YORKTOWN, N.Y. — G.S. Wilcox & Co. has secured $25.2 million in financing for the site development of a future Lowe’s Home Improvement Warehouse, which has a 20-year ground lease, in Yorktown. David Fryer of G.S. Wilcox & Co. arranged the loan that features a two-year construction period and a 20-year term thereafter. The loan includes an extended amortization period beyond the initial lease term without the use of residual value insurance. The site has three additional pad sites that were left unencumbered, allowing the borrower to lease those to tenants and secure necessary financing.
FORT LEE, N.J. — Cronheim Mortgage has arranged $5 million in financing for Palisade Gardens, an apartment complex located in Fort Lee. Provided by American United Life Insurance Co., the loan was structured on a 10-year self-liquidating basis. Constructed in the 1950s, Palisade Gardens comprises nine two-story brick buildings featuring a total of 168 units in a mix of studio, one- and two-bedroom layouts, ranging in size from 415 square feet to 740 square feet. On-site community amenities include laundry facilities and surface and covered garage parking. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.
HOUSTON — HFF has arranged the capitalization of Hanover River Oaks, a 39-story luxury high-rise apartment tower under construction in Houston’s River Oaks neighborhood. Cortney Cole, Scott Galloway and Dustin Selzer of HFF represented Hanover Co. and institutional investors advised by J.P. Morgan Asset Management to capitalize the project’s equity and construction financing. Located at 2930 Kirby Drive in Houston’s Upper Kirby District, the property will feature 370 residential units and nearly 10,000 square feet of ground-level retail space. Units will average 1,172 square feet and feature stainless steel appliances, stone countertops, kitchen islands and pantries, garden tubs, walk-in closets, computer niches and/or dry bars, floor-to-ceiling windows and faux wood and tile flooring throughout. Community amenities will include a rooftop pool with sunbeds and poolside cabanas, outdoor grilling and dining stations, 24-hour fitness club, clubhouse with lounge seating, catering kitchen with private dining room, theater, landscaped garden courtyard, water wall garden, pet washing station, 24-hour concierge, controlled-access parking garage and panoramic city views. The project broke ground in December, with the first units expected to open in the first quarter of 2020.
BOSTON — Natixis has arranged a $480 million construction loan for Cottonwood Management to develop 3.5 acres in Boston Seaport Square in Boston. The loan will finance a 717-unit residential facility, two condominium towers and one luxury rental tower, as well as a two-story, 125,000-square-foot retail base podium centered around a public courtyard. The overall project is an 819,000-square-foot mixed-use space on Boston’s waterfront. The property’s residential units will feature luxury finishes including quartz countertops, stainless steel appliances, gas fireplaces, floor-to-ceiling windows and in-unit laundry, custom Italian cabinetry and porcelain tile. Common amenities will include a wine room, a lounge, outdoor and indoor swimming pools, a spa treatment room, a half basketball court, an innovation center, a children’s playroom, a pet spa and lobbies.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the borrower and has committed to fund an additional $38.5 million to complete construction of the project. The $53.5 million financing package represents approximately 70 percent of the total project cost. The property includes a gross area of 84,579 square feet and a net sellable area of 62,529 square feet. The seller began construction on the site in 2011 and completed excavation, foundation and superstructure work through the fourth floor, but received a stop work order midway through the project. With the MRC financing, the buyer was able to acquire the distressed property and intends to demolish the existing structure, repair any structural deficiencies and begin work on the revised new building plans.
DALLAS — HFF has closed a $126 million construction loan for the development of Main Street, the amenity district of The Village, a 300-acre “city-within-a-city” in Dallas. The Village features 16 neighborhoods totaling 7,000 apartment homes, a fitness center and three miles of jogging trails. The new Main Street project will comprise community parks, urban plazas, a private resident club, private fitness center, residential dwellings, boutique hotel, market and multiple dining options to better serve the established community. Andy Scott, Michael Cosby and Jody Thornton of HFF placed the loan through Bank of America on behalf of the co-developers, Phoenix Property Co. and Lincoln Property Co. The co-developers have disclosed the project will take between 24 and 36 months to complete.
NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.
HOUSTON — Ready Capital Structured Finance has closed an $8.7 million acquisition loan for a four-property multifamily portfolio in Houston’s Montrose neighborhood. The floating-rate loan features a three-year term with two extension options and two years of interest-only payments. The undisclosed borrower will use the loan to purchase and renovate the portfolio’s interiors, exteriors and amenity offerings. The four properties are located at 2212 Dunlavy St., 1507 California St., 606 Harold St. and 306 Stratford St.
MIAMI — Fifth Third Bank has provided a $43 million construction loan for the construction of 53,000 square feet of retail space and a 1,100-space parking garage at Miami Worldcenter, a 27-acre mixed-use project in downtown Miami. Miami Worldcenter Associates and CIM GROUP are developing the project, which at full build-out will feature 360,000 square feet of retail space, apartments buildings, a 600,000-square-foot office building, 1,700-room Marriott Marquis hotel and 350,000 square feet of convention space. The loan brings the total amount of financing secured to date to approximately $500 million.
HALETHORPE, MD. AND MIAMI — Ready Capital Structured Finance has arranged two loans totaling $20.4 million for an industrial property in Halethorpe and a mixed-use property in Miami. Ready Capital arranged a $14 million, three-year loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property in Halethorpe, a city roughly seven miles south of Baltimore. The borrower plans to upgrade the property with full interior unit renovations, exterior renovations and infrastructure upgrades, followed by re-tenanting the property. In Miami, Ready Capital arranged a $6.4 million, three-year loan for the acquisition, renovation and stabilization of a 19,600-square-foot mixed-use property. The borrower plans to fully renovate unit interiors, build out new retail space and re-tenant the property. Both loans feature floating interest rates, two extension options and flexible pre-payment structures. The names of the borrowers were not disclosed.