Loans

Talonvest Arranges $17.4M Acquisition Loan for Self-Storage Portfolio in Rhode Island

by David Cohen January 24, 2019

Rhode Island — Talonvest has arranged a $17.4 million acquisition loan for a self-storage portfolio in Rhode Island. The three properties consist of 1,416 storage units across 177,575 square feet. Erich Pryor, Jim Davies, Tom Sherlock, and Terra Hendrich of Talonvest represented the borrower, Rosewood Property Co. in the transaction. The lender was a national bank. Terms of the financing included a 10-year, fixed-rate loan with interest-only payments for the full loan term. The three metro Rhode Island properties expand Rosewood’s portfolio to 48 self-storage properties across 12 states.

January 24, 2019

Healthcare Loans Texas

Madison Realty Capital Provides $28M Loan for Refinancing of Medical Office Building in Houston

by Taylor Williams January 24, 2019

HOUSTON — New York City-based Madison Realty Capital has provided a $28 million loan for the refinancing of a 191,676-square-foot medical office building located at 1917 Ashland St. in the Heights area of Houston. The Class A property was 95 percent leased at the time of the loan closing to tenants such as St. Joseph Medical Center and CuraHealth. The borrower, a joint venture between two Houston-based medical office developers, will use a portion of the proceeds to fund building renovations and tenant improvements.

January 24, 2019

Loans Office South Carolina Southeast

NorthMarq Arranges $14M Refinancing for Office Property in Columbia

by Alex Tostado January 24, 2019

COLUMBIA, S.C. — NorthMarq Capital has arranged a $14 million bridge loan for the refinancing of 1600 Williams Street Office, a 140,000-square-foot office building in Columbia. The building once served as the South Carolina headquarters for BellSouth, and will now be leased to both Aflac and AT&T. Will James of NorthMarq’s Atlanta office arranged the loan on behalf of the undisclosed borrower. The loan was structured with a two-year, interest-only term through an undisclosed bridge/mezzanine lender.

January 24, 2019

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $37.1M in Refinancing for Affordable Housing Community in Orlando

by Alex Tostado January 23, 2019

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $37.1 million in refinancing for Castilian Apartments in Orlando. The 304-unit community comprises 17 two-story, garden-style apartment buildings. The property was originally built in 1975 and was renovated in 2017. Jeff Rodman and Kelly Frank of KeyBank secured a $33.4 million Freddie Mac loan, as well as a $3.7 million Letter of Credit to the undisclosed borrower. The workforce housing property sits on 14.8 acres and features units with rents at 80 percent of area median income or less.

January 23, 2019

Colorado Development Loans Multifamily Western

HFF Secures $47.1M Construction Financing for 293-Unit Apartment Property in Metro Denver

by Amy Works January 23, 2019

LAKEWOOD, COLO. — HFF has arranged $47.1 million in financing for the construction of Brickhouse at Lamar Station, a Class A multifamily property located at 6300 W. 13th Ave. in Lakewood. Riverpoint Partners and Iron River Management are the borrowers. Josh Simon and Kristian Lichtenfels of HFF secured the 15-year construction-to-permanent loan through a correspondent insurance company lender. The loan includes three years of interest-only payments and a 35-year amortization schedule. Situated on 3.7 acres, the four-story Brickhouse at Lamar Station will feature 293 apartments, averaging 748 square feet, with stainless steel appliances, granite and quartz countertops, washers and dryers, wood flooring, and balconies or patios. Common area amenities include a swimming pool, two interior courtyards, fire pits, grilling stations, a large community room, 24-hour fitness center, yoga studio, top-floor club room, business center and pet spa. The development will also be within walking distance to the Lamar Station light rail stop. Completion is slated for mid-2020.

January 23, 2019

Loans Multifamily Washington Western

CBRE Arranges $13M in Financing for 108-Unit Multifamily Development in Seattle

by Amy Works January 23, 2019

SEATTLE — CBRE Capital Markets’ Debt & Structured Finance team has secured long-term refinancing for Cubix North Apartments, a newly delivered multifamily development located at 1008 N. 109th St. in North Seattle. The borrower is Daniel Stoner of 1008 Apartments LLC. Completed this month, the four-story Cubix North features 108 micro apartments with natural lighting, microwaves, premium countertops, two-burner stoves and refrigerators, as well as 3,380 square feet of commercial space. On-site amenities include a rooftop deck with barbecue areas and city views, storage units, bike storage, smart-phone enabled on-site laundry, two building-owned smart cars for tenant use and free bus passes. Jeff Henderson of Seattle’s CBRE office arranged the 10-year, $13 million, fixed-rate loan.

January 23, 2019

Loans Midwest Ohio Top Stories

Fairmount, DiGeronimo Refinance Mixed-Use Village in Suburban Cleveland with $171.5M Loan

by John Nelson January 22, 2019

ORANGE VILLAGE, OHIO — The developers behind Pinecrest in suburban Cleveland have obtained a $171.5 million loan to refinance the 750,000-square-foot mixed-use project. Square Mile Capital Management LLC provided the loan to a joint venture between Cleveland-based Fairmount Properties and the DiGeronimo Cos., which opened Pinecrest in spring 2018. Situated on 58 acres in Orange Village, Pinecrest features 400,000 square feet of retail and restaurant space that houses Whole Foods Market, REI, Silverspot Cinema, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Orangetheory Fitness, as well as chef-driven restaurants. About 160,000 square feet of creative office space sits atop the ground-level shops and restaurants. Pinecrest also features 87 high-end apartment residences and a one-acre park, as well as a 145-room AC Hotel by Marriott that wasn’t included in the financing. Trey Morsbach and Jim Curtin of HFF’s Dallas office led the debt placement team to arrange the floating-rate loan, which will be used to refinance a $142 million construction loan that HFF arranged for the developers in spring 2017. HFF also assisted the developer in securing joint venture equity for the project in June 2016. “This refinancing reflects the viability and strength of our asset,” says Eric Louttit, …

January 22, 2019

Loans Retail Southeast Virginia

KeyBank Provides $25.3M in CMBS Financing for Retail Center in Alexandria

by Alex Tostado January 21, 2019

ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.

January 21, 2019

Loans Mixed-Use North Carolina Southeast

Trez Forman Closes $20.5M Construction Loan for Mixed-Use Project in Burlington, North Carolina

by Alex Tostado January 21, 2019

BURLINGTON, N.C. — Trez Forman has provided a $20.5 million construction loan to developer Diamondback Investment Group LLC for a mixed-use development in Burlington. Named St. Marks, the project will entail 183 apartment units and 2,500 square feet of retail space. Bret Forman of Trez Forman originated the loan on behalf of the borrower. St. Marks is situated on seven acres and apartment amenities will include a dog park, clubhouse, saltwater pool and a lounge area. Terms of the loan and a timeline for the project were not disclosed.

January 21, 2019

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $5M Refinancing for Retail Center in New Jersey

by David Cohen January 21, 2019

SPRINGFIELD, N.J. — Cronheim Mortgage has secured a $5 million loan to refinance an 80,000-square-foot retail center in Springfield. The seven-acre property was built in 1972 and renovated in 1995. Currently the center is fully occupied by Christmas Tree Shoppes. Cronheim secured the 15-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was American United Life Insurance Co.

January 21, 2019

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