LUBBOCK, TEXAS — New York-based Trevian Capital has provided a $7.5 million bridge loan for the acquisition of two apartment communities totaling 173 units in the West Texas city of Lubbock. A portion of the proceeds will be used to fund capital improvements at both properties. The borrower was a partnership between three undisclosed investors. The sellers and property names were also undisclosed.
SAN DIEGO — Parkview Financial has provided a $7 million loan to San Francisco-based India & Beech for the acquisition of a land parcel and the first phase of construction funding for a high-rise residential and retail tower in downtown San Diego. Located at 1460 India St. within the Little Italy neighborhood, the 10,019-square-foot site is currently being used as a parking lot. The borrower recently acquired the property for $7.1 million, using Parkview’s loan in conjunction with cash on hand. The buyer plans to develop a fully entitled, 28-story, mixed-use urban infill project. The proposed development will feature 150 apartments, 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spots. Construction is slated to begin in 2020, with completion scheduled for 2022.
TYSONS, VA. — Pacific Coast Capital Partners LLC (PCCP) has provided a senior construction loan for a joint venture between Foulger-Pratt and USAA Real Estate to finance the speculative development of Tysons Central. The property is a 25-story, 388,077-square-foot office tower in the Tysons Corner submarket of Washington, D.C. Construction has begun on the fully entitled project, located at 1750 Tysons Central St., and completion is scheduled for March 2022. Details of the financing were not disclosed. Tysons Central is a LEED Gold-certified, Gensler-designed office tower near the Greensboro Metro station. Amenities will include a sky lobby, fitness center, lounge and shared conference spaces. The property will also offer 14,738 square feet of ground floor retail space, as well as three floors of below-grade parking and six floors of above-grade parking totaling 754 spaces.
ARLINGTON, TEXAS — Hunt Real Estate Capital has provided a $12 million Fannie Mae acquisition loan for Cedar Ridge, a 124-unit multifamily asset in Arlington. The property was built in 1980 on 7.8 acres and consists of 31 two-story buildings. The loan carries a 12-year term and two years of interest-only payments. The borrower and previous owner were not disclosed.
LOUISVILLE, KY. — The Atlanta office of Dougherty Mortgage recently provided an $8.2 million Fannie Mae acquisition loan for Newberry Parc Apartment Homes, a 132-unit, market-rate multifamily property in Louisville. Borrower Durham Hill Properties II LLC obtained the 12-year loan with a 30-year amortization schedule utilizing Fannie Mae’s Green Rewards program. Located at 250 Olde English Court, the apartment complex was constructed in 1971 and renovated in 2017. One- and two-bedroom units are located in six three-story residential buildings. Newberry Parc offers picnic and grilling areas, a pool, business center and onsite laundry.
NEW YORK CITY — JBA Equities has arranged a $135 million loan for the refinancing of the Mondrian Park Avenue hotel in the NoMad district of Manhattan. Journal Hotels manages the 190-room hotel, which opened in October 2017. KeyBank Real Estate Capital provided a $110 million senior mortgage loan and South Korea-based Fidelis Asset Management provided a $25 million mezzanine loan. Jonathan Aghravi, Charles Han and Eli Terry of JBA Equities, along with Tal Bar-or of Lantern Real Estate, secured the loan for the borrower, Moin Development.
FORT LAUDERDALE, FLA. — Madison Realty Capital has provided a $210 million construction loan for the development of the Four Seasons Hotel and Private Residences located at 525 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale. The borrower, Fort Partners, will use the financing to complete vertical construction on the 22-story Four Seasons-branded development, located approximately two miles from downtown Fort Lauderdale and adjacent to the Atlantic Ocean. The property, situated on an entire city block, will feature 148 hotel rooms and 83 residential condominium units, of which 60 percent have been presold. The hotel and condominiums will feature access to multiple infinity pools, five-star restaurants, ballrooms, meeting spaces, a fitness center, spa center and valet parking. Fort Partners holds the exclusive right to develop Four Seasons-branded properties in Florida and its previous developments include the Surf Club Four Seasons Hotel and Residences in Surfside and the Four Seasons Hotel Palm Beach. The new Four Seasons project in Fort Lauderdale is expected to open in 2021.
ATLANTA — Grandbridge Real Estate Capital has provided $105 million in loans to refinance four multifamily properties in Florida and Georgia. Alan Tapie of Grandbridge’s Atlanta office negotiated all four loans for undisclosed borrower(s). The properties involved are Timberwalk at Mandarin Apartments in Jacksonville, The Retreat at Crosstown Apartments in Riverview, Belara Apartments in Atlanta and Trellis Apartments in Marietta. All four loans were structured with 10-year terms and 30-year amortization schedules through Freddie Mac. The loan for Timberwalk at Mandarin Apartments has an initial interest-only period. The complex is located at 10263 Whispering Forest Drive and houses 284 units with one-, two- and three-bedroom layouts. The Timberwalk features a saltwater pool, outdoor sports areas, fire pit, cabanas, resident clubhouse, technology center, playground, fishing pier, fitness center and outdoor cooking stations. The Retreat at Crosstown Apartments is a 320-unit property located at 10301 Marsh Harbor Way. Tapie secured a $33.2 million permanent, fixed-rate loan for the complex. The Retreat at Crosstown offers one- and two-bedroom layouts, as well as a pool, outdoor area with fire pit, fitness center, grilling area, car care facility, game room, business center and package acceptance. Belara Apartments, located at 1570 Sheridan Road N.E., is a 182-unit multifamily community in Atlanta. Tapie secured the …
MCLEAN, VA. — Rubenstein Mortgage Capital, a private mortgage lending platform and affiliate of Rubenstein Partners, has provided a $47.8 million loan to Westport Capital Partners LLC. The borrower will use the loan to refinance 2000 Corporate Ridge Road, an office building in the Tysons Corner submarket in McLean, a suburb in the Washington, D.C. metro area. Westport Capital Partners recently completed an extensive capital improvement program at the 263,002-square-foot property. Proceeds of the loan refinanced the existing debt and will provide funding for future leasing costs as the asset is stabilized. NorthMarq arranged financing for Westport Capital Partners.
PHILADELPHIA — J.P. Morgan Chase has provided a $388 million loan for the refinancing of 1500 Market Street, a 1.7 million -square-foot, Class A office complex in Philadelphia. The property comprises two towers that rise 36 and 43 floors and are connected by a three-story atrium. Amenities include a fitness center and direct access to food options, retail and subway lines. The property is also the only office in the Philadelphia CBD with its own subterranean parking garage, offering 450 spots. Dustin Stolly and Jordan Roeschlaub led a Newmark Knight Frank team that arranged the financing in conjunction with David Rosenberg and Mark Silbersher of Walker & Dunlop. A partnership between Nightingale Properties and Wafra Capital Partners is the borrower and landlord of 1500 Market Street.