LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.
FARGO, N.D. — Newmark Knight Frank (NKF) has arranged a $77.2 million construction loan for Block 9, a $125 million mixed-use project in downtown Fargo. The project involves the transformation of a 48,000-square-foot parking lot into an 18-story mixed-use tower. Ben Greazel of NKF arranged the loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Co. A syndicate of banks led by First National Bank of Omaha provided the financing. Construction began in September. R.D. Offutt Co. will occupy a portion of the tower for its headquarters. Other components of the project include ground-floor retail space, a boutique hotel to be managed by Aparium Hotel Group, a restaurant and residential condominiums. Completion is slated for 2020.
CHESTERFIELD, MICH. — Grandbridge Real Estate Capital has secured a $42.9 million first mortgage loan for the acquisition of Waterside Marketplace in Chesterfield, about 25 miles north of Detroit. Tenants at the 291,231-square-foot retail center include Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, Ulta, JoAnn Fabrics, Old Navy, DSW, Five Below, Party City, JC Penney and Lowe’s. Gerry Robbins of Grandbridge arranged the three-year loan, which features a 25-year amortization schedule and an interest rate in the low-four percent range. A Grandbridge correspondent lender provided the loan. Mid-America Real Estate Corp. brokered the sale on behalf of the buyer, PMAT Real Estate Investments.
ATLANTA — F10 Hotels has arranged $48.5 million of interim first mortgage financing to refinance the TWELVE Midtown and TWELVE Downtown Marriott Autograph hotels in Atlanta. The TWELVE hotels were purchased in 2015 by Global Management & Investment, and after undergoing a $10 million renovation, joined the Marriot Autograph collection earlier this year. Collateral for the loan included the hotels, ground-floor retail and parking. The floating-rate loan was priced at LIBOR plus 250 basis points. The proceeds were used to refinance Global’s existing acquisition loan.
NEW YORK CITY — The Carlton Group has arranged a $47.5 million construction loan for Sea Breeze Tower, a 20-story multifamily tower in the Coney Island neighborhood of Brooklyn. Located at 271 Sea Breeze Ave., the property will feature a limestone and glass façade and will offer a mix of studio, one-, two- and three-bedroom apartments. Ruth Barone of the Carlton Group secured financing on behalf of the borrower, Rybak Development, through a private lender. The terms of the financing were not disclosed.
KNOXVILLE, TENN. — Dougherty Mortgage LLC has closed a $3.4 million Fannie Mae loan for Tennessee Northstar 3 LLC to purchase Riverview Park Apartments in Knoxville. The complex is a 96-unit, affordable housing property. The loan features a 12-year term and 30-year amortization.
HUNSTVILLE, ALA. — Mag Mile Capital has arranged financing for a single-tenant retail property in Huntsville. Rob Bernstein originated the $2 million, 10-year loan. The specific location of the property, its tenant and the lender were not disclosed. The borrower is an entity controlled by Ari Benmosche and Randall Briskin that owns a portfolio of assets in the Midwest and Northeast.
CYPRESS, TEXAS — KeyBank Real Estate Capital has closed a $21.1 million Fannie Mae first mortgage loan for the acquisition of Cypress Village, a 273-unit multifamily asset in Cypress, a northwestern suburb of Houston. The property was built in 2008 and comprises 10 three-story buildings. Amenities include a pool, fitness center, media room, putting green, jogging track and volleyball court. Tom Peloquin of KeyBank closed the non-recourse, 12-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
DENVER — A joint venture between Patrinely Group and USAA Real Estate has received construction financing for Block 162, a speculative Class AA office tower located at 675 15th St. in Denver’s Midtown West submarket. Leon McBroom and Eric Tupler of HFF arranged the four-year loan through PCCP LLC for the borrower. Upon completion, the 30-story office tower will offer 9,900 square feet of ground-level retail and parking in three below-grade and nine above-grade decks. The core and shell of the 595,039-square-foot building is being constructed to meet LEED Gold certification. The building will feature rectangular floor plates, floor-to-ceiling glass for maximum natural light, 10-plus foot ceiling heights, on-site security and panoramic views of the Front Range and downtown. Additional on-site amenities will include an 11th-floor sky terrace with social lounge, an activated outdoor fitness area in conjunction with a full-service indoor fitness center, bike storage, and 2,800 square feet of conference and meeting space.
COLORADO SPRINGS, COLO. — HFF has arranged $31 million in financing for Province Springs, a 160-unit independent living community in Colorado Springs. The borrower is Paxion Real Estate Holdings, an affiliate of The Wolff Company. The floating-rate bridge financing retires existing construction debt. Province Springs is located just east of multiple retail and entertainment amenities and just north of Peterson Air Force Base and Colorado Springs Airport. Completed earlier this year, the property features a mix of studio, one- and two-bedroom units averaging 810 square feet. The HFF team representing the borrower included Nicole Brickhouse and Leon McBroom.