Loans

Fantini & Gorga Secures $11M Refinancing for Shopping Center in Salem, New Hampshire

by Alex Tostado February 7, 2019

SALEM, N.H. — Fantini & Gorga has arranged an $11 million loan to refinance North Broadway Crossing, a four-building shopping complex in Salem. Located at 236 N. Broadway, the nearly 10-acre property was completed in 2007 and features a tenant roster that includes Pentucket Bank, McKinnon’s Market, Maddie’s Bagel & Eatery, Wasabi Hibachi Restaurant and Edible Arrangements. Casimir Groblewski and Lindsay Feig of Fantini & Gorga represented the borrower, the original developer, in the transaction. The lender was a major Massachusetts-based financial institution. Terms of the financing were undisclosed.

February 7, 2019

Industrial Loans New Jersey Northeast Self-Storage

HFF Arranges $10.3M Construction Loan for Self-Storage Facility in New Jersey

by Alex Tostado February 7, 2019

ROCHELLE PARK, N.J. — HFF has arranged a $10.3 million construction loan for the development of an 829-unit CubeSmart self-storage facility in Rochelle Park. The 112,980-square-foot facility will be located on two acres at 120 W. Passaic St. and will house climate-controlled storage units ranging from 25 to 300 square feet. Michael Klein and Jon Mikula of HFF secured the four-year, fixed-rate financing on behalf of the borrower, Tulfra Real Estate, through lender First Bank. CubeSmart will manage daily operations.

February 7, 2019

Development Industrial Loans New Jersey Northeast Self-Storage

Caddis to Build 99-Unit Heartis Seniors Housing Community in Pennsylvania

by David Cohen February 7, 2019

YARDLEY, PA. — Caddis has announced plans to develop Heartis Yardley, a 99-unit assisted living and memory care community in Yardley, just across the state border from Trenton, N.J. The two-story, 95,587-square-foot project is located on a 6.1-acre plot. The property will be the first Heartis-branded community in Pennsylvania, and is part of Dallas-based Caddis’ planned expansion in the Mid-Atlantic. “Caddis’ extensive research on this market — including population and demographic trends, existing senior residences and other factors — showed that there is a demand for more seniors housing, especially assisted living and memory care communities,” says Tami Cumings, Caddis vice president of senior living. The project is slated for completion in summer 2020. Pathway to Living will be the operator. The architect is Austin, Texas-based Katus, which has designed 15 Heartis communities. The general contractor is Wohlsen Construction Co.

February 7, 2019

Hawaii Hospitality Loans Western

Phillips Realty Capital Structures $63M Financing for OHANA Waikiki Malia Hotel in Honolulu

by Amy Works February 7, 2019

HONOLULU — Bethesda, Md.-based Phillips Realty Capital has secured $63 million in financing on behalf of Lucky Hotels USA. Benefit Street Partners provided fixed-rate, permanent financing secured by the OHANA Waikiki Malia Hotel in Honolulu. John Sieber Jr. of Phillips Realty Capital structured the financing, while Aaron Derby at Benefit Street Partners represented the lender. Situated at 2211 Kuhio Ave. within the Waikiki Resort District, the hotel features two towers built in 1960 and 1980 and underwent a $6.2 million renovation in 2010 to update the rooms, lobby and common areas. Outrigger Hotels and Resorts manages the 327-room hotel.

February 7, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $21M Refinancing of Apartment Property in Omaha

by Kristin Harlow February 7, 2019

OMAHA, NEB. — NorthMarq Capital has arranged a $21 million Freddie Mac loan for the refinancing of Tranquility Pointe Apartments in Omaha. The 230-unit apartment property is located at 4202 N. 126th Court. Amenities include a fitness center, pool, playground, basketball court and storage space. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.

February 7, 2019

Industrial Loans New York Northeast

NorthMarq Arranges $3.7M Refinancing for Industrial Property in Melville, New York

by David Cohen February 6, 2019

MELVILLE, N.Y. — NorthMarq has arranged a $3.7 million cash-out refinancing for a 71,000-square-foot industrial building in Melville. The non-recourse financing included a 10-year term, fixed rate of 4.33 percent and a 25-year amortization schedule. Charles Cotsalas of NorthMarq’s Long Island regional office secured financing on behalf of the borrower, 100 Marcus Drive Associates. The lender was 40 | 86 Mortgage Capital Inc., a life insurance company.

February 6, 2019

Loans Mixed-Use Nevada Office Retail Western

PBC USA Receives $70M in Refinancing for Mixed-Use Development in Metro Las Vegas

by Amy Works February 6, 2019

SUMMERLIN, NEV. — New York City-based PBC USA has received a $70 million loan to refinance Tivoli Village, a 28-acre mixed-use development in Summerlin, a suburb of Las Vegas. Bank of Nevada provided the capital, which replaces financing from KeyBank and reduces the interest rate by 150 basis points. The refinancing is a result of near completion of a two-year turnaround campaign at the 700,000-square-foot retail and office property, bringing occupancy rates to above 80 percent. The first phase of Tivoli Village opened in 2011 and the second phase opened in 2016. Tenants at the property include Restoration Hardware’s RH Las Vegas, Echo & Rig Butcher and Steakhouse, Brio Tuscan Grille, David Barton Gym and Dance With Me. The property features 370,000 square feet of retail space and 300,000 square feet of Class A office space.

February 6, 2019

Hospitality Loans Massachusetts Northeast

HFF Arranges $11.7M Acquisition Financing for Harbor Hotel Provincetown on Cape Cod

by David Cohen February 5, 2019

PROVINCETOWN, MASS. — HFF has arranged an $11.7 million acquisition loan for the 129-room Harbor Hotel Provincetown in Massachusetts. Located at 698 Commercial St., the three-building seasonal boutique hotel includes an outdoor pool, patio, fire pit, cabana bar and pet-friendly rooms as well as an onsite lounge and restaurant. The hotel is less than two miles from the ferry port, which delivers tourists from Boston. Provincetown attracts more than 60,000 tourists each summer. Greg LaBine and Martha Nay of HFF secured a seven-year, fixed-rate acquisition loan on behalf of the borrower, subsidiary entities of funds managed by Linchris Hotel Corp. The lender was HarborOne Bank.

February 5, 2019

Georgia Loans Multifamily Seniors Housing Southeast

SunTrust Provides $35M in Construction Financing for Senior Housing Development in Athens, Georgia

by Alex Tostado February 5, 2019

ATHENS, GA. — SunTrust Bank has provided $35 million in financing to support the development of Presbyterian Village Athens in Athens. The 70-acre continuing care retirement community (CCRC) will feature a total of 229 units. Development costs are estimated at $143 million. Presbyterian Homes of Georgia is developing the property, breaking ground in September 2018. The project is scheduled for completion in early 2021.

February 5, 2019

Affordable Housing Development Loans Multifamily New York Northeast

KeyBank Provides $12.1M Construction Loan for Affordable Housing Community in Buffalo

by David Cohen February 5, 2019

BUFFALO, N.Y. — KeyBank has provided a $5.4 million construction loan and $6.7 million in 9 percent tax credit equity for the construction of Elim Townhomes in Buffalo. The two-acre property will feature 30 townhome units, available to households earning 50 percent of the area median income. Additionally, six of the 30 units will be set aside for individuals and families with physical, hearing or vision impairments. The borrower was Belmont Housing Resources. Terms of the financing were not disclosed. Other investments in Elim Townhomes included $3.1 million in permanent financing from the New York State Housing Trust Fund and a $900,000 permanent, long-term HOME loan from the City of Buffalo.

February 5, 2019

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