Loans

Avison Young Secures $32M Acquisition Loan for Shopping Center in Metro D.C.

by Camren Skelton August 10, 2018

VIENNA, VA. — Avison Young has arranged a $32 million acquisition loan for Maple Avenue Shopping Center, a 111,810-square-foot retail property in Vienna, roughly 17 miles west of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the loan through PGIM Real Estate Finance on behalf of the borrower, GRI Maple Avenue LLC. Giant Food and CVS/pharmacy anchor Maple Avenue Shopping Center, which was fully leased at the time of sale. The retail center is also home to Michaels and other smaller stores.

August 10, 2018

Loans Multifamily New York Northeast Top Stories

PCCP Provides $168.5M Loan to Refinance Luxury Apartment Building in Manhattan

by Kristin Harlow August 10, 2018

NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St. The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied. Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield arranged the loan. The property comprises two towers with 218 market-rate units and 62 affordable housing units. A courtyard garden and glass-enclosed walkway bridge connect the two towers. Floor plans include a mix of studios, one- and two-bedroom units. More than 28,000 square feet of amenity space includes two rooftop gardens, a fitness center and yoga area, game room, media room, club lounge, communal kitchen and children’s playroom. Hell’s Kitchen, which has historically consisted of old warehouses and small multifamily properties, has experienced an influx of development in recent years. The activity has largely been led by the rezoning of the Hudson Rail Yards. Upon completion, the Hudson Yards redevelopment project will feature more than 18 million square feet of commercial and …

August 10, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $7.5M Refinancing for Multifamily Community in Boston

by David Cohen August 9, 2018

BOSTON — Cornerstone Realty Capital has secured a $7.5 million refinancing for a four-building, 64-unit multifamily community in Boston. The properties are located on Pleasant Street in Melrose, approximately 8 miles north of Boston. Cornerstone secured a fixed-rate loan through a correspondent lender with 24 months of interest-only payments followed by a 30-year amortization. The borrower was undisclosed.

August 9, 2018

Iowa Loans Midwest Multifamily

NorthMarq Arranges $4.5M Refinancing of Apartment Property in Iowa

by Kristin Harlow August 9, 2018

INDIANOLA, IOWA — NorthMarq Capital has arranged a $4.5 million loan for the refinancing of Linden West Apartments in Indianola, about 20 miles south of Des Moines. The 96-unit apartment property is located at 1203 W. 2nd Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

August 9, 2018

Connecticut Loans Multifamily

Marcus & Millichap Arranges $7.6M Refinancing for Mixed-Use Property in Connecticut

by David Cohen August 8, 2018

SHELTON, CONN. — Marcus & Millichap Capital Corp. has secured a $7.6 million cash-out refinancing for Bridge Street Commons, a mixed-use property located at 50 Bridge St. in Shelton. The building consists of 43 residential units and 7,000 square feet of commercial space. Robert Bhat of Marcus & Millichap Capital Corp. secured a 15-year loan with a fixed rate of 5 percent for the undisclosed borrower. The lender was Fannie Mae.

August 8, 2018

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $58.1M Construction Loan for Seniors Housing Property in Minneapolis

by Kristin Harlow August 8, 2018

MINNEAPOLIS — Dougherty Funding LLC has provided a $58.1 million loan for the construction of Prospect Park Senior Living in Minneapolis. The 283-unit seniors housing property will be located in the Prospect Park neighborhood near the light rail transit station and the University of Minnesota campus. The project will include 130 independent living units, plus 98 assisted living and 54 memory care units and one guest suite. The 10-story building will feature an underground parking garage, child daycare services and one retail unit. Terms of the loan were not disclosed. Oppidan Investment Co. is the developer for the project, which is slated for completion in early 2020, according to the Minneapolis/St. Paul Business Journal.

August 8, 2018

Loans Multifamily Texas

Regions Bank Provides $41M Construction Loan for Houston Apartments

by Taylor Williams August 7, 2018

HOUSTON — Birmingham, Ala.-based Regions Bank has provided a $41 million construction loan for an undisclosed, 327-unit multifamily community in Houston. The Class A project will be located near Houston’s central business district and the Washington Corridor areas. The property will feature one- and two-bedroom units and amenities such as a pool, outdoor common areas, a fitness center, a rooftop deck and a business center. The borrower was Phoenix-based Alliance Residential Co. A timeline for construction was not released.

August 7, 2018

Loans New York Northeast Retail

Madison Capital Arranges $85M Refinancing for Retail Property in Times Square

by David Cohen August 7, 2018

NEW YORK CITY — Madison Capital has arranged $85 million in refinancing for a 7,547-square-foot retail property in Manhattan’s Times Square District. Located at 1657 Broadway, the property is currently leased to McDonald’s Corp. and Starbucks. Madison Capital represented the undisclosed landlord in arranging a 10-year, interest-only loan with Aareal Capital Corp. The Starbucks lease covers approximately 2,830 square feet while the McDonald’s lease covers about 4,717 square feet. Both tenants recently signed 10-year, corporate leases.

August 7, 2018

Loans Midwest Minnesota Retail

HFF Arranges $25.4M Acquisition Financing for Retail Portfolio in Suburban Minneapolis

by Kristin Harlow August 7, 2018

COON RAPIDS AND ARDEN HILLS, MINN. — HFF has arranged $25.4 million in acquisition financing for a two-property retail portfolio in suburban Minneapolis. The properties include Village Ten Shopping Center in Coon Rapids and Shannon Square Shoppes in Arden Hills. Cub Foods and Life Time Fitness anchor the 208,127-square-foot Village Ten Shopping Center. Cub Foods also anchors the 97,638-square-foot Shannon Square Shoppes. Chris Drew, Nat Scarmazzi, Jules Sherwood, Tim Joyce and Matthew McCormack of HFF arranged two separate loans for the acquisition. Morgan Stanley Bank NA provided the 10-year, fixed-rate loans. The portfolio was 99 percent occupied at the time of purchase.

August 7, 2018

Loans Midwest Multifamily Nebraska

Hunt Real Estate Capital Provides $24.7M Bridge Loan for Acquisition of Multifamily Property in Omaha

by Kristin Harlow August 7, 2018

OMAHA, NEB. — Hunt Real Estate Capital has provided a $24.7 million bridge loan for the acquisition and renovation of a multifamily property in Omaha. The 408-unit garden-style property, located at 10535 Ellison Plaza, is 94 percent occupied. The complex, originally built in 1973, comprises 17 buildings and a two-story leasing office and clubhouse. The loan includes $4 million for interior and exterior improvements. The undisclosed borrower plans to add amenities such as a business center, fitness center, sports court, pet washing station, dog park and playground. Interior improvements will include granite countertops, black appliance upgrades, washer installations and new flooring.

August 7, 2018

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