Loans

JLL Arranges $46.5M in Refinancing for Retail Power Center in Howell, New Jersey

by Taylor Williams May 29, 2019

HOWELL, N.J. — JLL has arranged a $46.5 million loan for the refinancing of Greenleaf at Howell, a 290,000-square-foot retail power center in Howell, approximately 30 miles east of Trenton. Aaron Appel, Jonathan Schwartz, Keith Kurland, Brett Rosenberg, Adam Schwartz and Brandon Krupetsky of JLL placed the debt through JPMorgan Chase on behalf of the borrower, Sun Equity Partners LLC. A B.J.’s Wholesale Club anchors the property, which is located at the intersection of U.S. Route 9 North and Lanes Mill Road. Approximately 87,000 people live within a three-mile radius of the center, which sees a daily traffic count of roughly 40,000 vehicles.

May 29, 2019

Bohler Loans Massachusetts Multifamily Northeast

Trinity Financial Receives $35.8M Loan for Multifamily Redevelopment Project in Worcester

by Taylor Williams May 29, 2019

WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and Manhattan, has received a $35.8 million loan for a redevelopment project in Worcester that will convert a former courthouse into a 117-unit multifamily building. Roughly 35 percent of the new units will be designated as workforce housing residences, while basic floor plans will consist of 23 studio apartments, 52 one-bedroom apartments, 31 two-bedroom apartments and 11 three-bedroom apartments. Amenities will include a fitness center, resident lounge and personal storage space. MassHousing provided the financing, which consists of a $12.2 million, tax-exempt permanent loan, a $19.1 million bridge loan and $4.5 million in funding from the agency’s Workforce Housing Initiative. An affiliate of Trinity will manage the project, with Tocci Building Corp. serving as general contractor and Bohler serving as the civil engineer. The courthouse was originally built in 1845.

May 29, 2019

Loans Retail Texas

Locust Park Capital Arranges $3M Loan for Refinancing of Dallas Retail Property Leased to CVS

by Taylor Williams May 28, 2019

DALLAS — Locust Park Capital, a New York City-based investment banking and capital advisory firm, has arranged a $3 million loan for the refinancing of a retail property in Dallas that is net-leased to CVS. Kenneth Lee of Locust Park Capital originated the five-year loan, which carried a fixed 4.95 percent interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower.

May 28, 2019

Florida Loans Multifamily Southeast Student Housing

Rosemurgy, Giles Capital Receive $38.8M Financing for Two Student Housing Communities Near University of Florida

by Alex Tostado May 28, 2019

GAINESVILLE, FLA. — Park Partners Residential, a joint venture between Rosemurgy Properties and Giles Capital Group, has received $38.8 million in financing for two student housing communities near the University of Florida in Gainesville. Värde Partners has provided a $27.3 million loan for The Niche community and an $11.5 million loan for The Nook. Both properties recently underwent renovations and offer a combined total of 1,356 beds. Elliott Throne and Jesse Wright of HFF worked to place the financing on behalf of the borrower.

May 28, 2019

Florida Loans Office Southeast

Aztec Group Provides $11.9M Loan for Redevelopment of Office Building in Miami

by Alex Tostado May 28, 2019

MIAMI — Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building, known as 4141 International Design Center, was built in 1961 and used to be used as a design hub housing more than 150 designers and architects. A timeline for construction was not disclosed.

May 28, 2019

Loans Office Utah Western

Money360 Funds $18M Refinancing for Office Property in Provo, Utah

by Amy Works May 28, 2019

PROVO, UTAH — Money360 has provided an $18 million bridge loan for the refinancing of an office property in Provo. The non-recourse loan features a 24-month term and a 75 percent loan-to-value ratio. Further details were not disclosed.

May 28, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Carnegie Capital Arranges $8M Loan for Refinancing of Skilled Nursing Facility in Connecticut

by Taylor Williams May 24, 2019

CONNECTICUT — Carnegie Capital has arranged an $8 million loan for the refinancing of a 90-bed skilled nursing facility in Connecticut. The loan includes funding for a capital expenditure project that will add 10 assisted living beds at the community. Further details on the name and location of the facility, as well as the lender, were not disclosed. J.D. Stettin of Carnegie Capital sourced and structured the loan with an interest rate of approximately 5.5 percent, a five-year term and flexible exit options. The transaction represents a loan-to-value ratio of 75 percent.

May 24, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Harborview Capital Arranges $51.9M HUD Acquisition Loan for Skilled Nursing Portfolio in California

by Amy Works May 24, 2019

NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance based in New York City, equity and advisory firm, has arranged a $51.9 million bridge-to-HUD loan for the acquisition of six skilled nursing facilities across California. The portfolio totals 678 beds, and the borrower is a national private investment group. Further details regarding the properties were not disclosed. The financing is a three-year bridge loan at 90 percent leverage. Harborview’s Jonathan Kutner and Eli Kutner originated the loan, which Robert Kellerman negotiated.

May 24, 2019

Delaware Loans Mixed-Use Northeast Office

Capital One Provides $68M Loan for Office Redevelopment Project in Wilmington

by Taylor Williams May 23, 2019

WILMINGTON, DEL. — Capital One has provided a $68 million loan for the redevelopment of a portion of the former office campus of pharmaceutical firm AstraZeneca in Wilmington, Delaware. The borrower, Brandywine Investment Group II, acquired the site in 2017 in a sale-leaseback deal and will use the new proceeds to fund construction of a 1,373-space parking garage, as well as to fund tenant improvements and leasing commissions. The loan, which features a five-year term and an adjustable interest rate, also provides working capital for pre-development costs for the remainder of the project. Current plans for the new project, known as Avenue North, call for about 350 apartments, 150,000 square feet of retail space, 100,000 square feet of office space and a 200-room hotel. Jeff Wallace of Capital One originated the transaction on behalf of Brandywine Investment Group II, an affiliate of local developer Delle Donne & Associates.

May 23, 2019

Reuten-Corporate-Park-Closter-New-Jersey

Industrial Loans New Jersey Northeast Office

JLL Closes $11M Refinancing of Industrial, Office Asset in New Jersey

by Taylor Williams May 23, 2019

CLOSTER, N.J. — JLL’s Capital Markets team has closed an $11 million loan for the refinancing of Reuten Corporate Park, a 156,782-square-foot industrial and office development in Closter, located across the Hudson River from Yonkers. The property, which spans five buildings with 95,528 square feet of industrial space and 61,254 square feet of office space, was 99 percent leased at the time of sale. Tenants include logistics firm Nippon Express and Rayence, a distributor of flat panel detectors for X-ray equipment. Aaron Niedermayer, Michael Diaz, Chris Byrns and Brendan Collins of JLL placed the loan with M&T Bank on behalf of the borrower, Reuten Associates, which originally developed the property in the mid-1980s.

May 23, 2019

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