Loans

Cushman & Wakefield Secures $108.6M Refinancing for 2.2 MSF Industrial Portfolio Across U.S.

by Camren Skelton March 27, 2018

ATLANTA — The Atlanta office of Cushman & Wakefield has secured the $108.6 million refinancing of a 2.2 million-square-foot, eight-property industrial portfolio located across the United States. Mike Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, Industrial Properties America III LLC, a joint venture between IDI Logistics and institutional investors advised by J.P. Morgan Asset Management. The portfolio includes 2124 Skyview Drive in Lithia Springs, Ga.; 11600 Miramar Parkway in Miramar, Fla.; 2501 S.W. 160th Ave. in Miramar; and 8425 Airways Blvd. in Southhaven, Miss. The other properties are located in Illinois, Ohio, Texas and California. At the time of sale, the portfolio was fully leased to 23 tenants.

March 27, 2018

Loans Multifamily Washington Western

Newmark Arranges $25.5M in Financing for Apartment Building in Seattle

by Amy Works March 27, 2018

SEATTLE — Newmark has secured $25.5 million in financing for 1111 East Olive Apartments in Seattle. Meriwether Partners developed the property for the longtime land owners. The property features 80 apartments above ground-floor retail space, which will be occupied by a coffee shop and Richard Hugo House, a non-profit center for supporting writers. Residential amenities include a rooftop deck, conference room, gym, secured bicycle storage and parking for 69 vehicles. Michael Taylor and Patrick Taylor of Newmark’s Seattle office arranged the 15-year term financing through Aegon Real Assets US. The loan will be used to refinance the construction loan.

March 27, 2018

Acquisitions California Industrial Loans Property Type Western

MetroGroup Provides $21.9M in Acquisition Financing for R&D/Flex Campus in San Diego

by Amy Works March 27, 2018

SAN DIEGO, CALIF. — MetroGroup Realty Finance has provided $21.9 million permanent acquisition financing for a R&D/flex corporate campus located at 10307 and 10309 Pacific Center Court in San Diego. The seven-year loan features a 30-year amortization, fixed interest rest and a loan-to-purchase-price ratio of 69 percent. Colony Northstar sold the property to a Newport Beach, Calif.-based private investor for an undisclosed price. Quantum Design International, a global scientific instrumentation manufacturer and distributor, occupies the 103,830-square-foot property. Michael Hartel of Colliers International represented the buyer in the acquisition transaction.

March 27, 2018

Industrial Loans Midwest Missouri Self-Storage

ASC Arranges $3M Refinancing of Self-Storage Portfolio in Branson, Missouri

by Kristin Harlow March 27, 2018

BRANSON, MO. — American Street Capital (ASC) has arranged a $3 million CMBS loan for the refinancing of a self-storage portfolio in Branson. The portfolio includes five facilities and 694 units spanning 127,449 square feet. The portfolio was over 95 percent occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year loan, which features a 30-year amortization schedule.

March 27, 2018

Illinois Industrial Loans Midwest

HFF Arranges $159.2M Recapitalization of Industrial Portfolio Located Primarily in the Midwest

by Kristin Harlow March 26, 2018

CHICAGO — HFF has arranged a $159.2 million recapitalization of an 11-property industrial portfolio totaling 2.8 million square feet in Georgia, Illinois, Michigan, Minnesota, Ohio, Pennsylvania and Texas. HFF represented the seller, a joint venture between Brennan Investment Group, Arch Street Capital Advisors LLC and Gatehouse Financial Group Limited, as well as the buyer, a new joint venture between Brennan Investment Group and Sidra Capital. Goldman Sachs provided a 10-year loan on behalf of the new owner. The fully leased portfolio, known as USIPA, is triple-net leased to nine tenants and features single-tenant buildings ranging from 90,000 to 578,000 square feet. Clear heights range from 17 feet to 34 feet. Claudio Sgobba, Christopher Carroll, Robin Stolberg, Kurt Sarbaugh, Matthew Schoenfeldt and Jules Sherwood of HFF made up the debt and equity placement team.

March 26, 2018

Loans Multifamily Northeast Rhode Island

Washington Trust Provides $19.6M in Financing for Development of 134-Unit Apartment Complex in East Providence

by David Cohen March 23, 2018

PROVIDENCE, R.I. — Washington Trust’s Commercial Real Estate Group has provided $19.6 million in financing to Kettle Point Apartments LLC for the construction of a 134-unit apartment complex in East Providence. The complex is the first in a two-phase project at the 6.6-acre site on Kettle Point Avenue that will eventually include 228 units. Phase I will feature three apartment buildings, one with 40 units and two with 45 units, as well as a townhouse building with four units. Amenities include a clubhouse with fitness center and outdoor swimming pool. The property features views of Narragansett Bay to the south and the city of Providence skyline to the northwest. The first building in Phase I of the project is scheduled for completion in June. The completion date for Phase II is unknown.

March 23, 2018

Loans Multifamily New York Northeast Seniors Housing

Harborview Arranges $63M Bridge-to-HUD Loan for Skilled Nursing Facility in Brooklyn

by David Cohen March 23, 2018

NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn. The loan refinances existing debt. The local borrower plans to improve the facility with a new rehabilitation gym. Further details on the borrower and facilities were not disclosed. David Nussbaum and Jeffrey Fuchs of Harborview negotiated the transaction.

March 23, 2018

Loans Multifamily Utah Western

CBRE Arranges Refinancing of 224-Unit Multifamily Community in Utah

by Amy Works March 23, 2018

HEBER CITY, UTAH — CBRE has secured an undisclosed amount of refinancing for Wasatch Commons Apartments, a 224-unit multifamily community located in Heber City. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, interest-only, floating-rate Fannie Mae mortgage on behalf of the undisclosed owner. The property consists of 106 newly renovated one-, two- and three-bedroom units. Residences include walk-in closets, window coverings, private balconies/patios, air conditioning and in-unit washers and dryers. Community amenities include covered parking, a playground, barbecue areas, a heated swimming pool, a hot tub, clubhouse, 24-hour fitness room and guest parking.

March 23, 2018

Loans Multifamily Southeast Virginia

HFF Secures $18.8M Freddie Mac Acquisition Loan for Multifamily Asset in Hampton Roads Area

by Camren Skelton March 23, 2018

NEWPORT NEWS, VA. — HFF has secured an $18.8 million loan for the acquisition of Meadow View Townhomes, a 400-unit apartment community located at 4801 Marshall Ave. in Newport News, a town in Virginia’s Hampton Roads region. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, fixed-rate loan through Freddie Mac’s Capital Markets Execution program on behalf of the borrower, a joint venture between Brick Lane and Red Starr Investments. The 77-building property includes a mix of one- to four-bedroom units. The property, which was fully renovated in 2017, features a clubhouse, playground and on-site parking.

March 23, 2018

Loans Multifamily New York Northeast

Mack Real Estate Credit Strategies Provides $127M in Financing for Multifamily Development in Brooklyn

by David Cohen March 22, 2018

NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former senior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a multifamily building. The Mack Real Estate financing was arranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill in the transaction and Stroock & Stroock & Lavan LLP represented Mack Real Estate.

March 22, 2018

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