OAK BROOK AND WARRENVILLE, ILL. — Cronheim Mortgage has arranged a $47.7 million loan for the acquisition of Oak Brook Gateway and Cornerstone I at Cantera in suburban Chicago. Oak Brook Gateway is a multi-tenant office building in Oak Brook. Tenants include Lewis University, the U.S. Census Bureau, Thomson Reuters and Oxford Bank. Cornerstone I at Cantera is a multi-tenant office building in Warrenville with 80 percent occupancy. A national lender provided the 10-year loan, which features an interest rate of 4.84 percent and a 30-year amortization schedule. The loan represented 75 percent of the acquisition price. Fairbridge Partners was the borrower.
OCEANSIDE, CALIF. — HFF has arranged $155 million in construction financing for the ground-up development of two oceanfront hotels in Oceanside. The developer/borrower is S.D. Malkin Properties. Situated on a 2.7-acre, two-block site along Mission Avenue and North Pacific Street, the two hotels will offer immediate access to the beach and a total of 387 rooms, 85 percent of which will have water views. Destination Resorts will operate one of the hotels, while Joie de Vivre will operate the other. Hyatt owns both brands. The property operated by Destination Resort will feature 226 rooms, a signature restaurant, indoor/outdoor lounge, pool with ocean views, luxury spa and more than 20,000 square feet of meeting and event space. The hotel operated by Joie de Vivre will feature 161 guest rooms, a rooftop pool and bar, a world-class restaurant, public garden and 3,000 square feet of retail space, as well as the historic 1887 Graves House, which will be renovated and open to the public. Timothy Wright, Scott Hall, Olga Walsh and Aaron Lapping of HFF placed the construction financing with Bank OZK and an East Coast-based institutional investor for the borrower.
BOULDER, COLO. — KeyBank has arranged $50.4 million in total combined financing for a tax-exempt bond transaction to support Koelbel & Co.’s construction of Diagonal Crossing. Located in Boulder, Diagonal Crossing will feature 105 garden-style apartments for families earning at or below 60 percent of area median income. KeyBank’s Community Development Lending & Investment (CDLI) team provided a $24.7 million construction loan and $10.4 million in Low-Income Housing Tax Credit equity. Additionally, KeyBank Real Estate Capital arranged a $15.3 million permanent loan through a forward commitment for Fannie Mae to issue a mortgage-backed security. Diagonal Crossing will be developed on two parcesl: Lot 3 and Lot 6. Lot 3 will feature 85 affordable housing units in two three-story buildings and one two-story building, while Lot 6 will feature 20 affordable housing units across four buildings. Sarah Geis and Beth Palmer Wirtz of KeyBank’s CDLI team collaborated with Jeff Rodman of KeyBank’s Commercial Mortgage Group on the financing for the project.
Rhode Island — Talonvest has arranged a $17.4 million acquisition loan for a self-storage portfolio in Rhode Island. The three properties consist of 1,416 storage units across 177,575 square feet. Erich Pryor, Jim Davies, Tom Sherlock, and Terra Hendrich of Talonvest represented the borrower, Rosewood Property Co. in the transaction. The lender was a national bank. Terms of the financing included a 10-year, fixed-rate loan with interest-only payments for the full loan term. The three metro Rhode Island properties expand Rosewood’s portfolio to 48 self-storage properties across 12 states.
HOUSTON — New York City-based Madison Realty Capital has provided a $28 million loan for the refinancing of a 191,676-square-foot medical office building located at 1917 Ashland St. in the Heights area of Houston. The Class A property was 95 percent leased at the time of the loan closing to tenants such as St. Joseph Medical Center and CuraHealth. The borrower, a joint venture between two Houston-based medical office developers, will use a portion of the proceeds to fund building renovations and tenant improvements.
COLUMBIA, S.C. — NorthMarq Capital has arranged a $14 million bridge loan for the refinancing of 1600 Williams Street Office, a 140,000-square-foot office building in Columbia. The building once served as the South Carolina headquarters for BellSouth, and will now be leased to both Aflac and AT&T. Will James of NorthMarq’s Atlanta office arranged the loan on behalf of the undisclosed borrower. The loan was structured with a two-year, interest-only term through an undisclosed bridge/mezzanine lender.
ORLANDO, FLA. — KeyBank Real Estate Capital has provided $37.1 million in refinancing for Castilian Apartments in Orlando. The 304-unit community comprises 17 two-story, garden-style apartment buildings. The property was originally built in 1975 and was renovated in 2017. Jeff Rodman and Kelly Frank of KeyBank secured a $33.4 million Freddie Mac loan, as well as a $3.7 million Letter of Credit to the undisclosed borrower. The workforce housing property sits on 14.8 acres and features units with rents at 80 percent of area median income or less.
LAKEWOOD, COLO. — HFF has arranged $47.1 million in financing for the construction of Brickhouse at Lamar Station, a Class A multifamily property located at 6300 W. 13th Ave. in Lakewood. Riverpoint Partners and Iron River Management are the borrowers. Josh Simon and Kristian Lichtenfels of HFF secured the 15-year construction-to-permanent loan through a correspondent insurance company lender. The loan includes three years of interest-only payments and a 35-year amortization schedule. Situated on 3.7 acres, the four-story Brickhouse at Lamar Station will feature 293 apartments, averaging 748 square feet, with stainless steel appliances, granite and quartz countertops, washers and dryers, wood flooring, and balconies or patios. Common area amenities include a swimming pool, two interior courtyards, fire pits, grilling stations, a large community room, 24-hour fitness center, yoga studio, top-floor club room, business center and pet spa. The development will also be within walking distance to the Lamar Station light rail stop. Completion is slated for mid-2020.
SEATTLE — CBRE Capital Markets’ Debt & Structured Finance team has secured long-term refinancing for Cubix North Apartments, a newly delivered multifamily development located at 1008 N. 109th St. in North Seattle. The borrower is Daniel Stoner of 1008 Apartments LLC. Completed this month, the four-story Cubix North features 108 micro apartments with natural lighting, microwaves, premium countertops, two-burner stoves and refrigerators, as well as 3,380 square feet of commercial space. On-site amenities include a rooftop deck with barbecue areas and city views, storage units, bike storage, smart-phone enabled on-site laundry, two building-owned smart cars for tenant use and free bus passes. Jeff Henderson of Seattle’s CBRE office arranged the 10-year, $13 million, fixed-rate loan.
ORANGE VILLAGE, OHIO — The developers behind Pinecrest in suburban Cleveland have obtained a $171.5 million loan to refinance the 750,000-square-foot mixed-use project. Square Mile Capital Management LLC provided the loan to a joint venture between Cleveland-based Fairmount Properties and the DiGeronimo Cos., which opened Pinecrest in spring 2018. Situated on 58 acres in Orange Village, Pinecrest features 400,000 square feet of retail and restaurant space that houses Whole Foods Market, REI, Silverspot Cinema, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Orangetheory Fitness, as well as chef-driven restaurants. About 160,000 square feet of creative office space sits atop the ground-level shops and restaurants. Pinecrest also features 87 high-end apartment residences and a one-acre park, as well as a 145-room AC Hotel by Marriott that wasn’t included in the financing. Trey Morsbach and Jim Curtin of HFF’s Dallas office led the debt placement team to arrange the floating-rate loan, which will be used to refinance a $142 million construction loan that HFF arranged for the developers in spring 2017. HFF also assisted the developer in securing joint venture equity for the project in June 2016. “This refinancing reflects the viability and strength of our asset,” says Eric Louttit, …