the property in December 2016 and completed a capital improvement program in 2019. “In late December 2019, our new partner acquired an 80 percent interest in the joint venture formed to hold the asset,” says Jon Dishell, chief capital officer for Gemini Rosemont. “Beacon shares our vision for the asset, and we are looking forward to working together to continue to increase One Twelfth’s value, as well as pursuing other opportunities together.” MetLife Investment Management provided the five-year, floating-rate loan. It includes a $19 million facility for future leasing costs and capital expenses. Los Angeles-based Gemini Rosemont’s …

January 15, 2020

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures $68.5M Acquisition Loan for New Multifamily Property Near Orlando

by Alex Tostado January 14, 2020

MAITLAND, FLA. — Berkadia has secured $68.5 million in acquisition financing for Town Trelago, a recently completed, 350-unit multifamily property in Maitland, a suburb seven miles north of Orlando. J. Tyler Blue, Ted Hermes, Nick Nicholson and Jonathan Pratt of Berkadia’s metro D.C. office secured the financing on behalf of the borrower, McLean, Va.-based Kettler Inc. An unnamed life company provided the 10-year, fixed-rate loan that features interest-only payments for half of the loan’s term. Located at 601 Trelago Way, Town Trelago features studio through three-bedroom floor plans. Community amenities include a pool, Jacuzzi, fitness center, game room, business center, clubhouse, assigned parking and an outdoor grilling area. Residents have nearby access to Interstate 4 and Lake Maitland.

January 14, 2020

Acquisitions Company News Loans Texas

Greystone Acquires C-III Asset Management, $20.7B Special Servicing Portfolio

by John Nelson January 13, 2020

IRVING, TEXAS — Greystone has purchased C-III Asset Management (C3AM), an Irving-based special servicer, as well as the firm’s $20.7 billion portfolio. C3AM offers fund management, principal investment, mortgage origination, loan servicing, investment sales, property management and brokerage services for its U.S. clients, according to Bloomberg. These clients include third-party portfolio owners, CMBS trusts, CDOs (collateralized debt obligation) and government agencies. The company was previously a wholly owned subsidiary of New York-based C-III Capital Partners LLC. Paul Smyth will lead Greystone’s newly created special servicing group. Smyth, who recently joined Greystone, was the former president of C3AM before taking an executive role at Credit Suisse in New York for the past several years. New York-based Greystone is a real estate lender, investor and advisor in the multifamily and healthcare real estate sectors. The company offers agency, CMBS, HUD, bridge and proprietary financing through its platforms such as Greystone Servicing Co., Greystone Funding Co. and other affiliates.

January 13, 2020

Development Georgia Loans Multifamily Southeast

ACRES Capital Originates $32M Construction Loan for Athens Multifamily Development

by Alex Tostado January 13, 2020

ATHENS, GA. — ACRES Capital Corp. has originated a nearly $32 million construction loan to fund the expansion of The Cottages at Ridge Pointe, a 216-unit apartment community located at 940 Creek Ridge Lane in Athens. The developer, Jim Chapman Communities, will take on the loan, which carries an 18-month term. The Cottages at Ridge Pointe, located approximately eight miles from downtown Athens, is an existing community with all 38 currently available units occupied. An additional 79 units are under construction, and the loan will fund the creation of another 99 units. Amenities include a clubhouse, fitness center, outdoor kitchen and grilling station and a pool.

January 13, 2020

Alabama Development Industrial Loans Self-Storage Southeast

Metropolitan Capital Advisors Arranges $4M Construction Loan for Self-Storage Facility in Mobile

by Alex Tostado January 13, 2020

MOBILE, ALA. — Metropolitan Capital Advisors (MCA) has arranged a $4 million senior construction loan for Anytime Storage, a self-storage owner and operator based in Phoenix. The company will use the loan to construct a three-story self-storage facility in Mobile comprising 466 climate-controlled units, representing the first Anytime Storage facility in Alabama. The financing features a fixed 5.05 percent interest rate and 36 months of interest-only payments followed by a 20-year amortization schedule. MCA’s Duke Dennis originated the loan with ServisFirst. Once complete, Anytime Storage’s portfolio will total over 3,700 units across Alabama and Arizona.

January 13, 2020

Development Hospitality Loans Utah Western

Portman Holdings, DDRM Begin Construction of 26-Story Hyatt Regency Salt Lake City

by Amy Works January 13, 2020

SALT LAKE CITY — Atlanta-based Portman Holdings, Irvins, Utah-based DDRM and city officials broke ground for Hyatt Regency Salt Lake City on Friday, Jan. 10. The developers received $377 million in financing for the project, located at the northwest corner of 200 S and West Temple in Salt Lake City. Situated adjacent to the Salt Palace Convention Center, the 26-story Hyatt Regency Salt Lake City will feature 700 guest rooms, approximately 60,000 square feet of meeting space, two restaurants, a lounge, outdoor pool, business center, fitness center and 7,500-square-foot outdoor event terrace. Completion for the 686,784-square-foot hotel is slated for October 2022. Minneapolis-based Piper Sandler Cos. (PSC) served as sole capital arranger for the financing. The private financing sources include non-recourse construction debt and limited partner equity. Additionally, the Piper Sandler Hospitality Group served as the placement agent for the $54.7 million Commercial Property Assessed Clean Energy (C-PACE) loan to finance a portion of the project, which represented the single largest amount ever financed by C-PACE nationally. PSC also served as the sole underwriter for a $45 million taxable bond issue to finance the remaining portion of the project, which will be repaid by taxes generated at the hotel.

January 13, 2020

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