Loans

Capital One Provides $68M Loan for Office Redevelopment Project in Wilmington

by Taylor Williams May 23, 2019

WILMINGTON, DEL. — Capital One has provided a $68 million loan for the redevelopment of a portion of the former office campus of pharmaceutical firm AstraZeneca in Wilmington, Delaware. The borrower, Brandywine Investment Group II, acquired the site in 2017 in a sale-leaseback deal and will use the new proceeds to fund construction of a 1,373-space parking garage, as well as to fund tenant improvements and leasing commissions. The loan, which features a five-year term and an adjustable interest rate, also provides working capital for pre-development costs for the remainder of the project. Current plans for the new project, known as Avenue North, call for about 350 apartments, 150,000 square feet of retail space, 100,000 square feet of office space and a 200-room hotel. Jeff Wallace of Capital One originated the transaction on behalf of Brandywine Investment Group II, an affiliate of local developer Delle Donne & Associates.

May 23, 2019

Reuten-Corporate-Park-Closter-New-Jersey

Industrial Loans New Jersey Northeast Office

JLL Closes $11M Refinancing of Industrial, Office Asset in New Jersey

by Taylor Williams May 23, 2019

CLOSTER, N.J. — JLL’s Capital Markets team has closed an $11 million loan for the refinancing of Reuten Corporate Park, a 156,782-square-foot industrial and office development in Closter, located across the Hudson River from Yonkers. The property, which spans five buildings with 95,528 square feet of industrial space and 61,254 square feet of office space, was 99 percent leased at the time of sale. Tenants include logistics firm Nippon Express and Rayence, a distributor of flat panel detectors for X-ray equipment. Aaron Niedermayer, Michael Diaz, Chris Byrns and Brendan Collins of JLL placed the loan with M&T Bank on behalf of the borrower, Reuten Associates, which originally developed the property in the mid-1980s.

May 23, 2019

Hampton-Inn-by-Hilton-Plymouth-Meeting-Pennsylvania

Hospitality Loans Northeast Pennsylvania

Virtua Credit Arranges $14M Loan to Refinance Hampton Hotel in Metro Philadelphia

by Taylor Williams May 23, 2019

PLYMOUTH MEETING, PA. — Commercial finance and investment advisory firm Virtua Credit has arranged a $14 million loan for the refinancing of the 136-room Hampton Inn by Hilton in Plymouth Meeting, located north of Philadelphia. Built in 1999 and renovated in 2017, the five-story hotel offers an outdoor pool, fitness center, onsite laundry facilities, meeting spaces and 204 parking spaces. The borrower and direct lender were not disclosed.

May 23, 2019

Florida Hospitality Loans Southeast

Mission Capital Arranges $8M Refinancing Loan for Hotel Near Miami International Airport

by Alex Tostado May 23, 2019

MIAMI — Mission Capital Advisors has arranged an $8 million refinancing loan for the EB Hotel Miami, a 133-room hotel located at 4299 N.W. 36th St., across the street from Miami International Airport. The borrower, Eurobuilding Hotels, originally acquired the property in 2007 when it was an office building. Eurobuilding Hotels transformed the asset into a hotel that offers an outdoor pool with poolside bar, 24-hour fitness center, bar and lounge, as well as business, meeting and event facilities. The hotel also features an onsite restaurant, Miranda. Benefit Street Partners provided the fixed-rate loan. Raymond Salameh, Alex Draganiuk, Ari Hirt and Lexington Henn of Mission Capital represented the borrower in the loan transaction.

May 23, 2019

Loans North Carolina Office Southeast

HFF Arranges $24.5M Acquisition Loan for Office Property in Charlotte’s SouthPark District

by Alex Tostado May 22, 2019

CHARLOTTE, N.C. — HFF has arranged a $24.5 million acquisition loan for Rexford Park I and II, two office buildings in Charlotte totaling 136,812 square feet. The borrower, a partnership between Childress Klein and Gottesman Real Estate Partners, will use the funds to acquire, renovate and re-lease the buildings. Cory Fowler of HFF represented the borrower to secure the six-year, floating-rate loan through Atlantic Union Bank. Planned renovations include new interior common spaces, major improvements to the exterior façade and significant upgrades to building systems. Rexford Park I and II are located at 2100 and 2115 Rexford Road within Charlotte’s SouthPark submarket.

May 22, 2019

Arizona Loans Multifamily Western

NXT Capital Closes $21M Acquisition Loan for 174-Unit Apartment Community in Phoenix

by Amy Works May 22, 2019

PHOENIX — NXT Capital has closed a $21 million loan to finance the acquisition and renovation of Enclave at Paradise Valley, a Class B apartment community in Phoenix. Located 15 miles north of downtown Phoenix, Enclave at Paradise Valley features 174 apartments, a fitness center, clubhouse, business center, barbecue area with picnic tables, pool, hot tub and covered parking. Mark Schulder of BlueGate Partners’ New York City office placed the loan with NXT Capital.

May 22, 2019

Affordable Housing Loans Multifamily Texas

Hunt Provides $28.3M Loan for Refinancing of Houston Affordable Housing Community

by Taylor Williams May 22, 2019

HOUSTON — Hunt Real Estate Capital has provided a $28.3 million Freddie Mac loan for the refinancing of Heights at Post Oak, a 940-unit affordable housing community in Houston. Built in 1972 on 39.4 acres, the property offers units that are all available to residents earning less than 60 percent of the area median income. The loan carries a sever-year term, floating interest rate and three years of interest-only payments. The borrower, Iliad Realty Group, will implement a value-add program over the next year, which will deliver upgrades to the interiors of vacant units, as well as new amenities such as a leasing office and fitness center. Sal Torre of Estreich & Co. arranged the funds with Hunt.

May 22, 2019

Affordable Housing Loans Multifamily New York Northeast

KeyBank Closes $42M in Financing for Renovation of Affordable Housing Property in The Bronx

by Taylor Williams May 22, 2019

NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint venture between Gilbane Development Co., Kraus Management, Apex Building Group and Dantes Partners.

May 22, 2019

Loans Mixed-Use New York Northeast

MRC Provides $30M Loan for Development of Mixed-Use Project in Queens

by Taylor Williams May 22, 2019

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $30 million loan for the development of a 17-story mixed-use project in the Flushing neighborhood of Queens. Proceeds will be used to cover various pre-construction costs. The project, located at the former site of the RKO Keith’s Theater, will ultimately feature 269 residential units, 17,000 square feet of retail space, 15,000 square feet of additional communal space and 305 parking spaces. MRC provided the loan to Xinyuan Real Estate, which plans to demolish the existing structure by February 2020 and commence construction shortly thereafter.

May 22, 2019

Loans Multifamily Student Housing Texas

HFF Places Loan for Refinancing of 717-Bed Student Housing Property in Houston

by Taylor Williams May 21, 2019

HOUSTON — HFF has placed a loan for the refinancing of Aspen Houston, a 717-bed student housing property located at 4971 Martin Luther King Blvd in Houston. The amount of the loan was not disclosed, but the financing was arranged as part of a $92 million package to refinance a student housing portfolio totaling 1,653 beds in Iowa, Texas and South Carolina. Doug Opalka, Casey Wenzel and Michael Johnson of HFF arranged the funds on behalf of the ownership, which is partnership between Austin-based developer Aspen Heights and global investment firm Safanad.

May 21, 2019

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