Loans

JLL Arranges Sale, Financing of 154,750 SF Shopping Center in Southern California

by Amy Works October 8, 2019

SIGNAL HILL, CALIF. — JLL has facilitated the sale of Towne Center East, fully leased retail center in Signal Hill. BIG Shopping Centers USA sold the asset to an institutional buyer for an undisclosed price. Additionally, JLL placed the fixed-rate acquisition loan with a global investment bank. Situated on nearly 15 acres at 2172-2598 Cherry Ave., Towne Center East features 154,750 square feet of retail space. Tenants include The Home Depot, PetSmart, Supercuts, T-Mobile, Subway, GNC, Chinese Combo and Tutti Frutti Yogurt, among others. Patrick Toomey and Tom Lagos of JLL Capital Markets represented the seller in the deal. Matthew Stewart and Reid McGlamery of the JLL Capital Markets debt placement team secured the acquisition financing for the buyer.

October 8, 2019

Loans Multifamily Texas

Hunt Provides $7M Refinancing for Multifamily Asset in El Paso

by Taylor Williams October 7, 2019

EL PASO, TEXAS — Hunt Real Estate Capital has provided a $7 million Fannie Mae loan to refinance an undisclosed multifamily asset in El Paso. The nonrecourse loan carries a 12-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower refinanced the property under Fannie Mae’s Green Rewards program.

October 7, 2019

Georgia Loans Multifamily Seniors Housing Southeast

Greystone Provides $48M Refinancing for Seniors Housing Community in Metro Atlanta

by Alex Tostado October 7, 2019

PEACHTREE CORNERS, GA. — Greystone has provided a $48 million Freddie Mac loan to refinance Village Park at Peachtree Corners, a 132-unit senior housing community. Cary Temper of Greystone originated the 10-year loan on behalf of the borrower, Harbert Seniors Housing Fund I. Village Park at Peachtree Corners offers independent living, assisted living and memory care services. The property includes communal amenities such as garden paths, a health spa, pet park, juice bar, fitness centers, stretch classes, restaurant-style dining, private transportation and a beauty and barber salon. The property is located at 5701 Spalding Drive, 22 miles northeast of downtown Atlanta.

October 7, 2019

Alabama Loans Multifamily Southeast

Berkadia Originates $17M Loan for Magnolia Preserve Apartments in Southern Alabama

by Alex Tostado October 7, 2019

DOTHAN, ALA. — Berkadia has originated a $17 million Fannie Mae refinancing loan for Magnolia Preserve, a 173-unit multifamily community in Dothan. The 10-year loan features a 3.7 percent fixed interest rate, 30-year amortization schedule, 75 percent loan-to-value ratio and four years of interest-only payments. Josh Finley of Berkadia originated the loan on behalf of Georgia-based Henssler Capital. Magnolia Preserve offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, 24-hour fitness center, cybercafé, car care area, cabana with an outdoor fireplace and a dog park.

October 7, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Partnership Receives $190M in Construction Financing for Mixed-Use Project in Beverly Hills

by Amy Works October 7, 2019

BEVERLY HILLS, CALIF. — A joint venture led by SHVO, Bilgili Group and Deutsche Finance has received a $190 million construction loan for 9200 Wilshire Boulevard, a mixed-use project in Beverly Hills. Lotus Capital Partners arranged the construction financing, which ACORE Capital provided. The joint venture acquired the residential and retail development site in May for $130 million. Comprising a full city block, the mid-rise development will feature 54 residences, a rooftop pool and 6,650 square feet of retail space.

October 7, 2019

California Loans Retail Western

Uber Capital Group Arranges $28.7M in Acquisition Financing for Sierra Vista Mall Near Fresno

by Amy Works October 7, 2019

CLOVIS, CALIF. — Great Neck, N.Y.-based Uber Capital Group has secured a $28.7 million acquisition loan for the purchase of Sierra Vista Mall, located at 1050 Shaw Ave. in Clovis, a suburb of Fresno. The borrower is a private national commercial real estate investment group based in New York. The lender was not disclosed. Joel J. Gorjian, president and founder of Uber Capital Group, sourced the 10-year, fixed-rate loan, which features 15-year full amortization and partial recourse. Totaling 690,487 square feet, Sierra Vista Mall is occupied by 75 tenants and features an outdoor lifestyle section with restaurants and a 16-screen movie theater, as well as a community park with concert facilities, fountains and landscaping. The asset also includes a 3,878-car parking area.

October 7, 2019

Loans Multifamily Texas

Stratus Properties Refinances 448-Unit Apartment Community in Austin

by Taylor Williams October 4, 2019

AUSTIN, TEXAS — A subsidiary of Stratus Properties Inc., a publicly traded investment and development firm, has received a $75 million loan for the refinancing of The Santal, a 448-unit apartment community located in the Barton Creek area of Austin. ACRC Lender LLC provided the non-recourse loan, which carries a three-year term with two 12-month extension options and bears a 4.8 interest floor. A portion of the proceeds will be used to retire construction debt. The Santal features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, resident lounge and package handling service.

October 4, 2019

Loans Mixed-Use Texas

JLL Arranges $42M Refinancing for Century Square Mixed-Use Property in College Station

by Taylor Williams October 4, 2019

COLLEGE STATION, TEXAS — JLL has arranged a $42 million loan for the refinancing of Century Square, a mixed-use property in College Station. Built in 2018 and located adjacent to Texas A&M University’s campus, the development features 159,128 square feet of retail space, 57,204 square feet of office space, two hotels totaling 303 rooms and 249 multifamily units, as well as open green spaces. The refinancing did not cover the hospitality and residential components. Ares Management Corp. provided the nonrecourse loan to the borrower, a partnership between Houston-based Midway Cos. and Chicago-based Harrison Street. Colby Mueck, Timothy Joyce, Stephen Skok, Stuart Hepler, Katherine Miller and Charlie Strauss of JLL handled the transaction.

October 4, 2019

Development Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $35.4M Construction Loan for Retail-to-Multifamily Project in Florida Panhandle

by Alex Tostado October 4, 2019

MARY ESTHER, FLA. — Walker & Dunlop has provided a $35.4 million Department of Housing and Urban Development (HUD) loan for the construction of Renaissance Santa Rosa in Mary Esther, located on the Florida Panhandle. The borrowers and developers of Renaissance Santa Rosa, Rea Ventures Group LLC and Radiant Partners, will transform a former department store site connected to Santa Rosa Mall into a four-building, 229-unit multifamily community. The property will offer one-, two- and three-bedroom floor plans. Community amenities will include a two-story clubhouse, swimming pool, business center, game room, exercise facility, picnic areas, playground and a dog park. Frank Baldasare, Heather Olson, Al Rex and Marty McGrogan of Walker & Dunlop originated the 40-year loan on behalf of the borrowers.

October 4, 2019

Loans Midwest Multifamily ORIX Wisconsin

ORIX Provides $40M Construction Loan for 263-Unit Multifamily Development in Wisconsin

by Kristin Harlow October 4, 2019

MIDDLETON, WIS. — ORIX Real Estate Holdings (ORIX) has provided a $40 million construction loan for a 263-unit multifamily development in Middleton, a suburb of Madison. The project will also feature 31,000 square feet of ground-floor commercial space, including a food hall. The units will be standard one-floor apartments as well as two-story lofts. Completion is slated for February 2021. The borrower was not disclosed.

October 4, 2019

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