Loans

Dougherty Mortgage Provides $22.7M HUD Loan for Affordable Housing Community in South Florida

by Camren Skelton March 30, 2018

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.

March 30, 2018

Loans Mixed-Use New York Northeast

Madison Realty Provides $31.4M in Construction Financing for Williamsburg Mixed-Use Development

by David Cohen March 29, 2018

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.

March 29, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $42M Loan for Apartment Community on Manhattan’s Lower East Side

by David Cohen March 29, 2018

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.

March 29, 2018

Loans Midwest Multifamily Ohio

CBRE Provides $13.6M Refinancing for Multifamily Property in Downtown Cincinnati

by Kristin Harlow March 29, 2018

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.

March 29, 2018

California Loans Retail Western

MidCap Financial Provides $17.9M Refinancing for Shopping Center in Sacramento

by Amy Works March 29, 2018

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.

March 29, 2018

Loans Northeast Retail Rhode Island

EagleBridge Capital Provides $6.4M in Financing for CVS-Anchored Shopping Center in Rhode Island

by David Cohen March 28, 2018

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.

March 28, 2018

Loans Midwest Missouri Office

CBRE Arranges $8.7M Refinancing for Coworking Office Building in Kansas City

by Kristin Harlow March 28, 2018

KANSAS CITY, MO. — CBRE has arranged an $8.7 million loan for the refinancing of Westport Commons in Kansas City. The borrower, Sustainable Development Partners of Kansas City, purchased the abandoned former school and converted it into a coworking office property. The project, completed in mid-2017, is now fully leased. John Perlik and Don Coleman of CBRE | Capstone arranged the permanent fixed-rate loan, which features a 20-year amortization schedule.

March 28, 2018

Florida Loans Property Type Retail Southeast

Aztec Arranges $80.5M Construction Loan for Walmart, Home Depot-Anchored Project in Northeast Florida

by Camren Skelton March 28, 2018

ST. JOHNS, FLA. — Aztec Group Inc. has arranged an $80.5 million construction loan for The Pavilion at Durbin Park, an 80-acre retail project in St. Johns, roughly 25 miles south of Jacksonville. Jason Shapiro and Sean Harrington of Aztec Group arranged the three-year, floating-rate loan through City National Bank of Florida on behalf of the project developer, Gatlin Development Co. The Pavilion is the first phase of Durbin Park, a 1,700-acre mixed-use development that will eventually include more than 2 million square feet of retail, 2 million square feet of office space, multifamily units and a hotel. Walmart and The Home Depot will anchor the 600,000-square-foot first phase of the project. In addition, The Pavilion will include 200,000 square feet of space for junior anchors, as well as approximately 90,000 square feet for local retail and restaurant concepts. Walmart is scheduled to open in November, and Home Depot is scheduled to open in spring 2019. The remaining portion of The Pavilion is slated for completion in summer 2019.

March 28, 2018

Florida Loans Multifamily Property Type Southeast

Hunt Provides $14.4M in Freddie Mac Financing for Multifamily Portfolio in Palm Beach County

by Camren Skelton March 28, 2018

NEW YORK CITY — New York-based Hunt Mortgage Group has provided $14.4 million in Freddie Mac financing for the acquisition of three multifamily properties in Palm Beach County. New Jersey-based-Typhon Realty Limited LLC was the borrower. Hunt provided a $4.1 million loan for the acquisition of Villas Santorini. The 28-unit community is located in Lake Worth and is part of a larger 34-unit condominium complex. Typhon plans to buy the remaining six units over the next 12 months. The current 28 units are operated as a rental apartment community. The property was built in 2007 and features a clubhouse, swimming pool, sundeck and a playground. Hunt also provided a $4.8 million loan for Whispering Winds Townhomes, a 32-unit community located in Greenacres. The property features a clubhouse, swimming pool and a playground. In Palm Springs, Hunt provided a $5.5 million loan for the acquisition of Charles Landing Townhomes, a 40-unit community that features garage parking and a children’s play area. Each of the five-year loans featured one year of interest-only payments and 30-year amortization schedules.

March 28, 2018

Illinois Industrial Loans Midwest

PGIM Real Estate Finance, NYSTRS Provide $1.1B in Acquisition Financing for Industrial Portfolio

by Kristin Harlow March 27, 2018

CHICAGO — PGIM Real Estate Finance and the New York State Teachers’ Retirement System (NYSTRS) have provided $1.1 billion in financing for the acquisition of a 146-property industrial portfolio. Each entity provided $550 million. The portfolio comprises more than 21.7 million square feet with the largest concentrations of properties in Chicago, Dallas, Baltimore-Washington, D.C. and southern California. The properties are home to 327 tenants, including Amazon, FedEx, The Home Depot and Coca-Cola. On average, the buildings are 20 years old and have a clear height of 27 feet.

March 27, 2018

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