Loans

KeyBank Provides $14.2M Construction Financing for Two Affordable Seniors Housing Renovations in Buffalo

by David Cohen June 8, 2018

BUFFALO, N.Y. — KeyBank Community Development Lending & Investment has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo. The two-building property consists of 210 one-bedroom units for seniors. Riverview Manor is a 12-story building built in 1977 and was last renovated in 1989. Stadnitski Gardens is an 11-story building built in 1978. Kyle Kolesar of KeyBank originated the financing. Alliant Capital and New York State HFA provided additional funding. The project will be developed in partnership with Smith & Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.

June 8, 2018

Loans New Jersey Northeast Retail

HFF Arranges $19M Refinancing for Grocery-Anchored Retail Center in Northern New Jersey

by David Cohen June 8, 2018

BOUND BROOK, N.J. — HFF has arranged the $19 million refinancing for Middle Brook Center, a 104,331-square-foot, grocery-anchored retail center in the Northern New Jersey community of Bound Brook. The fully leased, three-building retail center sits on more than 12 acres and is anchored by ShopRite. Other tenants include Wine Country, Doctors Express, Quest Diagnostics, Frank’s Pizza, Bagel Stadium and Burger King. HFF represented the borrower, Advance Realty, to place an 11-year, full-term, interest-only loan with Nationwide Life Insurance Co.

June 8, 2018

Illinois Industrial Loans Midwest

Wintrust Bank Provides $21M Acquisition Loan for Industrial Portfolio in Metro Chicago

by Kristin Harlow June 8, 2018

CHICAGO — Wintrust Bank has provided a $21 million loan for the acquisition of a five-property industrial portfolio totaling 665,903 square feet in metro Chicago. The portfolio includes: 550-600 North Commons in Aurora; 710-854 Foster Ave. in Bensenville; 1400-1538 Elmhurst Road in Elk Grove Village; 3456 North Ridge Ave. in Arlington Heights; and 8220 North Austin Ave. in Morton Grove. Christopher Carroll and Jason Bond of HFF arranged the financing on behalf of the borrower, Clear Height Properties. The seller was not disclosed.

June 8, 2018

Loans Maryland Retail Southeast

Phillips Realty Capital Secures $22.5M Refinancing for Shopping Center in Suburban Maryland

by Camren Skelton June 8, 2018

SILVER SPRING, MD. — Phillips Realty Capital has arranged $22.5 million in permanent financing for WesTech Corner, a 41,262-square-foot shopping center in Silver Spring, about six miles north of Washington, D.C. Mark Remington of Phillips Realty Capital arranged the loan through United Bank on behalf of the borrower, Rappaport, which acquired the property in 2014. WesTech Corner was fully leased at the time of financing to tenants such as Five Guys, Chick-fil-A, Qdoba Mexican Grill, Fridays, Panera Bread, IHOP and Capital One Bank.

June 8, 2018

Loans New Jersey Northeast Office

JLL Arranges $32.5M Refinancing for Office Building in Bridgewater, New Jersey

by David Cohen June 7, 2018

BRIDGEWATER, N.J. — JLL Capital Markets has arranged the $32.5 million refinancing for Somerset Corporate Center IV, a 310,000-square-foot office building in Bridgewater. JLL secured the financing through Sterling National Bank on behalf of the owners, SJP Properties and PGIM Real Estate. Located at 400 Somerset Corporate Blvd., Somerset Corporate Center IV is part of the master-planned Somerset Corporate Center. The complex was constructed in 2001 and is made up of five office buildings totaling approximately 1.3 million square feet.

June 7, 2018

Acquisitions Connecticut Loans Northeast

Fantini & Gorga Secures $4.6M Acquisition Financing for Days Inn & Suites in Mystic, Connecticut

by David Cohen June 7, 2018

MYSTIC, CONN. — Fantini & Gorga has secured a $4.6 million first mortgage loan for the acquisition of the Days Inn & Suites in Mystic. A major New England-based financial institution provided the financing to the undisclosed borrower, a long-time client of Fantini & Gorga, as part of a 1031 exchange. The property consists of a 120-room, two-story motel with 51,732 square feet of space on a nearly five-acre lot.

June 7, 2018

Florida Loans Multifamily Southeast

Melo Group Receives $85M Construction Loan for Two-Tower Apartment Project in Downtown Miami

by Camren Skelton June 7, 2018

MIAMI — Melo Group has received an $85 million loan for the construction of Art Plaza Apartments, a 667-unit apartment community located at 58 N.E. 14th St. in downtown Miami. Construction is underway on the transit-oriented development, which is located one block from the Miami-Dade Metromover School Board Station. The community will include two 34-story towers with a mix of one- and two-bedroom apartments units, as well as 11,764 square feet of ground level retail and restaurant space. Community amenities will include a resort-style pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room for residents. Florentino Gonzales of Shutts & Bowen represented Melo Group in the loan transaction, and Elena Otero of Holland & Knight LLP represented Ocean Bank. Melo Group expects to wrap up construction on Art Plaza Apartments in mid-2019.

June 7, 2018

Florida Hospitality Loans Southeast

Aztec Group Secures $42M Construction Loan for Marriott Autograph Hotel in Downtown West Palm Beach

by Camren Skelton June 7, 2018

WEST PALM BEACH, FLA. — Aztec Group has arranged a $42 million construction loan for a 208-room Marriott Autograph Collection Hotel located in downtown West Palm Beach. Boaz Ashbel of Aztec Group originated the financing through Florida Community Bank N.A. on behalf of the hotel owner and operator, Concord Hospitality Enterprises Co. The hotel will be located at 201 N. Flagler Drive, within a 435,000-square-foot mixed-use project under development by Navarro Lowery Properties. In addition to the new hotel, the site will feature 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multi-level parking structure. The hotel is scheduled to open in fall 2019 and will feature a full-service restaurant, fitness center, 4,000 square feet of meeting space and a rooftop swimming pool and lounge.

June 7, 2018

Alabama Loans Multifamily Southeast

Capital One Provides $37M in Agency Financing for Two Apartment Properties in Alabama

by Camren Skelton June 7, 2018

PHENIX CITY AND MOBILE, ALA. — Capital One Multifamily Finance has provided a combined $37 million in agency loans for the acquisition of two multifamily communities in Alabama. In Phenix City, Capital One provided a $26.5 million Fannie Mae loan on behalf of EBSCO Income Properties for the acquisition of The Grand Reserve at Phenix City. The 12-year, fixed-rate loan features eight years of interest-only payments and a 30-year amortization schedule. Developed in 2010, The Grand Reserve at Phenix City features a pool, clubhouse and a fitness center. A 22-acre, grocery-anchored shopping center is scheduled to open adjacent to the property in 2019. In Mobile, Capital One provided a $10.5 million Freddie Mac loan for the acquisition of Southern Oaks Apartments. The 10-year, fixed-rate loan features five years of interest-only payments and a 30-year amortization schedule. StoneRiver Co. acquired the 224-unit asset from the PEM Real Estate Group. Built in 1975, Southern Oaks Apartments feature a clubhouse, fitness center, barbecue station and a swimming pool. StoneRiver plans to update the community with new appliances, flooring, countertops and painting. Chad Thomas Hagwood of Capital One originated both transactions.

June 7, 2018

California Industrial Loans Office Western

iBorrow Provides $17M Loan for Flex R&D and Office Assets in Gardena, California

by Amy Works June 7, 2018

GARDENA, CALIF. — iBorrow has provided a $17 million loan for two properties in Gardena. The name of the borrower was not released. The assets are a two-story, 125,849-square-foot flex/R&D building and an adjacent two-story, 20,916-square-foot office building. Will McCabe of iBorrow originated the loan.

June 7, 2018

Newer Posts

Older Posts