OXNARD, CALIF. — NorthMarq has arranged $7.6 million in financing for Seawind Seniors Apartments, an age-restricted community in Oxnard, approximately 65 miles west of Los Angeles. The property features 101 units restricted to residents over age 55. The apartments are marketed as affordable. Marty Meagher and Gardiner Champlin of NorthMarq’s San Diego office arranged the fixed-rate, Fannie Mae loan with a 10-year, interest-only term. The financing pays off existing bonds.
PASADENA, MD. — KeyBank Real Estate Capital has provided a $26.6 million, non-recourse bridge loan to refinance Pasadena Crossroads, a 320,249-square-foot retail center in Pasadena. The loan includes funds for leasing and capital expenditures. The center was originally built in 1973 and was renovated earlier this year. Hobby Lobby, Art Van Furniture, LA Fitness and Sprouts Farmers Market anchor the property, which is 37 percent leased. Jacob Proctor of KeyBank arranged financing on behalf of the undisclosed borrower.
DULUTH, MINN. — Dougherty Mortgage LLC has provided a $1.8 million HUD-insured loan for the refinancing of Lakeland Shores Apartments in Duluth, which is located along Lake Superior. The 46-unit community is restricted to disabled persons and residents age 62 and above. The property was originally constructed in 1987 and expanded in 2004. Units will be renovated as part of the refinancing, which features a 35-year term. St. Francis of Assisi Inc. was the borrower. Ecumen manages the property.
BOCA RATON, FLA. — Madison Realty Capital has provided a $225 million loan for The Residences at Mandarin Oriental, a planned 12-story, 580,00-square-foot condominium tower in Boca Raton. The borrower, owner and developer Penn-Florida Cos., is developing the project within Via Mizner, a $1 billion, 2 million-square-foot mixed-use project. Penn-Florida broke ground on The Residences several months ago, along with the connected 164-room Mandarin Oriental Hotel. The hotel and condos are joined by an underground parking tunnel as well as an upper-level bridge. In addition to the hotel and condo components, Via Mizner will include a 366-unit apartment building and the 60,000-square-foot The Shoppes at Via Mizner. Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the financing on behalf of the borrower.
GRAND RAPIDS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged an $11 million bridge loan with SunTrust for the acquisition of Cottonwood Forest Apartments in Jenison, a suburb of Grand Rapids. The 160-unit property features multiple two-story buildings. Cathy Bronkema of Cohen arranged the loan on behalf of the borrower, Trillium Investments, which plans to upgrade the units.
HOUSTON — New York Life Real Estate Investors has provided a $208 million loan for the repositioning of 717 Texas, a 33-story office building in downtown Houston. Designed by HOK and developed by Hines in 2003, the property spans 697,300 square feet and includes coworking space on the 12th floor. The repositioning project will enhance the package of amenities, which includes a conference center, rooftop garden and workspace lounge. The renovation program will also upgrade the lobby, elevator, lighting and security consoles. A construction timeline was not released.
CAMBRIDGE, MASS. — Capital Stack Commercial Real Estate Finance and Miami-based GenX Capital Partners have arranged $37.7 million in construction financing for 907 Main Hotel, a 67-room property in Cambridge. Local developer Patrick Barrett III is leading the development of the upscale, boutique hotel, which will span 42,000 square feet and offer a street-level restaurant and a rooftop bar. The building will also house Toscanini’s Ice Cream, which has operated in the neighborhood since 1981. A New York-based hedge fund provided the financing. The hotel is slated to open in early 2020.
GLADWYNE, PA. — Ziegler has arranged $44.1 million in bond financing for Waverly Heights, which owns and operates a continuing care retirement community (CCRC) of the same name in Gladwyne, located northwest of Philadelphia. The 63-acre community was built in 1986 and includes 151 independent living apartments, 69 independent living villas, 33 personal care suites, 16 memory support rooms and 49 private skilled nursing rooms. The bond financing, along with other available funds, will be used to pay back existing bank debt.
LAGUNA HILLS, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $55.9 million loan for the refinancing of HERE, an office campus in Laguna Hills. Originally built between 1988 and 1989, the five-building property features 223,974 square feet of office space. The borrower, a joint venture between Cigna Investments Management and Cruzan, originally acquired the property in 2015 and invested more than $13 million in capital and tenant improvements, transforming the traditional office space into a creative office campus. Updates include a fitness center with resort-style showers and lockers, an on-site café operated by Steelhead Coffee, a conference center and an open-air tenant lounge. At the time of refinancing, the property was leased to 42 tenants. The asset is located at 23332, 23382, 24322 Mill Creek Drive and 24411 and 24461 Ridge Route Drive. Mark McGovern, Scott Peterson, Morgon Fraser and Brian Cruz of CBRE arranged the two-year, floating-rate loan through ARES for the borrower.
BURBANK, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged a $126.5 million loan for the refinancing of Talaria at Burbank in Los Angeles County. Completed in February, the apartment community is home to 241 luxury units, a ground-floor Whole Foods Market and subterranean parking. The four-story property is located at 3401-3425 W. Olive Ave. across the street from NBC, ABC, Warner Bros. and other major film/television studios. The complex features a mix of one-, two- and three-bedroom floor plans as well as two penthouse units. VTBS Architecture designed the project. Amenities at Talaria at Burbank include a resort-style pool, fitness club, rooftop bar and lounge, business center, bicycle repair shop, electronic vehicle charging stations and 24-hour concierge services. The 42,000-square-foot Whole Foods Market also features a restaurant and pub. Tom Kenny of Bellwether Enterprise arranged the 10-year loan on behalf of the borrower, Cusumano Real Estate Group. The structure enabled the borrower to lock in a long-term, fixed-rate loan prior to lease-up and included recouping a significant amount of equity at closing, according to Bellwether Enterprise. PGIM Real Estate Finance provided the funds. The mixed-use complex is somewhat infamous in the area for taking nearly 20 years to …
