Loans

Fantini & Gorga Arranges $30M Loan to Refinance 61,000 SF Office Building in Cambridge

by David Cohen March 21, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has arranged a $30 million loan to refinance a 61,000-square-foot office building in Cambridge. The property, located at 784 Memorial Drive and owned by an affiliate of the Bullfinch Companies, was originally built in 1937 and underwent renovations in 1999 and 2014. Harvard University recently executed a long-term lease for the entire building with plans to house a technology services department there. Wayne Clough and Despina Hixon of Fantini & Gorga arranged the financing with one of its correspondent life insurance companies. The building is located along the Charles River in the Cambridgeport neighborhood, halfway between the campuses of Harvard and the Massachusetts Institute of Technology.

March 21, 2018

Development Georgia Hospitality Loans Southeast

Songy Highroads, Hyatt Close $32.9M Construction Loan for Hyatt Place Centennial Park in Downtown Atlanta

by Camren Skelton March 21, 2018

ATLANTA — Atlanta-based developer Songy Highroads LLC and Hyatt Hotels Corp. have closed on a $32.9 million construction loan for Hyatt Place Centennial Park, a 175-room hotel that will be located at 300 Luckie St. in downtown Atlanta. Designed by Wakefield Beasley, the 11-story hotel will be situated directly across the street from the Georgia Aquarium and one block from Centennial Olympic Park. Ed Coco led HFF’s team in arranging the loan through HSBC on behalf of the Songy Highroads-Hyatt joint venture. Set to open in August 2019, the hotel will feature a parking garage, pool, fitness center, 2,100 square feet of meeting space and retail facing Luckie and Marietta streets. General contractor Reeves Young is underway on construction, which included razing an existing two-story building at the site. Hyatt Place Centennial Park will mark Songy Highroads’ sixth Hyatt-branded development since 2014.

March 21, 2018

Loans Michigan Midwest Multifamily

Hunt Mortage Group Provides $16M Acquisition Loan for Multifamily Property in Ann Arbor

by Kristin Harlow March 21, 2018

ANN ARBOR, MICH. — Hunt Mortgage Group has provided a $16 million Fannie Mae loan for the acquisition of Woodchase Apartments in Ann Arbor. The 144-unit garden-style apartment community, located at 1100 Rabbit Run Circle, features 11 buildings and is currently 98 percent occupied. Amenities include a pool, clubhouse and laundry room. Matt Shane of Q10 | Lutz Financial Services arranged the 15-year loan, which features a 30-year amortization schedule. Woodchase Acquisition LLC was the borrower.

March 21, 2018

Indiana Loans Midwest Multifamily

CBRE Arranges $1.6M Refinancing for Apartment Property in Indianapolis

by Kristin Harlow March 21, 2018

INDIANAPOLIS — CBRE has arranged a $1.6 million loan for the refinancing of Monon Station Apartments in Indianapolis. Dan Gable and Jason Brown of CBRE arranged the 10-year Freddie Mac Small Business Loan, which features a 30-year amortization schedule. Barratt Asset Management was the borrower. The 28-unit apartment property underwent a renovation in 2016.

March 21, 2018

Villas-at-Willow-Springs-San-Marcos-Texas

Affordable Housing Loans Multifamily Seniors Housing Texas

KeyBank Provides $23.7M in Acquisition Financing for Two Affordable Housing Assets in Texas

by Taylor Williams March 20, 2018

SAN MARCOS AND LUBBOCK, TEXAS — KeyBank Real Estate Capital has provided $23.7 million in financing for the acquisition of two affordable housing properties in Texas. The financing for the 220-unit Villas at Willow Springs in San Marcos and the 144-unit Cantibury Pointe in Lubbock was secured on behalf of nonprofit Harmony Housing. Both properties were developed in the early 2000s. John Gilmore IV and Jeff Rodman of KeyBank structured the loans through Fannie Mae.

March 20, 2018

Hospitality Loans Massachusetts Northeast

Square Mile, JPMorgan Chase Provide $75M in Financing for Acquisition of Boston Marriott Quincy

by David Cohen March 20, 2018

QUINCY, MASS. — Square Mile Capital Management and JPMorgan Chase have provided $75 million in financing to Columbia Sussex Corp. for the acquisition and renovation of the 466-room Boston Marriott Quincy in Quincy. The hotel is located in South Boston’s Quincy market, 12 miles from downtown Boston and sits atop a hill overlooking the city skyline and Massachusetts coastline. Amenities at the hotel include a fitness center, indoor swimming pool, business center and 16,000 square feet of renovated meeting space. Lawrence Britvasn and Matt Jacobs of Hodges Ward Elliot in New York arranged the financing. The Columbia Sussex Corp. is a privately owned hotel owner and operator based in Crestview Hills, Ky., with a portfolio of more than 13,000 rooms.

March 20, 2018

Connecticut Industrial Loans Northeast Office

Washington Trust Provides $6.6M in Financing for Multi-Tenant Flex Property in Connecticut

by David Cohen March 20, 2018

TRUMBULL, CONN. — Washington Trust’s Commercial Real Estate Group has provided $6.6 million to refinance and make tenant improvements to an 83,193-square-foot multi-tenant office and industrial property in Trumbull. The 14-acre property located at 60 Commerce Drive is the former headquarters of the Pilot Pen Corp. and consists of two interconnected buildings. The front building is three levels totaling 15,505 square feet of office space while the rear building contains 67,688 square feet of office and industrial space. 60 Commerce Drive is owned by CH Commerce Drive Associates and City Park Commerce Drive.

March 20, 2018

Acquisitions Florida Loans Multifamily Southeast

Berkadia Closes $40.5M Acquisition Loan for Multifamily Community in Orlando

by Camren Skelton March 20, 2018

ORLANDO, FLA. — Berkadia has provided a $40.5 million acquisition loan for Art Avenue Apartment Homes, a 300-unit multifamily community located at 10201 Lee Vista Blvd. in Orlando. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 10-year, Freddie Mac loan with five years of interest-only payments on behalf of the borrower, Robbins Property Associates. Colony NorthStar Inc. sold the property to Robbins for an undisclosed price. Art Avenue includes studio to three-bedroom apartment units with granite-look countertops, stainless steel appliances, faux-wood flooring and patios or terraces. Community amenities include an internet lounge, coffee bar, fitness center, children’s art room, resort-style pool and an outdoor fire pit.

March 20, 2018

Development Florida Loans Multifamily Southeast

HSF Provides $35.5M Construction Loan for Apartment Community in Tampa Bay Area

by Camren Skelton March 20, 2018

ST. PETERSBURG, FLA. — Hall Structured Finance (HSF) has provided a $35.5 million construction loan for the development of The Vantage, a 211-unit apartment community in St. Petersburg. Mike Lemon and Matt Shane of Q10 Lutz Financial Services arranged the loan on behalf of the project developer, Michigan-based DevMar Development. The 11-story apartment community will feature a rooftop pool, terrace and veranda, fitness center and a yoga room. The property is located one mile from downtown St. Petersburg within the EDGE district, a walkable community that houses retail, restaurants, nightlife and art galleries. DevMar Development expects to deliver The Vantage in September 2019.

March 20, 2018

Florida Loans Office Southeast

HFF Arranges $23M Refinancing for WeWork-Anchored Office Building in Miami Beach

by Camren Skelton March 20, 2018

MIAMI BEACH, FLA. — HFF has arranged a $23 million loan for the refinancing of Fifth and Lenox, a 43,500-square-foot office building located at 429 Lenox Ave. in Miami Beach. Paul Stasaitis and Maxx Carney of HFF arranged the floating-rate loan through Granite Point Mortgage Trust Inc. on behalf of the borrower, an affiliate of Goddard Investment Group. The five-story building is fully leased to WeWork on a triple-net basis through 2031. Fifth and Lenox features common lounge areas, soundproof phone booths, conference rooms, printing stations, a coffee bar with baristas and a dog-friendly workspace.

March 20, 2018

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