Loans

PGIM Provides $200M Loan for Refinancing of Manhattan Office Building

by Taylor Williams June 3, 2019

NEW YORK CITY — PGIM Real Estate Finance has provided a $200 million loan for the refinancing of 315 Hudson Street in Manhattan. The 10-year, fixed-rate loan will be used to restructure existing debt and to fund the remaining costs of a capital improvements program that will upgrade the lobby, elevators, signage and other mechanical systems. The borrower was Jack Resnick & Sons. Standing 10 stories tall and spanning 484,000 square feet, 315 Hudson is located in the Hudson Square area of Lower Manhattan. PGIM Real Estate Finance, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business.

June 3, 2019

Loans New York Northeast Office

JLL Arranges $75M CMBS Loan for Refinancing of Office Building in New York City

by Taylor Williams June 3, 2019

NEW YORK CITY — JLL’s Capital Markets team has arranged a $75 million CMBS loan for the refinancing of 450-460 Park Avenue South, a 183,019-square-foot office building in the Midtown South neighborhood of Manhattan. Aaron Appel, Kellogg Gaines, Jackson Sastri and Matt Fagella of JLL placed the debt through Wells Fargo on behalf of the borrower, Moinian Group, which has owned the property for more than three decades. Coworking giant WeWork recently inked a deal to occupy space at the building, which was originally built in 1912 and was 95 percent leased at the time of the loan closing.

June 3, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 154-Unit Apartment Community in Metro Dallas

by Taylor Williams June 3, 2019

GARLAND, TEXAS — Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for The Hills of Palos Verdes, a 154-unit multifamily community in Garland, located northeast of Dallas. The property was built in 1983 and spans eight three-story residential building and one auxiliary building. Amenities include a pool, fitness center, playground and outdoor grilling areas. Dougherty arranged the loan in partnership with Old Capital Lending on behalf of the undisclosed borrower.

June 3, 2019

Loans Mixed-Use North Carolina Southeast

Ready Capital Provides $22.6M Refinance Loan for Mixed-Use Redevelopment in Charlotte

by Alex Tostado May 31, 2019

CHARLOTTE, N.C. — Ready Capital has provided a $22.6 million loan for General Assembly, a redevelopment of the longtime home of City North Business Center in Charlotte. The non-recourse, floating rate loan features a 48-month term, one extension option, 36-months of interest only and flexible pre-payment. The site is situated on 8.1 acres in the NoDa-North End submarket of Charlotte and was the longtime home of City North Business Center which was originally built in the 1930s. The borrower, Artesia Real Estate, plans to redevelop the site to include 100,000 square feet of office space and 24,000 square feet of retail and brewery space. The project is slated for completion in late 2020. In addition to the redevelopment, loan proceeds are being used to refinance the acquisition loan. Doug Opalka, Robert Wooten and Cory Fowler of HFF arranged the loan on behalf of the borrower.

May 31, 2019

Florida Industrial Loans Southeast

FM Capital Originates $21M Loan to Refinance Cold-Storage Warehouse in Miami

by Alex Tostado May 31, 2019

MIAMI — FM Capital has provided a $21 million refinancing loan for a cold-storage warehouse in Miami. The 235,758-square-foot warehouse was originally built in 1968 and is located near I-95 with access to the Florida Turnpike. The property was 82 percent leased at the time of the refinancing to South East Frozen Foods and Super Value. The undisclosed borrower will also invest $1.1 million in capital improvements with the option of selling the asset or refinancing within the loan term.

May 31, 2019

Loans Multifamily New York Northeast Seniors Housing

Public-Private Partnership Receives $6M Loan for Affordable Senior Living Community in Manhattan

by Taylor Williams May 31, 2019

NEW YORK CITY — A public-private partnership between The Community Preservation Corp. (CPC), Project FIND, the Joint Ownership Entity New York City (JOE NYC) and the New York City Department of Housing Preservation and Development (HPD) has received $6 million in financing for the renovation of Hargrave House. The 113-unit property is an affordable seniors housing community that is located at 111 W. 71st St. Project FIND, a nonprofit that supports low-income seniors, and JOE NYC, a nonprofit that supports affordable housing developers in the city, are the primary sponsors behind the project. The renovation work will upgrade the building’s elevators, energy systems, lobby and façade. Hargrave House was originally built in 1913 as a Renaissance hotel until it was converted into a residential use in the mid-1900s. An additional $3.5 million renovation plan was executed in 2001.

May 31, 2019

California Loans Office Western

HFF Arranges $93M in Acquisition Financing for 253,393 SF Office Building in Oakland

by Amy Works May 31, 2019

OAKLAND, CALIF. — HFF has secured $93 million in acquisition financing for 1333 Broadway, a Class A office building in Oakland. Jordan Angel and Mark Root of HFF arranged the floating-rate acquisition loan through an affiliate of Brookfield Asset Management for the borrower, Swift Real Estate Partners. At the time of sale, the 253,393-square-foot office building was 95 percent leased. Major tenants includes Delta Dental and Teecom. Jacobus Machalow of Orrick provided legal representation for Swift Real Estate Partners. Additional terms of the acquisition were not released.

May 31, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Parkview Financial Provides $31.8M Construction Loan for Mixed-Use Project Near San Diego

by Amy Works May 31, 2019

POWAY, CALIF. — Parkview Financial has funded a $31.8 million construction loan to San Diego-based Poway Property LP for the development of Outpost, a mixed-use project located at 13247 Poway Road in Poway. Upon completion, the three-building property will feature 53 apartment units and ground-floor retail space, which is fully pre-leased to Crunch Fitness and Three Local Brothers. Additionally, the asset will include two levels of underground parking offering a total of 337 parking spaces. The residential portion of the property will feature 16 one-bedroom, 22 two-bedroom and 15 three-bedroom units with stainless steel appliances, stone countertops and engineered hardwood/vinyl flooring. On-site community amenities will include patios, a courtyard, rooftop deck and leasing office. Construction began last summer, with completion slated for 2020.

May 31, 2019

California Development Loans Multifamily Western

JLL Arranges $35M Loan for Refugio Apartments in Santa Maria, California

by Amy Works May 30, 2019

SANTA MARIA, CALIF. — JLL Capital Markets has secured a $35 million loan to facilitate the refinancing and completion of Refugio Apartments, a 125-unit rental townhome community in Santa Maria. Annaly Capital Management provided the loan to the borrower, Dynamic Development Co. Situated on seven acres at 270 W. McCoy Lane, Refugio Apartments comprises seven stucco buildings with 125 luxury townhomes rentals. The two- and three-story units offer three bedrooms, at least 2.5 bathrooms, balconies, attached two-car garages and private backyards in select units. Community amenities include a 3,000-square-foot recreational center with a resort-style swimming pool, year-round spa, barbecue area, business center and resident clubhouse with built-in fitness center. Residents already have taken occupancy in completed portions of Refugio Apartments, with final completion scheduled for June 2019. Aaron Niedermayer, Reid McGlamery, Brian Buglione and Brandon Krupetsky of JLL arranged the financing.

May 30, 2019

Loans Multifamily Texas

HFF Arranges Refinancing of Two Apartment Communities Totaling 552 Units in Metro Houston

by Taylor Williams May 30, 2019

STAFFORD, TEXAS — HFF has arranged two loan of undisclosed amounts for the refinancing of two multifamily communities totaling 552 units in Stafford, a southwestern suburb of Houston. Shadowbrooke, built in 2003, features 240 units and was 92 percent occupied at the time of loan closing. Silverbrooke, completed in 2007, totals 312 units and was 93 percent occupied. A private park adjoins the two properties, providing shared amenities such as a jogging trail, sand volleyball court, playground and putting green. Each community also houses its own resort-style swimming pool, hot tubs, clubhouse and fitness center. Cortney Cole and John Williamson of HFF worked on behalf of the borrower, Venterra Realty, to secure the loans, both of which were structured with 10-year terms and fixed interest rates.

May 30, 2019

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