CAMBRIDGE, MASS. — NKF has arranged a $71 million recapitalization of a 63,943-square-foot office building in Cambridge. Located at 87 Cambridgepark Drive, the property is fully leased to biopharmaceutical companies Dicerna Pharmaceuticals and Ra Pharma. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team secured financing for the borrowers, King Street Properties and The Carlyle Group. The lender was real estate investment trust HCP Inc.
ORLANDO, FLA. — HFF has arranged a $60 million construction loan for the nine-story Lake House, an apartment building in Orlando’s Ivanhoe Village. Brett Moss, Michael Weinberg, Tyler Swidler and Alec Fox of HFF secured the loan on behalf of a partnership between developers Sumitomo Corp. of Americas, Finfrock and OneEleven Residential. Lake House is expected to deliver in 2020 and feature 252 apartment and townhome units, as well as 36,000 square feet of ground-level commercial space along Lake Ivanhoe. Lake House will be located at 301 N.E. Ivanhoe Blvd., about three miles north of downtown Orlando.
OAHU, HAWAII — Industrial Logistics Properties Trust (NASDAQ: ILPT) has secured a $650 million mortgage loan secured by an industrial portfolio in Oahu. The portfolio includes 186 properties, which total approximately 9.6 million square feet. The 10-year loan applies to approximately 57 percent of ILPT’s total owned square footage in Hawaii. As of Dec. 31, 2018, the average remaining lease term for these properties was more than 14 years and the occupancy was nearly 100 percent. “We are pleased to term out our floating rate debt with attractive, long-term, fixed-rate debt and to demonstrate the tremendous value of these unique Hawaiian assets,” says John Murray, CEO of Industrial Logistics Properties Trust. “While the underlying assets had a net book value of less than $500 million at year end 2018, this loan provides us with $650 million of capital to fund value-enhancing external growth opportunities.” Terms of the non-amortizing financing included a fixed interest rate of 4.3 percent. Morgan Stanley, Citi, UBS and J.P. Morgan provided the capital. Sullivan & Worcester LLP provided legal counsel to Industrial Logistics Properties Trust in the transaction. ILPT stock closed at $20.79 per share on Tuesday, Jan. 29, down from $22.47 one year ago. — David …
MIAMI — A joint venture between Mast Capital and AEW Capital Management LP has secured a $59.7 million construction loan for its Miami River Walk project. The 688-unit multifamily development will be built in two phases on 6.3 acres of land, situated less than two miles from downtown Miami. The first phase is expected to break ground in the first quarter of this year and will comprise 346 residential units. Corwil Architects is the designer. PNC Bank provided the construction loan.
BOSTON — CBRE has arranged a $68 million loan to refinance Hub 25, a 278-unit apartment community in Boston. Located at 25 Morrissey Blvd, Hub 25 features a resort-style outdoor pool, city views, a 24-hour gym, theater and garage parking. John Kelly of CBRE secured the financing on behalf of the owner, Qianlong Morrissey LLC, through an undisclosed lender. Terms of the financing were not disclosed.
JERSEY CITY, N.J. — Progress Capital has secured a $21 million loan to refinance an 11-property multifamily portfolio in Jersey City. The 11 properties are located across the city. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower. The non-recourse loan includes a 20-year term with a 30-year amortization schedule. The lender was undisclosed.
KILGORE AND NACOGDOCHES, TEXAS — Amesbury Cos., a Louisiana-based development and investment firm, has refinanced a portfolio of three multifamily properties totaling 452 units in East Texas. The properties include the 124-unit Glen Hollow Apartments in Kilgore; and the 120-unit Stone Creek Apartments and the 208-unit Sunridge Apartments in Nacogdoches. All properties feature pools and community rooms. New York-based Greystone provided the FHA and Fannie Mae loans, which total approximately $19 million, to Amesbury.
KYLE, TEXAS — Chicago-based NXT Capital has provided a $28 million loan for the acquisition of a 264-unit apartment community in Kyle, located about 20 miles southwest of Austin. Amenities at the undisclosed property include a pool, fitness center, outdoor gazebo with a TV and a business center. Casey Knust of CBRE placed the loan with NXT Capital on behalf of the undisclosed borrower.
HOUSTON — Hunt Capital Partners has arranged a $7.2 million loan for the acquisition and rehabilitation of Anna Dupree Terrace, a 151-unit seniors housing community in Houston. The development serves elderly households whose tenants are 62 years or older or who have disabilities. Upon completion of the renovation, which is scheduled for May 2020, the property will feature amenities such as a computer lab, beauty salon and outdoor picnic areas. The borrower was not disclosed.
GRAND RAPIDS, MICH. — Arbor Realty Trust Inc. has provided a $14 million Fannie Mae loan for the permanent financing of The Gateway at Belknap Apartments in Grand Rapids. Built in 2017, the apartment property features 88 units and ground-floor retail space. Michael Jehle of Arbor originated the 15-year, fixed-rate loan, which features a 30-year amortization schedule.
