Loans

Turnberry, Simon Refinance Aventura Mall in South Florida With $1.75B Loan

by Camren Skelton June 14, 2018

AVENTURA, FLA. — Aventura Mall Venture, a partnership between Turnberry Associates and Simon Property Group (NYSE: SPG), has received $1.75 billion in financing for Aventura Mall in Aventura, a city in South Florida’s Miami-Dade County. JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank provided the financing. According to multiple news outlets, the loan will be used to pay off a $1.2 billion CMBS loan that Turnberry and Simon secured in 2013, and a $214 million loan that mall owners took out in 2016 to fund a 315,000-square-foot expansion. The new three-level wing includes experiential additions to the Arts Aventura Mall program, a 93-foot-tall Aventura Slide Tower, the first Topshop Topman in Florida, Zara, Under Armour, Treats Food Hall and new dining options offering indoor and outdoor seating. The nearly 3 million-square-foot Aventura Mall is home to more than 300 tenants, including Nordstrom, Bloomingdale’s, Macy’s, Gucci, Louis Vuitton, Burberry, Anthropologie, H&M, Urban Outfitters and a 24-screen AMC movie theater. Jack Kessler, Rebecca Livingston Lando, Bruce Booken, Jason D’Amico, George Cass, Rebecca Trinkler and Haley Ayure of Buchanan Ingersoll & Rooney PC provided legal representation for Turnberry and Simon. “This transaction is important because it enables Aventura Mall to …

June 14, 2018

Connecticut Healthcare Loans Northeast Office

Associated Bank Provides $27.7M Loan for VA Community Care Center in Orange, Connecticut

by David Cohen June 13, 2018

ORANGE, CONN. — Associated Bank has provided a $27.7 million construction loan to Orange VA LLC for a 56,000-square-foot office building in Orange. The building, which will be located at 200 Edison Road, will house a Veterans Administration Community Care Center. Completion is slated for mid-2019. Services at the center will include primary care, team vocational services, health psychology and peer support services. Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated the loan.

June 13, 2018

Florida Loans Multifamily Southeast

HFF Arranges $53.2M Construction Financing for Multifamily Community in Miami’s Wynwood Neighborhood

by Camren Skelton June 13, 2018

MIAMI — HFF has arranged $53.2 million in construction financing for The Bradley, a 175-unit apartment community located at 51 N.W. 26th St. in Miami’s Wynwood neighborhood. Scott Wadler and Jesse Wright of HFF secured a $33.2 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners LP on behalf of the developer, a joint venture between The Related Group and Block Capital Group. Designed by Kravitz Design, The Bradley will include a mix of one- to three-bedroom floor plans ranging from 480 to 1,000 square feet. The project will also feature 32,000 square feet of ground-floor retail. A construction timeline was not disclosed.

June 13, 2018

Illinois Loans Midwest Office

HFF Arranges $59.6M Refinancing for Office Complex in Skokie, Illinois

by Kristin Harlow June 13, 2018

SKOKIE, ILL. — HFF has arranged a $59.6 million refinancing for Old Orchard Towers in Skokie in suburban Chicago. The 349,814-square-foot Class A office complex consists of two seven-story towers. Located at 5202 and 5250 Old Orchard Road, the property is approximately 13 miles from Chicago O’Hare International Airport. The towers are 91 percent leased to 16 tenants, including National Louis University, healthcare consultant Sg2 and management consulting firm Kaufman, Hall & Associates. The property also includes a vacant 2.5-acre parcel for future development. Christopher Carroll of HFF represented the borrower, Zeller Realty Group. Ares Commercial Real Estate Corp. provided the three-year loan.

June 13, 2018

Loans Midwest Multifamily Ohio

Columbia Pacific Advisors Provides $25M Acquisition Loan for Multifamily Portfolio in Cincinnati

by Kristin Harlow June 13, 2018

CINCINNATI — Columbia Pacific Advisors LLC has provided a $25 million bridge loan primarily for the acquisition of a nine-property, 435-unit multifamily portfolio in Cincinnati. Kentucky-based Blue Tide Partners was the borrower. A portion of the loan proceeds will be used to refinance existing debt on nine similar properties totaling 212 units in Cincinnati that Blue Tide acquired in 2014 and 2015. Together, the 18-property portfolio is 55 percent occupied.

June 13, 2018

California Loans Office Top Stories Western

Broadreach Secures $150M Financing for Google Build-to-Suit Office Building in Mountain View, California

by David Cohen June 13, 2018

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners has secured $150 million in financing for 1625 Plymouth, a 245,738-square-foot, build-to-suit office development in the North Bayshore submarket of Mountain View. The property is 100 percent pre-leased to Google Inc. The closing of the loan coincided with the completion of construction of the shell of the building and delivery to Google for a tenant improvement build-out. The highly amenitized, LEED Platinum certified building will feature multiple outdoor deck spaces for functions and activities. HFF arranged the fixed-rate, permanent loan through the New York State Teachers Retirement System (NYSTRS). “Working with the team at Broadreach Capital Partners and assisting them in securing a new relationship with NYSTRS was a tremendous opportunity and we are excited to watch the continued progress on site as the tenant completes its work and occupies this best-in-class office building,” said Bruce Ganong, senior managing director at HFF. Architecture firm WRNS Studio designed the building. Broadreach Capital Partners is a Palo Alto-based real estate investment firm focused on development, acquisitions and asset management of commercial real estate in the Western states. — David Cohen

June 13, 2018

Loans Multifamily Texas

NXT Capital Provides $10M Loan for Refinancing of Houston Apartment Community

by Taylor Williams June 12, 2018

HOUSTON — Chicago-based NXT Capital has provided a $10 million loan for the refinancing of a 133-unit apartment community in Houston. The Class A property is located near the Westchase and Galleria areas and offers amenities such as a pool, resident lounge and a fitness center. Additional terms of the transaction, the borrower and the property name were not disclosed.

June 12, 2018

Georgia Loans Multifamily Southeast

Arbor Provides $21.7M Fannie Mae Loan for Apartment Community South of Atlanta

by Camren Skelton June 12, 2018

EAST POINT, GA. — Arbor Realty Trust Inc. has provided a $21.7 million Fannie Mae loan for the refinancing of Parkside at Camp Creek Apartments, a 486-unit multifamily community in East Point, roughly eight miles south of downtown Atlanta. Ryan Duff of Arbor originated the loan, which features a 30-year amortization schedule. Constructed in 1970, Parkside at Camp Creek includes a mix of two- and three-bedroom floor plans and features a clubhouse, laundry facility, two swimming pools, a fitness center, playgrounds and a basketball court.

June 12, 2018

Florida Hospitality Loans Southeast

DSH Hotel Advisors Secures $4.8M Sale of Wyndham-Branded Hotel in Central Florida

by Camren Skelton June 12, 2018

KISSIMMEE, FLA. — DSH Hotel Advisors has arranged the $4.8 million sale of Baymont Inn & Suites by Wyndham, a 130-room hotel in the Central Florida town of Kissimmee. Dennis Hopper of DSH Hotel Advisors represented the seller, Maingate East Development Inc., in the transaction, and George Jimenez of Multifamily Real Estate Group Inc. represented the buyer, J.E. System Service Corp. The hotel features a business center, outdoor pool and complimentary breakfast.

June 12, 2018

Kentucky Loans Multifamily Southeast

Berkadia Closes $20.3M Freddie Mac Refinancing for Multifamily Community in Louisville

by Camren Skelton June 11, 2018

LOUISVILLE, KY. — Berkadia has closed a $20.3 million loan for the refinancing of Southgate Landing, a 256-unit apartment community in Louisville. Charles Foschini and Christopher Apone of Berkadia arranged the seven-year, floating rate loan through Freddie Mac on behalf of the borrower, CAPREIT. Southgate Landing, constructed in 2001, features a fitness center, swimming pool, detached garages and storage units.

June 11, 2018

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