Loans

Dougherty Arranges $14.7M HUD Acquisition Loan for Affordable Housing Project in St. Paul, Minnesota

by Kristin Harlow December 5, 2017

ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $14.7 million HUD 221 (d)(4) loan for the acquisition of an office building in St. Paul. The borrower, Pioneer Apartments LLLP, plans to convert the existing building into a 144-unit affordable housing property called Pioneer Apartments. All units will be restricted to residents earning 60 percent or less of the area median income. The property was originally constructed in 1954 and most recently served as the headquarters for the St. Paul Pioneer Press. In addition to the HUD-insured first mortgage, the borrower will receive equity from the sale of low-income housing tax credits, federal historic tax credits, state historic tax credits funded in the form of a loan from Preservation Alliance Minnesota and funds from the Metropolitan Council. The project also involved tax-exempt bonds underwritten by Dougherty & Co. LLC, an affiliate of Dougherty Mortgage. Completion of the project is slated for early 2019.

December 5, 2017

Loans New Jersey Northeast Retail

Cushman & Wakefield Arranges $6.5M in Financing for Retail Center in Galloway, New Jersey

by Amy Works December 5, 2017

GALLOWAY, N.J. — Cushman & Wakefield has secured $6.5 million in financing for P3RE Properties for Smithville Square, a retail center located in downtown Galloway. Atlantic Stewardship Bank provided the five-year, fixed-rate financing. Smithville Square is a recently renovated 107,000-square-foot retail center. The center is home to 19 tenants, including Dunkin’ Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails. The center also includes 542 parking spaces and 1,061 feet of frontage on South New York Avenue. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the sponsor, P3RE Properties, in the financing.

December 5, 2017

Hospitality Loans New York Northeast

Valencia Realty Secures $6.1M Loan for 42-Room Hotel in Saratoga Springs, New York

by Amy Works December 5, 2017

SARATOGA SPRINGS, N.Y. — Valencia Realty Capital has arranged a $6.1 million acquisition and redevelopment loan for Lark Hotels. The borrower will use proceeds of the three-year loan to purchase and renovate Saratoga Downtowner, a 42-room hotel located at 413 Broadway in Saratoga Springs. Lark Hotels plans to redevelop the centrally located property as a high-end lifestyle boutique hotel. The company currently owns and manages 23 hotels and four restaurants. Alex Riccio and Stephen Smeke of Valencia Realty secured the financing for the borrower.

December 5, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $16.5M Loan for Two Assisted Living Facilities in California

by Nellie Day December 5, 2017

TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds. The use of the funds was not disclosed.

December 5, 2017

Arizona Loans Multifamily Student Housing Western

NorthMarq Secures $11M Financing for Student Housing Complex Near Grand Canyon University

by Nellie Day December 5, 2017

PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.

December 5, 2017

Loans Multifamily Texas

Walker & Dunlop Closes $33.5M Green Loan for Apartment Community in San Antonio

by Taylor Williams December 4, 2017

SAN ANTONIO — Walker & Dunlop has closed a $33.5 million green loan for the refinancing of The Place at Castle Hills, a 680-unit multifamily community located at 11800 Braesview Drive in north San Antonio. The Class B, garden-style property offers one- and two-bedroom units and amenities such as pools, a fitness center, spa and walking trails. Alex Inman of Walker & Dunlop placed the loan on behalf of the borrower, Arizona-based MC Cos. through Freddie Mac’s Green Up program. The proceeds will be used to refinance existing debt and to fund the installation of environmental improvements including low-flow kitchen/bathroom aerator faucets, toilets and showerheads.

December 4, 2017

Loans Multifamily Texas

Capital One Provides $20.5M Loan for 288-Unit Apartment Property in Dallas

by Taylor Williams December 4, 2017

DALLAS — Capital One Multifamily Finance has provided a $20.5 million loan for The Georgian, a 288-unit multifamily property located at 18880 March Lane in north Dallas. The property offers one- and two-bedroom units and amenities such as a pool, a dog park, resident clubhouse and on-site laundry facilities. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the Freddie Mac loan, which features a 15-year term and a fixed interest rate. The borrower was not disclosed.

December 4, 2017

Loans Massachusetts Multifamily Northeast

Colliers Secures Joint Venture Equity, Construction Financing for Apartment Project in Everett, Massachusetts

by Amy Works December 4, 2017

EVERETT, MASS. — Colliers International has arranged joint venture equity and construction financing for the development of The Pioneer, a transit-oriented apartment community situated on 2.7 acres at 1760 Revere Beach Parkway in Everett. Colliers worked on behalf of the developer, Post Road Residential, to arrange a joint-venture partnership with Boston-based CrossHarbor Capital Partners. Jeff Black and Kevin Phelan of Colliers also secured $57.4 million in construction financing through TD Bank and People’s United Bank. Construction on The Pioneer has already begun, with delivery of the first units slated for fall 2018. The six-story building will feature 286 market-rate units with 425 parking spaces and 2,500 square feet of retail space. On-site amenities will include a dual-use coffee shop and leasing office; bicycle parking and repair space; Maker Space workspaces; two-level fitness center with Peloton Cycle spin studio; golf simulator; resident lounge with a rotating draft beer program; courtyard with a heated pool; and rooftop lounge.

December 4, 2017

Loans New Jersey Northeast Office

Cushman & Wakefield Brokers $66.6M in Financing for One Newark Center in New Jersey

by Amy Works December 4, 2017

NEWARK, N.J. — Cushman & Wakefield has arranged $66.6 million in acquisition financing secured by One Newark Center, located at 1085 Raymond Blvd. in Newark, for Beijing Ideal Group. Morgan Stanley Bank provided the 10-year, fixed-rate financing. The property in the transaction represented floors 6 through 22 of One Newark Center, a 22-story, 423,028-square-foot office building, along with the adjacent 10-story parking garage. John Alascio, Sridhar Vankayala and Noble Carpenter of Cushman & Wakefield represented the borrower in the transaction.

December 4, 2017

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $4.6M Acquisition Financing for Retail Property in Peabody, Massachusetts

by Amy Works December 4, 2017

PEABODY, MASS. — Boston-based Fantini & Gorga has secured $4.6 million in first mortgage acquisition financing for a retail property located at 216 Newbury St. in Peabody. Casimir Groblewski and Jon Garcia of Fantini & Gorga arranged the financing through a New England-based financial institution on behalf of a longtime client based in Eastern Massachusetts. Namco, Workout World, Mass Bay Hockey Center and Revival For All Nations Church occupy the 68,381-square-foot shopping center, which is situated on 6.2 acres. The new owner plans to remodel the exterior of the property and reconfigure the parking areas.

December 4, 2017

Newer Posts

Older Posts