LITTLE ROCK, ARK. — Dougherty Mortgage LLC has arranged a $23.9 million Fannie Mae loan for the refinancing of Bowman Pointe Phase I, a 217-unit multifamily community in Little Rock. The Minneapolis-based company arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Bowman Pointe LLC. Bowman Pointe features a business center, clubhouse, virtual fitness studio, fitness center and a resort-style pool with cabanas.
BALCH SPRINGS, TEXAS — Dougherty Mortgage LLC has arranged an $8 million loan for the acquisition of Ambassador Apartment Homes, a 136-unit multifamily community in Balch Springs, an eastern suburb of Dallas. The Fannie Mae loan was arranged through a partnership with Old Capital Lending on behalf of the borrowers: CAKI Real Estate LLC, Florescence LLC, Fordgang Properties II LLC and Frisco Bulldog Properties II LLC. The loan features a 12-year term and 30-year amortization schedule.
NEW YORK CITY — Cove Property Group and an institutional partner have received $479 million in construction financing for Hudson Commons, a 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan. The 25-story building is located at 441 Ninth Ave. between 34th and 35th streets. Hudson Commons will comprise a 17-story structure atop an existing eight-story building. The development will feature 14 private terraces and balconies and onsite basement parking for up to 140 vehicles. The design will incorporate varied floor plans with high ceilings, as well as sustainable elements, such as terraces and green roofs. Kohn Pedersen Fox is designing Hudson Commons. The new building will be equidistant between Penn Station and the new 7 Train extension that services Hudson Yards. It will also feature access to the Port Authority and Lincoln Tunnel. Cove Property Group purchased the asset in December 2016 for $330 million. EmblemHealth had owned the existing 423,000-square-foot building since 1994. The structure was originally built as a warehouse in 1962 before it was converted to office space in 1983. Loan proceeds will reposition and redevelop the asset into a Class A office tower with full-block frontage along Ninth Avenue. The project is …
TOMS RIVER, N.J. — HFF has arranged $17.4 million in acquisition financing for Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River. A partnership between Unison Realty Partners and ALTO Real Estate Fund is the borrower. OceanFirst Bank provided the five-year, fixed-rate loan, as well as a $3.4 million construction line that will be used for capital and tenant improvements as well as leasing commissions. Constructed in 1987, the 120,349-square-foot center is 86 percent leased by 21 tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial. The borrower plans to lease the remaining available space, extend tenants with pending maturities early and invest in capital improvements. The improvements will include a new roof, resurfaced parking lot, new pylon signage and façade upgrade. Additionally, the partnership may construct a 2,500-square-foot pad site at the center. Michael Klein and Greg Labine of HFF arranged the financing for the borrower.
GAMBRILLS, MD. — Walker & Dunlop has arranged a $61.1 million loan for the development of Monarch at Waugh Chapel, a 246-unit apartment community under construction in Gambrills, roughly halfway between Baltimore, Md., and Washington, D.C. Dee McClure of Walker & Dunlop arranged the financing through the United States Department of Housing and Urban Development (HUD)’s 221(d)(4) new construction program on behalf of the borrower and developer, a joint venture between Bozzuto Development Co. and Reliable Contracting. The financing includes a two-year construction loan followed by a permanent, 40-year, fixed-rate loan. Monarch is part of the Waugh Chapel master-planned community, which will include residential, commercial, office and residential amenities upon full build-out. The apartment community will feature a fitness center, yoga studio, business center, billiards room, resort-style pool and cooking stations.
MIAMI — Estate Investments Group (EIG) has secured $52 million in construction financing for the development of Soleste Blue Lagoon, a new 33-unit apartment community that will be located at 5375 N.W. 7th St. in Miami. EIG secured the financing through Florida Community Bank. Soleste Blue Lagoon will feature studio, one-, two- and three-bedroom units ranging in size from 400 to 1,100 square feet, with rents starting at $1,300 per month. Community amenities will include a resort-style pool, sun deck with private cabanas, private beach with sand volleyball court, health and fitness club and a rooftop garden. Construction is slated for completion by summer 2019.
PETERSBURG, FLA. — CBRE has arranged a $48 million Fannie Mae loan for the refinancing of Peridot Palms, a 381-unit apartment community in St. Petersburg. Benjamin Roelke of CBRE arranged the long-term financing on behalf of the borrower, Parkland Development Corp. Delivered in March, the property features wood-style flooring, European-style cabinets and granite or quartz countertops. Community amenities include a clubhouse, fitness center and a resort-style swimming pool. In addition, the property has an energy-efficient certification from the Green Building Initiative.
SAN DIEGO — City Office REIT has received a $47 million loan to acquire Mission City Corporate Center, a 290,000-square-foot office portfolio in the San Diego submarket of Mission Valley. The four-building portfolio is located at 2355, 2365, 2375 and 2385 Northside Drive. The portfolio is 87 percent leased to tenants like Eplica Corporate Solutions, Mission Home Health, Midland Credit Management, State of California Water Resources and Innova Systems International. HFF’s Zack Holderman and Tim Wright arranged the 10-year, fixed-rate acquisition loan through one of the firm’s life insurance company lenders.
ALEXANDRIA, VA. — KeyBank Real Estate Capital has arranged a $73.3 million acquisition loan for The Parker at Huntington Metro, a 360-unit multifamily community in Alexandria, roughly eight miles south of Washington, D.C. Chris Black and Caleb Marten of KeyBank arranged the 10-year Fannie Mae loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Constructed in 2016, The Parker features a 24-hour fitness center, bike racks, outdoor TVs, pool, virtual golf simulation room, game room, dog park and a pet spa. Of the 360 units, 54 are reserved for affordable housing.
CLIFFSIDE PARK, N.J. — DMG Investments has closed a $71.6 million construction loan for One Park, a 204-unit condominium building located in Cliffside. The financing was secured by DMG with the assistance of Cooper-Horowitz Inc. through AIG. Designed by Architectura with interiors by VLDG, One Park will feature 204 one-, two, three- and four-bedroom for-sale residences priced from $495,000. On-site amenities will include a 24-hour attended front desk; an aquatic center with an indoor heated pool with adjoining outdoor sun deck, sauna and steam rooms; and a private furnished roof deck, including dining terrace with grilling stations, fire pits, intimate seating areas and an outdoor movie theater. Additional amenities include a fitness center, a children’s playroom, a pet spa, guest suites and a secure parking garage. The 14-story building topped out in August and is slated for completion in fall 2018.
