Loans

CBRE Arranges $29M Bridge Loan for New Apartment Community in Baton Rouge

by Camren Skelton November 16, 2017

BATON ROUGE, LA. — CBRE has arranged a $29 million bridge loan for River House Apartments, a 224-unit multifamily community under construction in Baton Rouge. In addition to residential units, the property will include 35,000 square feet of office space and 16,000 square feet of retail space upon completion. Jonathan Rice of CBRE arranged the loan through Benefit Street Partners on behalf of the borrowers, Emanuel Organek and Marc Blumberg. River House is located roughly one mile from Louisiana State University and a half-mile from downtown Baton Rouge. The property is adjacent to the Water Campus, a 35-acre Mississippi riverfront research park dedicated to the study of coastal restoration and sustainability.

November 16, 2017

California Loans Multifamily Top Stories Western

Bayview Receives $288.8M Loan to Develop Two High-Rise Apartment Towers in Silicon Valley

by John Nelson November 16, 2017

SAN JOSE, CALIF. — Bayview Development Group, a privately held commercial real estate development and investment firm based in Northern California, has received a $288.8 million construction loan to develop MIRO in downtown San Jose. The project will include a pair of 28-story luxury apartment towers housing more than 600 residences and 20,000 square feet of retail and commercial space. Situated in one of the top markets in the Silicon Valley, MIRO will feature one-, two- and three-bedroom layouts, including 16 penthouses. The project will also include more than 50,000 square feet of amenities, such as a rooftop pool, concierge services, fitness center, spa facilities, pet facilities, fire pits and rooftop lounges. Bayview Development expects to deliver MIRO in 2020 at 167 E. Santa Clara St., within walking distance of the future downtown San Jose BART station. In addition to Bayview, the design team includes architect Steinberg and general contractor Suffolk. Charles Halladay, Brandon Roth and Jason Carlos of HFF arranged the five-year, interest-only loan through Broad Street Real Estate Credit Partners III, a debt fund managed by the Goldman Sachs Merchant Banking Division. The fund provides senior and mezzanine lending and preferred equity, according to Forbes. “There was a …

November 16, 2017

Loans Northeast Retail Rhode Island

HFF Secures $75M Refinancing for Warwick Mall in Warwick, Rhode Island

by Amy Works November 15, 2017

WARWICK, R.I. — HFF has arranged $75 million in refinancing for Warwick Mall, a super regional mall located at 400 Bald Hill Road in Warwick. The borrower is a joint venture between Bliss Properties, Mark T. Brennan & Co. and Lane Family Trust. Jennifer Keller and Andrew Gray of HFF arranged the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s and renovated in 2011, the 978,659-square-foot mall is occupied by 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces.

November 15, 2017

Loans Northeast Pennsylvania Retail

Cronheim Arranges $33.5M Loan for Retail Center in Fairless Hills, Pennsylvania

by Amy Works November 15, 2017

FAIRLESS HILLS, PA. — Cronheim Mortgage has arranged a $33.5 million mortgage loan for Fairless Hills Towne Center, a retail center located in Fairless Hills. The borrower is a joint venture between Larken Associates and Red Starr Investment. The loan was placed with an investment bank and structured with a seven-year term and 30-year amortization schedule after an 18-month interest-only payment period. The permanent loan refinanced the bridge loan used to acquire and reposition the property. The borrowers acquired the 294,000-square-foot center, which is anchored by Giant Food/Pharmacy, in 2015.

November 15, 2017

Florida Loans Multifamily Southeast

Encore Receives $75M Loan for New Apartment Project in Fort Lauderdale’s Flagler Village

by Camren Skelton November 15, 2017

FORT LAUDERDALE, FLA. — Encore Capital Management has received a $75 million construction loan for The Rise Flagler Village, a 348-unit apartment project located at 405 N.E. 2nd St. in downtown Fort Lauderdale’s Flagler Village. Walker & Dunlop arranged the financing through Pacific Western Bank and Square Mile Capital. G.T. McDonald Enterprises Inc. will serve as the general contractor for the project, and Cohen Freedman Encinosa & Associates Architects Pa Inc. will serve as the architect. The Rise Flagler Village will feature a pool, garden, fitness center, lounge area and ground floor retail. The project will be situated within walking distance to shopping, outdoor entertainment and transit offered within Flagler Village. Construction is expected in begin in January 2018.

November 15, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

KeyBank Arranges $67.3M Construction Loan for 260-Unit Seniors Housing Facility in New Jersey

by Amy Works November 14, 2017

PLAINSBORO TOWNSHIP, N.J. — KeyBank Real Estate Capital has arranged a $67.3 million construction loan for a 260-unit independent living facility located on the Princeton University Healthcare Campus in Plainsboro Township. A joint venture led by SBLP Senior Living Fund I owns the property. The sponsor of the fund is a joint venture between South Bay Partners and LAMB Properties. Sage Senior Living will manage the property. Grant Saunders, Peter Trazzera and Jake Hollinger of Key’s Healthcare Group arranged the financing.

November 14, 2017

The-Residence-Waterton-Square-Watertown-MA

Loans Massachusetts Multifamily Northeast Seniors Housing

LCB Senior Living, Washington Capital Receive $45M Recapitalization for Seniors Housing in Near Boston

by Amy Works November 14, 2017

WATERTOWN, MASS. — LCB Senior Living and Washington Capital Management have received a $45 million loan for the recapitalization of The Residence at Watertown Square, located at 20 Summer St. in Watertown. Built in 2014, the property features 90 independent living, assisted living and memory care units. Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue of Cushman & Wakefield arranged the financing for the borrower. LCB will continue to operate the community.

November 14, 2017

California Hospitality Loans Western

Sunstone, Park Hotels Obtain $220M Refinancing for Hilton San Diego Bayfront

by Nellie Day November 14, 2017

SAN DIEGO — A joint venture between subsidiaries of Sunstone and Park Hotels & Resorts has obtained a $220 million refinancing for the 1,190-room Hilton San Diego Bayfront in downtown San Diego. The hotel is located at 1 Park Blvd. The loan has a three-year initial term and three one-year extension options. The loan is interest-only and provides for a floating interest rate of LIBOR plus 1.05 percent with a 25 basis-point increase during the final one-year extension period, if extended. The loan is expected to reduce the company’s consolidated annual cash interest expense by about $2.6 million. The financing replaces the existing loan that was scheduled to mature in August 2019 and had a floating interest rate of LIBOR plus 2.25 percent. The refinancing was completed by Sunstone Hotel Investors.

November 14, 2017

Hospitality Loans Midwest Wisconsin

Blue Vista Finance Provides $19.5M Refinancing Loan for Hotel in Milwaukee Suburb

by Kristin Harlow November 14, 2017

BROOKFIELD, WIS. — Blue Vista Finance LLC has provided a $19.5 million loan for the refinancing of the Sheraton Milwaukee Brookfield Hotel in the Milwaukee suburb of Brookfield. The six-story hotel features 389 rooms. Built in 1972, the hotel underwent a $4.3 million renovation in 2014. The property features more than 19,000 square feet of meeting space, a 24-hour business center, fitness center, indoor and outdoor heated pools and The Craft Room restaurant. Located at 375 South Moorland Road, the hotel is just off I-94 and adjacent to the Brookfield Square Mall. Scott Hall, Jeff Bucaro and Aaron Lapping of HFF arranged the three-year loan on behalf of the borrower, LLJ Ventures. Loan proceeds will be used to pay off the hotel’s existing loan and to fund additional strategic capital improvements.

November 14, 2017

Alabama Hospitality Loans Southeast

HREC Arranges $19M Refinancing of Hilton-Branded Hotel in Downtown Birmingham

by Camren Skelton November 14, 2017

BIRMINGHAM, ALA. — HREC Capital Markets Group has arranged the $19 million refinancing of Redmont Hotel Birmingham, Curio Collection by Hilton, a 120-room hotel in downtown Birmingham. Greg Porter and Mike Armstrong of HREC arranged the 10-year, fixed-rate loan through a New York-based REIT on behalf of the borrower, a private partnership. Originally constructed in 1925, the hotel underwent a complete renovation in 2015, implementing upgraded technologies and amenities while retaining the 1920s design. The hotel features two restaurants, a rooftop bar, 3,600 square feet of meeting space and a fitness center.

November 14, 2017

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