Loans

Cohen Financial Arranges $12.5M Acquisition Loan for Retail Property in Metro D.C. Leased to REI

by Amy Works November 2, 2018

MCLEAN, VA. — Cohen Financial has secured a $12.5 million loan with Reinsurance Group of America for the acquisition of a retail property in McLean, about 10 miles west of Washington, D.C. Thomas Wiedeman of Cohen Financial secured the fixed-rate, non-recourse, 11-year loan with a 20-year amortization schedule and a 65 percent loan-to-value ratio for the borrower, a local commercial real estate investor. REI Tysons occupies the 32,857-square-foot, single-tenant property located at 8209 Watson St. in McLean.

November 2, 2018

Development Loans Multifamily New York Northeast

Square Mile Capital Provides $138.5M in Preferred Equity for Recapitalization of Apartment Tower in Long Island City

by David Cohen November 1, 2018

NEW YORK CITY — Square Mile Capital has provided a $138.5 million preferred equity investment in the recapitalization of ALTA, a 43-story apartment tower in Long Island City. The property is located at 29-26 Northern Blvd. Simon Baron Development LLC broke ground on the 467-unit property in 2015 and completed the project earlier this year. Building amenities include a 10,000-square-foot fitness center, 50-foot indoor swimming pool, multiple roof decks, a state-of-the-art golf simulator and a dog spa. ALTA was developed by affiliates of Simon Baron Development LLC. Leasing of the property commenced in May.

November 1, 2018

Industrial Loans New Jersey Northeast

Avison Young Secures $21.1M Refinancing for Flex Facility in Allendale, New Jersey

by David Cohen November 1, 2018

ALLENDALE, N.J. — Avison Young has secured a $21.1 million loan to refinance a 114,200-square-foot industrial flex facility in Allendale. Located at 75 Commerce Drive, the property is fully occupied by a tenant roster that includes Hitachi Chemical Advanced Therapeutics Solutions and Telemetrics Inc. George Gnad of Avison Young represented the borrower, a venture between Red Pine Capital Partners and Double Z Management, in securing financing through lender Potomac Business Services. Terms of the financing were not disclosed.

November 1, 2018

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $9.3M Refinancing for Senior Living Property in Faribault, Minnesota

by Kristin Harlow November 1, 2018

FARIBAULT, MINN. — Dougherty Mortgage has provided a $9.3 million Fannie Mae loan for the refinancing of Faribault Senior Living. The 90-unit senior living property is located in Faribault, about 50 miles south of Minneapolis. Built in 2011, the four-story property includes independent living, assisted living and memory care units. Property amenities include an outdoor patio with resident gardens, a hair salon, fitness room, game room, activity room, library, dining hall and lounge areas. The 12-year loan is amortized over 30 years. Faribault Senior Living LLC was the borrower.

November 1, 2018

Loans Multifamily Southeast Tennessee

Dougherty Mortgage Provides $27M Green Fannie Mae Loan for Multifamily Acquisition in Chattanooga

by Amy Works November 1, 2018

CHATTANOOGA, TENN. — Dougherty Mortgage has closed a $27 million Fannie Mae loan for the acquisition of Elements of Chattanooga, a market-rate multifamily property located at 7310 Standifer Gap Road in Chattanooga. Bentley Place Residential is the borrower. The property features 340 units in a mix of one-, two- and three-bedroom layouts, and community amenities include a fire pit, outdoor kitchen, pool, clubhouse and fitness center. Dougherty Mortgage’s Brentwood, Tenn., office originated the 12-year loan, which utilizes Green Rewards and features a 30-year amortization schedule.

November 1, 2018

California Loans Retail Western

CBRE Secures $20M Acquisition Loan for Jamboree Promenade Shopping Center in Irvine

by Amy Works November 1, 2018

IRVINE, CALIF. — CBRE has arranged a $20 million refinancing for Jamboree Promenade, a shopping center located at 2626-2646 Dupont Drive in Irvine. Pole Capital USA, the U.S. division of a Singaporean real estate investment company, is the borrower. The property was purchased earlier this year for $42.5 million in all cash, and the debt financing will recapitalize the site. The 56,878-square-foot shopping center is 97 percent occupied by tenants including CorePower Yoga, The Melting Pot and Daily Grill. Shaun Moothart, Bruce Francis, Dana Summers, Bob Ybarra and Doug Birrell of CBRE’s Debt and Structured Finance team arranged the seven-year loan for the borrower.

November 1, 2018

Healthcare Loans Office South Carolina Southeast

Capital One Provides $11M Acquisition Loan for Medical Office Building in Upstate South Carolina

by Amy Works November 1, 2018

SPARTANBURG, S.C. — Capital One has provided an $11 million adjustable-rate loan to Altera Development, a Dallas-based real estate development company. The company used the loan proceeds to acquire a 109,000-square-foot medical office building located on the campus of Mary Black Hospital in Spartanburg. The loan consists of $6.5 million in initial funding, a holdback for tenant improvements/leasing commissions and an earnout.

November 1, 2018

Loans Multifamily New York Northeast

JLL Secures $26M Refinancing for Brooklyn Multifamily Portfolio

by David Cohen October 31, 2018

NEW YORK CITY — JLL Capital Markets has secured a $26 million loan for the refinancing of a three-property multifamily portfolio in the Bushwick neighborhood of Brooklyn. The properties are located at 184 Noll St., 286 Stanhope St. and 324 Melrose St. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Adam Schwartz and Matt Fagella of JLL secured the interest-only loan for borrower Cayuga Capital Management through lender Citigroup Global Markets. The 62,000-square-foot portfolio consists of 63 residential units and six commercial units with a combined 5,650 square feet of office space.

October 31, 2018

Illinois Loans Midwest Retail

Marcus & Millichap Arranges $13.7M Acquisition Loan for Retail Center in Peoria, Illinois

by Kristin Harlow October 31, 2018

PEORIA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.7 million non-recourse loan for the acquisition of an 82,229-square-foot retail center in Peoria. Schnucks grocery store anchors the property with a 20-year lease. Robert Bhat of MMCC arranged the loan that features a 75 percent loan-to-value and two years of interest-only payments followed by a 30-year amortization schedule. Brett Chetek, Chris Garavaglia and Alex Perez of Marcus & Millichap represented the seller and procured the buyer. The sales price was $18.2 million.

October 31, 2018

Acquisitions Florida Loans Office Southeast

Cushman & Wakefield Arranges $110M Sale of Downtown Tampa Office Tower

by Amy Works October 31, 2018

TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Tampa City Center, an office tower located at 201 N. Franklin St. in downtown Tampa. A partnership between affiliates of Miami-based Banyan Street Capital and funds managed by Oaktree Capital Management acquired the 38-story property for $110 million. An affiliate of Alliance Partners HSP, the East Coast operating arm of the Shilder Group, sold the property. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the deal. Ernst & Young, Deloitte, Masonite, Morgan & Morgan, FieldCore (a division of GE), CDW, PNC Bank and The University Club are tenants at the 757,425-square-foot, Class A office building. Via a skybridge, the tower is connected to the 520-room Hilton Tampa Downtown, with 30,000 square feet of meeting and conference space; 211 Restaurant; Starbucks Coffee; and Fort Brooke parking garage, a covered parking facility owned by the City of Tampa. Jason Hochman, Chris Lentz, Michael Ryan and Brian Linnihan of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the buyer in securing an $84 million acquisition loan. Funded by HSBC Bank, the loan includes proceeds at acquisition plus future funding for capital improvements to …

October 31, 2018

Newer Posts

Older Posts

Upcoming Events

Aug
06