GLADWYNE, PA. — Ziegler has arranged $44.1 million in bond financing for Waverly Heights, which owns and operates a continuing care retirement community (CCRC) of the same name in Gladwyne, located northwest of Philadelphia. The 63-acre community was built in 1986 and includes 151 independent living apartments, 69 independent living villas, 33 personal care suites, 16 memory support rooms and 49 private skilled nursing rooms. The bond financing, along with other available funds, will be used to pay back existing bank debt.
LAGUNA HILLS, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $55.9 million loan for the refinancing of HERE, an office campus in Laguna Hills. Originally built between 1988 and 1989, the five-building property features 223,974 square feet of office space. The borrower, a joint venture between Cigna Investments Management and Cruzan, originally acquired the property in 2015 and invested more than $13 million in capital and tenant improvements, transforming the traditional office space into a creative office campus. Updates include a fitness center with resort-style showers and lockers, an on-site café operated by Steelhead Coffee, a conference center and an open-air tenant lounge. At the time of refinancing, the property was leased to 42 tenants. The asset is located at 23332, 23382, 24322 Mill Creek Drive and 24411 and 24461 Ridge Route Drive. Mark McGovern, Scott Peterson, Morgon Fraser and Brian Cruz of CBRE arranged the two-year, floating-rate loan through ARES for the borrower.
BURBANK, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged a $126.5 million loan for the refinancing of Talaria at Burbank in Los Angeles County. Completed in February, the apartment community is home to 241 luxury units, a ground-floor Whole Foods Market and subterranean parking. The four-story property is located at 3401-3425 W. Olive Ave. across the street from NBC, ABC, Warner Bros. and other major film/television studios. The complex features a mix of one-, two- and three-bedroom floor plans as well as two penthouse units. VTBS Architecture designed the project. Amenities at Talaria at Burbank include a resort-style pool, fitness club, rooftop bar and lounge, business center, bicycle repair shop, electronic vehicle charging stations and 24-hour concierge services. The 42,000-square-foot Whole Foods Market also features a restaurant and pub. Tom Kenny of Bellwether Enterprise arranged the 10-year loan on behalf of the borrower, Cusumano Real Estate Group. The structure enabled the borrower to lock in a long-term, fixed-rate loan prior to lease-up and included recouping a significant amount of equity at closing, according to Bellwether Enterprise. PGIM Real Estate Finance provided the funds. The mixed-use complex is somewhat infamous in the area for taking nearly 20 years to …
RICHMOND, VA. — M&T Realty Capital Corp. has provided a $16.1 million Freddie Mac acquisition loan for Berkeley & Warwick Place, a 265-unit townhome community in Richmond. The borrower, Walde Enterprises, plans to improve the property’s energy and water usage as part of Freddie Mac’s Optigo Green Up program. Details of the improvement plan were not disclosed. The 10-year loan is structured with three years of interest-only payments and a 30-year amortization schedule. Berkeley & Warwick Place offers one-, two- and three-bedroom townhomes for rent. Communal amenities include package services, laundry services and a playground. Matthew Hodson and Debra Goldstein of M&T Realty Capital arranged the loan on behalf of Walde Enterprises. The seller was not disclosed.
BOSTON — Madison Realty Capital has provided a $314 million construction loan for the development of Raffles Boston Back Bay Hotel & Residences. Trinity Stuart LLC, a partnership between two Boston-based entities, Saunders Hotel Group and The Noannet Group, is leading development of the project, which will consist of 147 hotel rooms and 146 residential units. Cain International is also providing joint venture equity to develop the project, which has a total price tag of more than $400 million, with Trinity Stuart. Riaz Cassum and Anthony Cutone of JLL placed the debt and equity on behalf of the developer. A construction timeline was not released.
When the current economic expansion passed the 10-year mark on July 1, it became the longest growth cycle in U.S. history. Still, mixed messages continue to plague the economic outlook. Arguments for optimism include the rising trajectory of GDP growth, which hit a three-year high of 2.9 percent for all of 2018 and was followed by a 3.1 percent reading in the first quarter of 2019. Unemployment is at a 50-year low, and interest rates remain near historical lows. On June 19, the 10-year Treasury yield briefly fell below 2 percent for the first time since 2016 before closing that same day at 2.03 percent. That figure was down about 85 basis points on a year-over-year basis. Such inexpensive capital tends to fuel investment in residential and commercial real estate, driving up property values. Meanwhile, the Federal Reserve has indicated that it wants to maintain low rates due to mixed signals in the global economy. Bearish signals include the possibility of an extended tariff war with China that could lead to a hike in consumer prices, disappointing job growth of 75,000 in May, stock market volatility and a flat yield curve creeping toward inversion. The two-year Treasury yield stood at …
FORT WALTON BEACH, FLA. — JLL has arranged a $58.5 million refinancing loan for two neighboring hotels totaling 330 rooms in Fort Walton Beach. Ladder Capital Finance LLC provided the 10-year, fixed-rate loan to partners Innisfree Hotels and Band of Poarch Creek Indians. Loan proceeds will be used to pay off the original construction loan and provided the borrowers with $8.4 million. The hotels are on a ground lease with the U.S. Air Force that expires in 45 years. The portfolio comprises the 178-room Hilton Garden Inn Fort Walton Beach and the 152-room Holiday Inn Resort Fort Walton Beach, which are beachfront hotels on the Gulf Coast. The Hilton Garden Inn, located at 1297 Miracle Strip Parkway SE, was completed in 2017 and features 5,000 square feet of event space, an outdoor swimming pool, lazy river with rock waterfalls, Whirlpool spa, tiki bar, fire pits, indoor pool, fitness center, 24-hour business center and The Garden Grille & Bar restaurant. Situated at 1299 Miracle Strip Parkway SE, Holiday Inn Resort opened in 2014 and features 2,498 square feet of event space, an outdoor pool, lazy river, Whirlpool spa, pool bar, indoor pool, fitness center, game room, sundry shop, business center and …
HINESVILLE, GA. — Cohen Financial, a division of SunTrust Bank, has arranged a $17.1 million acquisition loan for Oglethorpe Square in Hinesville. Goldman Sachs provided the 10-year loan to an undisclosed borrower. Hutton sold the property for $24 million. Situated about 40 miles southwest of downtown Savannah, the 159,329-square-foot Oglethorpe Square, which Hutton completed in March 2017, is a fully leased retail center with tenants including Dick’s Sporting Goods, Hobby Lobby, T.J. Maxx and Ulta Beauty. Drew Fleming, Mark Joines and Henry Kushner of Newmark Knight Frank represented the seller in the transaction.
VERMONT — Carnegie Capital, a financial intermediary based in Austin, Texas, has arranged a $29 million loan for the refinancing of a seniors housing community in Vermont. The Class A property, the name of which was not disclosed, includes 80 units and offers assisted living and memory care services. The one-year, interest-only loan will be used to refinance existing construction debt. The borrower was also undisclosed.
DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae acquisition financing for Northhaven Terrace, a 208-unit multifamily community in Dallas. The property was built in 1968 and consists of 26 two-story buildings and a leasing office. Dougherty arranged the funds through a partnership with Old Capital Lending on behalf of un undisclosed limited liability company.