RICHLAND, S.C. — Money360 has provided a $3.2 million bridge loan for a retail center in Richland, located roughly eight miles east of Columbia. The two-year, interest-only loan has a loan-to-value ratio of 52 percent. The name of the borrower was not disclosed. Bi-Lo recently vacated the center, and a fitness concept backfilled the space.
SACRAMENTO, CALIF. — Money360 has arranged a $5 million bridge loan for a manufactured housing community in San Francisco. The non-recourse, three-year loan features an interest-only amortization and a 46 percent loan-to-value ratio. The borrower was not disclosed.
WORCESTER, MASS. — MassHousing has provided $5.1 million in affordable housing financing to support the redevelopment of Worcester’s Central Building. The financing will allow the borrower, Central Building Development Group, to transform a vacant office building into a 55-unit, mixed-income housing community with 14 workforce-housing units. Dellbrook JKS is serving as general contractor on the project with The Architectural Team serving as architect. MassHousing provided a $3.7 million permanent loan and $1.4 million in workforce housing funding from the agency’s $100 million workforce housing initiative. The project also received $12 million through an allocation of federal and state low-income housing tax credits by the Massachusetts Department of Housing and Community Development. The property, which is located at 332 Main St., was built in 1925 as an office building and has been vacant for several years. Of the 55 units in the building, 50 will be allocated to lower-income households.
HOUSTON — California-based direct lender Money360 has closed a $15.6 million bridge loan for an undisclosed office property in Houston. The three-year recourse loan features a 74 percent loan-to-value (LTV) ratio. Proceeds from the loan will be used to pay off existing debt, complete construction, conduct tenant improvements and market the property, which was impacted by Hurricane Harvey.
SPRING, TEXAS — JLL has arranged an approximately $7.1 million loan for the refinancing of The Shops at Spring Village, a fully leased retail center in Spring, a northern suburb of Houston. Built in 2017, the property houses tenants such as AT&T, Sports Clips, Dominos and Dunkin’ Donuts. Jimmy Board and Connor Harrell of JLL arranged the non-recourse loan, fixed-rate loan on behalf of Houston-based Capital Retail Properties. Goldman Sachs provided the loan.
HERNDON, VA. — Phillips Realty Capital has arranged $30 million in permanent financing for the 324-room Crowne Plaza Dulles Airport Hotel in Herndon. Mark Remington of Phillips Realty Capital arranged the loan through Bank of America Merrill Lynch on behalf of the hotel owner, Rocks Engineering. The Virginia-based company originally developed the hotel in 1986 as a Days Inn. The company has since rebranded the property to Crowne Plaza, part of InterContinental Hotels Group’s (IHG) brand family. In 2016, Rocks Engineering invested $12 million to renovate the hotel, which now features 10,000 square feet of meeting space, a business center, 24-hour fitness center and an on-site restaurant. The hotel is located roughly two miles from Dulles International Airport.
MARYSVILLE, WASH. — KeyBank Real Estate Capital has originated $25.9 million in CMBS first-mortgage financing for The Marketplace at Smokey Point, located at 2615 172nd St. in Marysville. Completed in 2016, the 185,352-square-foot retail center comprises 10 single-story buildings. Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, Party City, Tuesday Morning and Fitness Evolution are current tenants at the 19-tenant property. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and 30-year amortization schedule. The undisclosed borrower will use loan proceeds to refinance existing debt.
PAPILLION AND FREEMONT, NEB. — NorthMarq Capital has arranged three separate loans totaling $10.3 million for three properties in Nebraska. Steve Ruff of NorthMarq arranged a $1.1 million loan for the refinancing of a 10,760-square-foot office property located at 1716 Charleston Drive in Papillion. A life insurance company provided the 15-year loan, which is fully amortized. Bob Chalupa arranged a $5.6 million acquisition loan for Deerfield Clubhouse Apartments in Freemont. The 122-unit apartment property is located at 1021 S. Howard Road. A life insurance company provided the 10-year loan, which features a 25-year amortization schedule. Chalupa also arranged a $3.5 million loan for the acquisition of Conestoga Crossing Apartments in Freemont. The 96-unit apartment property is located at 740-842 N. Michael St. A life insurance company provided the 10-year loan, which features a 25-year amortization schedule. Borrowers were not disclosed.
MIAMI GARDENS, FLA. — Bridge Development Partners has received a $75 million construction loan to develop Bridge Point Commerce Center, a planned 2.1 million-square-foot industrial project in Miami Gardens. Steve Roth of CBRE arranged the loan through CIBC Bank U.S. and Hartford Investment Management Co. The first phase of the project, which will include three Class A buildings totaling 1.1 million square feet, is expected to deliver in the second quarter of 2019. The first two buildings will feature 32-foot clear heights and the third building will feature 36-foot clear heights. Located at 3900 N.W 215th St., Bridge Point Commerce Center is equidistant to Miami International Airport and Fort Lauderdale International Airport. Bridge Development is an active industrial developer in the South Florida region. In April, the Chicago-based firm received a $32.1 million loan to develop Bridge Point Powerline Road, a 467,832-square-foot facility in Pompano Beach.
FORT MYERS, FLA. — Love Funding has arranged a $40.6 million loan for the construction and permanent financing of Grand Central Apartments, a 280-unit multifamily community in Fort Myers. Tammy Tate of Love Funding arranged the loan through the U.S. Department of Housing and Urban Development (HUD)’s 221 (d)(4) program on behalf of the developer, Tampa-based Aileron Investment Management. The loan provides non-recourse financing for the construction of the property, followed by a 40-year permanent loan. The community will feature one- and two-bedroom apartment units housed within two four-story and two three-story buildings. Aileron Investment Management is aiming for Grand Central Apartments to earn Bronze Level Green/Energy Efficient mortgage insurance premiums (MIP) through the National Green Building Standard Program. MHK Architecture & Planning is the architect for the project, and Brooks & Freund is the general contractor. ZRS Management LLC will manage the community upon completion. Aileron Investment Management expects to start leasing the first building in 12 months.
