WEST CHESTER, OHIO — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of Liberty Commons in West Chester. The 58,059-square-foot shopping center is located at 7302-7340 Yankee Road. Tenants include a chiropractor, nail salon, hair salon and wings restaurant. Noah Juran and Dale Stewart of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A national bank provided the loan. The borrower was not disclosed.
PHILADELPHIA — UC Funds has provided a $20.5 million construction loan for Phase II of Liberty Square, a mixed-use project in Philadelphia. Located at 236 W. Thompson St., the full build-out will include 191 residential units and 6,700 square feet of ground-floor retail space. The loan will fund the construction of 89 of the residential units and all of the retail space. Amenities will include an underground parking garage, fitness center and a landscaped plaza with dog park. The borrower was undisclosed.
ORLANDO, FLA. — CBRE has secured $46 million loan for the refinancing of 20 North Orange, an office tower in downtown Orlando. The borrower is an investment fund managed by Apollo Global Management and Steelbridge Capital. Situated within Main & Main, the 16-story building features 278,713 square feet of office space, 24-hour security, an on-site café and a parking structure at a ratio of up to 4/1,000 square feet via two covered sky bridges. At the time of financing, the property was occupied by 20 tenants. Amy Julian, Christian Lee and José Lobón of CBRE’s Miami office arranged the financing for the borrower.
LEXINGTON PARK, MD. — Charger Ventures has received $30.1 million in financing for the acquisition of Greens at Hilton Run, a garden-style multifamily community located at 46860 Hilton Drive in Lexington Park. Jamie Leachman and Nicole Brickhouse of HFF secured the 10-year, fixed-rate loan through Freddie Mac’s CME Program for the borrower. The securitized loan will be serviced by HFF. Charger Ventures plans to continue the seller’s interior unit renovation program, as well as upgrade the clubhouse and amenities. Developed in 1988 and 1992, Greens at Hilton Run features 328 apartments in a mix of one-, two- and three-bedroom units averaging 927 square feet.
ATLANTA — Capital One has provided a $14.9 million HUD 221(d)(4) rehabilitation and permanent financing loan for Bethel Towers Apartments, an affordable multifamily property located in Atlanta’s Sweet Auburn neighborhood. Capital One’s Carolyn Whatley originated the loan, which features a fixed interest rate and a 40-year term. The Benoit Group, the borrower, is partnering with the Big Bethel AME Church to renovate the community in accordance with Georgia Department of Community Affairs’ architectural and rehabilitation standards. Big Bethel AME Church built the community in 1972 and will share ownership of the newly rehabilitated development. The 16-story building features 180 units in a mix of one- and two-bedroom floorplans. The property is covered by a project-based rental assistance contract through the Section 8 program. Additionally, the property features 165 surface and garage parking spaces, a playground and access to a laundry facility and community meeting space in adjacent commercial and church buildings. The renovation program includes the replacement of electrical wiring, plumbing risers and flooring, kitchen and bath upgrades and the addition of accessible units, a fitness room, business center and picnic pavilion with a grilling area. The rehabilitation plan also calls for environmentally sustainable improvements including high-efficiency common area lighting, …
OMAHA, NEB. — NorthMarq Capital has arranged a $3.1 million loan for the refinancing of Harney Place at Midtown, a 32-unit multifamily property in Omaha. The property is located at 3327 Harney St. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.
MIAMI — University Bridge GP — a partnership between Global City Development, RER Ventures and Podium Developments — has closed on a $231 million bond issuance for University Bridge Residences, an 886-unit student housing community currently under construction near Florida International University (FIU) in Miami. The joint venture is billing the project as Miami’s first student condos. The bond represents the largest financing of its kind for an off-campus student housing building in the U.S., according to a release by the joint venture. The funding will provide $50 million in scholarships over 40 years to Florida International University. As per the terms of the agreement, FIU will also take ownership of the building upon the completion of bond payments in 2058. The community is set to open in fall 2020 and will offer fully furnished units with bed-to-bath parity, as well as a pedestrian bridge to FIU’s campus. Shared amenities will include a resort-style pool, cabanas, barbecue and dining areas, a sun deck with day beds, fitness center, yoga lawn, lounge and game room and a business center. The property will also be home to 7,000 square feet of ground-floor retail. The project was designed by Arquitectonica and will be …
WEST PALM BEACH, FLA. — RedSky Capital and JZ Capital Partners have received $115 million in financing for Esperanté Corporate Center, a 20-story office tower located at 222 Lakeview Ave. in downtown West Palm Beach. Chris Drew, Hermen Rodriguez and Maxx Carney of HFF arranged the fixed-rate senior loan through Apollo Global Management, on behalf of a managed account, and a fixed-rate mezzanine loan through a life insurance company. Situated near Royal Park Bridge over Lake Worth Lagoon, the 255,984-square-foot Esperanté Corporate Center was renovated in the first quarter of 2018. The tower’s current tenants include Bank of America, Holland & Knight and Chatham Lodging Trust.
MIDLOTHIAN, VA. — Berkadia has arranged $36 million in financing for Westchester Apartments, a garden-style multifamily property under construction in Midlothian, about 15 miles west of Richmond. Costa Canavos and Amy Gay of Berkadia’s Richmond office secured the loan through the Virginia Housing Development Authority. The 20-month, interest-only construction loan converts to an amortizing 30-year permanent loan. Located on Perimeter Drive, the property will feature 238 apartment units and offer access to Route 288 and Westchester Commons.
COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.
