Loans

HFF Arranges $160M in Refinancing for Rodeo Drive Retail Property in Beverly Hills

by Amy Works January 14, 2019

BEVERLY HILLS, CALIF. — HFF has secured $160 million, or $5,691 per square foot, in refinancing for a high-street retail property located at 338-346 N. Rodeo Drive in Beverly Hills. Tom Ford, Bally and Balenciaga occupy the two-story, 28,114-square-foot retail property, which is situated on the premier 300 block and across street from the flagship Gucci store. Marc Schillinger led the HFF team that arranged the 10-year, fixed-rate loan through an entity managed by an affiliate of Apollo Global Management for the borrower, a private owner.

January 14, 2019

Acquisitions Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $24.5M Financing for Acquisition, Renovation of Affordable Housing Communities

by David Cohen January 14, 2019

NEW YORK CITY — KeyBank Community Development Lending and Investment (CDLI) has provided $24.5 million in financing for the acquisition and renovation of Highbridge Franklin and Twin Parks West, two New York City Housing Authority (NYCHA) properties in the Bronx. Together, the two properties total 647 units of permanent affordable housing. Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program. KeyBank provided the financing to borrower Gilbane Development Co. Terms of the financing were not disclosed.

January 14, 2019

Loans New Jersey Northeast Office

Cronheim Mortgage Secures $11.5M Refinancing for Office Portfolio in New Jersey

by David Cohen January 14, 2019

SOUTH PLAINFIELD, N.J. — Cronheim Mortgage has secured an $11.5 million loan to refinance a four-building office portfolio within the Middlesex Business Center in South Plainfield. The fully leased portfolio totals 150,192 square feet. Cronheim secured the 10-year, fixed-rate loan on behalf of borrower National Realty and Development Corp. The lender was Farm Bureau Life Insurance Co. Middlesex Business Center is a 420,000-square-foot office and industrial complex in South Plainfield.

January 14, 2019

Hospitality Loans Texas

Mission Capital Arranges Acquisition Financing for 229-Room Hotel in Amarillo

by Taylor Williams January 14, 2019

AMARILLO, TEXAS — Mission Capital Advisors has arranged an undisclosed amount of financing for the acquisition and renovation of a 229-room hotel in Amarillo. The new ownership will rebrand the property as a dual-branded asset consisting of a 106-room Marriot Fairfield Inn & Suites and a 123-room Four Points by Sheraton. Renovations will deliver upgraded amenity spaces, as well as a facelift to the property’s exterior and each guestroom. Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital arranged the financing through Stonehill Strategic Capital on behalf of the borrower, Ram Hotels.

January 14, 2019

Acquisitions Loans Seniors Housing Texas

CBRE Arranges Sale of 224-Unit Assisted Living Portfolio in Houston

by John Nelson January 11, 2019

HOUSTON — CBRE National Senior Housing has arranged the sale and acquisition financing for The Village Portfolio, a two-property, 224-unit assisted living portfolio in Houston. Lisa Widmier of CBRE National Senior Housing represented the institutional seller. Aron Will of CBRE National Senior Housing and Austin Sacco of CBRE National Senior Housing arranged acquisition financing on behalf of a joint venture between Bridgewood Property Co. and an institutional investor. CBRE secured two separate five-year, non-recourse, floating-rate loans on an interest-only basis from a debt fund. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the portfolio.

January 11, 2019

Data Centers Development Loans Texas

HFF Secures Capital for Construction of 130,000 SF Data Center in Richardson, Texas

by John Nelson January 11, 2019

RICHARDSON, TEXAS — HFF has arranged construction financing and joint venture equity for a 130,000-square-foot data center in Richardson’s Telecom Corridor. Cullen Aderhold, Jim Curtin and Michael Cosby of HFF closed the capital transactions on behalf of the borrower, KDC Real Estate Development & Investments. Situated at the southeast corner of North Plano Road and East Lookout Drive, the facility will be adjacent to an ONCOR substation and have access to approximately 18 fiber providers within the area. Data center tenants in Richardson’s Telecom Corridor include Cisco, Bank of America, State Farm, TD Ameritrade, LinkedIn/Microsoft and Digital Realty.

January 11, 2019

Loans Massachusetts Mixed-Use Northeast

Nataxis Provides $230M Refinancing for Mixed-Use Building in Boston

by David Cohen January 11, 2019

BOSTON — Nataxis has provided a $230.7 million loan to refinance Congress Square, a 16-story, 369,617-square-foot mixed-use building in Boston’s financial district. Located at 40 Water St., the property was recently renovated with the addition of seven glass and steel office floors above the fully renovated office and retail space. Nataxis provided the floating-rate financing to borrower Related Fund Management. Terms of the financing were not disclosed.

January 11, 2019

Acquisitions Arkansas Loans Multifamily Southeast

Hunt Real Estate Capital Provides $6M Acquisition Loan for Multifamily Property in Little Rock

by John Nelson January 11, 2019

LITTLE ROCK, ARK. — Hunt Real Estate Capital has provided a $6 million Fannie Mae loan to an undisclosed borrower for the purchase of Northwest Hills Apartments in Little Rock. The loan has a 10-year term with a fixed interest rate of 5.52 percent, amortizing over 30 years after two years of interest-only payments. The apartment community comprises 42 one-bedroom units and 84 two-bedroom units across 13 two-story buildings. The asset was originally built in 1984. Amenities include a swimming pool with a sun deck and hot tub, wooden entertaining deck and a clubhouse.

January 11, 2019

Loans Midwest Office Ohio

Berkadia Arranges $33.2M Refinancing for US Bank Centre in Cleveland

by Kristin Harlow January 11, 2019

CLEVELAND — Berkadia has arranged a $33.2 million loan for the refinancing of US Bank Centre, a 15-story office property in Cleveland’s Theater District. Located at 1350 Euclid Ave., the building features 255,072 square feet of leasable space and a parking garage. Mark Vogel and Dan Geuther of Berkadia arranged the loan on behalf of the borrower, The Wolstein Group. Bank of America Merrill Lynch provided the 10-year, fixed-rate loan, which features a 67 percent loan-to-value ratio and two years of interest-only payments.

January 11, 2019

Acquisitions Hospitality Loans Southeast Virginia

Berkadia Arranges $18.8M Sale of Hotel in Northern Virginia

by Alex Tostado January 10, 2019

FREDERICKSBURG, VA. — Berkadia has arranged the $18.8 million sale of Courtyard by Marriott Fredericksburg, a newly renovated hotel located at 620 Caroline St. in Fredericksburg’s historic district. The hotel features an onsite restaurant and bar, indoor swimming pool and a fitness center. Kyle Stevenson and Matthew Bailly of Berkadia represented the seller, Inns of Historic Fredericksburg, an ownership affiliate of Vienna, Va.-based Palmer Gosnell Hospitality LLC. Adrienne Kautzman of Berkadia arranged $12 million in acquisition financing on behalf of the buyer, Utah-based Venture Hospitality Holdings LLC.

January 10, 2019

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