Loans

Continuum Partners Receives $110M Refinancing for Mixed-Use Project in Downtown Denver

by Amy Works October 12, 2018

DENVER — Denver-based Continuum Partners has received $110 million in financing for A Block, a mixed-use development located in downtown Denver. The 310,055-square-foot project features the 200-key Kimpton Hotel Born, located at 1600 Wewatta St., and a 54,976-square-foot Class A office building with ground-level retail space and a 197-space parking garage, located at 1881 16th St. Completed in 2017, A Block has two separate components: the 12-story Hotel Born and the five-story office and retail portion. The hotel features 13,937 square feet of flexible meeting space, a fitness center, business center, ground-floor retail space and two food and beverage options, Citizen Rail Restaurant in the hotel lobby and Tavernetta. The fully occupied office building features 7,929 square feet of retail space leased to national tenants. Eric Tupler, Leon McBroom and Tyler Dumon of HFF arranged the floating-rate loan with a national bank. Loan proceeds will be used to retire the existing construction financing, which was placed by HFF in 2015.

October 12, 2018

Loans Multifamily New York Northeast

HKS Secures $55M Acquisition Loan for Multifamily Portfolio in Chelsea

by David Cohen October 12, 2018

NEW YORK CITY — HKS Real Estate Advisors has secured a $55 million acquisition loan for the Chelsea Collection, an eight building multifamily portfolio in Manhattan’s Chelsea neighborhood. HKS arranged the financing on behalf of Dalan Management and Elion Partners through lender M&T Bank. The portfolio, which is located at 102-116 8th Ave., is comprised of 102 multifamily units and 10 ground-floor retail units spanning 115,046 square feet. Terms of the financing were not disclosed.

October 12, 2018

Iowa Loans Midwest Multifamily Nebraska

NorthMarq Arranges $53.3M Refinancing for Five Multifamily Properties in Iowa, Nebraska

by Kristin Harlow October 12, 2018

IOWA AND NEBRASKA — NorthMarq Capital has arranged $53.3 million for the refinancing of five multifamily properties located in Iowa and Nebraska. The properties include Park Avenue in Des Moines; Bentley and Enclave in Omaha; and Highpointe and Old Cheney in Lincoln, Neb. The five properties contain a total of 899 units. Jason Kinnison of NorthMarq arranged the five individual financings through Freddie Mac. The fixed-rate, 10-year loans feature amortization schedules of 30 years.

October 12, 2018

Loans Midwest Multifamily Ohio Seniors Housing

Greystone Provides $15M Bridge Financing for Two Skilled Nursing Facilities in Youngstown, Ohio

by Kristin Harlow October 12, 2018

YOUNGSTOWN, OHIO — Greystone has provided $15 million in bridge financing for two skilled nursing facilities in Youngstown. The properties include Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing. The properties have undergone significant renovations and offer sub-acute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, a veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents. Fred Levine of Greystone originated the loan.

October 12, 2018

California Loans Multifamily Seniors Housing Western

CBRE Provides $24.9M Refinancing for 207-Unit Seniors Housing Community in Southern California

by Amy Works October 12, 2018

RIVERSIDE, CALIF. — CBRE has provided a $24.9 million Fannie Mae refinancing for Welbrook Arlington, a 207-unit independent living, assisted living and memory care community in Riverside. MBK Senior Living operates the property, located about 55 miles east of Los Angeles, under a third-party management agreement. The borrower is a joint venture between Capitol Seniors Housing and Welbrook Senior Living. CBRE’s Aron Will arranged the refinancing. CBRE Multifamily Capital originated the 10-year, floating-rate loan with 48 months of interest-only payments through its Fannie Mae DUS Multifamily loan origination program. This is CBRE’s third financing of the property over a five-year period, and its second through Fannie Mae. Capitol and Welbrook acquired the property in 2013 as an independent living community. Shortly after the acquisition, the new owners executed a capital improvement program to modernize the property and convert one of the buildings into an assisted living and memory care facility. Since that time the property has experienced strong leasing and is currently over 93 percent occupied.

October 12, 2018

Healthcare Loans New Jersey Northeast Office

Progress Capital Arranges $4.4M Refinancing for Medical Office Complex in New Jersey

by David Cohen October 12, 2018

IRVINGTON, N.J. — Progress Capital has arranged a $4.4 million refinancing for the Irvington Medical Office in Irvington. Located at 40 and 50 Union Ave., the property consists of two buildings. 40 Union Ave. is a four-story, 19,982-square-foot medical office building built in 1962. The adjacent building, 50 Union Ave., is an eight-story, 50,638-square-foot building built in 1969. The property is currently subject to a ground lease. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower, who will use $1.5 million of the proceeds to acquire the land at 50 Union Ave. The five-year, fixed-rate loan includes a 4.5 percent interest rate and a 10-year term with a 25-year amortization. The lender was undisclosed.

October 12, 2018

Development District of Columbia Loans Retail Southeast

Walker & Dunlop Arranges $61M in Financing for Retail Development in D.C.

by Amy Works October 12, 2018

WASHINGTON, D.C. — Walker & Dunlop has structured $61 million in financing for the recapitalization of The Shops at Dakota Crossing, a trophy retail center in Washington, D.C. Jamie Butler of Walker & Dunlop led the team that replaced the existing construction financing with a senior bridge loan, which also provides for future funding based on additional leasing and capital costs. Located on New York Avenue, the 140,000-square-foot shopping center is 98 percent pre-leased to national and local tenants, including the city’s first Costco, Lowe’s Home Improvement Warehouse, Dick’s Sporting Goods, Marshalls, PetSmart, Chick-fil-A and Starbucks Coffee.

October 12, 2018

Loans New Jersey Northeast Office

HFF Secures $8.8M Refinancing of Office Building in Eatontown, New Jersey

by David Cohen October 11, 2018

EATONTOWN, N.J. — HFF has secured an $8.8 million refinancing for a 79,258-square-foot office building in Eatontown. Located at 4 Industrial Way W., the three-story property is 98 percent leased to nine tenants in a variety of industries ranging from technology to medical practice. The tenant roster includes Wayside Technology Group Inc., Clinilabs Inc., Polaris Alpha and The Memory Enhancement Center of America. HFF represented the borrower, The Donato Group, which originally developed the property in 1988. The lender was First Bank.

October 11, 2018

Acquisitions Loans Multifamily North Carolina Southeast

Hunt Provides $18.3M Fannie Mae Loan for Acquisition of Charlotte Multifamily Property

by Amy Works October 11, 2018

CHARLOTTE, N.C. — Hunt Real Estate Capital has provided a $18.3 million Fannie Mae multifamily loan for the purchase of Fields at Archdale Station, a multifamily property located at 6614 Wisteria Drive in Charlotte. The borrower, Roseland, N.J.-based Gellar Associates, acquired the property from Elite Street Capital Grand Oaks Equity LP. The new loan has a 12-year term. Built from 1968 to 1975, Fields at Archdale Station features 243 apartments spread across 26 three-story apartment buildings. Situated on 14.6 acres, the garden-style community also features 489 parking spaces, a dog park, playground, outdoor kitchen, pavilion, picnic areas and a soccer field. Additional on-site amenities include a centralized laundry facility, on-site management and 24-hour emergency maintenance.

October 11, 2018

California Loans Retail Western

CBRE Arranges $24.3M Refinancing for Stater Bros. Plaza in Chino, California

by Amy Works October 11, 2018

CHINO, CALIF. — CBRE has secured a $24.3 million loan for the refinance of Stater Bros. Plaza, a neighborhood retail center in Chino. Situated on 6.9 acres at 6989 Schaefer Ave., the property consists of 73,641 square feet of rentable space. Stater Bros. Market anchors the center, which was built in 2008. Other tenants include Chase Bank, Subway, Sprint, The UPS Store and Mountain Mike’s Pizza, among others. Marina Massari and Sharon Kline of CBRE’s Newport Beach, Calif., office arranged the five-year loan featuring 36 months of interest-only payments for the borrower, Euclid Plaza LLC. Buchanan Mortgage Holdings, a division of Buchanan Street Partners, provided the loan. Joseph Maehler of Buchanan Street Partners represented the lender in the financing.

October 11, 2018

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