Loans

Quantum Capital Arranges $16M Loan for New Retail Center in Downtown Los Angeles

by Amy Works September 20, 2018

LOS ANGELES — Quantum Capital Partners has secured $16 million in long-term first mortgage financing for the recapitalization of a retail center in downtown Los Angeles’ Arts District. Third Art Holdings, a local investment group, is the sponsor. Located at 833 E. Third St., the 27,000-square-foot retail center is the $5 million adaptive reuse of a 1930s-era bowstring truss warehouse building. Completed in 2017, the property is currently 100 percent leased to a variety of tenants, including Over the Influence, H. Lorenzo, Shinola, Salt and Straw, Salt Bae and Inko Nito. Proceeds from the 10-year CMBS loan originated by Deutsche Bank were used to take out the construction loan and return equity to the sponsor. Jonathan Hakakha and Mike Yim of Quantum Capital Partners arranged the financing for the borrower.

September 20, 2018

Georgia Loans Office Southeast

Square Mile Capital Provides $60M Loan for Refinancing of Office Building in Midtown Atlanta

by Camren Skelton September 20, 2018

ATLANTA — Square Mile Capital LLC has provided a $60 million loan for the refinancing of 1355 Peachtree, a 20-story office building in Atlanta’s Midtown district. Chris Campbell and Daniel Allman of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Oaktree Capital Management LP and Banyan Street Capital LLC affiliates. The 345,254-square-foot building is located within walking distance to the Arts Center MARTA station, Colony Square and other retail and cultural destinations. On-site amenities include a conference facility, concierge services, fitness center and an underground parking facility.

September 20, 2018

Georgia Loans Multifamily Southeast

NorthMarq Arranges $23.5M Acquisition Loan for Multifamily Community in Metro Atlanta

by Camren Skelton September 20, 2018

SANDY SPRINGS, GA. — NorthMarq Capital has arranged a $23.5 million loan for the acquisition of The Celebration at Sandy Springs, a 250-unit apartment community located at 7000 Roswell Road in Sandy Springs, roughly 16 miles north of downtown Atlanta. Brett Hood and Jeff Frankel of NorthMarq arranged the 10-year, floating-rate loan with five years of interest-only payments and a 30-year amortization schedule. A Chicago-based multifamily operator acquired the property. The Celebration at Sandy Springs features a fitness center, swimming pool, dog park, laundry facilities, business center, clubhouse and a playground.

September 20, 2018

Development Florida Loans Multifamily Southeast Top Stories

PMG Receives $106M Refinancing for 464-Unit X Miami Apartment Tower

by David Cohen September 20, 2018

MIAMI — Property Markets Group has received a $106 million refinancing for X Miami, a 464-unit multifamily community in downtown Miami. Pacific Western Bank provided the financing, which will pay off an existing $80 million construction loan from Centennial Bank. The 31-story tower that recently opened features units with floor-to-ceiling windows, large balconies, built-in closets, Nest thermostats and Alexa smart controls. X Miami also offers a Rent-By-Bedroom program for a private bedroom and bathroom with roommates starting at $1,300. X Miami, which is located at 230 NE 4th St., is the first South Florida project to launch under PMG’s new multifamily housing division called X Social Communities. The division aims to bring community-driven, tech savvy projects to market with attainable rents. X Social Communities specializes in shared spaces designed to connect residents and promote a community environment. PMG is planning more than 10,000 units for the X Social Communities portfolio across the United States over the next five years. X Chicago, X Las Olas (Fort Lauderdale) and X Denver were all recently announced. Luis Flores, Rebecca Abrams Sarelson and Louis P. Archambault of Saul Ewing Arnstein & Lehr Attorneys represented PMG in the transaction. “X Miami is the second project we have closed for PMG …

September 20, 2018

28 Austin Street Apartments, a mixed-use development in Newton, Mass.

Development Loans Massachusetts Mixed-Use Northeast

HFF Secures $30.1M Construction Loan for Mixed-Use Development Near Boston

by Jeff Shaw September 19, 2018

NEWTON, MASS. — HFF has secured a $30.1 million construction loan for the 28 Austin Street Apartments, a mixed-use development in Newton. The property will consist of 68 one- and two-bedroom apartment homes, 5,000 square feet of ground-floor retail space, a new public plaza and a 124-space municipal parking lot. Amenities will include a common roof terrace and garden as well as a private 90-car underground parking garage. HFF worked on behalf of the borrower, a joint venture between Dinosaur Capital Partners and Oaktree Development, to secure financing through Eastern Bank. The project is scheduled for completion in spring 2019.

September 19, 2018

Healthcare Illinois Loans Midwest

CBRE Arranges $96M Non-Recourse Acquisition Financing for Medical Office Portfolio in Suburban Chicago

by Kristin Harlow September 19, 2018

CHICAGO — CBRE U.S. Healthcare Capital Markets has arranged a $96 million permanent loan to finance the acquisition of an eight-building medical office portfolio in the Chicago suburbs. The Class A buildings total 490,000 square feet. The 10-year loan features a fixed rate of 1.15 percent over 10-year Treasury. Shane Seitz, James Millon and Thomas Traynor of CBRE served as advisors for the loan transaction. A commercial bank provided the loan. The borrower was not disclosed.

September 19, 2018

Florida Loans Office Southeast

CBRE Arranges $30.8M Acquisition Loan for Office Building in Orlando

by Camren Skelton September 19, 2018

ORLANDO, FLA. — CBRE has arranged $30.8 million in permanent financing for the acquisition of the Siemens Energy Americas headquarters building in Orlando. The 255,677-square-foot office building is located adjacent to the University of Central Florida’s campus. Zac Brumbaugh of CBRE arranged the loan through a life insurance company on behalf of the borrower, a private international fund managed by Stockbridge Capital Group. Ron Rogg and Chip Wooten of CBRE arranged the $61.5 million sale on behalf of the seller, Siemens. Siemens Energy — one of the four sectors of Siemens — generates and delivers power from numerous sources including the extraction, conversion and transport of oil and natural gas in addition to renewable and alternative energy sources.

September 19, 2018

California Loans Multifamily Western

NXT Capital Provides $29M Acquisition Loan for 120-Unit Apartment Community in Concord, California

by Amy Works September 19, 2018

CONCORD, CALIF. — NXT Capital has funded a $29 million first-mortgage loan for the acquisition of Summit at Lime Apartments, a Class B apartment community in Concord. The name of the borrower was not released. The community features 120 apartment units, a swimming pool, fitness center, two outdoor barbecue areas and a dog park. Annie Rice of CBRE’s Los Angeles office placed the loan with NXT Capital.

September 19, 2018

Loans Multifamily New Jersey Northeast

Cushman & Wakefield Arranges $52M Construction Loan for Multifamily Development in Hackensack

by David Cohen September 18, 2018

HACKENSACK, N.J. — Cushman & Wakefield has arranged $52 million in construction financing for a ground-up multifamily development in Hackensack. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the borrower, Waypoint Residential in securing financing through Citizens Bank. The four-story property will feature 235 residential units and will be located at 435 Main St. in downtown Hackensack. The project benefits from a 30-year tax abatement.

September 18, 2018

Loans New York Northeast Office

Leviathan Capital Secures $8M Refinancing for Office Building in the Bronx

by David Cohen September 18, 2018

NEW YORK CITY — Leviathan Capital has secured an $8 million refinancing for a 33,000-square-foot office building in the Bronx. The property is currently net leased to the NYC Department of Education. Leviathan secured a non-recourse loan for the undisclosed borrower with a fixed rate of 10 years at 4.9 percent. The loan provided the borrower with a $5 million cash-out.

September 18, 2018

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