NEWARK, N.J. — Progress Capital has arranged $6.3 million in permanent mortgage financing for the acquisition of a 2.2-acre paved parking lot located at 296-305|308-320 Mulberry St. and 12-14 Cottage St. in Newark. The property also includes a double-sided billboard currently subject to an annual lease. The undisclosed borrower purchased the property for $9 million and is entering into a lease with L.A. Parking Corp. The borrower’s property management firm will maintain the leasing and management of the billboard. Brad Domenico of Progress Capital arranged the financing. The loan is non-recourse and accompanied by a fixed rate of 4.5 percent and a seven-year term amortized over 25 years.
LAKEWOOD, COLO. — San Francisco-based Newmark has arranged $43.4 million in financing for Lakewood City Commons, a shopping center located at 7740 W. Alameda Ave. in Lakewood. Mark Ritchie and Jasmine Polson of Newmark arranged the financing for the undisclosed borrower. The 15-year loan, which features a 30-year amortization schedule, was funded through a correspondent life insurance company. Newmark will service the loan. The borrower plans to use the long-term financing to pay off an existing CMBS loan, cover transaction costs and recoup a portion of its equity. At the time of financing, the 285,000-square-foot property was 95 percent occupied. Tenants include Ross Dress for Less, Old Navy, Michaels and King Soopers, a supermarket brand of Kroger.
SAN DIEGO — CIT Group’s Healthcare Finance business, part of the Commercial Finance division, has funded a $15.3 million loan to finance the purchase of Coast Medical Center, a medical office building in San Diego. The borrower is a joint venture between Kayne Anderson and MB Real Estate. Situated 10 miles from downtown San Diego, the four-story building is occupied by a variety of healthcare tenants offering a range of medical services, including surgery, urology, orthopedics and dentistry.
TAMPA, FLA. — Aztec Group Inc. has arranged a $5.9 million loan for the acquisition of Westshore Center, a 77,000-square-foot office building located at 405 N. Reo St. in Tampa’s Westshore submarket. Jason Shapiro and Sean Harrington of Aztec Group arranged the seven-year, fixed-rate loan on behalf of the borrower, Reo Center Tampa LLC. The company, which acquired the property for $9.5 million, is led by Allen de Olazarra, who is also chairman and CEO of Commercial Florida Properties and Equitable Real Estate Partners. The three-story building features 25,000-square-foot floor plates, a two-story parking deck and an on-site café. The new ownership plans to renovate and reposition the property.
NEW YORK CITY — Meridian Capital Group has arranged the $25 million refinancing of a retail and parking facility in Brooklyn. The 10-year CMBS loan features a rate of 4.86 percent and full-term, interest-only payments. Steven Ribiat, Morris Diamant and Tzvi Krieger of Meridian’s New York office arranged the financing for the transaction with the undisclosed borrower. Located at 236 Atlantic Ave., the 69,000-square-foot property was constructed less than 10 years ago and features 24,000 square feet of ground-floor retail space as well as a parking garage. Current tenants include PetSmart and PM Pediatrics. The building also includes 42 residential condominiums on the upper floors that were not part of the collateral.
LEWISVILLE, TEXAS — Berkeley Point Capital, a multifamily finance firm with 11 offices throughout the country, has provided a $47.2 million loan for the construction of Tower Bay Lofts, a 308-unit apartment project being developed in the northern Dallas metro of Lewisville. The loan features a fixed 3.78 percent interest rate and a 40-year, fully amortized permanent term. Tom White of Berkeley Point secured the financing through the FHA’s 221(d)(4) program on behalf of the developer, Wittington Holdings. The project team broke ground in mid-April and expects to deliver the building in about 24 months.
ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $16.1 million HUD 221(d)(4) loan for the construction of Eastgate Apartments in Rochester. The 135-unit affordable housing property is slated to open in the summer of 2019. All units will be restricted to residents earning 60 percent or less of the area median income. In addition to the 40-year loan, the project will receive equity from the sale of low-income housing tax credits. BDKN LLLP was the borrower.
NEW YORK CITY — Leviathan Capital has arranged $7.3 million in permanent mortgage financing for a mixed-use property in the Soho neighborhood of Manhattan. The property consists of 10 apartments and one retail unit occupied by a long-term tenant. Leviathan secured a 10-year, fixed-rate loan at 4.26 percent with five years of interest-only financing. The lender, a money center bank, charged no origination fee. The borrower was a local owner-operator.
BOSTON — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 12-unit mixed-use condominium development in Boston’s Jamaica Plain neighborhood. The borrower was undisclosed. Located at 114-120 Brookside Ave., the building will feature three retail and nine residential condominiums. All residences will feature hardwood floors, in-unit washers and dryers and high-end finishes that include granite countertops, stainless steel appliances and custom-tile surround showers. Each unit will also have a private balcony. The square footage will vary depending on the unit style, but will average around 1,098 square feet. The building is slated for completion in 2019.
NASHVILLE, TENN. — KeyBank Real Estate Capital has originated a $39.9 million Fannie Mae loan for the acquisition of Peyton Stakes, a 249-unit multifamily community in Nashville’s Germantown district. Robert Prouty of KeyBank underwrote the 10-year, fixed-rate loan on behalf of the undisclosed borrower. Peyton Stakes was constructed in 2017 and features a car wash station, pet spa, dog park, private conference room, pool with outdoor theater, rehearsal space, art studio, and a yoga and barre studio.