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.
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.
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.
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.
TEXAS — Lancaster Pollard Mortgage Co. has placed two bridge loans totaling $42 million for the recapitalization of a five-property portfolio of skilled nursing facilities located throughout Texas. In the first transaction, Lancaster Pollard provided a $12 million loan with a 12-month term for two facilities in South Texas. The transaction refinanced existing debt and provided equity-out proceeds. In the second transaction, Lancaster Pollard worked with syndicate partner MB Financial Bank to secure a $30 million, 30-month bridge loan for three facilities in South Texas. Scott Blount, Chris Mauger and Eric Sengpiel of Lancaster Pollard placed the debt on behalf of the borrower, Arboretum Group. The specific names and locations of the properties were not disclosed.
IRVING, TEXAS — Hunt Capital Partners, in partnership with Saigebrook Development and O-SDA Industries, has obtained $8.4 million in federal low-income housing tax credits for the development of Canova Palms, an affordable seniors housing project in Irving. The three-story property will feature 58 units. Of those, 50 will be reserved for seniors who earn up to 30, 50 and 60 percent of the area median income. Maker Bros. is the general contractor, and Miller Slayton Architects Inc. is the architect for the project. Construction began in mid-May and is slated for completion in May 2020.
ST. LOUIS PARK, MINN. — Dekel Capital has arranged a $41 million bridge loan for Central Park West, a 199-unit multifamily property in St. Louis Park. Ares Real Estate Group, which manages debt funds, provided the financing that will be used to retire the existing construction loan and provide for the continued lease-up and stabilization of the property. The community is currently 81 percent leased. Central Park West features a mix of studio, one-, two- and three-bedroom units. Property amenities include a clubhouse, business center, pool, fitness room and outdoor seating areas.
WINSTON-SALEM, N.C. — Hunt Real Estate Capital has provided an $18.8 million loan for the refinancing of Villages at Wake Forest, a student housing community near Wake Forest University in Winston-Salem. Hunt originated the 10-year loan through Fannie Mae with three years of interest-only payments followed by a seven-year amortization schedule. The borrower, Wake Forest Student Housing Associates LLC, purchased the asset in April 2018 and in January 2019 constructed an additional 20 bedrooms. Villages at Wake Forest now features 270 beds within 69 units, each with three or four bedrooms set within cottage-style buildings. Community amenities include a pond, outdoor lounge area and a fire pit. Wake Forest University has a three-year live-on campus requirement, but students who study abroad during the fall semester can petition the school to allow them to live off-campus, which many Village at Wake Forest’s residents take part in.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $50 million first mortgage loan for the development of a mixed-use project in Brooklyn that will include 41 residential units and 12,625 square feet of ground-floor retail space. An office building and additional development site located in the borough’s Broadway Triangle neighborhood partially collateralize the loan. According to local media sources, the borrowers were Abraham Brach and Parkview Management, which will use the proceeds to retire existing debt and fund construction of the mixed-use property. Construction is expected to be complete by the fourth quarter.
HOWELL, N.J. — JLL has arranged a $46.5 million loan for the refinancing of Greenleaf at Howell, a 290,000-square-foot retail power center in Howell, approximately 30 miles east of Trenton. Aaron Appel, Jonathan Schwartz, Keith Kurland, Brett Rosenberg, Adam Schwartz and Brandon Krupetsky of JLL placed the debt through JPMorgan Chase on behalf of the borrower, Sun Equity Partners LLC. A B.J.’s Wholesale Club anchors the property, which is located at the intersection of U.S. Route 9 North and Lanes Mill Road. Approximately 87,000 people live within a three-mile radius of the center, which sees a daily traffic count of roughly 40,000 vehicles.