Loans

Uber Capital Group Secures $14M Acquisition Loan for 623,000 SF Shopping Center in Metro Ithaca

by Amy Works October 11, 2017

LANSING, N.Y. — Great Neck, N.Y.-based Uber Capital Group, a commercial real estate financial advisory and mortgage origination firm, has arranged a $14 million loan for the acquisition of The Shops at Ithaca Mall, a shopping center located at 40 Catherwood Road in Lansing. Joel J. Gorjian of Uber Capital Group secured the financing for the borrower, a private commercial real estate investment group. Target, Old Navy, Dick’s Sporting Goods, Bon-Ton, Michaels and a 14-screen Regal Cinemas anchor the shopping center, which was built in 1976. Additional tenants at the 623,000-square-foot property include Bath & Body Works, Kay Jewelers, Victoria’s Secret, ULTA Beauty, DSW Designer Shoe Warehouse, The Entertainment Zone, Great Escape Adventures, Planet Fitness and Zumiez.

October 11, 2017

Arizona Hospitality Loans Multifamily Top Stories Western

Five Star Development Receives $282M Construction Financing for Ritz-Carlton Near Phoenix

by Kristin Harlow October 11, 2017

PARADISE VALLEY, ARIZ. — Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley, located 15 miles northeast of Phoenix. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie. The Ritz-Carlton resort will feature a 400-foot pool, spa, fitness center, event space, citrus orchard, herb garden, walking paths and lawn. Bryan Clark and Zack Holderman of HFF arranged the financing. Bank of the Ozarks provided a $210 million senior loan and Starwood Property Trust Inc. provided a $72 million mezzanine loan. Loan proceeds will be used to refinance an existing land loan and construct the hotel and residences. Scottsdale, Ariz.-based Five Star owns and develops projects in multiple real estate asset classes in Arizona, California, Texas and New Mexico. — Kristin Hiller

October 11, 2017

Hospitality Loans Texas

RealtyShares Closes $2.4M Equity Financing for Sheraton Hotel in Irving

by Taylor Williams October 10, 2017

IRVING, TEXAS — RealtyShares, a San Francisco-based financial intermediary, has closed a $2.4 million equity investment for the Sheraton DFW Airport Hotel, a 302-room hotel located at 4440 W. John Carpenter Freeway in Irving. The company arranged the funds on behalf of The Buccini/Pollin Group, a Delaware-based investment and management firm. The property, which is located about eight miles from the Dallas-Fort Worth International Airport, features three restaurants, 23 banquet and meeting rooms and 25,000 square feet of meeting space.

October 10, 2017

Florida Loans Multifamily Southeast

Berkadia Secures $98.9M in Acquisition Financing for Two Apartment Assets in Florida

by Camren Skelton October 10, 2017

COCONUT CREEK AND SARASOTA, FLA. — Berkadia has arranged $98.9 million in financing for the purchase of two multifamily assets in Florida. Advenir, a South Florida-based real estate investment company, purchased both communities from Wood Partners, an Atlanta-based multifamily developer and investor. Charles Foschini and Christopher Apone of Berkadia arranged a $52.3 million loan for Crown Pointe, a 360-unit multifamily community in Coconut Creek, as well as a $46.6 million loan for Gateway Lakes, a 358-unit apartment community in Sarasota. Both Freddie Mac loans feature seven-year terms, three years of interest-only payments and a loan-to-value ratio of 80 percent. Constructed in 1986, Crown Pointe features a clubhouse, fitness center, two pools with a spa and a 626-seat performing arts center. Gateway Lakes, constructed in 1996, features a newly redesigned clubhouse, fitness center and a pool area with a sundeck.

October 10, 2017

Holiday-Inn-Boston-Bunker-Hill-Area-Somerville-MA

Hospitality Loans Massachusetts Northeast

HFF Secures Refinancing for 623-Room Hotel Portfolio in Boston Suburbs

by Amy Works October 10, 2017

NATICK AND SOMERVILLE, MASS. — HFF has arranged refinancing for a three-property hotel portfolio in the Boston suburbs of Natick and Somerville. Distinctive Hospitality Group received the 10-year, fixed-rate loan, which was provided by Bank of America’s CMBS Group. The portfolio comprises the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick as well as the 184-room Holiday Inn Boston Bunker Hill Area in Somerville. Located at 1360 Worcester St., VERVE-Crowne Plaza Boston-Natick underwent a renovation in 2012 and features a fitness center, a business center, 17,000 square feet of event space and a full-service restaurant. Hampton Inn Boston-Natick, located at 318 Speen St., was completed in 1976 and renovated in 2008. The hotel features a fitness center, a business center, 12,000 square feet of meeting space and a restaurant. Located at 30 Washington St. in Somerville, Holiday Inn Boston Bunker Hill Area was most recently renovated in 2013 and features a fitness center, a basketball court, an indoor pool, a business center, 9,700 square feet of meeting and event space, and a restaurant and lounge. Mark Remington, Alan Suzuki and Evan Parker of HFF secured the financing for the borrower.

October 10, 2017

Loans Mixed-Use New Jersey Northeast

ReadyCap Commercial Closes $4.5M Freddie Mac Small Balance Loan for Mixed-Use Property in Jersey City

by Amy Works October 10, 2017

JERSEY CITY, N.J. — ReadyCap Commercial has arranged a $4.5 million Freddie Mac Small Business Loan for a mixed-use property located in Jersey City. The cash-out refinancing features a 20-year term with a 30-year amortization schedule. The name of the borrower was not released. John Drennan of ReadyCap Commercial executed the financing for the borrower.

October 10, 2017

Loans Northeast Office Pennsylvania

JLL Secures $96M in Acquisition Financing for Office Tower in Philadelphia

by Amy Works October 9, 2017

PHILADELPHIA — JLL’s Capital Markets team has secured $96 million in financing for a partnership between Taconic Capital Advisors and Cohen Equities. Provided by Deutsche Bank and Square Mile, the financing package will be used for the acquisition and rehabilitation of 801 Market Street, a 695,130-square-foot office tower in Philadelphia’s Market East submarket. Adam Schwartz, Aaron Appel, Jonathan Schwartz and Chad Orcutt of JLL arranged the financing for the borrowers.

October 9, 2017

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Arranges $4.1M in Refinancing for Multifamily Property in New Hampshire

by Amy Works October 9, 2017

HUDSON, N.H. — NorthMarq Capital has arranged $4.1 million in refinancing for a multifamily property located in Hudson. The financing features a 10-year term on a 25-year amortization schedule. Mark Whelan of NorthMarq secured the financing through a regional bank for the undisclosed borrower. The multifamily property features 36 apartment units.

October 9, 2017

Georgia Loans Southeast

Ready Capital Provides $10.4M Acquisition Loan for Office Building in Downtown Atlanta

by Camren Skelton October 9, 2017

ATLANTA — Ready Capital Structured Finance has provided a $10.4 million loan for the acquisition and renovation of a historic office building in downtown Atlanta’s Farilie-Poplar Historic District. Known as The Grant Building, the 125,000-square-foot property is located at 44 Broad St. N.W. The undisclosed borrower will use the loan to update the property’s elevators and common areas, improve the ground floor retail space and address deferred maintenance. The 36-month loan features two extension options, flexible pre-payment options and is inclusive of a facility to provide for capital expenditures, leasing costs and interest and carry reserves.

October 9, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $2.9M Refinancing for Office Building in Sterling Heights, Michigan

by Kristin Harlow October 9, 2017

STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $2.9 million loan for the refinancing of a 37,321-square-foot office building in Sterling Heights. David Dismondy of Bernard Financial arranged the loan for the borrower, Roncelli Investment Co. LLC. General contractor Roncelli Inc. occupies the property, which is located at 6471 Metro Parkway. Symetra Life Insurance Co. provided the loan.

October 9, 2017

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