SHELTON, CONN. — Marcus & Millichap Capital Corp. has secured a $7.6 million cash-out refinancing for Bridge Street Commons, a mixed-use property located at 50 Bridge St. in Shelton. The building consists of 43 residential units and 7,000 square feet of commercial space. Robert Bhat of Marcus & Millichap Capital Corp. secured a 15-year loan with a fixed rate of 5 percent for the undisclosed borrower. The lender was Fannie Mae.
MINNEAPOLIS — Dougherty Funding LLC has provided a $58.1 million loan for the construction of Prospect Park Senior Living in Minneapolis. The 283-unit seniors housing property will be located in the Prospect Park neighborhood near the light rail transit station and the University of Minnesota campus. The project will include 130 independent living units, plus 98 assisted living and 54 memory care units and one guest suite. The 10-story building will feature an underground parking garage, child daycare services and one retail unit. Terms of the loan were not disclosed. Oppidan Investment Co. is the developer for the project, which is slated for completion in early 2020, according to the Minneapolis/St. Paul Business Journal.
HOUSTON — Birmingham, Ala.-based Regions Bank has provided a $41 million construction loan for an undisclosed, 327-unit multifamily community in Houston. The Class A project will be located near Houston’s central business district and the Washington Corridor areas. The property will feature one- and two-bedroom units and amenities such as a pool, outdoor common areas, a fitness center, a rooftop deck and a business center. The borrower was Phoenix-based Alliance Residential Co. A timeline for construction was not released.
NEW YORK CITY — Madison Capital has arranged $85 million in refinancing for a 7,547-square-foot retail property in Manhattan’s Times Square District. Located at 1657 Broadway, the property is currently leased to McDonald’s Corp. and Starbucks. Madison Capital represented the undisclosed landlord in arranging a 10-year, interest-only loan with Aareal Capital Corp. The Starbucks lease covers approximately 2,830 square feet while the McDonald’s lease covers about 4,717 square feet. Both tenants recently signed 10-year, corporate leases.
COON RAPIDS AND ARDEN HILLS, MINN. — HFF has arranged $25.4 million in acquisition financing for a two-property retail portfolio in suburban Minneapolis. The properties include Village Ten Shopping Center in Coon Rapids and Shannon Square Shoppes in Arden Hills. Cub Foods and Life Time Fitness anchor the 208,127-square-foot Village Ten Shopping Center. Cub Foods also anchors the 97,638-square-foot Shannon Square Shoppes. Chris Drew, Nat Scarmazzi, Jules Sherwood, Tim Joyce and Matthew McCormack of HFF arranged two separate loans for the acquisition. Morgan Stanley Bank NA provided the 10-year, fixed-rate loans. The portfolio was 99 percent occupied at the time of purchase.
OMAHA, NEB. — Hunt Real Estate Capital has provided a $24.7 million bridge loan for the acquisition and renovation of a multifamily property in Omaha. The 408-unit garden-style property, located at 10535 Ellison Plaza, is 94 percent occupied. The complex, originally built in 1973, comprises 17 buildings and a two-story leasing office and clubhouse. The loan includes $4 million for interior and exterior improvements. The undisclosed borrower plans to add amenities such as a business center, fitness center, sports court, pet washing station, dog park and playground. Interior improvements will include granite countertops, black appliance upgrades, washer installations and new flooring.
HOLLAND, MO. — NorthMarq Capital has arranged a $3 million loan for the refinancing of a retail building occupied by D&W Fresh Market in Holland in southeastern Missouri. The 62,139-square-foot retail property is located at 50 Douglas Ave. Susan Branscome of NorthMarq arranged the 20-year loan, which is fully amortized. A life insurance company provided the loan.
NEW YORK CITY — Eastern Union has arranged a $110 million refinancing for a three-phase, mixed-use development in the Bushwick neighborhood of Brooklyn. The development consists of 869-871 Bushwick Ave., a three-building complex that was completed in 2015; 889 Bushwick Ave., a 56-unit apartment building; and 340 Evergreen Ave., a 168-unit apartment building with 112 parking spaces. Eastern Union represented the undisclosed borrower in securing funds through Benefit Street Partners Realty Trust. The loan includes funds to complete the last phase of construction.
CROSBY AND DENTON, TEXAS — Columbus, Ohio-based RED Capital Group LLC has provided two acquisition loans totaling approximately $13.1 million for a pair of multifamily assets in Texas. In the first transaction, RED Capital originated a $9.7 million loan through HUD’s 221(d)(4) program for Crosby Plaza, an 86-unit affordable housing property located in the northeastern Houston suburb of Crosby. In the second transaction, the company provided a $3.4 million through Freddie Mac’s small balance loan program for Autumn Ridge Apartments, a 64-unit property in Denton.
LONG ISLAND, N.Y. — Meridian Capital Group has secured a $19.2 million refinancing for a portfolio comprised of industrial, mixed-use, and retail properties in Long Island. Bryan Kallenberg of Meridian arranged the seven-year loan, provided by a balance sheet lender to the borrower, Sanders Equities. The loan terms included a fixed interest rate of four percent and a 30-year amortization schedule. Located in Long Island’s Nassau County, the portfolio consists of six industrial, one mixed-use, and one retail property. Tenants include Wine.com, Sprint, Cintas, and Nassau Candy.
