Loans

Berkadia Arranges $46.5M in Refinancing for Mixed-Use Development in North Miami

by Amy Works October 26, 2018

NORTH MIAMI, FLA. — Berkadia has secured $46.5 million in refinancing for the recapitalization of Causeway Square, a 168,956-square-foot mixed-use development located in North Miami. The borrower is Taubco, a real estate developer and manager based in South Florida. 3650 REIT, a Miami-based real estate lending, investment and services firm, provided the 10-year loan. Charles Foschini, Chris Apone and Robert Iudice of Berkadia arranged the financing. Built in 2009 and 2010, Causeway Square features 86,877 square feet of Class A office space, a 5,000-square-foot TotalBank branch, 4,000-square-foot Vitamin Shoppe and a 43,679-square-foot LA Fitness, as well as a 416-spot parking garage. The property is currently 96 percent leased, according to Berkadia.

October 26, 2018

Loans Mixed-Use Southeast Tennessee

HFF Secures $85M in Financing for Crosstown Concourse in Memphis

by Amy Works October 25, 2018

MEMPHIS, TENN. — HFF has arranged $85 million in permanent financing for Crosstown Concourse, a mixed-use development in Memphis. The borrower is a joint venture between Crosstown LLC, Crosstown Arts and Kemmons Wilson Cos. The 1.2 million-square-foot Crosstown Concourse is a historic adaptive reuse of the former Sears, Roebuck & Co. catalog order plant and retail store that originally opened in 1927. Situated on 12 acres, the property has been preserved and redeveloped into 645,704 square feet of commercial space, 65,000 square feet of retail space and 265 residential units, averaging 1,044 square feet each. Brian Carlton and Jason Nettles of HFF secured the 20-year, fixed-rate loan through JP Morgan Asset Management on behalf of one or more of its investment advisory clients. At the time of financing, the property was 95 percent leased and has an average of 3,000 visitors per day. Current tenants include Methodist Le Bonheur Healthcare, ALSAC – St. Jude, Church Health, Crosstown Arts, Cristian Brothers University, Memphis Teacher Residency, Crosstown High School and Teach for America.

October 25, 2018

Loans Multifamily Texas

Natixis Originates $45M Acquisition Loan for Houston Apartment Complex

by Taylor Williams October 25, 2018

HOUSTON — French investment bank Natixis has originated a $45 million loan for the acquisition of Venue Museum District, a 224-unit multifamily complex in Houston. The Class A, mid-rise property, which is located at 5353 Fannin St., features one- and two-bedroom units and amenities such as a pool, resident lounge, fitness center and outdoor kitchen. The borrower was Hines Global Income Trust.

October 25, 2018

Loans Mixed-Use New Jersey Northeast Office

Silver Arch Capital, Procida Provide $12.5M Refinancing for Art Factory Studios in New Jersey

by David Cohen October 25, 2018

PATERSON, N.J. — Silver Arch Capital Partners and Procida Funding & Advisors LLC have provided a $12.5 million refinancing for Art Factory Studios, a 170-year-old, 21-building creative office park situated on 4.7 acres in Paterson. The borrower, Great Falls Industrial Park Inc., will use the loan proceeds to pay off debt and make capital upgrades. Located at 60-70 Spruce St., the property is the former home of the American Hemp Co. Past redevelopment of the campus has included retail stores, event spaces and light industrial spaces as well as more office and studio space. Terms of the financing were not disclosed.

October 25, 2018

California Loans Multifamily Western

MWest Holdings Receives $24M Acquisition Loan for Multifamily Property in San Pedro

by Amy Works October 25, 2018

SAN PEDRO, CALIF. — MWest Holdings has received a $24 million loan for the acquisition of San Pedro Bank Lofts in San Pedro. The property consists of two four-story buildings offering a total of 89 apartments. CIT Group’s Real Estate Finance division was the sole arranger for the senior loan.

October 25, 2018

Loans Michigan Midwest Office

Money360 Provides $3.2M Bridge Loan for Acquisition of Office Building in Southfield, Michigan

by Kristin Harlow October 25, 2018

SOUTHFIELD, MICH. — Money360 has provided a $3.2 million bridge loan for the acquisition of a 60,000-square-foot office building in Southfield. The two-year loan features a loan-to-value ratio of 74.4 percent. The borrower was not disclosed.

October 25, 2018

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $91.9M Bond Refinancing for Seniors Housing Community in Dallas

by Taylor Williams October 24, 2018

DALLAS — Ziegler has arranged $91.9 million in tax-exempt bond financing for Presbyterian Village North, a 63-acre, nonprofit continuing care retirement community (CCRC) in Dallas. The campus is spread across 89 buildings featuring a total of 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds. Proceeds of the bonds, along with trustee funds on hand were used to refund all outstanding debt, finance a project fund for pre-finance costs related to a future expansion, fund a debt service reserve and pay costs of issuance.

October 24, 2018

Acquisitions California Industrial Loans Western

CIT Arranges $50M Acquisition Financing for Six-Property Industrial Portfolio in San Diego

by Amy Works October 24, 2018

SAN DIEGO — CIT Group’s Real Estate Finance division has arranged $50 million in financing for the acquisition of a six-property industrial portfolio in San Diego’s Otay Mesa submarket. BKM Capital Partners purchased the assets, which total 14 buildings and 703,215 square feet, from Stockbridge Capital Group for an undisclosed price. Cushman & Wakefield represented the seller in the transaction. The light industrial multi-tenant properties offer access to major transportation routes and the border crossing to Mexico. At the time of sale, the portfolio was 97 percent occupied by a diverse range of 44 tenants. The properties are: Border Point Business Park at 6754, 6744 and 6794 Calle De Linea San Diego International Center at 883 Siempre Viva Road Faraday Industrial Park at 2325, 2345, 2365, 2375 Michael Faraday Drive and 2350 Marconi Place Otay Business Center at 6987 and 6995 Calle De Linea Frontera Business Center at 2695 Customhouse Court Otay Crossing Business Park at 2340 Enrico Fermi Drive and 10025 Siempre Viva Road

October 24, 2018

California Loans Multifamily Seniors Housing Western

CBRE Provides $32M Acquisition Financing for 200-Unit Seniors Housing Community in Fresno, California

by Amy Works October 24, 2018

FRESNO, CALIF. — CBRE has provided $32 million in Freddie Mac financing for the acquisition of The Windham Senior Living, a 200-unit independent living and assisted living community in Fresno’s affluent Woodward Park neighborhood. The borrower is The Reliant Group, which plans to make capital improvements and bring in Cadence Senior Living to operate the community under a third-party management agreement. The property is situated on a 10.2-acre parcel and consists of a main three-story building and six one-story buildings featuring 30 cottages each. The CBRE team involved in the financing includes Aron Will and Austin Sacco of CBRE National Senior Housing, as well as Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group. The 10-year, fixed-rate, Green Advantage loan features 72 months of interest-only payments. This transaction represents one of the first Freddie Mac Green Advantage loans closed in the seniors housing space.

October 24, 2018

Florida Loans Multifamily Southeast

Eyzenberg & Co. Arranges Capital for Acquisition of Apartment Community Near Miami

by Amy Works October 24, 2018

MIAMI GARDENS, FLA. — Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative investment manager based in Denver, for the value-add opportunity. Additionally, Eyzenberg & Co. helped to structure $25.4 million in Freddie Mac financing that capitalized the acquisition. The buyers plan to add a swimming pool and renovate the individuals units at the property, which was built in 1972. Additional onsite community amenities include a fitness center, laundry facilities, a grill and picnic area and business center.

October 24, 2018

Newer Posts

Older Posts