BETTENDORF, IOWA — PMZ Realty Capital LLC has arranged a $13 million permanent loan for the Hilton Garden Inn Bettendorf/Quad Cities. The 115-room hotel, built two years ago, includes a fitness center, business center and 2,400 square feet of meeting and event space. The loan will provide the undisclosed borrower with proceeds to start on two new hotel projects, according to Peter Berk, president of PMZ. The lender was not disclosed.
DURHAM, N.C. — Blue Heron Asset Management has received a construction loan for the development of Foster on the Park, a 164-unit apartment community located at 545 Foster St. in Durham. Roger Edwards, Justin Good and Henry Sisson of HFF arranged the loan through First National Bank, a subsidiary of FNB Corp., on behalf of Blue Heron. Foster on the Park will feature ground-floor retail and restaurant space and will overlook Central Park — the city’s main urban park that hosts a twice-weekly farmers market, food truck rodeos and community and social events. In addition, the community will be located adjacent to Durham Innovation District, a 1.7 million-square-foot, planned mixed-use development, as well as the Historic Durham Athletic Park. In addition to Blue Heron, the project team includes general contractor Resolute Building Co., architect Cline Design Associates and civil engineer Coulter Jewell Thames. Bell Partners will manage the community upon completion in the first quarter of 2020.
SAN JOSE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has secured $71.5 million in refinancing for The Junction at Montague, a four-building office and R&D campus in North San Jose. The borrower is a joint venture between Rockwood Capital and Four Corners Properties. Brad Zampa, Mike Water and Megan Woodring of CBRE’s San Francisco office arranged the five-year, floating-rate bridge financing at a spread over the 30-day LIBOR on behalf of the borrower. A national mortgage REIT focused on investing in larger, West Coast value-add debt opportunities provided the capital. Located at 2520, 2560 and 2580 Junction Ave. and 541 E. Trimble Road, the 16-acre campus features a total of 262,110 square feet of space. Current tenants include Infineon Technologies AG, a semiconductor design/manufacturing firm, and Avnet, a distributor of electronic components and subsystems.
PORTLAND, ORE. — HFF has secured $47.4 million in joint venture equity for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Ira Virden, Mark Erland and Matt Benson of HFF, on behalf of developer Alamo Manhattan, arranged the joint venture equity partnership with Diamond Realty Investments. Slated for completion in 2020, the property will feature 347 units in a mix of studio, one- and two-bedroom apartments, averaging 801 square feet. The 20-story development will feature premium interior finishes and community amenities, including a 15,000-square-foot amenity terrace and a 20th-floor rooftop residential lounge, and a 16th-foor terrace. Additionally, the property will feature 15,000 square feet of ground-floor retail space.
TARRYTOWN, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty have secured $30 million in refinancing for a Class A office building located at 660 White Plains Road in Tarrytown. GHP Office Realty, Houlihan-Parnes Realtors and RD Management purchased the building in 2017. The loan was structured into two facilities to preserve an existing below-market rate and provide for additional funds to complete all renovations and tenant build-outs. The loan is for a term of 12 years with the initial rate fixed for seven years. The 296,780-square-foot office building is currently 98 percent occupied with a tenant roster that includes Prestige Brands, ENT and Allergy Associates, and KeyBank National Association.
NEW YORK CITY — Pembrook Capital Management has provided a $32.7 million first mortgage loan to finance the condominium conversion of a restored mansion in the Upper East Side of Manhattan. The borrower was undisclosed. Located at 320 East 82nd St., Park Mansion will offer six full-floor units with outdoor space. Units range in size from 2,243 to 4,447 square feet with three to four bedrooms. Amenities will include a private gym, bike storage, individually locked storage rooms and a key-locked elevator. The property, which was originally constructed in 1900, is located between Central Park and Carl Shurz Park.
DETROIT — KeyBank Real Estate Capital has provided a $24 million CMBS loan for the refinancing of Port Atwater parking garage in Detroit. Built in 1989, the seven-level parking garage features 1,086 parking stalls. William Cassidy of KeyBank originated the 10-year loan, which features a 25-year amortization schedule.
NEW YORK CITY — MCR and MORSE Development has secured a $230 million construction loan for the transformation of the former TWA Flight Center and construction of the TWA Hotel at John F. Kennedy International Airport. M&T Bank arranged the loan and provided $60 million of the financing package, which involved several banks. The redevelopment of the property will include a complete restoration of the 1962 Eero Saarinen-designed midcentury modern building that served as a TWA air terminal from 1962 to 2001. In 2005, the flight center was listed on the National Register of Historic Places. Scheduled for completion in spring 2019, the TWA Hotel will include 512 rooms with views of JFK’s runways and the TWA Flight Center, as well as a 50,000-square-foot event center. The property will be JFK’s first on-site, full-service hotel. The completed project will include six restaurants and eight bars, including a cocktail lounge inside of a repurposed Lockheed Constellation “Connie” L-1649A Starliner positioned on the tarmac. The hotel will offer connections to JFK Terminal 5 via the flight center’s iconic arrival tubes, made famous by the 2002 film Catch Me if You Can. The flight center will also house a museum focused on the …
RESTON, VA. — NXT Capital has provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square-foot office building in Reston. Dan McIntyre of HFF arranged the loan on behalf of the undisclosed borrower. Parkridge III is located within Reston’s largest office park, directly off Dulles Toll Road, and roughly five miles from Dulles International Airport. The building features a fitness center and a conference room, and the greater office park features a pond, picnic area and a volleyball court.
LOS ALTOS, CALIF. — George Smith Partners has secured a $41 million bridge loan for the acquisition of an office property located at 5150 El Camino Real in Los Altos within Silicon Valley. The borrower was Vahe Tashkian of Dutchints Development. The borrower plans to acquire the 71,000-square-foot office property from an institutional seller for an undisclosed price. Malcolm Davies, Evan Kinne, Zachary Streit, Alexander Rossinsky and Rachael Lewis of George Smith Partners arranged the non-recourse loan, which features interest-only payments for the 24-month term and an 85 percent loan-to-cost ratio.
