LAKE CHARLES, LA. — Money360 has provided a $12.5 million refinancing loan for a 121,070-square-foot retail property in Lake Charles. The term of the recourse loan is 24 months with a 9 percent fixed interest rate. Tenants include Ross Dress for Less, Bed Bath & Beyond, Marshalls and Rack Room Shoes. The borrower and the name of the asset were not disclosed.
PRINCETON, N.J. — Cronheim Mortgage has arranged a $10 million loan to refinance a mixed-use property in Princeton. Located at 277 and 281 Witherspoon St., the property consists of two adjacent retail and office buildings. The first, 277 Witherspoon, is a recently completed two-story building. The second, 281 Witherspoon, is a three-story building built in 1984 and renovated in 2015. Cronheim secured the 10-year loan with three years of interest-only payments on behalf of the borrower, HP Witherspoon LLC, an affiliate of Princeton-based Herring Properties. The lender was undisclosed.
HOUSTON — Local financial intermediary Q10 KDH has arranged a $28 million construction loan for The Territory at Greenhouse, a 288-unit multifamily project under construction on Houston’s west side. The property will offer amenities such as a pool, fitness center, business center and a dog park. Ryan Watson of Q10 KDH placed the loan, which includes three years of interest-only payments, through an undisclosed regional bank on behalf of the sponsor, Dhanani Private Equity Group.
CHICAGO — NXT Capital has provided a $31 million loan for the refinancing of X Chicago, a 99-unit apartment community in Chicago. The project, completed in September 2018, is part of developer PMG’s national portfolio of X Social Communities. X Chicago is located within the University Village neighborhood and is near the Illinois Medical District and the University of Illinois at Chicago. Amenities include a bike room, coworking lab, fitness studio, communal kitchen and rooftop green space. Jimmy Conley of HFF arranged the loan, terms of which were undisclosed.
HOOVER, ALA. — Berkadia has arranged a $16.8 million acquisition loan on half of MAG Renaissance LLC for Renaissance Galleria, a 224-unit apartment complex in Hoover. Fannie Mae provided the 12-year, fixed-rate loan. Built in 1994, Renaissance Galleria offers one-, two- and three-bedroom floor plans across 16 buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. The property was 94 percent occupied at the time of the sale.
SAN FRANCISCO — CBRE Capital Markets has secured $106 million in acquisition financing for 600 Battery Street, a Class A office building located in San Francisco’s Jackson Square submarket. The owners are a joint venture between Invesco and TMG Partners. IPG, a media and advertising company, fully occupies the 118,000-square-foot building. Mike Walker and Brad Zampa of CBRE Capital Markets team arranged the five-year, non-recourse financing with full-term interest-only payments for the owners. Square Mile Capital provided the financing, which Eric Cohen originated. Mike Taquino and Kyle Kovac of CBRE’s Institutional Capital Markets team led the 600 Battery sale, which closed earlier this year.
MARIETTA, GA. — Walker & Dunlop Inc. has arranged a $44.3 million refinancing loan for Marietta Technology Center, a 347,500-square-foot office park in Marietta. Mark Strauss and Rob Quarton of Walker & Dunlop represented the borrowers, Praelium Commercial Real Estate and South Street Partners, in arranging the seven-year, fixed-rate loan with interest-only payments. The refinancing covers the asset’s four, single-story buildings, which were built between 1983 and 1985. The office park is situated at 2161 New Market Park Way, about 16 miles northwest of downtown Atlanta.
TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.
BOSTON AND LYNN, MASS. — CBRE has arranged a $62 million loan to refinance a 19-building apartment portfolio in Boston and Lynn. The assets consist of workforce housing with a combination of both market-rate and affordable apartments. John Kelly of CBRE secured financing on behalf of the owner, Helge Capital. The lender was undisclosed.
UPPER MACUNGIE TOWNSHIP, PA. — Procida Funding has provided a $7 million construction loan for a townhome community in Upper Macungie Township. Located at Wrenfield 1230 Route 100 North, the $26 million project will consist of 98 market-rate, two- and three-story townhouse units with an average size of 2,264 square feet. Ashley Development Corp. will construct the community. The borrower was Lou Pektor.
