Loans

Armada Hoffler Announces Two Mixed-Use Developments in Baltimore, Atlanta

by John Nelson July 31, 2018

BALTIMORE AND ATLANTA — Armada Hoffler Properties Inc. (NYSE: AHH), a commercial real estate developer and investor based in Virginia Beach, is participating in two new mixed-use projects in Baltimore and Atlanta. The REIT’s wholly owned subsidiary, Armada Hoffler Construction Co., will serve as general contractor for both developments. In Baltimore’s Inner Harbor East district, Armada Hoffler is developing Wills Wharf, a 12-story mixed-use building that will anchor the 27-acre Harbor Point development. Armada Hoffler co-developed the other components of Harbor Point with Beatty Development Group, including the 500,000-square-foot Exelon mixed-use tower, the 260,000-square-foot Thames Street Wharf office building and Point Street Apartments. Situated on the waterfront of the Inner Harbor, the $117 million Wills Wharf project will span 325,000 square feet of office and retail space and will feature a 156-room Canopy by Hilton hotel on the top four floors. Armada Hoffler expects to deliver the building in the first quarter of 2020. “Wills Wharf represents the latest evolution of a relationship with the principals of Beatty Development Group that has spanned over two decades,” says Louis Haddad, president and CEO of Armada Hoffler Properties. “We are excited to continue our relationship with Beatty Development Group in leading Baltimore’s …

July 31, 2018

Hospitality Loans New York Northeast

Madison Realty Provides $38M Construction Loan for Hotel Development in Manhattan

by David Cohen July 30, 2018

NEW YORK CITY — Madison Realty Capital has provided a $38 million construction loan for the development of a new hotel in Midtown, Manhattan. The borrower, McSam Hotel Group led by New York developer Sam Chang, is currently constructing a 106,827-square-foot, 28-story building that will feature a 320-key Radisson hotel upon completion. Loan proceeds will be used to finalize construction of the building. The ground-up development is slated for completion in the next 12 months. Terms of the loan were not disclosed.

July 30, 2018

Loans Multifamily Texas

Dougherty Provides $1.5M Acquisition Loan for Apartment Community in Kingsville, Texas

by John Nelson July 30, 2018

KINGSVILLE, TEXAS — Dougherty Mortgage has provided a $1.5 million Fannie Mae loan for the acquisition of South Park Estates Apartments in Kingsville. The borrower, AK Apartments LLC, has rebranded the 40-unit, market-rate multifamily community as Aviator Kingsville. Dougherty Mortgage and partner Old Capital provided the 12-year loan with a 30-year amortization schedule. AK Apartments has retained 3CM Multifamily to manage the property.

July 30, 2018

Development Georgia Loans Mixed-Use Multifamily Southeast

Allen Morris Receives $90M Loan for Residential Component of Mixed-Use Project in Atlanta’s West Midtown District

by Camren Skelton July 30, 2018

ATLANTA — The Allen Morris Co. has received a $90 million construction loan for Star Metals Residences, the residential component of Star Metals Atlanta, the company’s planned mixed-use community in Atlanta’s West Midtown district. Square Mile Capital Management LLC and Pacific Western Bank provided the loan for the 409-unit community, which will also feature 16,300 square feet of ground-floor retail. Located at 1050 Howell Mill Road, Star Metals Residences will feature a private outdoor dog run, interior dog wash area, Uber drop-off room for residents, package delivery to the resident’s door and a library with fireplace. The rooftop area will feature lounge/meeting rooms; a bar and lounge; game room area with a pool table; gaming systems and arcade games; outdoor ping-pong and bocce ball; a glass-box fitness center; swimming pool; grilling area; movie projection area and fire pits. At full build-out, Star Metals Atlanta will also include a 14-story office tower with 35,000 square feet of retail and restaurants. Construction has begun on the residential portion of the project, which is scheduled for a spring 2020 completion. Oppenheim Architecture, Dwell Design Studio and Square Feet Studio are designing the community, and Juneau Construction is the general contractor. Brasfield & Gorrie …

July 30, 2018

Civic Loans Maryland Southeast

Alliant Provides $12.5M Refinancing for Parking Facility at Baltimore-Washington International Airport

by Camren Skelton July 30, 2018

LINTHICUM HEIGHTS, MD. — Alliant Credit Union has provided a 10-year, $12.5 million loan to refinance a remote airport parking facility at Baltimore-Washington International Airport. The 850,852-square-foot site includes 2,156 parking spaces and is located less than one mile from the main terminal building at the airport. The facility is privately owned and managed. The name of the borrower was not disclosed.

July 30, 2018

Arizona Loans Retail Western

KeyBank Provides $35.3M Financing for Retail Center in Goodyear, Arizona

by Amy Works July 30, 2018

GOODYEAR, ARIZ. — KeyBank Real Estate Capital has provided a $35.3 million CMBS first-mortgage loan for Market at Estrella Falls, a retail center in Goodyear. The name of borrower was not released. Jacob Proctor of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, two-year interest-only period and a 30-year amortization schedule. The borrower used the loan to acquire the property, as well as an adjacent vacant lot for future development. Burlington, T.J. Maxx/HomeGoods and C-A-L Ranch Stores anchor the 292,034-square-foot shopping center.

July 30, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $41.4M Construction Loan for Apartment Property in Minneapolis

by Kristin Harlow July 30, 2018

MINNEAPOLIS — Dougherty Funding LLC has provided a $41.4 million loan for the construction of Second & Second Apartments in Minneapolis. The name stems from the property’s location at the southeast corner of 2nd Avenue and 2nd Street. Plans call for 158 apartment units and 22,716 square feet of retail space. Dougherty provided the loan on behalf of the borrower, 128 2nd Street North LLC.

July 30, 2018

Loans Michigan Midwest Multifamily

Dougherty Provides $12.3M Construction Loan for Apartment Property in Marquette, Michigan

by Kristin Harlow July 27, 2018

MARQUETTE, MICH. — Dougherty Funding LLC has provided a $12.3 million construction loan for One Marquette Place Apartments in Michigan. The 64-unit apartment property will feature a 1,900-square-foot café and a 2,800-square-foot office suite. Amenities will include a fitness center and resident lounge with patio. Dougherty served as lead lender and servicer for the loan. One Marquette Place LLC was the borrower.

July 27, 2018

Hospitality Loans Midwest Wisconsin

Axilla Capital Arranges $5.6M Acquisition Loan for Hotel in Wauwatosa, Wisconsin

by Kristin Harlow July 27, 2018

WAUWATOSA, WIS. — Axilla Capital LLC has arranged a $5.6 million loan for the acquisition of the Holiday Inn Express in Wauwatosa. Originally completed in 1984, the 121-room hotel underwent a multi-million dollar renovation in 2017. The three-story property features a fitness center, business center and shuttle service. Tom Fleming of Axilla arranged the loan with a conventional bank on behalf of the undisclosed borrower.

July 27, 2018

Loans Northeast Office Pennsylvania

HFF Arranges $90M Refinancing of Office Campus Near Pittsburgh

by David Cohen July 27, 2018

CANONSBURG, PA. — HFF has arranged the $90 million refinancing of Zenith Ridge Corporate Campus, a 486,000-square-foot, three-building office park in Canonsburg. HFF represented the borrower, Quattro LP, in securing a 10-year, fixed-rate loan through Starwood Mortgage Capital. Burns Scalo Real Estate currently manages the property. Amenities at the office campus include walking trails, outdoor exercise stations, ping pong tables, communal fire pits, outdoor patios and outdoor meeting areas. Zenith Ridge Corporate Campus is fully leased.

July 27, 2018

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