SUMMERVILLE, S.C. — SunTrust Commercial Real Estate (CRE) has provided $39 million in construction financing for the development of South City Summerville, a 360-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Mark Hancock of SunTrust CRE originated the financing on behalf of the project developer, a joint venture between Watkins Real Estate Group and Retail Planning Corp. South City Summerville will be situated on 39 acres and will include a mix of one-, two- and three-bedroom floor plans. The joint venture expects to wrap up construction on the project in June 2020.
JACKSON, MISS. — KeyBank Real Estate Capital has provided a $30.6 million Fannie Mae loan for the acquisition of The District Lofts, a 261-unit apartment community in Jackson. Chris Black and Caleb Marten of KeyBank originated the 10-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed. Constructed in 2017, The District Lofts features a saltwater pool with sundeck, outdoor kitchens, outdoor fireplace, bocce ball court, fitness center, coffee bar, indoor pet spa and a covered parking deck.
NEW ORLEANS, LA. — Sonnenblick-Eichner Co. has arranged a $29.2 million loan for the refinancing of the Old No. 77 Hotel & Chandlery, a historic, 167-room hotel in New Orleans’ Warehouse Arts District. The five-year, floating-rate loan was priced at a spread in the mid-300s over LIBOR. The name of the borrower was not disclosed. The hotel underwent a $14 million renovation in 2015 that included the renovation of guest rooms, bathrooms, public spaces and a build-out of the ground floor retail space. The hotel is home to Compère Lapin, an upscale restaurant and bar helmed by James Beard Award-winning chef Nina Compton. The Old No. 77 Hotel was originally constructed in 1854 as a warehouse building. The facility was used as a chandlery, and traded in goods used for sailing voyages.
PHILADELPHIA — Leviathan Capital has secured a $2 million refinancing for a net-leased Rite Aid pharmacy in Philadelphia. Andrew Schnissel and Joe Hach arranged the transaction on behalf of the undisclosed borrower. The five-year loan features a fixed rate of 4.92 percent and a 30-year amortization schedule. The lender was a money center bank.
HOUSTON — HFF has secured a five-year loan for the refinancing of 4 Eighty West Parker, a 137-unit apartment community in Houston. Cortney Cole and Sterling Curry of HFF arranged the fixed-rate loan with two years of interest-only payments through Green Bank on behalf of the borrower, TriArc Properties. The loan amount was not disclosed. The property includes 12 two-story buildings with units averaging 906 square feet. Community amenities include a pool, picnic area, playground, clubhouse and a business center. The community was renovated this year and was 93.7 percent occupied at the time of sale.
MICHIGAN — Bellwether Enterprise Real Estate Capital LLC has arranged a $42.6 million Fannie Mae loan for the acquisition of a portfolio of 10 mobile home community communities in Michigan. Specific properties and locations were not disclosed, but the portfolio spans 1,715 pad sites. MJ Vukovich of Bellwether Enterprise arranged the structured loan on behalf of the borrower, an owner-operator based in the western states. The 16-year loan features four years of interest-only payments followed by 12 years at a fixed rate of 4.9 percent.
NEW YORK CITY — Mission Capital Advisors has arranged a $137 million refinancing for the Holiday Inn Manhattan-Financial District, a 50-story, 492-room hotel in Manhattan. Located at 99 Washington St., the property was built in 2014 and is the tallest Holiday Inn in the world. Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital represented the borrower, real estate development firm Golden Seahorse, in securing the 10-year, interest-only loan at a fixed rate through lender Ladder Capital. The property also includes the St. George Tavern, a full-service restaurant and event space. Proceeds from the loan were used to refinance an existing first mortgage and return capital to the borrower.
YARDLEY, PA. — Cushman & Wakefield has secured $63 million in acquisition financing for the Lower Makefield Corporate Center in Yardley. John Alascio, Alexander Hernandez, Sridhar Vankayala and TJ Sullivan of Cushman & Wakefield secured financing on behalf of Rubenstein Partners through lender Rialto Capital Management. The eight-building, 467,000-square-foot office complex includes two campuses on Stony Hill and Township Line roads.
NEWPORT BEACH AND IRVINE, CALIF. — PCCP has provided a $128 million senior loan to a joint venture between Angelo Gordon and Lincoln Property Co. for the acquisition and leasing of a four-property office portfolio in Newport Beach and Irvine. Totaling 540,000 square feet, the portfolio includes the 181,000-square-foot Redstone Plaza, an 83,000-square-foot property at 1201 Dove St. in Newport Beach, the 163,000-square-foot Inwood Park and the 112,000-square-foot Newport Summit in Irvine. Tenants from a range of industries — including finance, marketing, tech, food and beverage, legal, healthcare and real estate — occupy the properties. The buyer plans to execute an improvement plan to capitalize on strong rent growth and leasing in the submarket, as well as fill any remaining vacancy.
TREO Group Receives $33M Construction Loan for Mixed-Use Waterfront Project in Miami’s Coconut Grove
MIAMI — The TREO Group has received a $33 million loan from FirstBank Florida for the construction of Regatta Harbour, a mixed-use waterfront development located in Miami’s Coconut Grove neighborhood. The project will be located at Dinner Key, a marina complex situated along the shore of Biscayne Bay. Upon completion, the 100,000-square-foot development will include retail space, three waterfront restaurants and a rooftop event space, dubbed Harbour Terrace. Historic airplane hangars dating back to the early 1900s will be used to create approximately 40,000 square feet of space for a food hall, specialty market, fitness or entertainment concept. In addition, Regatta Harbour will include marina services with dry storage slips for more than 400 vessels, an upgraded and relocated fueling station and 700 feet of transient floating docks. Architecture firm Arquitectonica is designing the project, which will be delivered in multiple phases. The new dry-storage marina is scheduled for completion in November, the retail component in the summer of 2019 and the waterfront restaurants in 2020. Lyle Stern and Sara Wolfe of Koniver Stern Group are handling the project’s leasing assignment.