LAS VEGAS — NorthMarq Capital has secured a $37 million refinancing for Sahara Center, a retail property located at 10000 W. Sahara Ave. in Las Vegas. Scott Monroe of NorthMarq Capital’s Las Vegas office arranged the 10-year term on a 30-year amortization schedule. A conduit CMBS lender provided the capital. Sprouts Farmers Market, TJ Maxx, Petco, Raising Cane’s Chicken Fingers, In-N-Out Burger, Stein Mart and Burlington Coat Factory are major tenants at the 222,883-square-foot retail property.
SAN FRANCISCO — HFF has arranged the sale of a subdivided office condominium interest in 1390 Market St., a transit-oriented office building in San Francisco. Broadreach Capital Partners sold the property to Swift Real Estate Partners for $109.8 million. Michael Leggett, Gerry Rohm, David Dokko, Ben Bullock, Thomas Foley and Austin White of HFF represented the seller and procured the buyer in the deal. Additionally, Jordan Angel and Bercut Smith, also of HFF, arranged a $103.6 million floating-rate loan through Brookfield for the buyer. Located in San Francisco’s Mid-Market, the property features 218,791 square feet of office space and 920 square feet of ground-floor retail space. Originally built in 1967, the property was renovated in 2007. Current tenants include Twitter, Jones Clifford and several branches of the City of San Francisco. The property also includes apartments on the top floors, which were not included in the sale or financing.
HOUSTON — Arbor Realty Trust Inc., a New York-based direct lender, has provided a $21.4 million Fannie Mae loan for the refinancing of Casa del Mar, a 354-unit multifamily community in Houston. The property is situated on Interstate 45 on the city’s north side. Floor plans include one- and two-bedroom units and amenities include two pools, a playground, on-site laundry facilities and a tennis court. The borrower was not disclosed.
ODESSA, TEXAS — NorthMarq Capital has arranged approximately $8 million in financing for the acquisition of Peppertree & Spanish Oak Apartments, a 180-unit multifamily community located in the West Texas city of Odessa. Amenities at the property include a pool, tennis and basketball courts, a business center and on-site laundry facilities. Carl Pankratz of NorthMarq arranged the financing on behalf of an undisclosed borrower through a bridge/mezzanine lender.
NEW YORK CITY — PCCP LLC has provided a $45.9 million senior loan to Forkosh Development Group for the development of a 20-story residential condominium at 157-161 E. 28th St. in Manhattan. Forkosh acquired three vacant apartment buildings at the site in January for $17 million in an all-cash transaction. The privately owned real estate development firm will build a boutique condo development on the site of the former apartment buildings. Once completed, the project will offer units with open layouts, floor-to-ceiling windows and hardwood floors.
EAST LANSING, MICH. — Arbor Realty Trust Inc. has provided a $13 million HUD-insured loan for the refinancing of Glenwood Apartments in East Lansing. The 138-unit apartment property is located near Michigan State University. Amenities include a pool, fitness center, clubhouse and laundry facilities. Michael Jehle of Arbor originated the 35-year loan.
MARINA DEL REY, CALIF. — Institutional Property Advisors (IPA) Capital Markets has arranged $63.8 million for the refinancing of a multifamily property located in Marina del Rey. Danny Abergel of IPA Capital Markets secured the financing for the undisclosed borrower. The debt placement was structured with 10 years interest-only payments fixed at 4.2 percent. The multifamily property features 268 apartments.
LAS VEGAS — NorthMarq Capital has arranged an $11.3 million loan for the construction of Centennial Hills Skilled Nursing Facility in Las Vegas. The facility features 72 beds. The loan has a 12-month interest-only term followed by a 25-year amortization schedule. The loan-to-cost ratio is 75 percent. A national bank provided the capital. Jordan Johnson and Jerry Peterson of NorthMarq Capital’s Las Vegas office arranged the loan. The borrower was not disclosed.
CONROE, TEXAS — CBRE has arranged the $34.5 million refinancing for Woodhaven Village, a 157-unit independent living, assisted living and memory care community in the Houston suburb of Conroe. The borrowers are Padua Realty Co. and Paradigm Senior Living, the joint venture developers of the property. The Freddie Mac loan features a 10-year term, floating interest rate and five years of interest-only payments. Aron Will of CBRE National Senior Housing arranged the financing. Opened in January 2017, Woodhaven Village is located one mile from Conroe’s largest medical center and was more than 90 percent occupied at the time of the refinancing.
JERSEY CITY, N.J. — Progress Capital has arranged a $26.2 million construction-to-perm loan for a new 159,861-square-foot mixed-use building in Jersey City. Sterling National Bank provided the financing to the undisclosed borrower, which acquired the site in 2015. The new nine-story development will include 99 residential units and 2,240 square feet of street-level retail space. Amenities will include 24-hour concierge service, a fitness center and a rooftop terrace. Terms of the loan, which was collateralized by two parcels of land, include a 65 percent loan-to-cost (LTC) ratio, an 18-month interest-only period and two optional 12-month extensions on the construction phase. Upon stabilization, the borrower has the option to convert to a permanent mortgage.
