CHICAGO — Meridian Capital Group has arranged a $37 million CMBS loan for the refinancing of a 46-property multifamily portfolio in Chicago. The portfolio includes a total of 835 units. Many of the assets include ground-floor commercial space. Seth Grossman and Sarah Kuebler of Meridian arranged the 10-year loan on behalf of the borrower, a Chicago-based private REIT. The lender was not disclosed.
HICKSVILLE, N.Y. — Cushman & Wakefield has arranged a $28 million construction loan for the development of a 195,610-square-foot distribution facility in Hicksville. Located at 344 Duffy Ave., the ground-up construction project sits on an approximately nine-acre lot. John Alascio, Sridhar Vankayala and Noble Carpenter III of Cushman & Wakefield secured the financing for the borrower, Lincoln Equities Group. The lender was Heitman Capital Group. Terms of the financing were not disclosed.
WOOD-RIDGE, N.J. — Procida Funding has provided a $7 million loan to refinance the Fiesta Banquet Hall, a two-story event venue in Wood-Ridge. Located at 255 Route 17, the property has been hosting events for more than 60 years and consists of four banquet rooms, two bridal suites and two commercial kitchens. Brian Foley of Procida arranged the financing on behalf of the 100 Mile Fund. The loan was used to consolidate existing debt and complete minor property improvements. Terms of the financing were not disclosed.
HOUSTON —New York City-based Meridian Capital Group has arranged a $51.6 million acquisition loan for Lakeview Apartments and Estates, two multifamily properties in Houston totaling 566 units. Both properties offer resort-style pools, fitness centers and nearby jogging trails. Zev Karpel of Meridian Capital Group arranged the loan, which featured a 12-year term, a 4.89 percent interest rate and a 30-year amortization schedule, through Capital One on behalf of the borrower, Marlin Spring Investments.
MIAMI — New York Life Real Estate has provided a $170 million loan for the refinancing of Wells Fargo Center in downtown Miami. The borrower, MetLife, owns the 47-story office tower, which was built in 2010 at 333 S.E. 2nd Ave. The loan has a 10-year term with an undisclosed fixed interest rate. Tenants in the 752,488-square-foot building include Wells Fargo Bank; McDermott, Will & Emery; Greenberg Traurig; and Deloitte. The property adjoins the JW Marriott Marquis and features an entertainment complex on the 19th floor, fitness center, spa, salon and meeting space.
ORLANDO, FLA. — Avison Young has arranged a $70.5 million bridge loan for CitiTower, a 25-story, 233-unit multifamily complex in downtown Orlando. George Vail of Avison Young arranged the loan on behalf of the borrower, East SDG CitiTower LLC. Asia Capital Real Estate provided the three-year, floating-rate loan at an interest rate that was LIBOR plus 350 basis points. CitiTower was delivered in August 2017 and features studio, one-, two- and three-bedroom floor plans. Amenities include a rooftop pool, outdoor lounge and a 24-hour fitness center. CitiTower is located one block south of Lake Eola.
ST. LOUIS — Tremont Mortgage Trust has provided a $29.5 million bridge loan for the acquisition of a three-building office portfolio in St. Louis. The portfolio includes West Park I, West Park II and Pine View Point. The buildings span a total of 299,000 square feet. The three-year, floating-rate loan includes a future funding allowance of $3.1 million for property improvements and leasing capital. The loan-to-value ratio is 71 percent. The borrower was not disclosed.
PORTAGE, MICH. — KeyBank has secured a total of $17.4 million in low-income housing tax credit financing for the construction of Selinon Park Apartments in Portage, just south of Kalamazoo. The development will include 75 affordable housing units serving households that earn 30 to 60 percent of area median income. Full Circle Communities was the borrower. Stephen Sparks and Jeff Rodman of KeyBank originated the financing, which included a $13.5 million construction loan and a $3.9 million Freddie Mac taxable permanent loan with a 15-year term and 35-year amortization schedule.
EDDYSTONE, PA. — HFF has secured $23.5 million in acquisition financing for Eddystone Industrial Park, a four-building industrial park in the Philadelphia suburb of Eddystone. Located at 1001 Industrial Highway, the park totals 465,680 square feet and is spread across more than 43 acres. The property features clear heights ranging from 18 to 60 feet as well as 52 dock doors and 16 drive-in doors. Michael Pagniucci and Ryan Ade of HFF worked on behalf of the borrower, Foxfield Industrial, to secure financing through a regional commercial bank. Terms of the financing were not disclosed.
OCONOMOWOC, WIS. — Mag Mile Capital has originated a $9.9 million CMBS loan for the acquisition of a Staybridge Suites hotel in Oconomowoc. The 128-room property is located at 1141 Bule Ribbon Drive. Mac Dobson and Prabhat Jayara of Mag Mile Capital originated the loan on behalf of the borrower, KGNMP Hotels LLC. The 10-year, fixed-rate loan features a 5.75 percent interest rate and a 25-year amortization.