SAN DIEGO — Stockdale Capital Partners has closed on a $330 million loan with a group of funds managed by Alliance Bernstein to continue the redevelopment efforts at Horton Plaza in San Diego. Exterior construction is scheduled to begin soon with 600 to 800 construction workers expected on-site to build the mixed-use creative office and retail redevelopment. Stockdale Capital originally announced its redevelopment plans for Horton Plaza Mall in January. The Campus at Horton will include 700,000 square feet of creative office space and 300,000 square feet of retail space. The development is targeting LEED Platinum, WELL Platinum and WiredSource certifications, with sustainability efforts at the forefront of design and construction. Completion is slated for the end of 2021. Developers estimate the project will bring 3,000 to 4,000 jobs to the community.
IRVING, TEXAS — Dougherty Mortgage LLC has arranged acquisition financing for Silverton Apartments, a 256-unit community in Irving. According to apartments.com, the property was built in 1980 and features one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling area. Dougherty arranged the loan, which carries as 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending. The borrower and loan amount were not disclosed.
NEW YORK CITY — Newmark Night Frank (NKF) has arranged a $20 million acquisition loan for the Shops at Richmond Avenue, a 76,000-square-foot retail property on Staten Island. Bridge Investment Group provided the floating-rate loan to the borrower, Infinity Real Estate. The property consists of two buildings that are leased to tenants including Dick’s Sporting Goods, Staples, Men’s Warehouse, Starbucks and Bank of America. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of NKF arranged the loan.
NEW YORK CITY — JLL has secured a $210 million acquisition loan for 530 Broadway, a 200,000-square-foot mixed-use building in the SoHo neighborhood of Manhattan that was originally built in 1898. LoanCore Capital LLC provided the loan to a joint venture between local real estate developer SHVO, Deutsche Finance America and BLG Capital Ltd. The joint venture purchased the 11-story property from a partnership of Wharton Property Advisors and Thor Equities. Michael Tepedino, David Sitt and Robert Tonnessen of JLL arranged the financing.
BELLE GLADE, FLA. — Hunt Real Estate Capital has provided two refinancing loans totaling approximately $8.1 million for Amelia Gardens and Amelia Estate in Belle Glade. Both Freddie Mac Small Balance Loans are hybrid adjustable-rate mortgages (ARMs) with a fixed interest rate for the first 10 years and then a floating interest rate for the following 10 years. Hunt Real Estate provided a $2.8 million loan for Amelia Gardens, a 12-building, 24-unit community that was built in 2003. The property offers three-bedroom floor plans. Hunt provided an additional $5.3 million for Amelia Estates, which offers 48 units and was delivered in 2016. Loan proceeds went mainly toward paying off the construction loan for Amelia Estates. The borrower, Houston Realty & Investment Co., is currently developing Amelia Circle, a multifamily development that will encompass Amelia Estates. Kristian Molloy of Hunt Real Estate originated the loan on behalf of the borrower.
HOUSTON AND PASADENA, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two commercial loans totaling $9 million in the Houston area. In the first transaction, Jamie Safier of LMI Capital placed a $2.6 million, 10-year loan for the refinancing of a 50-unit multifamily asset located in the eastern suburb of Pasadena. In the second deal, Adam Pike of LMI Capital arranged a $6.4 million acquisition loan for a 105,000-square-foot office building in west Houston. The property names and borrowers were not disclosed.
AUSTIN, TEXAS — PCCP LLC has provided a $46 million acquisition loan for Indie and Candela, two adjacent apartment communities totaling 258 units in Austin. Indie was completed in mid-2018, totals 139 units and includes ground-floor retail space. Candela was completed in mid-2019 and features 119 units and various amenities on the ground floor. The seller was Transwestern Development Co. The borrower was not disclosed.
KONA, HAWAII — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction financing portion and Pearlmark Real Estate Partners provided the mezzanine debt.
PATERSON, N.J. — Love Funding Corp. has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments. Both properties are located in Paterson, a northwestern suburb of New York City. The borrower was Roizman Development. The lender provided the developer with low-rate, nonrecourse financing for the duration of construction and for a subsequent 40-year term. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing 300 units. The apartment complex will be the second phase of the Riverside Terrace Master Redevelopment Plan. Inglese Architecture + Engineering is serving as the design architect, and ETC Cos. LLC is the general contractor. S.H.N.I.R. Apartment Management Corp. will be the operator. Riverside Senior Apartments is slated for completion in June 2021. Riverside Village Family apartments is slated for completion in January 2022.
AUSTIN, TEXAS — Sonnenblick-Eichner Co., a California-based investment banking firm, has arranged a CMBS loan for the refinancing of Lone Star Court, a 123-room hotel in Austin. Designed to resemble old-fashioned motor courts, the property is located within the 303-acre Domain mixed-use development on the city’s north side. Amenities include an onsite bar and restaurant called Water Trough, 1,933 square feet of meeting space, 3,341 square feet of outdoor event space, a fitness center, pool and 154 parking spaces. An undisclosed Wall Street lender provided the loan, which was structured with a 3.49 percent interest rate. The loan features interest-only payments for the entire 10-year term. The borrower and loan amount were not disclosed.