JEFFERSONVILLE, IND. — NorthMarq Capital has arranged a $7.7 million construction loan for Jeffersonville Town Center in southern Indiana. The 64,855-square-foot retail property will be located at 1450 Veterans Parkway. The project is the first phase of a 160-acre mixed-use development. Randall Waddell of NorthMarq arranged the three-year loan with a local bank. The borrower was not disclosed.
BELLEVUE, WASH. – Newmark has arranged $15 million in acquisition financing for Mercer Pointe, a single-tenant office building located within the Bellevue Office Park in Bellevue. The borrower is Spire Real Estate, a subsidiary of Vancouver-based Nicola Crosby Wealth Management. OfferUp.com occupies the 71,329-square-foot, Class A building. OfferUp is an online, mobile marketplace that gives consumers a platform to buy and sell products locally. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured the 25-year, fully amortizing, full-recourse loan, which will be serviced by Newmark.
FEDERAL WAY, WASH. – Hunt Mortgage Group has arranged a $5.1 million loan for the refinancing of Cedar Gardens Apartments, a multifamily property located at 2110 S.W. 337th Place in Federal Way. The borrower is Robert LaFountaine, a local real estate owner/operator. Built in 1980, the property comprises five two-story buildings totaling 49 apartment units. Glenn Gioseffi of Kidder Mathews arranged the Freddie Mac Small Balance loan, which features a five-year term, 30-year amortization schedule and a hybrid-adjustable interest rate. A hybrid-adjustable rate mortgage (hybrid ARM) is where a loan’s interest rate is fixed for an established amount of time and then transitions to an adjustable rate. Cedar Gardens was 98 percent occupied at the time of financing.
NEW YORK CITY — HFF has arranged a $260 million construction loan for the development of 202 Broome Street. The 16-story tower will rise at Essex Crossing, a planned mixed-use project on Manhattan’s Lower East Side. Evan Pariser, Michael Gigliotti, Scott Aiese, Alex Staikos and Jackie Ferrer of HFF arranged the 42-month loan on behalf of the developer, Delancey Street Associates, a joint venture comprising Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group. Square Mile Capital Management LLC provided the loan. “We continue to see compelling opportunities for debt investments in the New York market,” said Sean Reimer of Square Mile Capital. “The Essex Crossing project is a great example — a transformative development being created by a strong, visionary ownership group.” Upon completion in 2020, 202 Broome Street will include 179,234 square feet of Class A office space, 36,888 square feet of retail space and 83 luxury condominiums. The building will also contain a portion of Market Line, an underground marketplace that will span three city blocks and feature a food hall and a variety of large and small businesses. The historic Essex Street Market will anchor the marketplace. Construction on Essex Crossing …
LAWRENCE, MASS. — MassHousing has provided $28.8 million in financing to Reed Realty Advisors for the creation of a 180-unit affordable housing community in Lawrence, about 30 miles north of Boston. Reed Realty will redevelop a section of the former Pacific Mills cotton complex into new mixed-income housing that will include 40 workforce housing units for moderate-income households. The project will be called Pac 10 Lofts. MassHousing provided a $14 million tax-exempt permanent loan, a $1 million taxable permanent loan, an $8.8 million tax credit equity bridge loan and $5 million from MassHousing’s $100 million Workforce Housing Initiative. The transaction also involved $1.8 million from an allocation of state historic tax credits, a $3.6 million seller note, a $2.5 million deferred developer fee and $210,000 in financing from the City of Lawrence.
NEW YORK CITY — Ariel Property Advisors has arranged a $6.5 million cash-out refinance loan for four mixed-use properties in the Bedford-Stuyvesant neighborhood of Brooklyn. Paul McCormick and Matt Dzbanek of Ariel Property Advisors arranged the five-year, cash-out refinancing at a 75 percent loan-to-value and fixed interest rate of 4 percent for the undisclosed borrower. The four properties include 22 residential and six commercial units. Approximately 30 percent of the owner’s gross income comes from commercial leases.
AUSTIN, TEXAS — CBRE has secured a $78 million loan for the refinancing of The Triangle, a mixed-use property in Austin that includes 529 multifamily units and roughly 120,000 square feet of retail and restaurant space. Residential amenities include three pools, a 24-hour fitness center and a resident lounge. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE secured the seven-year, floating-rate loan on behalf of The Dinerstein Cos., a Houston-based development firm that acquired the property in 2017.
GRAND BLANC, MICH. — KeyBank Real Estate Capital has originated a $14.7 million Fannie Mae loan for the refinancing of The Grand in Grand Blanc near Flint, Mich. Developed between 2014 and 2017, the multifamily property features 102 garden-style units. Todd Linehan of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.
SARASOTA, FLA. — Berkeley Point Capital (BPC) has provided a $19.7 million Freddie Mac loan for the refinancing of Beneva Place, a 192-unit apartment community in Sarasota. Brian Kochan of BPC originated the fixed-rate loan through Freddie Mac’s Green Up program on behalf of the undisclosed borrower. In order to qualify for the program, the borrower will upgrade a number of water fixtures throughout the property, promoting lower consumption and energy bills for tenants. Beneva Place features a clubhouse, business center, 24-hour fitness center, laundry center, pool, fire pit, gazebo and picnic and barbecue areas.
CHANDLER, ARIZ. – Alliant Credit Union has arranged a $14.6 million loan for the refinancing of an industrial property located in Chandler. The property features 162,714 square feet of distribution space. The undisclosed sponsor had recently closed with a higher interest rate bridge loan and was seeking a low-leverage transaction to replace that debt. Alliant structured the 10-year loan with a 30-year amortization schedule and two years of interest-only payments.