Loans

Aztec Group Arranges $18.5M Refinancing for Retail Center in South Florida

by Alex Tostado July 31, 2019

PEMBROKE PINES, FLA. — The Aztec Group has arranged an $18.5 million refinancing of an existing construction loan for Pembroke Centre in Pembroke Pines. Continental Casualty Co. provided the five-year, non-recourse, fixed-rate loan. The borrower, Hart Lyman Cos., delivered Pembroke Centre, a 37,900-square-foot shopping center, in 2017. Tenants include anchor Twin Peaks, Comcast, TooJay’s, AT&T, Firebirds, Pieology and Habit Burger. Howard Taft, Charles Penan and Joel Zusman of Atzec Group represented the borrower in the loan transaction.

July 31, 2019

Hospitality Loans Texas

3650 REIT Provides $90M Loan for Refinancing of Plano Hotel

by Taylor Williams July 31, 2019

PLANO, TEXAS — 3650 REIT, a Miami-based balance-sheet lender, has provided a $90 million, 10-year loan for the refinancing of Renaissance Dallas at Plano Legacy West, a 304-room hotel in Plano. Completed in 2017 by borrower and developer Sam Moon Group, the property offers 26,000 square feet of conference and meeting space, as well as a pool deck and bar, spa and a fitness center. Specific loan terms were not disclosed.

July 31, 2019

Loans Massachusetts Multifamily Northeast

Fortis Receives $87.5M Construction Loan for Multifamily Property in Boston

by Alex Patton July 31, 2019

BOSTON — Fortis Property Group has received an $87.5 million construction loan for LaGrange Street Residential Development, a 170-unit multifamily property in Boston. The project will include street-level retail. Apollo Global Management provided the loan. The property will offer studio, one- and two-bedroom apartments, 22 of which will be rented at below-market rates. Construction is underway, slated for completion in late 2021. Stantec is the architect of the project and Zarifi is the interior designer.

July 31, 2019

Loans Multifamily New York Northeast

NorthMarq Arranges $4M Loan for Refinancing of Mixed-Use Property in Brooklyn

by Alex Patton July 31, 2019

NEW YORK CITY — NorthMarq has arranged a $4 million cash-out refinance of a 8,799-square-foot multifamily property in Brooklyn. The property, 66 Nassau Avenue, is five stories with ground floor retail. The loan was structured with a 10-year term, a 4 percent fixed interest rate and a 25-year amortization schedule. The property was originally acquired in 2000 and was later demolished and redeveloped in 2018.

July 31, 2019

Acquisitions California Loans Multifamily Western

PCCP Provides $268.4M in Financing for Acquisition of Two Apartment Towers in Los Angeles

by Amy Works July 30, 2019

LOS ANGELES — PCCP has provided $268.4 million in financing for the acquisition of two newly built, 28-story apartment towers in downtown Los Angeles. Known as The Grace and The Griffin, the Class A properties offer a total of 575 units and were delivered in late 2018 by the seller, Holland Partners. The properties are located at 732 and 755 South Spring St. Totaling 275 units, The Griffin features a mix of six studios, 155 one-bedroom, 55 two-bedroom and 59 three-bedroom apartments and 9,726 square feet of ground-floor retail space. The Grace offers 300 units in a mix of 18 studios, 195 one-bedroom, 61 two-bedroom and 26 three-bedroom layouts, as well as 7,569 square feet of ground-floor retail space. The units feature open floor plans with integrated kitchens, quartz countertops, stainless steel hardware and appliances, in-unit washers/dryers, recessed light fixtures, vinyl plank flooring and 9.5-foot ceiling heights. Each building features a resort-style infinity pool and spa, observatory rooftop lounge, bar and entertainment lounge, dog wash and run, two-story fitness center and yoga studio, business center, package delivery lockers, dry cleaning drop-off, electric vehicle charging stations and a coffee bar. Currently nearly 50 percent leased, the undisclosed buyer plans to hold …

July 30, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $36M for Houston Multifamily Assets

by Taylor Williams July 30, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two loans totaling $36 million for a pair of multifamily assets in southwest Houston. In the first transaction, Jamie Mullin of LMI Capital placed a $21 million loan for the refinancing of a 430-unit property. The loan featured a 3.99 percent interest rate and five-years of interest-only payments. In the second deal, Mullin arranged a $15 million, floating-rate loan for the acquisition of a 275-unit community. The borrowers and property names were not disclosed.

July 30, 2019

Affordable Housing Georgia Loans Multifamily Southeast

Dougherty Provides $7.3M Fannie Mae Acquisition Loan for Affordable Housing Community in Brunswick, Georgia

by Alex Tostado July 29, 2019

BRUNSWICK, GA. — Dougherty Mortgage LLC has provided a $7.3 million Fannie Mae acquisition and rehabilitation loan for Glynn Pines Apartments, an 88-unit affordable housing community in Brunswick. The 17-year loan features a 35-year amortization schedule, which was arranged for the borrower, Glynn Pines Housing Partners LP. The property includes 18 single-story buildings with one- and two-bedroom floor plans. Glynn Pines was built in 1970. The seller was not disclosed.

July 29, 2019

Development Loans Multifamily Oregon Western

Pacific Oak Capital Funds $33M Development of Wood Village Apartments in Metro Portland

by Amy Works July 29, 2019

WOOD VILLAGE, ORE. — Pacific Oak Capital is funding the $33 million development of Wood Village Apartments, a multifamily and retail property located in an Opportunity Zone in Wood Village, a suburb of Portland. The property will feature 172 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 361 square feet to 1,325 square feet, spread across seven three- and four-story buildings. The asset will also include a more than 10,000-square-foot, two-building neighborhood retail center, a community clubhouse and pool. Construction is slated to begin later this year, with completion scheduled for summer 2021.

July 29, 2019

Loans Midwest Office Ohio

NorthMarq Arranges $3.4M Refinancing of Office Property in Cincinnati

by Kristin Harlow July 29, 2019

CINCINNATI — NorthMarq has arranged a $3.4 million loan for the refinancing of Eastgate Professional Office in Cincinnati. The 36,000-square-foot office property is located on Ferguson Road. Susan Branscome of NorthMarq arranged the seven-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan.

July 29, 2019

Loans Office Texas

JLL Arranges Loan for Refinancing of 200,418 SF Office Building in Houston

by Taylor Williams July 29, 2019

HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of 1225 North Loop, a 200,418-square-foot office building in Houston. The 11-story property is located near the city’s River Oaks, Tanglewood and Memorial Village neighborhoods. Michael Johnson, Jett Lucia and Robby Derrick of JLL placed the loan, which carried a 25-year term and a fixed interest rate, through CUNA Mutual Group. The borrower was 1225 North Loop Investments Inc.

July 29, 2019

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