OMAHA, NEB. — NorthMarq Capital has arranged a $21 million Freddie Mac loan for the refinancing of Tranquility Pointe Apartments in Omaha. The 230-unit apartment property is located at 4202 N. 126th Court. Amenities include a fitness center, pool, playground, basketball court and storage space. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.
MELVILLE, N.Y. — NorthMarq has arranged a $3.7 million cash-out refinancing for a 71,000-square-foot industrial building in Melville. The non-recourse financing included a 10-year term, fixed rate of 4.33 percent and a 25-year amortization schedule. Charles Cotsalas of NorthMarq’s Long Island regional office secured financing on behalf of the borrower, 100 Marcus Drive Associates. The lender was 40 | 86 Mortgage Capital Inc., a life insurance company.
SUMMERLIN, NEV. — New York City-based PBC USA has received a $70 million loan to refinance Tivoli Village, a 28-acre mixed-use development in Summerlin, a suburb of Las Vegas. Bank of Nevada provided the capital, which replaces financing from KeyBank and reduces the interest rate by 150 basis points. The refinancing is a result of near completion of a two-year turnaround campaign at the 700,000-square-foot retail and office property, bringing occupancy rates to above 80 percent. The first phase of Tivoli Village opened in 2011 and the second phase opened in 2016. Tenants at the property include Restoration Hardware’s RH Las Vegas, Echo & Rig Butcher and Steakhouse, Brio Tuscan Grille, David Barton Gym and Dance With Me. The property features 370,000 square feet of retail space and 300,000 square feet of Class A office space.
PROVINCETOWN, MASS. — HFF has arranged an $11.7 million acquisition loan for the 129-room Harbor Hotel Provincetown in Massachusetts. Located at 698 Commercial St., the three-building seasonal boutique hotel includes an outdoor pool, patio, fire pit, cabana bar and pet-friendly rooms as well as an onsite lounge and restaurant. The hotel is less than two miles from the ferry port, which delivers tourists from Boston. Provincetown attracts more than 60,000 tourists each summer. Greg LaBine and Martha Nay of HFF secured a seven-year, fixed-rate acquisition loan on behalf of the borrower, subsidiary entities of funds managed by Linchris Hotel Corp. The lender was HarborOne Bank.
ATHENS, GA. — SunTrust Bank has provided $35 million in financing to support the development of Presbyterian Village Athens in Athens. The 70-acre continuing care retirement community (CCRC) will feature a total of 229 units. Development costs are estimated at $143 million. Presbyterian Homes of Georgia is developing the property, breaking ground in September 2018. The project is scheduled for completion in early 2021.
BUFFALO, N.Y. — KeyBank has provided a $5.4 million construction loan and $6.7 million in 9 percent tax credit equity for the construction of Elim Townhomes in Buffalo. The two-acre property will feature 30 townhome units, available to households earning 50 percent of the area median income. Additionally, six of the 30 units will be set aside for individuals and families with physical, hearing or vision impairments. The borrower was Belmont Housing Resources. Terms of the financing were not disclosed. Other investments in Elim Townhomes included $3.1 million in permanent financing from the New York State Housing Trust Fund and a $900,000 permanent, long-term HOME loan from the City of Buffalo.
HAUPPAUGE, N.Y. — NorthMarq has arranged a $4 million loan to refinance an 82,835-square-foot industrial facility in Hauppauge. The property is located at 90 Nicon Court. NorthMarq arranged the 10-year, permanent loan for the borrower, 90 Nicon Realty LLC, through lender Lincoln Financial Group. The non-recourse loan features a fixed interest rate of 4.33 percent and a 25-year amortization schedule. The building is currently fully occupied by W.B. Mason.
KATY, TEXAS — NorthMarq Capital has arranged refinancing for Trinity Hunter Mobile Home Community, a 28-acre property located at 2800 Katy Hockley Cutoff in the western Houston suburb of Houston. Built in 2002, the community features 199 individual sites and gated access, a clubhouse and a management office. Dale Stewart and Chris Bailey of NorthMarq Capital arranged the 10-year, non-recourse financing through Fannie Mae on behalf of the undisclosed borrower.
DETROIT — iBorrow has provided an $8.8 million loan for the refinancing of a three-property multifamily portfolio in suburban Detroit. The properties, located in Cherry Hill, Riverview and Lincoln Park, total 281 units and 238,000 square feet. The borrower, the Reda family, plans to make capital improvements to the buildings, which were built in the 1960s and 1970s. The one-year loan features a fixed rate.
OMAHA, NEB. — NorthMarq Capital has arranged a $1.6 million loan for the acquisition of the Johnstone Supply building, a 27,915-square-foot industrial property in Omaha. The building is located at 4444 S. 108th St. Johnstone is a specialty wholesaler providing HVAC and refrigeration parts, supplies and equipment. Supply Steve Ruff of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. A life insurance company provided the loan.
