PORT RICHEY, FLA. — FM Capital has arranged the $24.4 million refinancing of Embassy Crossing Shopping Center, a 340,000-square-foot retail center in Port Richey, roughly 40 miles north of Tampa. Yael Ishakis of FM Capital arranged the loan through a national bridge lender. The borrower was not disclosed. At the time of sale, Embassy Crossing Shopping Center was 88 percent leased to tenants including Bed Bath & Beyond, Michael’s, Petco, Olive Garden, Lane Bryant, Scottrade and the U.S. Post Office.
Loans
SAN JOSE, CALIF. — PCCP has provided a $63.8 million senior loan to Hudson Cos. for the development of Vespaio, a mixed-use project located at 138 Stockton Ave. in San Jose. The seven-story property will feature 162 residential units and 39,042 square feet of retail and commercial space. Slated for completion in 2019, the project will consist of three floors of commercial space fronting Stockton Avenue and two levels of structured parking. Amenities include a business center, fitness center, resident lounge, test kitchen, gaming area, pool, spa, outdoor cabanas, and rooftop deck with grills and a fire pit.
CHICAGO — J.P. Morgan Chase & Co. has provided a $64 million loan for the refinancing of the Radisson Blu Aqua Hotel in downtown Chicago. The 334-room luxury hotel occupies floors four through 18 of the Aqua Tower, an 82-story building. The hotel features a 12,000-square-foot ballroom, 28,500 square feet of meeting space, an 8,000-square-foot fitness center, swimming pools, yoga space and Filini’s restaurant. The location at 221 North Columbus Drive is proximate to the Loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a partnership between Al Rayyan Tourism Investment Co., Magellan Development Group and Carlson Rezidor Hotel Group.
LOMBARD, ILL. — Metropolitan Capital Advisors Ltd. (MCA), in partnership with AMA Financial LLC, has arranged a $15.2 million loan for the acquisition of a 174,098-square-foot office building in Lombard. The property, located at 701 E. 22nd St., is 97 percent occupied. A partnership between Red River Asset Management and Lincoln Property Co. has acquired the building with plans to further upgrade amenities. Scott Lynn of MCA and Gregg Wallace of AMA arranged the fixed-rate loan with Benefit Street Partners.
GARNET VALLEY, PA. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $4 million loan for Naamans Creek Country Manor, a 90-bed skilled nursing facility in Garnet Valley, located near the Delaware border between Philadelphia and Wilmington. An affiliate of The Guardian Foundation, a nonprofit owner-operator, owns the property. The fixed-rate HUD loan pre-pays the property’s existing 30-year, tax-exempt bonds. The loan also funded a capital reserve and escrows for future repairs. The loan-to-value ratio was only 50 percent on the new loan, which features a 30-year maturity. The transaction lowers Naamans’ annual debt service by approximately $130,000. With over $360,000 in a reserve fund for replacements, Guardian can address future capital needs that will maintain Namaans’ competitiveness.
LAKELAND, FLA. — NorthMarq Capital has arranged a $36 million Fannie Mae loan for Ariva Apartment Homes, a 312-unit multifamily community located at 4100 Clubhouse Road in Lakeland, roughly 35 miles east of Tampa. Robert Hernandez of NorthMarq Capital arranged the 10-year, permanent loan with a 30-year amortization schedule. The borrower was not disclosed. Ariva Apartment Homes features a swimming pool, internet café, fitness center with yoga and spin room and a mini movie theater. At the time of sale, the property was 90 percent occupied.
Hunt Mortgage Provides $25M in Refinancing for Multifamily Property in Poughkeepsie, New York
by Amy Works
POUGHKEEPSIE, N.Y. — Hunt Mortgage Group has provided a $25 million conventional Freddie Mac loan to Mountainbrook Realty Holdings LLC. The borrower will use the loan to refinance Mountain Brook Apartments, located at 134-154 Innis Ave. in Poughkeepsie. Built in 1965, the property comprises 17 buildings offering a total of 288 apartment units in a mix of one-, two- and three-bedroom layouts. The seven-year loan features a fixed-rate and a 30-year amortization schedule. At the time of financing, the property was 98.6 percent occupied. Shloime Goldstein of Skyline Capital arranged the financing.
Houlihan-Parnes Realtors Secures $17.5M in Refinancing for Multifamily Portfolio in New York
by Amy Works
BINGHAMTON, ENDICOTT, ENDWELL AND JOHNSON CITY, N.Y. — Houlihan-Parnes Realtors has arranged a $17.5 million loan for the refinancing of a multifamily portfolio in Upstate New York. Totaling 602 apartments, the 13 properties are located in Binghamton, Endicott, Endwell and Johnson City. The non-recourse loan features a fixed interest rate and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes secured the loan for the undisclosed borrower. Steven Tierney of Woods, Oviatt, Gilman represented the borrower.
Lancaster Pollard Arranges Four Refinancings Totaling $55.1M for Summit Healthcare REIT
by Nellie Day
PORTLAND, ORE. — Lancaster Pollard has arranged $55.1 million in FHA Sec. 232/223(f) loans to refinance four Summit Healthcare REIT properties in Delaware and Oregon. The program provides for the acquisition and refinancing of healthcare properties including licensed skilled nursing facilities, assisted living, intermediate care facilities, board and care, and combinations thereof. The four properties refinanced were Atlantic Shores Rehabilitation & Health Center, a 181-bed skilled nursing facility in Millsboro, Del.; Pinnacle Rehabilitation & Health Center, a 151-bed skilled nursing facility in Smyrna, Del.; Applewood Retirement Community, a 69-unit independent living community in Salem, Ore.; and Gateway Care and Retirement Center, a 66-unit independent living, assisted living and skilled nursing community in Portland, Ore. Summit owns the four properties through joint ventures. Both Applewood and Gateway are part of the Sapphire Health Services Community network. Jason Dopoulos led the transactions for Lancaster Pollard.
Harborview Capital Partners Closes $30M HUD Refinancing for Denver-Area Multifamily Property
by Nellie Day
DENVER — Harborview Capital Partners has closed a $30 million HUD refinancing for an undisclosed multifamily asset outside of Denver. The non-recourse loan came through HUD’s Section 223(f) program with a fixed interest rate for 35 years. The borrower is a local owner-operator. Harborview’s Avi Begun originated the loan.