Loans

Cronheim, GEM Arrange $20.8M Construction Loan for New Hotel in Coastal Maryland

by Camren Skelton February 9, 2018

OCEAN CITY, MD. — Cronheim Hotel Capital (CHC) and GEM Equity Markets (GEM) have arranged a $20.8 million construction loan for Cambria Resorts & Conference Center, a 133-room hotel that will be constructed on North First Street in Ocean City. CHC and GEM arranged the two-year loan through a consortium of Maryland-based credit unions on behalf of the developer, a joint venture between Ocean City-based Pinnacle Hospitality Solutions and Philadelphia-based The Wankawala Organization. Choice Hotels International Inc., owner of the Cambria brand, granted a 30-year franchise to the hotel developers.

February 9, 2018

Loans Multifamily Oregon Seniors Housing Western

Contemporary Healthcare Closes $1.2M Refinancing for 32-Unit Seniors Housing Community in Oregon

by Jeff Shaw February 9, 2018

CORVALIS, ORE. — Contemporary Healthcare Capital (CHC) has arranged a $1.2 million mezzanine loan to refinance a 32-unit memory care community in Corvalis, approximately 80 miles south of Portland. The borrower is Benicia Senior Living. Millennium Bank of Chattanooga provided the capital. The combined loans totaling approximately $5.45 million will be used for a bridge-to-HUD loan for Conifer House. The 24,640-square-foot, single-story facility was originally constructed in 1989, with substantial renovations completed by the borrower in 2015.

February 9, 2018

Loans Midwest Office Wisconsin

Walker & Dunlop Arranges $80M Loan for Refinancing of Office Tower in Downtown Milwaukee

by Kristin Harlow February 9, 2018

MILWAUKEE — Walker & Dunlop Inc. has arranged an $80 million non-recourse loan for the refinancing of 833 East Michigan in downtown Milwaukee. The 359,000-square-foot, Class A office tower, which opened in 2016, is one of the newest additions to the city’s skyline. The property is situated adjacent to the planned Milwaukee streetcar route. Tenants include PricewaterhouseCoopers, KPMG, Godfrey & Kahn and Rare Steakhouse. Jim Cope and Andrew Schoene of Walker & Dunlop arranged the three-year loan on behalf of the borrower, Irgens. PGIM Real Estate Finance provided the loan.

February 9, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $16M Loan for Acquisition of Manufactured Housing Community in Fair Haven, Michigan

by Kristin Harlow February 9, 2018

FAIR HAVEN, MICH. — KeyBank Real Estate Capital has provided a $16 million Fannie Mae loan for the acquisition of The Shores at Anchor Bay in Fair Haven, about 40 miles north of Detroit. The 656-pad manufactured housing community was built in two phases in 1969 and 1985. Timothy Weldon of KeyBank originated the seven-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 9, 2018

Loans Office Oregon Western

Ready Capital Closes $7.5M Acquisition Loan for Creative Office Property in Portland

by Nellie Day February 8, 2018

PORTLAND, ORE. — Ready Capital has closed a $7.5 million acquisition loan for a 26,000-square-foot creative office property in Portland. The asset is situated in the Pearl District. The non-recourse, floating-rate bridge loan will fund the acquisition, renovation and stabilization of the asset. Further details were not disclosed.

February 8, 2018

Loans New York Northeast Office

Houlihan-Parnes, GHP Office Realty Secure $13M Loan for Office Property in White Plains, New York

by Amy Works February 8, 2018

WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty has secured a $13 million first mortgage for an office property located at 400 Westchester Ave. in White Plains. The loan was placed for a period of 20 years and self-liquidating basis at a rate of 4.06 percent. Fordham University occupies the property with a net lease through 2038. Christie Houlihan, Bryan Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors and GHP Office Realty arranged the loan. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower and the title was ensured by The Great American Title Agency in White Plains.

February 8, 2018

Loans Midwest Multifamily Nebraska

Bellwether Enterprise Arranges $55.8M Acquisition Financing for Workforce Housing Property in Lincoln, Nebraska

by Kristin Harlow February 8, 2018

LINCOLN, NEB. — Bellwether Enterprise Real Estate Capital LLC has arranged a $43 million acquisition loan and a $12.8 million equity placement for Links at Lincoln in Nebraska. The 612-unit workforce housing property is situated on 100 acres. Residents have access to the onsite nine-hole golf course. Other amenities include a fitness center, tennis court, playground, hot tub and tanning rooms. Phil Melton and John Roberts of Bellwether Enterprise arranged the $43 million Freddie Mac loan. Todd Johnson of Bellwether Enterprise arranged the $12.8 million equity investment.

February 8, 2018

California Loans Multifamily Western

G.H. Palmer Receives $233.6M Refinancing for Two LA Multifamily Assets

by Nellie Day February 7, 2018

LOS ANGELES — G.H. Palmer has received $233.6 million in cash-out refinancing for two Los Angeles multifamily assets. Those assets include The Medici at 725 S. Bixel St. and Orsini I at 505 N. Figueroa St. The Medici features studio to three-bedroom floor plans with a 24-hour doorman, complimentary tanning salon, private one-acre park, jogging track, two tennis courts, a putting green, golf driving cages, and several pools and spas. Orsini I features studio to two-bedroom apartments with complimentary yoga classes, a regulation-size indoor basketball court, a movie theatre, karaoke lounge, virtual bowling and golf, a heated swimming pool and spa, private dry saunas and steam rooms, and a rooftop pool and spa overlooking skyline views. The 10-year, non-recourse loan closed at 4.02 percent and was sized at 60 percent of value. Gary M. Tenzer of George Smith Partners was able to arrange the loan with interest-only payments for the entire 10-year term.

February 7, 2018

California Loans Retail Western

HFF Arranges $83.5 Million Loan for 141,420 SF Retail Center in Bay Area

by Nellie Day February 7, 2018

EMERYVILLE, CALIF. — HFF has arranged an $83.5 million loan for Emeryville Public Market, a 141,420-square-foot shopping center in the San Francisco Bay Area community of Emeryville. Peter Smyslowski of HFF arranged the five-year, floating-rate loan through ACORE Capital on behalf of the borrower, a partnership between City Center Realty Partners LLC and Angelo, Gordon & Co. Proceeds of the loan will be used to retire an existing Bank of America loan, complete construction of an additional 26,350 square feet of retail space, add a 300-stall parking structure and expand an on-site public park. Emeryville Public Market is home to tenants including Guitar Center, Urban Outfitters and a food hall. The property was originally constructed in 1920, but underwent expansions and renovations in 1988 and 2017.

February 7, 2018

California Loans Multifamily Western

Ready Capital Closes $8.8M Acquisition Loan for Apartment Building in Hollywood

by Nellie Day February 7, 2018

LOS ANGELES — Ready Capital has closed an $8.8 million loan for the purchase of a 43-unit multifamily property in Hollywood. The community is situated in the Larchmont/East Hollywood neighborhood. The non-recourse, senior, floating-rate bridge loan will be used to acquire, renovate and stabilize the asset.

February 7, 2018

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