Loans

PCCP Acquires $99.3M Loan Secured by Star Apartment Complex in Downtown Houston

by Taylor Williams August 3, 2020

HOUSTON — PCCP has acquired a $99.3 million senior loan that is collateralized by The Star, a historic property in downtown Houston that was recently redeveloped into a 286-unit apartment complex with 26,442 square feet of ground-floor retail space. In conjunction with the purchase, PCCP has entered into a modified loan agreement with the original borrower, Dallas-based Provident Realty Advisors. The Star was originally constructed as the headquarters building for Texaco and was vacated in 1989. Provident Realty purchased the building in 2013 and completed its repositioning project in 2018.

August 3, 2020

Industrial Loans New Jersey Northeast

Progress Capital Arranges $18M Acquisition Loan for Future Amazon Facility in Mount Olive, New Jersey

by Taylor Williams August 3, 2020

MOUNT OLIVE, N.J. — Progress Capital has arranged an $18 million acquisition loan for a 132,000-square-foot industrial facility in Mount Olive, about 50 miles west of New York City. The property served as a warehouse for Sam’s Club until 2018 and will now be leased to Amazon as a fulfillment center. Kathy Anderson of Progress Capital arranged the loan through Lakeland Bank on behalf of the buyer, Asset Realty & Construction Group.

August 3, 2020

Loans Midwest Minnesota Office

JLL Arranges $26.6M Loan for Acquisition of Suburban Minneapolis Office Campus

by Kristin Harlow August 3, 2020

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged a $26.6 million loan for the acquisition of UnitedHealth Group’s Optum Campus in Eden Prairie, a suburb of Minneapolis. The fully leased office property spans 473,325 square feet and is located on Technology Drive. Completed in 2001, the mid-rise complex comprises three buildings. Amenities include a cafeteria, fitness center, auditorium and covered parking. Doug Opalka, Chris McColpin and Alastair Barnes of JLL arranged the 10-year, fixed-rate loan on behalf of the buyer, Virtus Real Estate Capital. A CMBS lender provided the loan.

August 3, 2020

California Loans Office Walker & Dunlop Western

Walker & Dunlop Arranges $8M Refinancing for Orange County Office Property

by Amy Works August 3, 2020

TUSTIN, CALIF. — Walker & Dunlop has secured a $8 million loan for the refinancing of Pointe Red Hill, a single-tenant office building located in Tustin. The borrower is Fortland Inc. Symetra Life Insurance Co. provided the 10-year, fixed-rate loan, which allowed the borrower to refinance the property’s existing debt and implement property improvements, including the installation of solar carports. Grant Robertson and Kevin Dinneen of Walker & Dunlop’s Los Angeles-based team arranged the financing. The two-story, 51,065-square-foot property features an open floor plan with a mix of private suites and conference rooms. Since 2018, an online retail company has occupied the building.

August 3, 2020

Industrial Loans New Jersey Northeast

Cushman & Wakefield Places $103.4M in Construction Financing for New Jersey Industrial Project

by Taylor Williams July 31, 2020

LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $103.4 million construction loan for two new buildings at Logan North Industrial Park, a 3.2 million-square-foot development in Logan Township, located south of Philadelphia. Building E will span approximately 189,000 square feet and is preleased to cold storage operator Preferred Freezer Services. Building H is preleased to Target and is expected to house operations that will create about 1,300 new jobs. Provident Bank provided $34.4 million in construction financing for Building E, and Wells Fargo provided the $69 million loan for Building H. John Alascio, Sri Vankayala, Chuck Kohaut, T.J. Sullivan and Maya Steinberger of Cushman & Wakefield arranged the funds on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development.

July 31, 2020

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $29.3M in Financing for Independent Living Facility Near Pittsburgh

by Taylor Williams July 31, 2020

NORTH STRABANE TOWNSHIP, PA. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Partners on the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. The financing comprises $26 million of senior debt financing from First National with a 28-year maturity and $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.

July 31, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $6.6M Refinancing for Multifamily Property in Naperville, Illinois

by Kristin Harlow July 31, 2020

NAPERVILLE, ILL. — American Street Capital (ASC) has arranged a $6.6 million cash-out refinancing loan for a 60-unit multifamily building in Naperville. Built in 1986, the three-story property features two-bedroom units averaging 1,082 square feet. The property includes 127 car parking spaces and laundry facilities. The building was fully occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year, fixed-rate loan with a CMBS lender. The loan features a 30-year amortization schedule.

July 31, 2020

Acquisitions California Healthcare Loans Office Western

CIT Provides $25M in Acquisition Financing for MLK Community Hospital Medical Office Building in Los Angeles

by Amy Works July 31, 2020

LOS ANGELES — CIT Group and its Healthcare Finance unit has funded a $25 million loan supporting Seavest Healthcare Properties’ acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. Established in 2015, MLK Community Hospital is part of a public-private partnership with Los Angeles County created to meet the needs of the South Los Angeles community, including the uninsured and underinsured. The private, nonprofit hospital provides healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.

July 31, 2020

Acquisitions California Industrial Loans Western

CBRE Arranges $15M in Financing for Westcore’s Purchase of Industrial Facility in Bay Area

by Amy Works July 31, 2020

OAKLAND, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $15 million loan for the acquisition of a warehousing and cold storage facility in Oakland. Mark McGovern and Morgon Fraser of CBRE’s San Diego office arranged the five-year loan on behalf of the borrower, San Diego-based industrial real estate investment firm Westcore. Constructed in 2012, the 155,000-square-foot building is located at 8380 Pardee Drive. The property features 8,000 square feet of cold storage space, 30-foot clear heights and an ESFR fire suppression system. Horizon Beverage Co., a beer and malt liquor distribution company, fully occupies the building.

July 31, 2020

Acquisitions Loans Multifamily Southeast Tennessee

Grandbridge Provides $26M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado July 30, 2020

CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has provided a $26 million Freddie Mac acquisition loan for Standifer Place, a 240-unit multifamily community in east Chattanooga. The non-recourse loan features a floating interest rate and a three-year interest-only payment period followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, business center, clubhouse, storage space, picnic area, fitness center and a basketball court. Standifer Place is located at 3400 Jenkins Road, 15 miles east of downtown Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge originated the loan on behalf of the undisclosed borrower.

July 30, 2020

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