EVANSTON, ILL. — KeyBank Real Estate Capital has provided a $24.3 million Fannie Mae loan for the acquisition of a four-property multifamily portfolio in Evanston. The properties total 132 units and were built in the early 1920s. Erik Storz of KeyBank arranged the non-recourse, fixed-rate loan with a 10-year term. The borrower was not disclosed.
REDWOOD CITY, CALIF. — Menlo Park, Calif.-based Acclaim Cos. has received $65.7 million in non-recourse construction financing for the 855 Main Street, a speculative office project development in downtown Redwood City. The company received entitlement approvals for the project in June and will develop the building with a team that includes W.L. Butler and DES Architects. The neoclassical-designed building will feature 100,000 square feet of office and retail space within a short walking distance of downtown amenities, multifamily buildings and public transit opportunities. Ramsey Daya, Chris Moritz and Travis Bailey of Newmark Knight Frank secured the financing for the borrower.
ALPHARETTA, GA. — Grandbridge Real Estate Capital has secured a $30.5 million acquisition loan for a 251,000-square-foot, Class A office building in Alpharetta, about 24 miles north of Atlanta. Gerry Robbins of Grandbridge secured the financing, which features an initial period of interest-only, a 10-year term and 30-year amortization schedule on behalf of the undisclosed borrower.
WASHINGTON, D.C. — Eastern Union Funding has arranged a construction loan for the development of The Rushmore, a 117-unit, luxury mixed-use development in Washington, D.C.’s Capitol Hill District. Marc Tropp of Eastern Union Funding arranged the loan through a local regional bank on behalf of developers SGA Cos. and Evergreen Private Finance. The development is located at the former Frager’s Garden Center at 1220 Pennsylvania Ave. S.E., and also includes the historic Shotgun House, located at 1229 East St. S.E., which will be turned into a duplex. Amenities for The Rushmore are set to include a residents’ lounge, fitness center, rooftop deck, concierge service, catering kitchen and private dining at the penthouse level, as well as 2,500 square feet of street-level retail space. Bethesda, Md.-based SGA Cos. and Washington, D.C.-based Evergreen Private Finance signed a 100-year ground lease with Capitol Hill investor Larry Quillian to develop at the two locations. The Rushmore is expected to be complete by the fourth quarter of 2019.
CAMBRIDGE, MASS. — Fantini & Gorga has secured a $28.3 million construction loan for St. James Place, a mixed-use development in the Porter Square neighborhood of Cambridge. Located at 2013 Massachusetts Ave., the development will feature 46 residential condominiums, ground-floor retail and underground parking. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga secured financing for the undisclosed borrower through a mid-sized regional bank. Terms of the financing were not disclosed.
NEW YORK CITY — Progress Capital has arranged a $23 million loan to refinance a retail property in Harlem. CVS and Zwanger Pesiri Radiology anchor the property, which is located at 324 W. 125th St. Abe Mann of Progress Capital secured financing on behalf of the borrower, Wharton Properties. The lender was Wells Fargo. Terms of the non-recourse loan include full-term interest-only payments and no prepayment penalty. The proceeds of the loan will be used to retire existing debt and provide cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s portfolio.
EL PASO, TEXAS — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $4 million for a pair of multifamily assets in El Paso. The company provided $2.8 million for the refinancing of the 104-unit Pebble Hills Apartments and $1.2 million for the refinancing of the 64-unit Veranda Apartments. The properties were 98 and 97 percent occupied, respectively, at the time of the loan closing. Both loans were structured with 10-year terms, fixed interest rates and 30-year amortization schedules through Freddie Mac’s Small Balance Loan program. The borrower was Pomajest and Pomajest 2 LLC, a Texas-based entity.
LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.
FARGO, N.D. — Newmark Knight Frank (NKF) has arranged a $77.2 million construction loan for Block 9, a $125 million mixed-use project in downtown Fargo. The project involves the transformation of a 48,000-square-foot parking lot into an 18-story mixed-use tower. Ben Greazel of NKF arranged the loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Co. A syndicate of banks led by First National Bank of Omaha provided the financing. Construction began in September. R.D. Offutt Co. will occupy a portion of the tower for its headquarters. Other components of the project include ground-floor retail space, a boutique hotel to be managed by Aparium Hotel Group, a restaurant and residential condominiums. Completion is slated for 2020.
CHESTERFIELD, MICH. — Grandbridge Real Estate Capital has secured a $42.9 million first mortgage loan for the acquisition of Waterside Marketplace in Chesterfield, about 25 miles north of Detroit. Tenants at the 291,231-square-foot retail center include Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, Ulta, JoAnn Fabrics, Old Navy, DSW, Five Below, Party City, JC Penney and Lowe’s. Gerry Robbins of Grandbridge arranged the three-year loan, which features a 25-year amortization schedule and an interest rate in the low-four percent range. A Grandbridge correspondent lender provided the loan. Mid-America Real Estate Corp. brokered the sale on behalf of the buyer, PMAT Real Estate Investments.