Loans

Berkadia Arranges $17.5M Construction Loan for New Hotel in Tallahassee

by Camren Skelton September 11, 2018

TALLAHASSEE, FLA. — Berkadia has arranged a $17.5 million construction loan for Hotel Indigo, a 143-room hotel that will be developed in Tallahassee. Brad Williamson and Kyle Ryan of Berkadia arranged the five-year, fixed-rate loan through a regional bank on behalf of the developer, Urban Street Development. The hotel will be one of the final pieces of the company’s Florida State University (FSU) CollegeTown District. The master-planned mixed-use community already includes 982 student housing beds, 60,000 square feet of retail and restaurant space and two parking garages. Urban Street broke ground on the $125 million project in 2013. Situated at 826 Gaines St., Hotel Indigo will be located adjacent to FSU and steps away from Doak Campbell Stadium, home to FSU’s Seminole football team. Designed by hospitality design firm ai3, the hotel will feature a contemporary design and an onsite restaurant and bar. Hotel Indigo is a chain of boutique hotels and part of InterContinental Hotels Group.

September 11, 2018

Loans Office Texas

iBorrow Provides $6M Loan for Coworking Office Building in Houston

by Taylor Williams September 11, 2018

HOUSTON — Private direct lender iBorrow has provided a $6 million loan for a two-story, 41,989-square-foot coworking office building located at 1512 Center St. N. in Houston. The loan will be used to renovate the property. Upon completion, the building will offer 50 open coworking spaces, 20 dedicated desks, 134 private offices and 40 parking spaces. The borrower was not disclosed.

September 11, 2018

Loans New York Northeast Office

New York Life Provides $75M Mezzanine Loan for Office Tower in Manhattan

by David Cohen September 10, 2018

NEW YORK CITY — New York Life Real Estate Investors has provided a $75 million mezzanine loan for Park Avenue Plaza, a 1.1 million-square-foot office tower in Manhattan’s Plaza District. A joint venture between Fisher Brothers and Sungate Park Avenue Trust owns the property. Mark Youngof New York Life Real Estate Investors’ New York Regional Officearranged the fixed-rate loan, which has a term of seven years.

September 10, 2018

Affordable Housing Loans Multifamily New Jersey Northeast

KeyBank Provides $16.8M Fannie Mae Loan for Affordable Housing Community in Trenton

by David Cohen September 10, 2018

TRENTON, N.J. — KeyBank Real Estate Capital has provided a $16.8 million Fannie Mae first mortgage loan for Oakland Park Apartments in Trenton. Built in 1947 and renovated in 1986, the property comprises 10 three-story buildings and includes 270 units. Under the Housing Assistance Payments contract, 269 of the 270 units qualify as low-income for individuals and families earning up to 80 percent of the area median income. Tom Peloquin of KeyBank arranged the non-recourse, floating-rate financing with a seven-year term, one-year interest-only period and 30-year amortization schedule. The loan was used to facilitate the acquisition of the property.

September 10, 2018

California Loans Multifamily Western

Buchanan Street Partners Provides $4.1M Acquisition Loan for Apartment Complex in Los Angeles

by Amy Works September 10, 2018

LOS ANGELES — Newport Beach, Calif.-based Buchanan Street Partners has provided $4.1 million in short-term bridge financing for the acquisition and repositioning of Pacific Apartments, a multifamily property located in the Mar Vista neighborhood of Los Angeles. The borrower plans to renovate and reposition the 13-unit property, which was vacant at the time of sale and financing. Renovations will include all new kitchens, plank flooring, modern lighting, energy-efficient air conditioning, landscaping, paint and façade improvements. Additionally, the borrower plans to add more rental units to the property.

September 10, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $4.4M Construction Loan for Condominium Development in Suburban Boston

by David Cohen September 7, 2018

ROSLINDALE, MASS. — Cornerstone Realty Capital has arranged a $4.4 million loan for the construction of Roslindale Village, a residential condominium development in the Boston suburb of Roslindale. The lender was undisclosed. The development, which is located at 32 Cummins Highway, will include nine condominiums. All units will feature granite countertops, custom cabinets, and stainless steel appliances as well as in-unit washers and dryers. Roslindale is located approximately eight miles south of Boston. Andrew Saccone of Cornerstone Realty Capital arranged a full-term, interest-only loan at a fixed rate for the undisclosed borrower.

September 7, 2018

Loans Midwest Nebraska Office

NKF Arranges $30M Refinancing for Gavilon Headquarters in Omaha

by Kristin Harlow September 7, 2018

OMAHA, NEB. — NKF Capital Markets has arranged a $30 million loan for the refinancing of the Gavilon headquarters in Omaha. The five-story office building spans 130,448 square feet. Amenities include a fitness center, café and rooftop patio. Gavilon is a global grain trader. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF arranged the loan on behalf of the borrower, Kawa Capital Management. Citibank provided the loan. Terms of the loan were not disclosed. The Opus Group completed development of the property in December 2013.

September 7, 2018

Loans Michigan Midwest Office

Bernard Financial Secures $15M Loan for Refinancing of Office Building in Royal Oak, Michigan

by Kristin Harlow September 7, 2018

ROYAL OAK, MICH. — Bernard Financial Group has secured a $15 million loan for the refinancing of a 73,000-square-foot office building in Royal Oak. The multi-tenant building was completed this summer. The loan, provided by RGA Recap, will be used to refinance a construction loan. Dennis Bernard arranged the loan on behalf of the borrower, Innovo Royal Oak LLC.

September 7, 2018

Loans Retail Texas

HFF Arranges $105M Loan for Refinancing of Retail Power Center in Tyler, Texas

by Taylor Williams September 7, 2018

TYLER, TEXAS — HFF has arranged a $105 million loan for the refinancing of The Village at Cumberland Park, a nearly 650,000-square-foot retail power center in Tyler, about 100 miles east of Dallas. The property, construction of which began in 2014, comprises 14 buildings leased to tenants such as Nike, Bed Bath & Beyond, Burlington and Old Navy. Jim Curtin of HFF, along with Joseph Monteleone of Q10 | Triad Capital Advisors, secured the 36-month, floating-rate loan through Bank of America on behalf of the borrower, The Retail Connection.

September 7, 2018

Colorado Loans Office Western

iBorrow Provides $6.4M Loan for Co-Working Office Conversion in Denver

by Amy Works September 7, 2018

DENVER — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $6.4 million for an industrial property slated for conversion into a co-working office building. Located at 3950 Wynkoop St. in Denver, the asset includes a 16,646-square-foot warehouse and a parking lot. The undisclosed borrower plans to construct a two-story structure above the current parking lot and a second story above the current warehouse.

September 7, 2018

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