Loans

Cushman & Wakefield Secures $41M Acquisition Financing for Industrial Portfolio in New Jersey

by David Cohen February 27, 2019

WARREN AND SOMERSET, N.J. — Cushman & Wakefield has arranged a $41 million acquisition loan for a 768,244-square-foot industrial portfolio in Warren and Somerset. The seven-property portfolio is comprised of three industrial buildings, two flex buildings and two office buildings. The properties include 7 Powder Horn Drive, 30 Technology Drive, 40 Technology Drive and 45 Technology Drive in Warren as well as 1 Riverview Drive, 50 Randolph Road and 100 Randolph Road in Somerset. John Alascio, Sridhar Vankayala and Zachary Kraft of Cushman & Wakefield represented the borrower, Ivy Realty, in the transaction. BBVA Compass provided the loan.

February 27, 2019

Loans Multifamily New York Northeast

JLL Arranges $22.7M Refinancing for Condominium Conversion in Long Island City

by David Cohen February 27, 2019

NEW YORK CITY — JLL has arranged a $22.7 million loan to convert a 13-story multifamily building into condominiums. The building is located at 42-14 Crescent St. in the Long Island City neighborhood of Queens. The property, which is called The Independent, currently consists of 32,102 square feet of residential space across 48 units. The property was completed in 2016 and is currently fully leased. JLL represented the borrower, Meadow Partners LLC, in the transaction. The lender was Sterling National Bank. Meadow Partners plans to begin sales of units at the property in March 2019.

February 27, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Provides $16.1M HUD Refinancing for Skilled Nursing Facility in Pennsylvania

by David Cohen February 27, 2019

HATBORO, PA. — Capital Funding, a Baltimore-based lender, has provided a $16.1 million loan for Luther Woods Nursing and Rehabilitation Center in Hatboro, a small borough 15 miles north of Philadelphia. The HUD loan refinances existing debt on the 140-bed skilled nursing facility. The borrower was not disclosed. Capital Funding was the sole lender for the deal. Craig Casagrande, director of real estate finance, originated the mortgage.

February 27, 2019

Development Florida Hospitality Loans Southeast

Meridian Capital Arranges $41.8M Construction Loan for Dual Hotel Project in Orlando

by John Nelson February 27, 2019

ORLANDO, FLA. — Meridian Capital Group has arranged $41.8 million in construction financing to AD1 Global for a two-hotel, 284-room project in Orlando. The two hotels are Aloft Hotel and Element Hotel. Located at 5730 Central Florida Parkway on the corner of International Drive, Aloft Hotel will have 140 rooms, while Element Hotel will have 144 rooms. A balance sheet lender provided the 36-month loan that features a LIBOR-based floating interest rate, two one-year extension options and full-term, interest-only payments. Shared amenities will include a saltwater swimming pool, laundry and valet services and fitness and business centers. The property will be located approximately one mile from Sea World and Aquatica and less than 10 miles from Disney Springs, Ripley’s Believe It or Not and Epcot. A timeline for construction was not released. Noam Kaminetzky of Meridian Capital Group represented the borrower in the transaction.

February 27, 2019

Hospitality Loans New York Northeast

CapStack Partners Secures $19M Refinancing for Ravel Hotel in Long Island City

by David Cohen February 26, 2019

NEW YORK CITY — CapStack Partners has arranged a $19 million loan to refinance The Ravel Hotel in Long Island City. Located at 8-08 Queens Plaza, the 113-room hotel also includes 17,000 square feet of event space, a redesigned rooftop restaurant, pool club and outdoor beer garden. CapStack’s investment banking group worked on behalf of the undisclosed borrower to secure the 10-year, fixed-rate loan through an undisclosed lender. Loan proceeds were used to refinance construction costs

February 26, 2019

Development Loans New York Northeast

Cushman & Wakefield Arranges $13.4M Bridge Loan for Development Site in Queens

by David Cohen February 26, 2019

NEW YORK CITY — Cushman & Wakefield has arranged a $13.4 million bridge loan for two adjacent development sites in the Jamaica neighborhood of Queens. Located at 89-25 and 89-26 162nd St., the sites total approximately 237,000 square feet. Preston Flammang, Jessica Ke and Anthony D’Amelio of Cushman and Wakefield represented the borrower, Great Atlantic Construction, in the transaction. The lender was Lightstone Capital Markets. Terms of the financing were not disclosed.

February 26, 2019

Industrial Loans Texas

Pioneer Realty Capital Arranges $7M Loan for Refinancing of Fort Worth Industrial Building

by Taylor Williams February 26, 2019

FORT WORTH, TEXAS — Dallas-based financial intermediary Pioneer Realty Capital LLC has arranged a $7 million loan for the refinancing of an industrial building in Fort Worth occupied by Apex Tires, which also owns the building. Proceeds from the loan were used to finance existing construction debt that had gone into default and to cover costs of relocating. The direct lender was not disclosed.

February 26, 2019

Hospitality Loans Washington Western

3650 REIT Arranges $78M Loan to Complete Tacoma Marriott Convention Center Hotel

by Amy Works February 26, 2019

TACOMA, WASH. — 3650 REIT has facilitated a $78 million construction loan for Yareton Investment. The borrower plans to use the loan to complete the development of a full-service Marriott hotel in Tacoma. Now 30 percent complete, the 22-story hotel will feature 304 guest rooms, 9,000 square feet of event space, a 10,000-square-foot ballroom and direct connection to the Greater Tacoma Convention Center. With this loan, Yareton Investment is able to advance the development of the hotel component of its broader mixed-use project that includes a residential tower. Matt Fisher of JS Coats Capital arranged the financing.

February 26, 2019

Loans Multifamily Oklahoma Texas

Arbor Realty Provides $1.7M Freddie Mac Loan for Refinancing of Apartments in Metro OKC

by Taylor Williams February 25, 2019

CHICKASHA, OKLA. — Arbor Realty Trust Inc. (NYSE: ABR) has provided a $1.7 million Freddie Mac loan for the refinancing of Winding Creek Apartments, a 50-unit multifamily asset in Chickasha, a southwestern suburb of Oklahoma City. The property was built in 1974 on eight acres. Eric Regenbogen of Arbor Realty originated the loan through Freddie Mac’s Small Balance Loan program on behalf of the undisclosed borrower.

February 25, 2019

Loans Multifamily New Jersey Northeast Uncategorized

Valley National Bank Provides $6.8M Acquisition Loan for Apartment Building in New Jersey

by David Cohen February 25, 2019

ELIZABETH, N.J. — Valley National Bank has provided a $6.8 million acquisition loan for a 22,000-square-foot apartment building in Elizabeth. Located at 737-745 N. Broad St., the property was built in 2017 and consists of a mix of one- and two-bedroom units. Nate Lowy of Juniper Capital Group represented both the undisclosed borrower and Valley National Bank in the transaction. Terms of the financing included a five-year loan at a 4.25 percent interest rate.

February 25, 2019

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