Loans

CBRE Brokers $23.6M Sale, $18.3M Acquisition Financing for Office Portfolio Near Orlando

by Camren Skelton March 5, 2018

ORLANDO, FLA. — CBRE has arranged the $23.6 million sale of and $18.3 million acquisition financing for a 283,292-square-foot office portfolio in the metro Orlando area. Ron Rogg and Chip Wooten of CBRE brokered the sale. In addition, CBRE’s Zac Brumbaugh arranged a five-year loan with 18 months of interest-only payments through a bank on behalf of the borrower, Realty Capital Commercial Real Estate Advisors. The name of the seller was not disclosed. The portfolio includes Interlachen Corporate Center in Casselberry, roughly 13 miles north of Orlando, and 2400 Maitland and 500 Winderley in Maitland, roughly eight miles north of Orlando. The portfolio was 75 percent leased at the time of sale to tenants such as RP Funding’s headquarters, Fidelity National Title Co. and Avant Healthcare.

March 5, 2018

Loans Multifamily Texas

Arbor Secures $35.9M Refinancing for Multifamily Asset in Houston

by Taylor Williams March 2, 2018

HOUSTON — Arbor Realty Trust Inc., a publicly traded REIT and direct lender, has secured a $35.9 million loan for the refinancing of Nottingham Village, a 317-unit apartment community in Houston. The garden-style property was built in two phases in 1971 and 1983 and offers a saltwater pool and on-site maintenance. Ronen Abergel of Arbor Realty Trust secured the loan, which features a fixed interest rate and a 35-year term, through the FHA 223(d) program. About $500,000 of the loan proceeds will go toward renovating the property’s interiors and electrical systems. The borrower was not disclosed.

March 2, 2018

Loans New York Northeast Office

Rockwood Capital Receives $260M in Financing for Office Building in Manhattan

by Amy Works March 2, 2018

NEW YORK CITY — Rockwood Capital has received a total of $260 million in financing for 2 Grand Central Tower, the company’s office building located at 140 E. 45th St. in Manhattan’s Midtown East section. Approximately $60 million is new capital and $200 million will be used to refinance existing debt at the property. Built in 1981, the 44-story property features 650,000 square feet of office space. Rockwood Capital, BBR Partners, Cortec Group, Banorte Securities and the General Services Administration are tenants at the building. Diana Brummer and Elizabeth Akerman of Stroock represented Rockwood in the financing.

March 2, 2018

Loans Office Texas

TRC Negotiates $14M Acquisition Loan for Office Property in Downtown Austin

by Taylor Williams March 2, 2018

AUSTIN, TEXAS — Texas Realty Capital (TRC) has arranged a $14 million loan for the acquisition of Park Plaza, an office property with condominium and retail components in downtown Austin. Sun Life Assurance Co. of Canada provided the loan, which features a 10-year term and a fixed interest rate. The borrower was not disclosed.

March 2, 2018

Hospitality Loans Texas

MCA Arranges $11.7M Financing for Purchase of 101-Room Hotel in Plano

by Taylor Williams March 2, 2018

PLANO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged an $11.7 million loan for the acquisition of a 101-room Staybridge Suites hotel in Plano. Sunny Sajnani of MCA arranged the loan, which features a 75 percent loan-to-cost (LTC) ratio, on behalf of hospitality investment and development firm Ascend Growth Partners. Alliance Bank originated the loan, other terms of which were not disclosed.

March 2, 2018

Georgia Loans Office Southeast

Square Mile Provides $121.2M Refinancing for Office Asset in Atlanta’s Cumberland/Galleria Submarket

by Camren Skelton March 2, 2018

ATLANTA — Square Mile Capital Management LLC has provided a $121.2 million loan for the refinancing of Towers at Wildwood Plaza, a two-building, 719,000-square-foot office property located at 3200 Windy Hill Road S.E. in Atlanta’s Cumberland/Galleria submarket. Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the loan on behalf of the borrower, an entity controlled by America’s Capital Partners, which acquired the property in 2014. Built in 1991, the property comprises two interconnected, 15-story towers that were designed by I.M. Pei. Towers at Wildwood Plaza features a 75-seat conference facility, 4,000-square-foot athletic club, bike storage room, Wi-Fi lounge and 2,200 parking spaces. The property was more than 89 percent leased at the time of sale.

March 2, 2018

Loans Multifamily Northeast Pennsylvania

Hunt Mortgage Group Provides $5.5M Acquisition Loan for a Multifamily Property in Philadelphia

by Amy Works March 1, 2018

PHILADELPHIA — Hunt Mortgage Group has provided a $5.5 million Freddie Mac Small Business Loan to finance the acquisition of Reach Lofts Apartments, an affordable multifamily property located at 1701-1707 Tulip St. in Philadelphia. The borrower is MM Equity Partners Philly LLC. The seven-year fixed-rate loan features an 84-month overall term with the first two years as interest-only payments followed by seven years of 30-year amortization and a yield management prepayment schedule. The five-story apartment building features 30 residential units in a mix of one- and two-bedroom layouts. Property amenities include in-unit washers and dryers, bike storage and a furnished roof deck.

March 1, 2018

Hospitality Illinois Loans Midwest

Ladder Capital Provides $38.7M Acquisition Loan for Chicago Marriott Schaumburg

by Kristin Harlow March 1, 2018

SCHAUMBURG, ILL. — Ladder Capital has provided a $38.7 million loan for the acquisition and renovation of Chicago Marriott Schaumburg. The 398-room hotel is located at 50 N. Martingale Road in suburban Chicago. The 13-story property is situated within the Woodfield Corporate Center, an office complex spanning more than 3 million square feet. Completed in 1983 and renovated in 2007, the hotel features a fitness center, business center, indoor and outdoor pools, two restaurants and 18,536 square feet of meeting space. Jeff Bucaro, Nicole Aguiar, Tony Malk, Matt Enright and Bryan Rosenberg of HFF arranged the three-year loan on behalf of the borrower, Arbor Lodging Partners. The Chicago-based company is planning significant upgrades to the property, including a full renovation of the lobby, meeting space, common areas and guest rooms. Arbor Lodging Management manages the hotel.

March 1, 2018

Florida Loans Retail Southeast

HFF Arranges Joint Venture Equity, Construction Financing for 470,000 SF Shopping Center in Orlando

by Camren Skelton March 1, 2018

ORLANDO, FLA. — HFF has arranged joint venture equity and construction financing for the development of Vineland Pointe, a 470,000-square-foot shopping center under construction in Orlando. Danny Finkle and Brian Gaswirth of HFF arranged the joint venture equity partnership with LaSalle Investment Management on behalf of the developer, O’Connor Capital Partners. The HFF team subsequently arranged a construction loan through Wells Fargo Bank on behalf of the LaSalle-O’Connor partnership. The three-phase Vineland Pointe will be home to tenants such as Lucky’s Market, Ross Dress for Less, Marshalls and Burlington. Site work at the property is underway, and the project is slated for completion by mid-2019.

March 1, 2018

Loans Multifamily North Carolina Seniors Housing Southeast

KeyBank Provides $15.5M Refinancing for Seniors Housing Asset in Mebane, North Carolina

by Camren Skelton March 1, 2018

MEBANE, N.C. — KeyBank Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Mebane Ridge Assisted Living, a 65-unit seniors housing property in Mebane, roughly 25 miles northwest of Durham. Charlie Shoop of KeyBank arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed, but the property website lists Ridge Care Inc. as the owner/operator. The one-story Mebane Ridge Assisted Living was constructed in 2014 and includes assisted living and memory care units.

March 1, 2018

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