Loans

Sonnenblick-Eichner Co. Arranges $20.5M Loan for Carriage Inn in Los Angeles

by Amy Works March 23, 2020

LOS ANGELES — Beverly Hills, Calif.-based Sonnenblick-Eichner Co. has secured $20.5 million in first mortgage debt for Carriage Inn, a hotel located at the intersection of Burbank Boulevard and the San Diego Freeway in the Sherman Oaks neighborhood of Los Angeles. The non-recourse, 10-year, fixed-rate loan features interest-only payments for the entire loan term. Affiliated with the Best Western brand, the hotel features 178 guest rooms, meeting space, a pool, Jacuzzi, fitness center and surface parking for 160 cars. Patrick Brown and Elliot Eichner of Sonnenblick-Eichner Co. arranged the financing for the undisclosed borrower. The lender was also not disclosed.

March 23, 2020

Florida Loans Retail Southeast

Terra Receives $45M Refinancing Loan for Phase II of Shopping Center in South Florida

by Alex Tostado March 20, 2020

PEMBROKE PINES, FLA. — Terra City Center Investments II LLC, an entity sponsored by development firm Terra, has received a $45 million refinancing loan for Phase II of Pines City Center in Pembroke Pines. First Bank of Florida provided the loan. Terra broke ground on Phase II last year and expects to complete the 150,000-square-foot project by the end of this year. Some of Phase II is complete, with 98 percent of the space leased to tenants including anchors Hobby Lobby and UFC Gym, as well as CoreLife Eatery, AT&T, Space Coast Credit Union, Walk-On’s Bistreaux, Chuy’s Tex Mex and McAlister’s Deli. Terra completed the145,000-square-foot first phase of Pines City Center before selling it to TA Realty in December 2018. Pines City Center spans 47 acres.

March 20, 2020

Colorado Development Loans Office Western

JV Receives $29.4M Construction Loan for S’PARK Railyards Office Project in Boulder

by Amy Works March 20, 2020

BOULDER, COLO. — A joint venture between The John Buck Co., Kinship Capital and Element Properties has secured a $29.4 million construction loan for the development of S’PARK Railyards, a Class A office project in Boulder. Located at 3401 Bluff St., the four-story Railyards building will feature 64,000 square feet of office space and 5,263 square feet of ground-floor retail space. The office layouts have been designed with 25-foot spans between columns, offering nearly column-free floor plates. Slated for completion in March 2021, the project is 92.4 percent pre-leased. The Railyards project is located within S’PARK, a master-planned community that will offer 288 multifamily units, 106,029 square feet of office space, 31,363 square feet of ground-floor retail space and approximately 350 parking spaces across six separate buildings. Railyards is the fourth of six planned buildings to be built by the joint venture. Construction of the last two projects are scheduled to start by the end of the year. JLL Capital Markets arranged the five-year, floating-rate construction loan through Wintrust Financial Corp. Keith Largay, Brian Walsh and Leon McBroom of JLL Capital Market represented the borrower in the financing.

March 20, 2020

Development Loans North Carolina Office Southeast

PCCP Provides $95.6M Construction Loan for 16-Story Office Building in Charlotte

by Alex Tostado March 19, 2020

CHARLOTTE, N.C. — PCCP LLC has provided a $95.6 million construction loan to a joint venture for a 16-story office building in Charlotte’s South End. Atlanta-based Portman Holdings and Washington, D.C.-based National Real Estate Advisors LLC are developing 2151 Hawkins, which will feature multiple rooftop terraces, a six-story parking structure, ground-level retail anchored by Sycamore Brewing and access to the LYNX Light Rail Blue Line. In addition to Sycamore, the developers plan to incorporate a food hall concept on the ground floor. Gensler designed the building, which, according to media reports, is expected to come on line in March 2021.

March 19, 2020

Loans Multifamily Texas

LMI Capital Arranges $13M Acquisition Loan for Multifamily Asset in Corpus Christi

by Taylor Williams March 18, 2020

CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $13 million acquisition loan for an undisclosed 180-unit multifamily asset in Corpus Christi. Jamie Safier of LMI Capital placed the nonrecourse loan, which featured full-term, interest-only payments, on behalf of the undisclosed borrower. Proceeds will also cover costs of capital improvements.

March 18, 2020

Industrial Loans Northeast Pennsylvania

NKF Arranges $163M Acquisition, Refinancing Loan for National Industrial Portfolio

by Alex Patton March 18, 2020

PHILADELPHIA — Newmark Knight Frank has arranged a $163 million floating-rate loan for the acquisition and refinancing of a 12-property industrial portfolio located in various markets across the United States. A partnership of CIT Group and BlackRock provided the loan. The borrower, Philadelphia-based Arden Group, will use the proceeds to acquire assets located in Texas, Georgia and Ohio and to refinance assets located in Pennsylvania and North Carolina. Dustin Stolly and Jordan Roeschlaub led an NKF team that arranged the loan. The seller of the portfolio was California-based investment firm Avistone LLC.

March 18, 2020

Loans Multifamily Northeast Pennsylvania

Arbor Provides $3.4M Fannie Mae Refinancing Loan for Multifamily Asset in Kingston, Pennsylvania

by Alex Patton March 18, 2020

KINGSTON, PA. — Arbor Realty Trust Inc. has provided a $3.4 million Fannie Mae loan for the refinancing of Chapin Apartments, a 60-unit multifamily property in Kingston, located approximately 65 miles north of Allentown. The loan has a seven-year term and a 30-year amortization schedule. Chapin Apartments is a garden-style community that is located at 151 East Walnut St and features a fitness center, resident lounge, storage lockers and a covered parking garage across the street. Ryan Duff of Arbor originated the loan.

March 18, 2020

Loans Multifamily Texas

LMI Capital Arranges $17M Acquisition Loan for Houston Multifamily Asset

by Taylor Williams March 17, 2020

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $17 million acquisition loan for a 255-unit multifamily asset in northeast Houston. The loan was structured with a floating interest rate and three years of interest-only payments. Jamie Mullin of LMI Capital placed the debt on behalf of an undisclosed borrower. The property name was also not disclosed.

March 17, 2020

Loans Multifamily Washington Western

CBRE Secures $115.5M Refinancing for The Danforth Apartment Building in Seattle

by Amy Works March 17, 2020

SEATTLE — CBRE has arranged $115.5 million in refinancing for The Danforth, a 16-story multifamily property located at 1425 Spring St. in Seattle’s First Hill neighborhood. The borrower acquired the 265-unit apartment property in December 2019 from the project developer, Columbia Pacific Advisors. John Lo of CBRE’s Capital Markets’ Debt & Structured Finance group secured the loan from a European lender on behalf of the borrower, an affiliate of the Vanbarton Group. Built in 2018, The Danforth is 96 percent leased and includes a two-level, 45,000-square-foot organic supermarket chain on the ground floor, as well as other residential amenities. The property is located at the corner of Broadway and East Madison Street and offers 358 underground parking stalls.

March 17, 2020

Hospitality Loans New Hampshire Northeast

HREC Arranges $14.1M Construction Loan for Tru by Hilton Hotel in Manchester, New Hampshire

by Alex Patton March 17, 2020

MANCHESTER, N.H. — Hospitality Real Estate Counselors (HREC) has arranged a $14.1 million construction loan for the 126-room Tru by Hilton hotel in Manchester, located approximately 15 miles south of Concord. A regional bank provided the loan. Florida-based developer Lansing Melbourne Group is building the hotel for $23 million, according to local news site manchesterinklink.com. John Siska and Mike Armstrong of HREC arranged the loan, specific terms of which were undisclosed. The hotel is expected to open in third quarter of 2020.

March 17, 2020

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