BEVERLY HILLS, CALIF. — Arriba Capital has arranged a $5.3 million loan for the acquisition of a multifamily property located in Beverly Hills. The borrower is a private equity real estate investment company, which plans to renovate the property. The 16-unit community was 38 percent vacant at the time of acquisition.
SAN FRANCISCO — HFF has arranged $384.8 million in refinancing for Genesis North and South Towers, two office and life science buildings in San Francisco that feature 717,883 square feet of lab and office space. HFF secured two loans on behalf of San Diego-based Phase 3 Real Estate Partners Inc. The financing package included a $199.8 million, three-year loan for Genesis North Tower and a $185 million, five-year loan for Genesis South Tower. An undisclosed life insurance company provided the funds for the first loan, while a national bank provided the funds for the second. Genesis North Tower, which was recently completed, stands at 21 stories and spans roughly 390,000 square feet. Genesis South Tower was completed in 2016, standing at 12 stories and encompassing approximately 328,000 square feet. The two-property campus, which serves as the hub for the city’s biotech industry, is located adjacent to U.S. Highway 101 on the city’s south side. The site includes a seven-story parking garage. Amenities include a performing arts center, a bakery and market, two fitness centers, meeting and conference center, and a shuttle service. Upon completion of Genesis North Tower, the fitness center at Genesis South Tower will be converted into amenity space …
RAPID CITY, S.D. — Love Funding has provided a $24.2 million FHA-insured loan for the construction of Moon Meadows Apartments in Rapid City. The 160-unit multifamily property will feature a mix of one-, two- and three-bedroom floor plans within eight garden-style buildings. Climate-controlled hallways will link garages to unit entrances. Consolidated Construction Co. Inc. is building the property. Way Architects PC designed the project and Vertex Property Management will manage the community. Moon Meadows Apartments is part of the Moon Meadows Park development, which will include an office building, hotel, retail space and a new medical office park.
RENO, NEV. — Continental Partners has secured a $11.3 million loan for the acquisition of Mira Loma Shopping Center located at 3310 S. McCarran Blvd. in Reno. CVS/pharmacy and Scolari’s Grocery anchor the 102,782-square-foot retail center, which was 92 percent occupied at the time of acquisition. J.M. Grimaldi of Continental Partners arranged the loan for the borrower, a Los Angeles-based private investor. The borrower plans to implement light value-add renovations to the center, as well as remediate environmental contamination issues remaining due to a former tenant.
PUNTA GORDA, FLA. — Dougherty Mortgage LLC has provided a $22.7 million loan for the acquisition and rehabilitation of Seven Palms Apartments, a 336-unit affordable housing community in Punta Gorda. The 35-year loan was arranged on behalf of the borrower, Punta Gorda Leased Housing Associates II LLP, through the United States Department of Housing and Urban Development (HUD) 223(f) program. The loan features a 35-year amortization schedule. The community was developed in 2002 utilizing low-income housing tax credits (LIHTC) and tax-exempt bonds, and is reserved for families and individuals earning 60 percent or less of the area median income (AMI). In addition, there are 51 units restricted to those earning 33 percent or less of the AMI. These restrictions will be extended for a 15-year compliance period and a 15-year extended use period as part of the transaction. Seven Palms Apartments includes a mix of one- to three-bedroom units and features a swimming pool, tennis court, playground, clubhouse, business center, picnic area, car care center, storage room and a fitness center. The borrower will invest $7.9 million to renovate the property.
NEW YORK CITY — Madison Realty Capital has provided a $31.4 million loan for the construction of a mixed-use development at 744 Bedford Ave. in the Williamsburg neighborhood of Brooklyn. All proceeds of the loan will go toward completing construction of the 134,742-square-foot building. When complete, the building will include 88 residential rental units, 18,393 square feet of retail space and 76 parking spaces. The borrower, a local developer, has laid the foundation of the building and begun construction. The project is scheduled to be complete by spring 2019.
NEW YORK CITY — Meridian Capital Group has arranged $42 million in financing for the acquisition and renovation of an apartment property in the Lower East Side neighborhood of Manhattan. The eight-story property is located at 10 Rutgers St. and includes 83 units. A balance sheet lender provided the seven-year loan, which features three years of interest-only payments, followed by a 30-year amortization schedule. The borrower, AMAC Holdings, plans to renovate and reposition the property. Tal Bar-Or and Richard Sutton of Meridian negotiated the financing in the transaction.
CINCINNATI — CBRE Group Inc. has provided a $13.6 million HUD loan for the refinancing of The Reserve at 4th and Race, a luxury apartment property in downtown Cincinnati. The 15-story property features 88 residential units in addition to office space. The former Federal Reserve Bank of Cleveland, built in 1927, was converted into multifamily and office space in 2012. Mark Tran of CBRE originated the 40-year loan, which is fully amortized.
SACRAMENTO — MidCap Financial has provided $17.9 million in refinancing for the repositioning and lease-up of Stockton Plaza, a grocery-anchored community shopping center in Sacramento. The borrower is Santa Monica, Calif.-based DPI Retail. The borrower plans to renovate and repurpose the property, which Kmart formerly anchored. A regional grocery chain and national discount department store will be the new anchors at the renovated center. The first mortgage features a floating rate with a term of up to three years. Loan proceeds were used to refinance the existing debt and fund renovation, lease-up and carry costs. The Mozer team at George Smith Partners arranged the financing.
TIVERTON, R.I. — EagleBridge Capital has provided $6.4 million in financing for CVS Plaza in Tiverton, a shopping center anchored by a freestanding 13,500-square-foot CVS Pharmacy. Other tenants in the shopping center located at 500 Main Road include The Saconnet River Grille and an Allstate insurance agency. The term of the loan is 10 years with a 30 year amortization. Ted M. Sidel and Brian D. Sheehan of EagleBridge Capital arranged the financing provided by a CMBS lender. The law firm of DarrowEverett represented the undisclosed borrower in closing the loan.