Loans

CGI Merchant Group Receives $40.8M Refinancing of Four Office Buildings in South Florida

by Camren Skelton July 26, 2018

MIAMI — Miami-based CGI Merchant Group LLC has received $40.8 million in loans from Starwood Mortgage Capital LLC to refinance an office building in Coral Gables and three office properties in Palm Beach and Martin counties. According to its website, Starwood provided a $25 million loan for 55 Miracle Mile, a four-story, 65,242-square-foot office building in Coral Gables. The property was built in 2004 and is 96 percent leased to 19 tenants. Starwood also provided a $15.8 million loan to refinance The Nexus Portfolio, a three-building suburban office portfolio totaling 128,563 square feet in Lake Worth, West Palm Beach and Stuart. The portfolio operates as executive suites and is 93 percent leased to 350 tenants. CGI originally acquired the assets in 2013.

July 26, 2018

California Industrial Loans Office Western

Phase 3 Real Estate Receives $149M Refinancing for Genesis Campus Point in San Diego

by Amy Works July 26, 2018

SAN DIEGO — Phase 3 Real Estate Partners has received a $149 million refinancing for Genesis Campus Point, a life science campus in the University Town Center (UTC) submarket of San Diego. Located at 4224 and 4242 Campus Point Court and 10210 Campus Point Drive, the three-building campus features 314,135 square feet of state-of-the-art life science space. Additionally, the campus includes an underground parking facility; an amenity building featuring a fitness center with lap pool, yoga studio, spin studio and showers/lockers; an on-site restaurant; and conference centers. Current tenants include Poseida Therapeutics, MabPlex USA, Heron Therapeutics, Celgene, Tocagen, BioLabs San Diego LLC and AveXis Inc. Tim Wright, Todd Sugimoto and Olga Walsh of HFF arranged the financing for the borrower.

July 26, 2018

Running-Brook-Apartments-Arlington-Texas

Loans Multifamily Texas

Dougherty Arranges $14.6M Acquisition Loan for Arlington Apartments

by Taylor Williams July 26, 2018

ARLINGTON, TEXAS — Dougherty Mortgage has arranged a $14.6 million Fannie Mae loan for the acquisition of Running Brook Apartments, a 232-unit market-rate multifamily community in Arlington. The 12-year loan, which features a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending. The borrower was RBA202 LLC.

July 26, 2018

Hospitality Idaho Loans Western

Berkadia Arranges $16.2M Financing for Hyatt Place Boise

by Amy Works July 26, 2018

BOISE, IDAHO — Berkadia has arranged $16.2 million in financing for Hyatt Place Boise, a select-service hotel located at 1024 W. Bannock St. in downtown Boise. The borrower is a partnership between Utah-based PEG Development and Idaho-based Rafanelli and Nahas. Adrienne Kautzman of Berkadia’s Phoenix office secured the permanent financing for the borrower. The non-recourse long-term loan features a fixed rate and several years of interest-only payments. Hyatt Place Boise features 150 guest rooms, 24-hour fitness center, business center, outdoor pool and restaurant.

July 26, 2018

Industrial Loans New Jersey Northeast

Axiom Capital Arranges $20.5M Construction Loan for Industrial Facility in Wayne, New Jersey

by David Cohen July 25, 2018

WAYNE, N.J. — Axiom Capital Corp. has arranged a $20.5 million construction loan for the development of a 418,000-square-foot industrial facility in Wayne. The lender was a life insurance company. Once complete, the property will include 40-foot clear heights and 42 truck dock positions as well as 40,000 square feet of office space. The borrower was a private investor.

July 25, 2018

Loans Multifamily New Jersey Northeast

Progress Capital Secures $4.8M Refinancing for Multifamily Community in Newark

by David Cohen July 25, 2018

NEWARK, N.J. — Progress Capital has secured a $4.8 million refinancing for a six-story multifamily property in Newark. Located at 469 Elizabeth Ave., the building contains 58 residential units and was built in 2016. Brad Domenico of Progress Capital arranged the loan with an initial five-year, 4 percent fixed-rate. After the initial term, the loan becomes a variable rate with a 20-year term and a 30-year amortization. The lender was undisclosed. The proceeds of the loan will be used to retire the existing debt on the property and provide a cash-out to the undisclosed borrower, which will be used to fund additional property acquisitions.

July 25, 2018

Idaho Loans Multifamily Student Housing Western

Greystone Provides $28.2M Acquisition Loan for Student Housing Complex in Idaho

by Amy Works July 25, 2018

REXBURG, IDAHO — Greystone has provided a $28.2 million Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a student housing property in Rexburg. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the loan for the undisclosed borrower. The loan carries a 10-year term, fixed rate and five years of interest-only payments. Built in 2014, the 154-unit property serves the Brigham Young University-Idaho population with 1,024 student beds. On-site amenities include a private gym, theater, music rooms and community-sponsored activities, such as pizza parties and game nights.

July 25, 2018

Development Florida Loans Mixed-Use Southeast

Aztec Group Arranges $14.7M in Land Acquisition Loans for Mixed-Use Project in Palm Beach County

by Camren Skelton July 25, 2018

ROYAL PALM BEACH, FLA. — Aztec Group Inc. has arranged a series of five loans totaling $14.7 million for the acquisition of approximately 100 acres located in Royal Palm Beach. Howard Taft and Charles Penan of Aztec Group arranged the loans through Lion Financial on behalf of the borrower, Tuttle Land Development. The acquisition completes the land assemblage necessary for the development of Tuttle Royale, a 200-acre mixed-use community that will be located at the intersection of Southern Boulevard and State Road 441. Prior to the acquisition, Tuttle owned 150 acres of land, which it acquired over the past two years. The proposed community would feature 1,100 multifamily units, medical offices, a 1,500-student charter school, village park, 400,000-square-foot lifestyle and activity center with high-end restaurants, a 100-room hotel, preschool, fitness center and retail space. A construction timeline for the project was not disclosed.

July 25, 2018

California Loans Multifamily Western

Kennedy Funding Arranges $2.1M Acquisition Loan for Development Site in Northern California

by Amy Works July 25, 2018

LINDA, CALIF. — Kennedy Funding has arranged $2.1 million in financing for the acquisition of a 17.5-acre development site located on Riverbank Drive in Linda. The borrower, Tanglewood Racquet Village LLC, use the loan proceeds to purchase the land parcel for $1.5 million from an undisclosed seller. The buyer plans to develop Tanglewood Racquet Club, a 400-unit multifamily community, on the site. The property will feature one- and two-bedroom units spread across 10 two-story buildings and 10 three-story buildings. Additionally, the property will feature a community center and a storage building. Englewood Cliffs, N.J.-based Kennedy Funding secured the loan, which was more than 38 percent above the acquisition price.

July 25, 2018

Iowa Loans Midwest Multifamily Seniors Housing

Dougherty Provides $5.7M HUD-Insured Loan for Refinancing of Seniors Housing Property in Iowa

by Kristin Harlow July 25, 2018

CLINTON, IOWA — Dougherty Mortgage LLC has provided a $5.7 million HUD-insured loan for the refinancing of Village Cooperative of Clinton. The 44-unit seniors housing property was constructed in 2013. All units are restricted to persons age 62 and older. The HUD 213/223(a)(7) loan is fully amortized over 40 years. The refinancing lowered the interest rate and resulted in reduced annual debt-service payments for the borrower, according to Dougherty.

July 25, 2018

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