Loans

Walker & Dunlop Arranges $61M in Financing for Retail Development in D.C.

by Amy Works October 12, 2018

WASHINGTON, D.C. — Walker & Dunlop has structured $61 million in financing for the recapitalization of The Shops at Dakota Crossing, a trophy retail center in Washington, D.C. Jamie Butler of Walker & Dunlop led the team that replaced the existing construction financing with a senior bridge loan, which also provides for future funding based on additional leasing and capital costs. Located on New York Avenue, the 140,000-square-foot shopping center is 98 percent pre-leased to national and local tenants, including the city’s first Costco, Lowe’s Home Improvement Warehouse, Dick’s Sporting Goods, Marshalls, PetSmart, Chick-fil-A and Starbucks Coffee.

October 12, 2018

Loans New Jersey Northeast Office

HFF Secures $8.8M Refinancing of Office Building in Eatontown, New Jersey

by David Cohen October 11, 2018

EATONTOWN, N.J. — HFF has secured an $8.8 million refinancing for a 79,258-square-foot office building in Eatontown. Located at 4 Industrial Way W., the three-story property is 98 percent leased to nine tenants in a variety of industries ranging from technology to medical practice. The tenant roster includes Wayside Technology Group Inc., Clinilabs Inc., Polaris Alpha and The Memory Enhancement Center of America. HFF represented the borrower, The Donato Group, which originally developed the property in 1988. The lender was First Bank.

October 11, 2018

Acquisitions Loans Multifamily North Carolina Southeast

Hunt Provides $18.3M Fannie Mae Loan for Acquisition of Charlotte Multifamily Property

by Amy Works October 11, 2018

CHARLOTTE, N.C. — Hunt Real Estate Capital has provided a $18.3 million Fannie Mae multifamily loan for the purchase of Fields at Archdale Station, a multifamily property located at 6614 Wisteria Drive in Charlotte. The borrower, Roseland, N.J.-based Gellar Associates, acquired the property from Elite Street Capital Grand Oaks Equity LP. The new loan has a 12-year term. Built from 1968 to 1975, Fields at Archdale Station features 243 apartments spread across 26 three-story apartment buildings. Situated on 14.6 acres, the garden-style community also features 489 parking spaces, a dog park, playground, outdoor kitchen, pavilion, picnic areas and a soccer field. Additional on-site amenities include a centralized laundry facility, on-site management and 24-hour emergency maintenance.

October 11, 2018

California Loans Retail Western

CBRE Arranges $24.3M Refinancing for Stater Bros. Plaza in Chino, California

by Amy Works October 11, 2018

CHINO, CALIF. — CBRE has secured a $24.3 million loan for the refinance of Stater Bros. Plaza, a neighborhood retail center in Chino. Situated on 6.9 acres at 6989 Schaefer Ave., the property consists of 73,641 square feet of rentable space. Stater Bros. Market anchors the center, which was built in 2008. Other tenants include Chase Bank, Subway, Sprint, The UPS Store and Mountain Mike’s Pizza, among others. Marina Massari and Sharon Kline of CBRE’s Newport Beach, Calif., office arranged the five-year loan featuring 36 months of interest-only payments for the borrower, Euclid Plaza LLC. Buchanan Mortgage Holdings, a division of Buchanan Street Partners, provided the loan. Joseph Maehler of Buchanan Street Partners represented the lender in the financing.

October 11, 2018

Indiana Industrial Loans Midwest

Subsidiary of Olympus Ventures Receives $13M Loan for Refinancing of Indiana Distribution Center

by Kristin Harlow October 11, 2018

CHARLESTOWN, IND. — 1250 Patrol Road LLC, a subsidiary of Olympus Ventures, has received a $13 million loan for the refinancing of a 314,400-square-foot distribution center in Charlestown near Louisville. J. Knipper & Co. Inc., a pharmaceutical supplier, fully occupies the building as its Midwest distribution center. Doug Seylar of CBRE arranged the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule. The lender was not disclosed.

October 11, 2018

Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $38M Refinancing for Multifamily Community in New Jersey

by David Cohen October 10, 2018

CINNAMINSON, N.J. — NorthMarq Capital has secured a $38 million refinancing for Camelot at Cinnaminson, a 405-unit multifamily community in Cinnaminson. The property is located at 198 Camelot Court. NorthMarq arranged the financing for the borrower, Kaplan Cos. The lender was a life insurance company. The permanent, fixed-rate loan was structured with a fully amortizing, 30-year term.

October 10, 2018

Loans Michigan Midwest Multifamily Seniors Housing

Capital One Provides $17.1M Refinancing for Skilled Nursing Facility in Romeo, Michigan

by Kristin Harlow October 10, 2018

ROMEO, MICH. — Capital One has provided a $17.1 million HUD 232/223(f) loan for the refinancing of a 104-unit skilled nursing facility in Romeo, a northern suburb of Detroit. Built in 2014, the facility features large therapy areas catering to Medicare and managed care residents and includes common areas such as a bistro. Joshua Rosen of Capital One originated the loan on behalf of the undisclosed borrower. The loan will enable the borrower to refinance existing bank debt as well as partnership debt.

October 10, 2018

Colorado Loans Mixed-Use Multifamily Retail Western

HFF Arranges $50M in Financing for Mixed-Use Development in Denver

by Amy Works October 10, 2018

DENVER — HFF has arranged $50 million in financing for 210 St. Paul, the first phase of The St. Paul Collection, a mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood. The borrower is BMC Investments. Brock Yaffe of HFF secured the 11-year, non-recourse, full-term, interest-only, fixed-rate loan through Freddie Mac’s Lease-Up Loan Program. The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Located at the intersection of St. Paul Street and Second Avenue, The St. Paul Collection is a two-phase development. Completed in June, 210 St. Paul features 81 residences in a mix of one-, two- and three-bedroom floorplans, as well as penthouses, ranging in size from 770 square feet to 2,800 square feet. Additionally, the property includes 11,000 square feet of retail space leased to CB2. The second phase, which is not part of this financing, will bring an additional 84 residential units and 44,000 square feet of retail space. Designed by 4240 Architecture, the property features condo-quality finishes and modern open layouts with oversized living spaces, gourmet kitchens, full bathroom suites with heated floors, built-in closet systems, in-house automation, custom hardwood flooring, …

October 10, 2018

California Loans Office Western

Pearlmark Provides $13M Recapitalization for Office Campus in Pleasanton, California

by Amy Works October 10, 2018

PLEASANTON, CALIF. — Pearlmark has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I within Hacienda Business Park in Pleasanton. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. The four-building center features 292,000 square feet of office, lab and R&D space. Current tenants include ADP, NeoTract, Carl Zeiss and Diebold. Additionally, the site includes more than 1,100 parking spaces. Bill Swackhamer of Pearlmark arranged the transaction.

October 10, 2018

Loans Multifamily Utah Western

Arbor Funds $8.4M Fannie Mae Loan for Apartment Complex in Metro Salt Lake City

by Amy Works October 10, 2018

MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s Streamline Rate Lock product. The Tier II loan is structured with a 12-year, fixed-rate term and a five-year interest-only payment period, followed by a 30-year amortization schedule.

October 10, 2018

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