NEW YORK — New York-based PMZ Realty Capital LLC has arranged a $32 million loan for the refinancing of a three-property hotel portfolio located throughout Georgia. The portfolio includes the 150-room Hyatt Place Airport North in Atlanta, the 132-room Hampton Inn Atlanta/Norcross in Norcross and the 80-room Fairfield Inn & Suites in Commerce. The 10-year loan was arranged on behalf of the borrower, Elite Hotel Management Group LLC. The loan features a fixed interest rate below 4.85 percent.
WALNUT CREEK, CALIF. — MetLife Investment Management and Northwestern Mutual have provided a $450 million, fixed-rate loan for Broadway Plaza, a 958,000-square-foot, open-air retail center in Walnut Creek. The 12-year loan was provided on behalf of the property owner, a joint venture between The Macerich Co. and Northwestern Mutual. Broadway Center, which originally opened in 1951, underwent a renovation in 2014 that more than doubled the shopping center space, adding more than 50 new retailers. The center is 98 percent leased and anchored by Nordstrom, Neiman Marcus and Macy’s. Additional tenants include Aldo, LUSH, Madewell, lululemon athletica, Nespresso, Zara, Kate Spade and Sephora, among others.
CHICAGO — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of Infinite Chicago, a 404-bed student housing community located in downtown Chicago. Stephen Skok of HFF arranged the financing on behalf of the borrower, CA Student Living, a division of CA Ventures. Loan terms were not disclosed, but the loan was used to repay an existing loan. Infinite Chicago, formerly known as the Gibbons/Steger office buildings, includes a pair of 18- and 19-story towers, originally constructed between 1910 and 1912. CA Student Living acquired the property in 2012 and completed the conversion of the buildings into student housing in 2014. Both Kendall College and School of the Art Institute of Chicago control master leases for a large portion of the beds at Infinite Chicago. The remaining tenant roster includes students from institutions such as DePaul University, Roosevelt University and Columbia College, among others. Shared amenities at the community include a landscaped rooftop with gas grills, fitness center, business center, group study rooms and an entertainment lounge. In addition, Infinite Chicago features 6,000 square feet of ground-floor retail leased to tenants such as Just Salad, 7-Eleven, BIBIBOP Asian Grill and Hero Coffee Bar.
BERWYN, ILL. — HFF has arranged an $18 million loan for the refinancing of Cermak Plaza in Berwyn, a western suburb of Chicago. The 307,138-square-foot shopping center is 95 percent leased to tenants including Walgreens, Marshalls, Ross Dress for Less, The Gap, McDonald’s, Office Depot, Dollar Tree, Party City and Shoe Carnival. The borrower, Cermak Plaza Associates LLC, originally developed the center in 1955. The property has undergone several renovations and expansions with the most recent being in 2014. Matthew Schoenfeldt of HFF represented the borrower. An insurance company provided the 10-year, fixed-rate loan. Loan proceeds were used to retire an existing loan and fund capital improvements in conjunction with the termination of a lease with Meijer and a new lease with Tony’s Finer Foods.
GARLAND, TEXAS — Maryland-based Berkeley Point Capital has provided a $20.5 bridge loan for Broadway Apartments, a 288-unit multifamily asset located in the northeastern Dallas metro of Garland. Built in 1982, the pet-friendly community offers one- and two-bedroom units, as well as two pools and a fitness center. Proceeds from the loan will fund renovations to the property’s common areas, landscaping and amenity spaces, as well as its unit interiors and exteriors. New York-based Bedrock Capital arranged the loan on behalf of the borrower, Exponential Property Group.
PASSAIC, N.J. — Progress Capital has secured $4.3 million in land acquisition and construction financing for a four-story multifamily building in Passaic. Construction is scheduled to begin immediately on the building, which will include 40 residential units. The property is expected to be completed in the second quarter of 2019. Progress Capital arranged a 36-month, interest-only loan, which floats at one-month LIBOR plus 310 basis points. The lender was Tri-State Capital, and the borrower was Future Realty LLC.
NEW YORK CITY — Pembrook Capital Management has provided a $35 million first mortgage bridge loan for a mixed-use construction project located at 257-263 West 34th St. in Manhattan. The funds provided by Pembrook will refinance the developer’s existing debt and allow it to start construction on the project. When completed, the six-story building will include 15,000 square feet of retail space and 25,000 square feet of office space. The property is located in the garment district of Manhattan, near the Empire State Building, Macy’s Herald Square and Madison Square Garden.
WILMINGTON, DEL. — Grandbridge Real Estate Capital has arranged a $14.5 million refinancing of Brandywine Apartments, a 444-unit multifamily community in Wilmington. Built in 1978, Brandywine Apartments is made up of 37, three-story, garden-style apartment buildings on 25 acres. Grandbridge arranged a 20-year, fully amortizing loan through a life insurance company for the undisclosed borrower.
CARY, N.C. — HFF has arranged $28.8 million in preferred equity and construction financing for the development of the first phase of Twin Lakes Center, a 153,229-square-foot retail center in Cary. The first phase includes a four-building retail center that is 93 percent preleased and will be anchored by Wegmans, a Rochester, N.Y.-based grocer.Greg Nalbandian, Roger Edwards, Devlin Murphy and Andrew Zilenziger of HFF arranged $6.3 million in preferred equity through a life insurance company and a $22.5 million, floating-rate loan through CapitalSource, a division of Pacific Western Bank. LeylandAlliance is developing the 35.8-acre property, which will be completed in phases and will include restaurants, retail space, seniors housing, a lake and walking paths. LeylandAlliance expects to wrap up construction on the retail portion of the project in July 2020.
OMAHA, NEB. — NorthMarq Capital has arranged a $14 million loan for the acquisition of North Park Office in northwest Omaha. The office property spans 177,323 square feet. Steve Ruff of NorthMarq arranged the 25-year loan, which is fully amortized. A life insurance company provided the loan. The borrower was not disclosed.
