Loans

JLL Arranges $14.6M Refinancing Loan for Retail Property in Dothan, Alabama

by Alex Tostado February 18, 2020

DOTHAN, ALA. — JLL has arranged a $14.6 million refinancing loan for Shops on the Circle, a 182,547-square-foot retail property in Dothan. The property was 96 percent leased to tenants including T.J. Maxx, PetSmart, Big Lots, Old Navy, OfficeMax, Five Below and Shoe Carnival. Shops on the Circle is situated on 17 acres at 3500 Ross Clark Circle, about 20 miles from both the Georgia and Florida borders. Synovus Bank provided the non-recourse loan, which features a 35-month term, floating interest rate and two one-year extension options. The borrowers, RCG Ventures LLC and DRA Advisors LLC, will use the proceeds to refinance an existing loan taken out to improve the property, which the companies bought jointly in 2014.

February 18, 2020

Loans Office Texas

NorthMarq Arranges $64.5M Refinancing of SXSW Center Office Building in Downtown Austin

by Taylor Williams February 18, 2020

AUSTIN, TEXAS — NorthMarq has arranged a $64.5 million loan for the refinancing of SXSW Center, a 13-story office building located at 1400 Lavaca St. in downtown Austin. Designed by Pei Cobb Freed, the Class A property spans 143,998 square feet and features a fitness center, bike storage and electric car charging stations. WeWork occupies three stories at the building. Jim Lemos of NorthMarq arranged the loan, which carries a fixed interest rate and a 26-year term, through Pacific Life Insurance Co. The borrower was not disclosed.

February 18, 2020

California Loans Retail Western

Ready Capital Closes $4.6M in Financing for Retail Center in California’s Western San Fernando Valley

by Amy Works February 18, 2020

NORTHRIDGE, CALIF. — Ready Capital has closed a $4.6 million loan for the acquisition, renovation and lease-up of an approximately 12,000-square-foot Class B retail strip center in Northridge in the Western San Fernando Valley submarket. Upon acquisition, the undisclosed sponsor will implement capital expenditures to improve the façade and interiors, while converting a portion of the space into a modern food hall. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The loan is also inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls.

February 18, 2020

Loans Multifamily Seniors Housing South Carolina Southeast

Ziegler Arranges $35.7M Bond Financing for Seniors Housing Expansion in Greenville

by Alex Tostado February 17, 2020

GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. Upstate Senior Living Inc. is the owner and operator of the community, which opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent living apartments and a 13,000-square-foot amenities building, as well as renovations to existing dining facilities and common areas. Greystone has served as development consultant to The Woodlands at Furman since its inception.

February 17, 2020

Georgia Loans Office Southeast

Ready Capital Closes $26.9M Acquisition Loan for Office Building in Atlanta

by Alex Tostado February 17, 2020

ATLANTA — Ready Capital has closed a $26.9 million acquisition loan for a 216,000-square-foot office building in Atlanta’s Cumberland/Galleria submarket. The undisclosed borrower plans to make various upgrades to the property including new elevators, conference rooms and a café. The three-year, non-recourse loan offers a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

February 17, 2020

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 105-Unit Multifamily Asset in Fort Worth

by Taylor Williams February 17, 2020

FORT WORTH, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for Monterrey Apartments & Townhomes, a 105-unit multifamily asset in Fort Worth. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling stations and a playground. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending for borrower JARS Monterrey 105 LLC.

February 17, 2020

Loans Retail Utah Western

Ready Capital Closes $2.2M in Financing for Retail Asset in Draper, Utah

by Amy Works February 17, 2020

DRAPER, UTAH — Ready Capital has closed a $2.2 million loan for the acquisition, renovation and lease-up of the 25,000-square-foot in-line retail space portion of a Class B neighborhood shopping center in Draper. At the time of financing, the property was 63 percent occupied, but 98 percent leased due to a dark Whole Foods Market space. The non-recourse, fixed-rate loan features an 84-month term and 36 months of interest-only payments. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement minor capital expenditures and will attempt to negotiate a new lease with Whole Foods Market.

February 17, 2020

Healthcare Loans Texas Walker & Dunlop

Walker & Dunlop Provides $13M HUD Loan for Refinancing of Skilled Nursing Facility in Lubbock

by Taylor Williams February 14, 2020

LUBBOCK, TEXAS — Walker & Dunlop has provided a $13 million HUD loan for the refinancing of Crown Point Health Suites, a skilled nursing facility in Lubbock. The property was built in 2011 and features 96 units. Kevin Giusti of Walker & Dunlop structured the financing through HUD’s LEAN 232/233(f) program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The borrower was not disclosed.

February 14, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $26M Acquisition Loan for Multifamily Community Near Atlanta

by Alex Tostado February 14, 2020

JOHNS CREEK, GA. — Walker & Dunlop has provided a $26 million Fannie Mae acquisition loan for The Reserve at Johns Creek Walk, a 210-unit multifamily community in Johns Creek. The 10-year loan features five years of interest-only payments. The borrower was JLL Income Property Trust. The Reserve at Johns Creek Walk is situated on nine acres at 6215 Johns Creek Commons, 29 miles northeast of downtown Atlanta in north Fulton County. The property offers one-, two- and three-bedroom floor plans and communal amenities such as a 24-hour cyber café, 24-hour fitness center, conference room, pool, outdoor kitchen, pet spa, playground and a car care center. Jim Cope and Benjy Krosin of Walker & Dunlop originated the loan on behalf of the borrower.

February 14, 2020

Acquisitions Loans Office Oregon Western

Libertas Cos. Receives $41.4M Loan to Acquire Harrison Square Office Building in Portland

by Amy Works February 14, 2020

PORTLAND, ORE. — Portland-based Libertas Cos. has received $41.4 million in financing for the purchase of Harrison Square, an office building in Portland’s South Central Business District. The company used loan proceeds to acquire the building and provide a portion of future leasing costs. Located at 1800 SW First Ave., Harrison Square features 187,000 square feet of office space and a 265-space below-grade parking garage. Renovated in 2019, the property consists of two six-story buildings connected on each level via a sky bridge. At the time of sale, the property was 93 percent leased. Zachary Kersten and Casey Davidson of JLL Capital Markets secured the six-year, floating-rate loan with a national money-center bank for the borrower.

February 14, 2020

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