Loans

Public-Private Partnership Closes on Financing for 2,100-Bed Student Housing Development at Appalachian State University

by Alex Tostado March 14, 2019

BOONE, N.C. — A public-private partnership between RISE: A Real Estate Co., Beyond Owners Group and Appalachian State University has closed on financing for the development of a 2,100-bed community on the university’s campus in Boone. The three-phase development will include the demolition and replacement of six existing residence halls totaling 1,800 beds, as well as the addition of 300 new beds and a 477-space parking deck. The communities will offer a mix of unit types ranging from apartments to shared suites primarily serving freshman students. Shared amenities will include 13,000 square feet of community space, living-learning programming, study rooms and lounge spaces. Construction began on Phase I of development in February, with full delivery scheduled for 2022. The project team includes architect Niles Bolton Associates; design consultant Jenkins-Peer Architects; general contractor Choate Construction; civil engineer Stanley D. Lindsey & Associates; and project management firm Brailsford & Dunlavey. The Public Finance Authority has issued tax-exempt project revenue bonds to the ownership group to fund the development. RBC Capital Markets was the bond underwriter.

March 14, 2019

Loans North Carolina Retail Southeast

Cohen Financial Arranges $11.3M Acquisition Loan for Lowes Foods-Anchored Shopping Center in Metro Raleigh

by Alex Tostado March 14, 2019

CARY, N.C. — Cohen Financial, a subsidiary of SunTrust Bank, has arranged an $11.3 million acquisition loan on behalf of a Florida-based retail investor for Wellington Park Shopping Center in Cary. The 102,487-square-foot shopping center is anchored by Lowes Foods and is situated at the intersection of Tryon Road and S.E. Cary Parkway, about nine miles southwest of downtown Raleigh. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the 10-year loan through Rialto Mortgage Finance.

March 14, 2019

Hospitality Loans New York Northeast

Madison Realty Capital Provides $30.5M Refinancing for GEM Hotel in Chelsea

by David Cohen March 14, 2019

NEW YORK CITY — Madison Realty Capital has provided a $30.5 million loan to refinance the GEM Hotel, a luxury boutique hotel in Manhattan’s Chelsea neighborhood. Located at 300 W. 22nd St., the five-story building was originally constructed in 1912 as a residential property and converted to a hotel in 2007. Aaron Appel of JLL arranged the financing on behalf of the borrower, Icon Realty Management, which plans to reposition the hotel with an expanded marketing strategy and updated branding.

March 14, 2019

Acquisitions Loans New Jersey Northeast Retail

HFF Secures $25.5M Acquisition Financing for Retail Center in New Jersey

by David Cohen March 14, 2019

WOODBRIDGE, N.J. — HFF has secured a $25.5 million acquisition loan for Woodbridge Crossing, a 285,210-square-foot retail center in Woodbridge. Located at 451-479 Green St., the property was built in 2001 and renovated in 2018. The center is approximately 80 percent leased to a tenant roster that includes Burlington Stores, Big Lots, Planet Fitness, Altitude Trampoline Park, Modell’s, Party City, Thomasville, Sprint, Miracle Ear and FedEx Office. Michael Klein and Rob Hinckley of HFF secured the financing on behalf of the borrower, PAG Investments. Citizens Bank provided the five-year, fixed-rate loan.

March 14, 2019

Industrial Loans Texas

TRC Arranges Acquisition Financing for 746,136 SF Industrial Portfolio in South Texas

by Taylor Williams March 14, 2019

BROWNSVILLE AND MCALLEN, TEXAS — Texas Realty Capital (TRC) has arranged an undisclosed amount of acquisition financing for a 746,136-square-foot industrial portfolio in South Texas. The buildings are located in Brownsville and McAllen. The non-recourse loan featured a loan-to-cost (LTC) structure of 71 percent. The borrower was not disclosed.

March 14, 2019

Indiana Loans Midwest Office

Money360 Provides $7M Refinancing for Office Property in West Lafayette, Indiana

by Kristin Harlow March 14, 2019

WEST LAFAYETTE, IND. — Money360 has provided a $7 million bridge loan for the refinancing of a 446,222-square-foot office property in West Lafayette. The three-year, nonrecourse loan features a loan-to-value ratio of 66.8 percent and a floating rate. The borrower was not disclosed.

March 14, 2019

California Loans Mixed-Use Office Retail Western

HFF Secures $21M Refinancing for Baywood Mixed-Use Asset in San Mateo

by Amy Works March 14, 2019

SAN MATEO, CALIF. — HFF has arranged a $21 million refinancing for Baywood, an office and retail asset property in downtown San Mateo. The borrower is developURBAN, a private developer. Chris Gandy and Taylor Gimian of HFF secured the 10-year, fixed-rate loan with full-term interest-only payments. Citigroup provided the capital. Loan proceeds will be used to refinance the existing debt that HFF arranged in 2017. The 27,897-square-foot property is fully leased and recently underwent renovations and capital improvements. The property is home to a technology arm of a publicly listed company, with the ground-floor office space leased to a data analytics firm and the retail space leased to a yoga chain.

March 14, 2019

Acquisitions Loans New York Northeast Top Stories

Moinian Group Receives $595M CMBS Loan to Refinance 3 Columbus Circle in Manhattan

by John Nelson March 14, 2019

NEW YORK CITY — The Moinian Group has closed on a $595 million CMBS loan from J.P. Morgan and Deutsche Bank to refinance 3 Columbus Circle, a 26-story office tower in Manhattan that also houses the real estate investment firm’s headquarters. Formerly known as the Newsweek Building and originally built as the headquarters of General Motors Corp., 3 Columbus Circle is situated along Broadway and occupies a full city block just south of the Merchant’s Gate entrance to Central Park. The CMBS financing includes 10 years of interest-only payments at a fixed interest rate of 3.91 percent. The Moinian Group is using the loan to replace an existing $350 million CMBS loan. The property is fully leased, according to Moinian Group. Anchor office and retail tenants include global marketing firm VMLY&R, Moinian, Nordstrom, Chase Bank and CVS/pharmacy. History of ownership The Moinian Group originally purchased 3 Columbus Circle in 1999. The company’s path back to full control of the tower began in 2011, when the company first partnered with SL Green on the property. In 2012, together with architectural firm Gensler, Moinian completed the redevelopment of the building, including the design of a new facade, lobby, elevator system and the …

March 14, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $52M Refinancing Loan for Manufactured Housing Property in Metro Miami

by Alex Tostado March 13, 2019

SWEETWATER, FLA. — Hunt Real Estate Capital has provided a $52 million Fannie Mae refinancing loan for Lil’ Abner, a manufactured housing property in Sweetwater. The 30-year fixed-rate loan features a 15-year period of interest-only payments and a 30-year amortization schedule. Consolidated Real Estate Investments has owned and operated Lil’ Abner since 1981. Of the asset’s 908 pads, 64 percent are intended for double-wide homes and 36 percent are intended for single-family homes. Amenities include a swimming pool, management/maintenance office, mail facility, tennis courts and a playground. Lil’ Abner is situated less than two miles north of Florida International University and about 19 miles west of downtown Miami.

March 13, 2019

Georgia Hospitality Loans Southeast

HFF Arranges $31M Refinancing of Hotel in Atlanta’s Cumberland/Galleria District

by Alex Tostado March 13, 2019

ATLANTA — HFF has arranged a $31 million refinancing loan for Sheraton Suites Galleria-Atlanta, a 278-room hotel in Atlanta’s Cumberland/Galleria submarket. Danny Kaufman, Jeff Bucaro Nicole Aguiar and Matt Casey of HFF represented the borrower, Olshan Properties, in the loan transaction. Loan proceeds will be used to retire the existing loan, repatriate sponsor equity and cover closing costs and financing fees. Olshan Properties acquired the asset in August 2013 and has since invested more than $11 million into renovating guestrooms, corridors and the lobby; adding a Sheraton Club Lounge and Grab-and-Go outlet; and modernizing elevators. The owners plan to use the loan to make further improvements by upgrading meeting space, building exterior and the food and beverage outlets, The Grill and Martini’s Bar. The asset is situated at 2844 Cobb Parkway in northwest Atlanta, about a mile south of SunTrust Park, home of the Atlanta Braves.

March 13, 2019

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