Loans

Madison Capital Arranges $85M Refinancing for Retail Property in Times Square

by David Cohen August 7, 2018

NEW YORK CITY — Madison Capital has arranged $85 million in refinancing for a 7,547-square-foot retail property in Manhattan’s Times Square District. Located at 1657 Broadway, the property is currently leased to McDonald’s Corp. and Starbucks. Madison Capital represented the undisclosed landlord in arranging a 10-year, interest-only loan with Aareal Capital Corp. The Starbucks lease covers approximately 2,830 square feet while the McDonald’s lease covers about 4,717 square feet. Both tenants recently signed 10-year, corporate leases.

August 7, 2018

Loans Midwest Minnesota Retail

HFF Arranges $25.4M Acquisition Financing for Retail Portfolio in Suburban Minneapolis

by Kristin Harlow August 7, 2018

COON RAPIDS AND ARDEN HILLS, MINN. — HFF has arranged $25.4 million in acquisition financing for a two-property retail portfolio in suburban Minneapolis. The properties include Village Ten Shopping Center in Coon Rapids and Shannon Square Shoppes in Arden Hills. Cub Foods and Life Time Fitness anchor the 208,127-square-foot Village Ten Shopping Center. Cub Foods also anchors the 97,638-square-foot Shannon Square Shoppes. Chris Drew, Nat Scarmazzi, Jules Sherwood, Tim Joyce and Matthew McCormack of HFF arranged two separate loans for the acquisition. Morgan Stanley Bank NA provided the 10-year, fixed-rate loans. The portfolio was 99 percent occupied at the time of purchase.

August 7, 2018

Loans Midwest Multifamily Nebraska

Hunt Real Estate Capital Provides $24.7M Bridge Loan for Acquisition of Multifamily Property in Omaha

by Kristin Harlow August 7, 2018

OMAHA, NEB. — Hunt Real Estate Capital has provided a $24.7 million bridge loan for the acquisition and renovation of a multifamily property in Omaha. The 408-unit garden-style property, located at 10535 Ellison Plaza, is 94 percent occupied. The complex, originally built in 1973, comprises 17 buildings and a two-story leasing office and clubhouse. The loan includes $4 million for interior and exterior improvements. The undisclosed borrower plans to add amenities such as a business center, fitness center, sports court, pet washing station, dog park and playground. Interior improvements will include granite countertops, black appliance upgrades, washer installations and new flooring.

August 7, 2018

Loans Midwest Missouri Retail

NorthMarq Arranges $3M Refinancing for Retail Building in Missouri

by Kristin Harlow August 7, 2018

HOLLAND, MO. — NorthMarq Capital has arranged a $3 million loan for the refinancing of a retail building occupied by D&W Fresh Market in Holland in southeastern Missouri. The 62,139-square-foot retail property is located at 50 Douglas Ave. Susan Branscome of NorthMarq arranged the 20-year loan, which is fully amortized. A life insurance company provided the loan.

August 7, 2018

Loans New York Northeast

Eastern Union Arranges $110M Refinancing for Mixed-Use Development in Brooklyn

by David Cohen August 6, 2018

NEW YORK CITY — Eastern Union has arranged a $110 million refinancing for a three-phase, mixed-use development in the Bushwick neighborhood of Brooklyn. The development consists of 869-871 Bushwick Ave., a three-building complex that was completed in 2015; 889 Bushwick Ave., a 56-unit apartment building; and 340 Evergreen Ave., a 168-unit apartment building with 112 parking spaces. Eastern Union represented the undisclosed borrower in securing funds through Benefit Street Partners Realty Trust. The loan includes funds to complete the last phase of construction.

August 6, 2018

Loans Lument Multifamily RED Capital Group Texas

RED Capital Provides Two Acquisition Loans Totaling $13.1M for Multifamily Assets in Texas

by Taylor Williams August 6, 2018

CROSBY AND DENTON, TEXAS — Columbus, Ohio-based RED Capital Group LLC has provided two acquisition loans totaling approximately $13.1 million for a pair of multifamily assets in Texas. In the first transaction, RED Capital originated a $9.7 million loan through HUD’s 221(d)(4) program for Crosby Plaza, an 86-unit affordable housing property located in the northeastern Houston suburb of Crosby. In the second transaction, the company provided a $3.4 million through Freddie Mac’s small balance loan program for Autumn Ridge Apartments, a 64-unit property in Denton.

August 6, 2018

Loans Mixed-Use New York Northeast

Meridian Capital Secures $19.2M Refinancing for Industrial, Mixed-Use Portfolio in Long Island

by David Cohen August 6, 2018

LONG ISLAND, N.Y. — Meridian Capital Group has secured a $19.2 million refinancing for a portfolio comprised of industrial, mixed-use, and retail properties in Long Island. Bryan Kallenberg of Meridian arranged the seven-year loan, provided by a balance sheet lender to the borrower, Sanders Equities. The loan terms included a fixed interest rate of four percent and a 30-year amortization schedule. Located in Long Island’s Nassau County, the portfolio consists of six industrial, one mixed-use, and one retail property. Tenants include Wine.com, Sprint, Cintas, and Nassau Candy.

August 6, 2018

Acquisitions Florida Loans Office Southeast

Berkadia Brokers $25.6M Sale, Green Financing for Multifamily Community in Palm Beach County

by Camren Skelton August 6, 2018

LAKE WORTH, FLA. — Berkadia has arranged the $25.6 million sale of Oakwood Apartments, a 160-unit, townhome-style multifamily community in Lake Worth, a city in Palm Beach County. Yoav Yuhjtman, Tal Frydman and Nicholas Perrone of Berkadia arranged the transaction on behalf of the seller, Coast Capital Partners. Brad Williamson and Jared Hill of Berkadia arranged a $19.2 million Freddie Mac loan on behalf of the buyer, One Real Estate Investment. The seven-year, fixed-rate loan was arranged through Freddie Mac’s Green Up program. Constructed in 1993, Oakwood Apartments comprises two-story, attached townhome units, each with four bedrooms and two-and-a-half baths. Community amenities include a pool, resident clubhouse, business center, fitness center, internet café and onsite management.

August 6, 2018

Loans Lument Michigan Midwest Multifamily RED Capital Group

RED Capital Provides $18M Refinancing of Multifamily Property in Macomb County, Michigan

by Kristin Harlow August 6, 2018

MACOMB COUNTY, MICH. — RED Capital has provided an $18 million Fannie Mae loan for the refinancing of Sycamore Glen by Redwood in Macomb County. The 134-unit multifamily property is located at 23241 Yarrow Ave. Built in 2015, the property features two-bedroom units with private attached garages. The borrower was not disclosed.

August 6, 2018

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $44.8M Bond Financing for 236-Unit CCRC in Seattle

by Amy Works August 6, 2018

SEATTLE — Ziegler, a specialty investment bank, has arranged $44.8 million in bond financing for The Hearthstone Corp. The bonds will fund an expansion at the company’s continuing care retirement community, The Hearthstone at Green Lake in Seattle. The Hearthstone comprises The Lakeside, a 10-story, 186,400-square-foot building constructed in 1966; and Cove West, a four-story, 48,243-square-foot building constructed in 2015 adjacent to The Lakeside. The combined buildings feature 147 independent living apartments, 37 assisted living apartments, 12 memory care apartments and 40 skilled nursing beds. The expansion project, known as Cove East, will be located adjacent to Cove West. The new building will offer 22 independent living units and underground parking, with a bistro on the ground floor. In addition to funding the expansion, the bonds also refinanced a set of existing bonds. The bonds are a combination of $36.1 million in tax-exempt bonds with a 35-year amortization and $8.7 million in tax-exempt bonds to be repaid with Cove East entrance fees.

August 6, 2018

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