Loans

Meridian Capital Arranges $52M in Construction Financing for Mixed-Use Project in Los Angeles

by Amy Works December 2, 2019

LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property. Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.

December 2, 2019

Acquisitions Hospitality Loans Montana Western

Berkadia Negotiates Sale of, Financing for 81-Room TownePlace Suites in Montana

by Amy Works December 2, 2019

WHITEFISH, MONT. — Berkadia’s Hotels & Hospitality team has arranged the sale and financing of TownePlace Suites Whitefish Kalispell, an all-suite hotel in Whitefish. Scottsdale, Ariz.-based Glacier House Hotels sold the asset to Venture Hospitality for an undisclosed price. Matt Bailly and Spencer Scott of Berkadia represented the seller, while Adrienne Kautzman, also of Berkadia, secured financing for the buyer in the deal. The 10-year, fixed-rate loan features a 60 percent loan-to-cost ratio and three years of interest-only payments. Built in 2018, the 81-suite hotel is located next to Glacier National Park and the Going-to-the-Sun highway. The property is also near Glacier International Airport, Whitefish Lake, Whitefish Mountain Resort and Flathead Lake.

December 2, 2019

California Loans Multifamily Western

KeyBank Secures $35M in Loans for Two Multifamily Properties in Bay Area

by Amy Works December 2, 2019

HAYWARD, CALIF. — KeyBank Real Estate Capital (KBREC) has secured $35 million of Federal Housing Authority (FHA) fixed-rate loans for San Francisco-based Tesseract Capital Group (TCG) for the refinancing of two multifamily assets in Hayward. The company secured $17.5 million for Vivante Apartments and $17.4 million for Solis Garden Apartments. Both transactions closed using FHA’s 223(f) mortgage insurance program. Built in 1965 on two acres, the garden-style Vivante Apartments features 51 market-rate apartments in a mix of two-, three- and four-bedroom floor plans. TCG has completed $1.1 million of renovations, including $400,000 to install solar panels. Solis Garden Apartments, which was built in 1965 on two acres, features 62 market-rate apartments in a mix of studio, one-, two- and three-bedroom layouts in four three-story buildings. The interior and exterior of the property were recently renovated, including the installation of solar panels. Katie Plett of KBREC’s Commercial Mortgage Group and Amy Schroeder of KBREC’s Income Property Group structured the financing for the properties.

December 2, 2019

Loans New York Northeast Office

Blackstone Provides $724.2M Loan for Refinancing of Hudson Commons Office Building in Manhattan

by Alex Patton November 27, 2019

NEW YORK CITY — Blackstone Mortgage Trust has provided a $724.2 million loan for the refinancing of Hudson Commons, a 698,000-square-foot redeveloped office building in the Hudson Yards submarket of Manhattan. The borrower, a partnership between Cove Property Group and The Baupost Group, purchased the former warehouse from Emblem Health in December 2016. Hudson Commons is now 65 percent leased to tenants including Peloton and Lyft, which will occupy 336,000 square feet and 100,000 square feet, respectively. Kohn Pedersen Fox handled design of the redevelopment project. Grant Frankel, Phil McKnight and Ethan Pond of Eastdil Secured LLC arranged the refinancing loan.

November 27, 2019

Alabama Georgia Loans Multifamily Retail Southeast

Trillium Arranges Financing for Four Apartment Communities, Walgreens-Leased Store in Columbus, Georgia

by John Nelson November 26, 2019

COLUMBUS, GA. — Columbus-based Trillium Capital Resources has arranged a refinancing package for four Class B and C apartment complexes and a store leased to Walgreens in the greater Columbus area. Scott Taccati of Trillium Capital arranged the approximately $19.7 million financing through a life insurance company on behalf of the borrower, a local real estate developer. The loan package for the apartments was underwritten with a fixed 3.4 percent interest rate and a 15-year amortization schedule. Three of the apartment communities are located in Columbus and one is located in nearby Phenix City, Ala., and the average age of the four communities is 30 years. The Walgreens loan was underwritten at a fixed 3.65 percent interest rate and a 15-year amortization schedule. The Walgreens property was constructed in 2011 in Columbus. Trilium Capital also recently arranged an approximately $26.8 million refinancing for a Class A multifamily complex located in the northern section of Pensacola, Fla. Taccati arranged the loan on behalf of the borrower, an undisclosed Phenix City-based developer, through a regional bank. The 10-year loan features a 3.15 percent interest rate.

November 26, 2019

Loans Maryland Office Southeast

JLL Secures $42M Loan for Rio Shopping Center in Suburban Maryland

by John Nelson November 26, 2019

GAITHERSBURG, MD. — JLL has arranged $42 million in financing for the western portion of Rio, a 700,000-square-foot retail property in the suburban Washington, D.C., city of Gaithersburg. Located at 9811 Washingtonian Blvd., the property is located at the intersection of Interstates 270 and 370. Chris Hew and Evan Parker of JLL Capital Markets arranged the 12-year, fixed-rate loan on behalf of the borrower, Peterson Cos., through MetLife Investment Management. Peterson, a Fairfax, Va.-based real estate developer, will use loan proceeds to refinance an existing loan and complete a multimillion-dollar capital improvement plan that includes the development of an outparcel building preleased to True Food Kitchen, as well as garage repairs, updating building facades, expanding the boardwalk, new entertainment and programming spaces and refurbishing a pedestrian bridge. Rio is 98 percent leased to a mix of retailers that includes Target, Dick’s Sporting Goods, Kohl’s and Barnes & Noble, along with restaurant tenants such as Yard House, Uncle Julio’s, Corner Bakery, Lanzhou Hand Pulled Noodles and Kung Fu Tea.

November 26, 2019

Loans Office Oregon Western

Clarity Real Estate Receives $18.2M in Refinancing for Creative Office Asset in Portland

by Amy Works November 26, 2019

PORTLAND, ORE. — Canada-based Clarity Real Estate and its affiliated private equity fund received an $18.2 million bridge loan for the refinancing of 1500, a five-story creative office building located at 1500 NE Irving St. in Portland. Originally built in 1965, the 73,274-square-foot building was fully renovated into creative office space this year. The repositioned property features 10-foot windows, exposed ceilings, polished concrete floors and full-floor availability on the second floor. On-site amenities include a fitness center with shower facilities, conference room, bike room, tenant lounge and 100 parking stalls. Zack Holderman, Zach Kersten and Daniel Pinkus of JLL arranged the 36-monnth, floating-rate loan for the borrower.

November 26, 2019

Loans Multifamily Oklahoma Texas

Alliant Credit Union Provides $61.9M Acquisition Loan for Tulsa Multifamily Portfolio

by Taylor Williams November 26, 2019

TULSA, OKLA. — Alliant Credit Union has provided a $61.9 million acquisition loan for a seven-property, 1,540-unit multifamily portfolio in Tulsa. The loan was structured with an 80 percent loan-to-value ratio. The borrower was not disclosed. Gershon Friedman of Meridian Capital’s Chicago office placed the debt with Alliant Credit Union.

November 26, 2019

Loans Multifamily New York Northeast Seniors Housing

Meridian Capital Group Arranges $60M Refinancing of National Seniors Housing Portfolio

by Alex Patton November 26, 2019

NEW YORK CITY — New York-based Meridian Capital Group has arranged a $60 million loan to refinance two portfolios of memory care assets across Ohio, Georgia, South Carolina, Colorado, California and Tennessee. In the first transaction, Meridian arranged $27.5 million for four memory care facilities totaling 264 beds in Ohio and Georgia. The five-year loan features a fixed interest rate and limited personal guarantees. In the second transaction, the Meridian team arranged a $32.5 million loan for memory care facilities totaling 264 beds in South Carolina, Colorado, California and Tennessee. A balance sheet lender provided the five-year, non-recourse loan with a fixed rate. Further details on the properties, locations and borrowers were not disclosed. Ari Adlerstein, Ari Dobkin and Josh Simpson of Meridian negotiated the two transactions.

November 26, 2019

Acquisitions Loans Multifamily North Carolina Southeast

KeyBank Secures $34.6M Acquisition Financing for New Multifamily Property in Asheville

by Alex Tostado November 25, 2019

ASHEVILLE, N.C. — KeyBank Real Estate Capital has provided $34.6 million in Freddie Mac financing for the purchase of a new multifamily community in Asheville. The borrower, an affiliate of Waypoint Real Estate Investments, a national real estate investment firm based in Boca Raton, Fla., will acquire Skyland Exchange Apartment Homes. Trevor Ritter and Joe Fadus of KeyBank structured the financing. Built in 2019, Skyland Exchange Apartment Homes is a 290-unit multifamily property comprising seven four-story buildings on 11 acres of land at 12 Sky Exchange Drive. The complex is located seven miles south of downtown Asheville and features one-, two-, and three-bedroom layouts, as well as a saltwater pool, outdoor lounge area, fitness center and a clubhouse.

November 25, 2019

Newer Posts

Older Posts