Loans

HFF Arranges $47.4M in Joint Venture Equity for 347-Unit Multifamily Development in Portland

by Amy Works May 18, 2018

PORTLAND, ORE. — HFF has secured $47.4 million in joint venture equity for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Ira Virden, Mark Erland and Matt Benson of HFF, on behalf of developer Alamo Manhattan, arranged the joint venture equity partnership with Diamond Realty Investments. Slated for completion in 2020, the property will feature 347 units in a mix of studio, one- and two-bedroom apartments, averaging 801 square feet. The 20-story development will feature premium interior finishes and community amenities, including a 15,000-square-foot amenity terrace and a 20th-floor rooftop residential lounge, and a 16th-foor terrace. Additionally, the property will feature 15,000 square feet of ground-floor retail space.

May 18, 2018

Loans New York Northeast Office

Houlihan-Parnes Secures $30M Refinancing for Office Building in Tarrytown

by David Cohen May 17, 2018

TARRYTOWN, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty have secured $30 million in refinancing for a Class A office building located at 660 White Plains Road in Tarrytown. GHP Office Realty, Houlihan-Parnes Realtors and RD Management purchased the building in 2017. The loan was structured into two facilities to preserve an existing below-market rate and provide for additional funds to complete all renovations and tenant build-outs. The loan is for a term of 12 years with the initial rate fixed for seven years. The 296,780-square-foot office building is currently 98 percent occupied with a tenant roster that includes Prestige Brands, ENT and Allergy Associates, and KeyBank National Association.

May 17, 2018

Loans Multifamily New York Northeast

Pembrook Provides $32.7M in Financing for Luxury Condo Redevelopment in Upper East Side

by David Cohen May 17, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $32.7 million first mortgage loan to finance the condominium conversion of a restored mansion in the Upper East Side of Manhattan. The borrower was undisclosed. Located at 320 East 82nd St., Park Mansion will offer six full-floor units with outdoor space. Units range in size from 2,243 to 4,447 square feet with three to four bedrooms. Amenities will include a private gym, bike storage, individually locked storage rooms and a key-locked elevator. The property, which was originally constructed in 1900, is located between Central Park and Carl Shurz Park.

May 17, 2018

Loans Michigan Midwest

KeyBank Provides $24M CMBS Loan for Refinancing of Parking Garage in Detroit

by Kristin Harlow May 17, 2018

DETROIT — KeyBank Real Estate Capital has provided a $24 million CMBS loan for the refinancing of Port Atwater parking garage in Detroit. Built in 1989, the seven-level parking garage features 1,086 parking stalls. William Cassidy of KeyBank originated the 10-year loan, which features a 25-year amortization schedule.

May 17, 2018

Development Hospitality Loans New York Northeast Top Stories

Developer Secures $230M Construction Loan for TWA Hotel at JFK Airport

by David Cohen May 16, 2018

NEW YORK CITY — MCR and MORSE Development has secured a $230 million construction loan for the transformation of the former TWA Flight Center and construction of the TWA Hotel at John F. Kennedy International Airport. M&T Bank arranged the loan and provided $60 million of the financing package, which involved several banks. The redevelopment of the property will include a complete restoration of the 1962 Eero Saarinen-designed midcentury modern building that served as a TWA air terminal from 1962 to 2001. In 2005, the flight center was listed on the National Register of Historic Places. Scheduled for completion in spring 2019, the TWA Hotel will include 512 rooms with views of JFK’s runways and the TWA Flight Center, as well as a 50,000-square-foot event center. The property will be JFK’s first on-site, full-service hotel. The completed project will include six restaurants and eight bars, including a cocktail lounge inside of a repurposed Lockheed Constellation “Connie” L-1649A Starliner positioned on the tarmac. The hotel will offer connections to JFK Terminal 5 via the flight center’s iconic arrival tubes, made famous by the 2002 film Catch Me if You Can. The flight center will also house a museum focused on the …

May 16, 2018

Loans Office Southeast Virginia

NXT Capital Provides $19M Refinancing for Office Building in Reston, Virginia

by Camren Skelton May 16, 2018

RESTON, VA. — NXT Capital has provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square-foot office building in Reston. Dan McIntyre of HFF arranged the loan on behalf of the undisclosed borrower. Parkridge III is located within Reston’s largest office park, directly off Dulles Toll Road, and roughly five miles from Dulles International Airport. The building features a fitness center and a conference room, and the greater office park features a pond, picnic area and a volleyball court.

May 16, 2018

Acquisitions California Loans Office Western

George Smith Partners Secures $41M Loan for Office Building Acquisition in Silicon Valley

by Amy Works May 16, 2018

LOS ALTOS, CALIF. — George Smith Partners has secured a $41 million bridge loan for the acquisition of an office property located at 5150 El Camino Real in Los Altos within Silicon Valley. The borrower was Vahe Tashkian of Dutchints Development. The borrower plans to acquire the 71,000-square-foot office property from an institutional seller for an undisclosed price. Malcolm Davies, Evan Kinne, Zachary Streit, Alexander Rossinsky and Rachael Lewis of George Smith Partners arranged the non-recourse loan, which features interest-only payments for the 24-month term and an 85 percent loan-to-cost ratio.

May 16, 2018

Acquisitions Industrial Loans Office Washington Western

CBRE Arranges Sale, Financing of Eight-Building Flex Portfolio in Redmond, Washington

by Amy Works May 16, 2018

REDMOND, WASH. — CBRE Capital Markets has brokered the sale of Redmond East Business Campus, an eight-building office and flex portfolio located near downtown Redmond. A closed-end fund managed by Kennedy Wilson acquired the asset for an undisclosed price. Thomas Pehl and Lou Senini of CBRE’s Seattle office represented the undisclosed seller in the deal. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged $34.5 million in balance-sheet bank financing for the buyer. A national financial services company provided the seven-year, non-recourse, full-term, interest-only, floating-rate acquisition financing. Located at 6724-6565 185th Ave. NE and 18758-18640 NE 67th Court, Redmond East is a 292,100-square-foot, institutional quality property currently 98 percent leased to nine tenants.

May 16, 2018

Indiana Loans Midwest Multifamily Seniors Housing

Lancaster Pollard Secures $19.9M Construction Loan for Assisted Living Facility in Indiana

by Kristin Harlow May 16, 2018

NOBLESVILLE, IND. — Lancaster Pollard has arranged a $19.9 million HUD-insured loan to fund the construction of Heritage Woods of Noblesville, a 124-unit affordable assisted living facility in Noblesville, a suburb of Indianapolis. Completion is slated for January 2019. The borrowers are Gardant Management Solutions and Horve Builders. The loan features a fixed interest rate and 40-year term. Brett Murphy led the transaction for Lancaster Pollard.

May 16, 2018

Hospitality Illinois Loans Midwest

ASC Arranges $10.7M Refinancing for Boutique Hotel in Chicago

by Kristin Harlow May 16, 2018

CHICAGO — American Street Capital (ASC) has arranged a $10.7 million loan for the refinancing of the Ivy Boutique Hotel in Chicago’s Magnificent Mile district. The 63-room hotel was formerly an office building. The 15-story property features a rooftop deck, two banquet halls and spa services. Igor Zhizhin of ASC arranged the loan, which was provided by a debt fund. The borrower was not disclosed.

May 16, 2018

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