Loans

Dockerty Romer Arranges $20M Refinance Loan for Office Building in Boca Raton

by Alex Tostado May 9, 2019

BOCA RATON, FLA. — Dockerty Romer & Co. has arranged a $20 million refinancing loan for 1900 Midtown, a 116,140-square-foot office building in Boca Raton. The borrower, Butters Acquisitions LLC, an affiliate of Butters Construction & Development, acquired the asset two years ago and recently renovated the property, which is now 90 percent leased to a variety of tenants including GardaWorld, a private security firm, and law and financial services firms. Citigroup provided the 10-year, fixed-rate loan.

May 9, 2019

Loans Retail Texas

JLL Arranges $10.5M Loan for Refinancing of Retail Center in Lubbock

by Taylor Williams May 9, 2019

LUBBOCK, TEXAS — JLL has arranged a $10.5 million loan for the refinancing of Rockridge Plaza, an 86,500-square-foot retail center located in the West Texas city of Lubbock. The property was 95 percent leased at the time of sale to a mix of national retailers and local businesses. Jimmy Board and Wes Wallace of JLL arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, Graco Real Estate Development.

May 9, 2019

Loans Multifamily Seniors Housing Texas

Capital Funding Provides $18.5M Acquisition Financing for Skilled Nursing Portfolio in Texas

by Taylor Williams May 9, 2019

TEXAS — Capital Funding LLC has provided a total of $18.5 million in bridge-to-HUD financing for the acquisition of four skilled nursing facilities in Texas. The portfolio totals 491 beds. The borrower, seller(s) and names of the facilities were not disclosed. A third-part operator will manage the properties. Patrick McGovern of Capital Funding originated the deal.

May 9, 2019

Industrial Loans New Jersey Northeast

Tremont Mortgage Trust Provides $37.6M Acquisition Loan for Industrial Facility in New Jersey

by Taylor Williams May 9, 2019

BARRINGTON, N.J. — Boston-based commercial lender Tremont Mortgage Trust has provided a $37.6 million first mortgage bridge loan for the acquisition of Barrington Business Center, a 931,682-square-foot industrial facility located in Barrington, just south of Philadelphia. The multi-tenant property offers convenient access to I-295 and the New Jersey Turnpike, 30- to 34-foot clear heights and was approximately 94 percent occupied at the time of the loan closing. The floating-rate financing includes $34.9 million in initial funding and a future funding allowance of $2.7 million for property improvements and leasing capital. The loan is structured with a 79 percent loan-to-value ratio and a three-year term with a one-year borrower extension option. The borrower was not disclosed.

May 9, 2019

Arizona Development Hospitality Loans Western

Trez Capital Closes $15M Construction Financing for 128-Room SpringHill Suites Near Phoenix

by Amy Works May 9, 2019

AVONDALE, ARIZ. — Trez Capital has closed in $15 million construction financing for Phoenix-based Virtua Partners’ first-ever Opportunity Zone project. Virtua Credit arranged the loan, which will finance the development of a SpringHill Suites by Marriott in Avondale, a western suburb of Phoenix. Located off North 99th Avenue, the 128-suite hotel will anchor a 58-acre mixed-use development that will include retail, restaurant, multifamily and single-family developments. Slated to open in summer 2020, the hotel will feature a fitness center and pool, free Wi-Fi, in-suite workspaces and an on-site business center. Hotel Equities will manage the hotel.

May 9, 2019

Industrial Loans Massachusetts Northeast

EagleBridge Capital Arranges $2.1M Acquisition Loan for Industrial Building in Metro Boston

by Taylor Williams May 9, 2019

HINGHAM, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $2.1 million in acquisition financing for a 23,600-square-foot industrial building located at 80 Sharp St. in Hingham, a southern suburb of Boston. The borrower, Yankee Trader Seafood, which prepares and sells frozen prepackaged seafood meals, will occupy and renovate the space. Ted Sidel of EagleBridge Capital secured the loan, specific terms of which were not disclosed, through a Massachusetts thrift institution.

May 9, 2019

Healthcare Iowa Loans Midwest

Marcus & Millichap Arranges $15M Acquisition Loan for Medical Facility in Hiawatha, Iowa

by Kristin Harlow May 9, 2019

HIAWATHA, IOWA — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the acquisition of an 80,000-square-foot medical facility in Hiawatha. Mercy Medical Hospital has a 20-year lease at the property while Wolf Eye Clinic has a 14-year lease. The five-year loan features a 30-year amortization schedule, a 70 percent loan-to-value ratio and a fixed rate of 4.58 percent. Borrower information was not disclosed.

May 9, 2019

Florida Loans Multifamily Southeast

Grandbridge Provides $33.2M Refinancing for BayVue Apartments in Tampa

by Alex Tostado May 8, 2019

TAMPA, FLA. — Grandbridge Real Estate Capital has provided a $33.2 million refinancing loan for BayVue Apartments, a 368-unit, garden-style apartment community in Tampa. The Freddie Mac loan features a 10-year term, floating rate term and 30-year amortization schedule. BayVue Apartments is situated near Tampa International Airport and was built in 1988. The property comprises 29 two-story buildings spanning 23.4 acres. Community amenities include a clubhouse, two swimming pools, fitness center, business center, racquetball court and a car wash center. Alan Tapie of Grandbridge originated the loan on behalf of the undisclosed borrower.

May 8, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Greystone Funds $7.1M Acquisition of Skilled Nursing Facility in Connecticut

by Taylor Williams May 8, 2019

PLAINFIELD, CONN. — Greystone has provided $7.1 million in bridge financing for the acquisition of Colonial Health & Rehab, a 90-bed skilled nursing facility in Plainfield, located near the Rhode Island border. The borrowers were owner-operators Curtis Rodowicz and Robert Darigan. Lisa Fischman of Greystone originated the loan, with the expectation that it will eventually be converted to FHA-insured financing. The nonrecourse loan features a 35-year term and fixed interest rate.

May 8, 2019

Colorado Loans Mixed-Use Office Retail Western

HFF Arranges $10.2M Refinancing for 18,460 SF Mixed-Use Property in Denver

by Amy Works May 8, 2019

DENVER — HFF has secured $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, is the borrower and used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 East 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan with a portfolio lender for the borrower.

May 8, 2019

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