Loans

NorthMarq Arranges $31M Construction Financing for Apartment Property in Cincinnati

by Kristin Harlow June 28, 2018

CINCINNATI — NorthMarq Capital has arranged $31 million in construction financing for Encore Apartments at 716 Sycamore St. in Cincinnati. The 133-unit apartment property, which is now in the lease-up phase, features amenities such as a pool, observation lounge, outdoor kitchen, pet spa, clubroom and fitness center. Construction completed in 2017. Susan Branscome of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan on behalf of the undisclosed borrower.

June 28, 2018

Illinois Industrial Loans Midwest

Associated Bank Provides $13M Construction Loan for Speculative Industrial Building in Winfield, Illinois

by Kristin Harlow June 28, 2018

WINFIELD, ILL. — Associated Bank has provided a $13 million loan for the construction of a 265,550-square-foot speculative industrial building in Winfield, about 35 miles west of Chicago. The property, named North Avenue Commerce Center, is located along St. Charles Road. Construction is slated for completion by the end of this year. Conor Commercial Real Estate, the real estate development and investment arm of The McShane Companies, was the borrower.

June 28, 2018

Arizona Development Hospitality Loans Western

Trez Capital Arranges $10M Construction Financing for 116-Room Hotel in Metro Phoenix

by Amy Works June 28, 2018

TOLLESON, ARIZ. — Trez Capital has secured more than $10 million in construction financing for Phoenix-based Virtua Partners. Loan proceeds will be used to finance the construction of a 116-room Fairfield Inn & Suites by Marriott in Tolleson, a western suburb of Phoenix. Slated to open in late summer 2019, the hotel will feature a fitness center, pool, free WiFi, an in-room ergonomic desk and chair, and an on-site business center. Hotel Equities will manage the hotel, which will anchor a 21-acre mixed-use development that will include office, retail, restaurants and 240 units of multifamily space.

June 28, 2018

Loans Northeast Office Pennsylvania Top Stories

NKF Capital Markets Arranges $355M Refinancing for Three Office Buildings in Philadelphia

by Camren Skelton June 28, 2018

PHILADELPHIA — NKF Capital Markets has arranged two loans totaling $355 million to refinance three office buildings in Philadelphia’s Central Business District. The portfolio includes 1500 Spring Garden, 1635 Market Street and 1835 Market Street. Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loans on behalf of the borrowers, Nightingale Properties and Wafra Capital Partners. TPG Real Estate Finance Trust provided the financing for 1500 Spring Garden, and KKR & Co. LP provided the loan for 1635 and 1835 Market Street. Nightingale acquired the 1.1 million-square-foot 1500 Spring Garden in 2013. Upon acquisition, the company implemented a $10 million capital improvement program to upgrade the lobby, elevators, restrooms and newly leased spaces. Nearly one-third of the property is leased to data center tenants. Nightingale acquired 1635 and 1835 Market Street in 2014. The buildings total 286,000 square feet and 800,000 square feet, respectively. Since acquisition, Nightingale has invested more than $15 million in capital improvements at 1635 Market Street, signing more than 220,000 square feet of new leases. Over the past three years, the company has signed more than 275,000 square feet of new and renewed leases at 1835 Market Street, taking the …

June 28, 2018

Loans Midwest Office Ohio

Hunt Provides $17M Loan for Refinancing of Office Property in Hilliard, Ohio

by Kristin Harlow June 27, 2018

HILLIARD, OHIO — Hunt Mortgage Group has provided a $17 million loan for the refinancing of One Mill Run in Hilliard, about 15 miles northwest of Columbus. Constructed in 1989, the nine-story office property spans 174,323 square feet and nine stories. The property is 95 percent leased. MSF Real Estate Capital Inc. arranged the loan. IMC Real Estate Management was the borrower. Over the past two years, the borrower implemented a number of capital improvements, including resurfacing of the main parking lot, upgrades to the LEED, security cameras and HVAC system, replacement of common area carpeting and renovations to each tenant space.

June 27, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $14.4M Freddie Mac Loan for Acquisition of Manufactured Housing Community in Michigan

by Kristin Harlow June 27, 2018

KALAMAZOO, MICH. — KeyBank Real Estate Capital has provided a $14.4 million Freddie Mac loan for the acquisition of Pavilion Estates in Kalamazoo. The 531-pad manufactured housing community was built in 1965 and is situated on 74.3 acres of land. Tim Weldon of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

June 27, 2018

Loans Office Texas

HFF Places $48.5M Loan for Refinancing of Houston Office Building

by Taylor Williams June 27, 2018

HOUSTON — HFF has placed a $48.5 million loan for the refinancing of CITYCENTRE Five, a 201,437-square-foot office building in Houston. The property is located within a 50-acre mixed-use development that includes three apartment communities and a 265-room hotel. Colby Mueck of HFF arranged the loan through New York Life Real Estate Investors on behalf of Midway Cos., a Houston-based development and management firm.

June 27, 2018

Loans Office Texas

Meridian Capital Arranges $23.2M CMBS Loan for Southlake Office Asset

by Taylor Williams June 27, 2018

SOUTHLAKE, TEXAS — New York-based Meridian Capital has arranged a $23.2 million CMBS loan for Cedar Ridge Office Park, a 129,000-square-foot office property in Southlake, a northern suburb of Fort Worth. The two-building development was built in 2005 and 2007 and offers a total of 538 parking spaces. Allan Lieberman, Steven Adler and Simcha Schick of Meridian Capital arranged the 10-year loan on behalf of the borrower, Connecticut-based TS Partners.

June 27, 2018

California Industrial Loans Western

Newmark Arranges $25.6M in Financing for Multi-Tenant R&D Building in San Jose

by Amy Works June 27, 2018

SAN JOSE, CALIF. — Newmark has arranged $25.6 million in permanent financing for a research and development building located at 5500-5550 Hellyer Ave. in San Jose. Robert Slatt, Jeff Wilcox and Charlie Kokernak of Newmark secured the 10-year, fixed-rate loan, which features a 30-year amortization schedule through a conduit lender for the undisclosed borrower. The two-story property is divided into three tenant spaces and is fully occupied by industrial flex and office users.

June 27, 2018

Loans Office Southeast Virginia

HFF Arranges $104M Acquisition Financing for Office Portfolio in Northern Virginia

by John Nelson June 27, 2018

TYSONS, VA. — HFF has arranged $104 million in financing for Greensboro Park, a two-building office portfolio totaling 505,085 square feet in Tysons, about 16 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF arranged the five-year, floating-rate loan through JP Morgan Chase & Co. on behalf of the borrowers, Velocis and Altus Realty. Greensboro Park features a 14-story and an 11-story office tower located at 8180 and 8200 Greensboro Drive. The office campus is anchored by BB&T and is collectively 83 percent leased to 59 tenants. Amenities include a fitness center, conference facilities, tenant lounges, an on-site café and concierge services.

June 27, 2018

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