MELBOURNE, FLA. — NorthMarq Capital has secured the $24 million refinancing of an office and manufacturing property located at 100 N. Babcock St. in Melbourne. Leonardo DRS Inc. occupies the 311,287-square-foot facility. The company is a developer of mission-critical products and services that support military forces, intelligence agencies and prime contractors. Robert Hernandez and Lauren Hanley of NorthMarq’s Tampa office arranged the 11-year loan through an unnamed life insurance company.
NEW YORK CITY — ABS Altman Warwick has arranged the $51 million refinancing of the Pergament Enterprises Mall, a 360,000-square-foot grocery-anchored power center in Staten Island. Located adjacent to the 1.3 million-square-foot Staten Island Mall on Richmond Avenue, the center in anchored by Stop & Shop. ABS Altman Warwick arranged a 15-year, interest-only loan with a rate of 4 percent on behalf of the undisclosed borrower. The lender was a major life insurance company.
VERNON, CONN. — KeyBank has secured a $16 million first mortgage loan through Freddie Mac for Vernon Gardens Apartments in Vernon. Built in 1965, the property is comprised of 10, two-story buildings and has undergone a number renovations and upgrades since 2014. John Ward of KeyBank secured the non-recourse, floating-rate financing through Freddie Mac’s Green-Up Program on behalf of an undisclosed borrower. The loan is structured with five years of interest-only payments on a 30-year amortization schedule.
NEW YORK CITY — Greystone has provided a $45 million bridge loan for three Section 8 affordable housing properties in Manhattan. The properties are located in Washington Heights, Morningside Heights, and West Harlem. The borrower was undisclosed. The financing will go toward preserving affordability for residents across the three properties through a new 30-year regulatory agreement with New York City Department of Housing Preservation and Development and the extension of the Section 8 contract with HUD.
GLENDORA, CALIF. — HFF has secured $17.1 million in post-acquisition financing for Grand and Alosta, a 70,881-square-foot, newly redeveloped shopping center located in the Southern California community of Glendora. Anchored by Sprouts Farmers Market and Marshalls, the fully leased property is also home to Orangetheory Fitness, Mattress Firm, Oke Poke, Sherwin-Williams, The Coffee Bean, US Nail and Spa, Burgerim and Creamistry. Paul Brindley, Marc Schillinger and Ryan Ash of HFF worked on behalf of an institutional borrower to secure the seven-year, fixed-rate, interest-only, non-recourse loan through a national life insurance company.
OLATHE, KAN. — Alliant Credit Union has provided a $23.8 million loan for the refinancing of Olathe Pointe Center, a 142,506-square-foot retail property in Olathe. Some of the tenants include Party City and Justice. The 10-year loan features a 25-year amortization schedule. Mark Reichter of Q10 Triad Capital Advisors Inc. arranged the loan transaction. The borrower was not disclosed.
PROVIDENCE, R.I. — Fantini & Gorga has secured $7 million in permanent financing for The Dean, a 52-room, four-story boutique hotel in Providence. Derek Coulombe and Lindsay Feig of Fantini & Gorga secured the financing on behalf of the undisclosed borrower. The lender was a regional bank. The property is located in historic downtown Providence across from the Dunkin Donuts Center and Rhode Island Convention Center. The hotel was fully renovated in 2014. Terms of the financing were not disclosed.
ARLINGTON, TEXAS — HFF has arranged debt financing for 101 Center, a mixed-use property located adjacent to the University of Texas at Arlington. The property, which was completed earlier this year, features 244 conventional apartments and student housing units totaling 493 beds, as well as 18,400 square feet of retail space. Jeremy Sain of HFF arranged the non-recourse, floating-rate loan through Credit Suisse on behalf of the borrower and developer, Catalyst Urban Development.
BELLEVUE, WASH. — BMO Harris Bank’s Commercial Real Estate Healthcare group has closed $16.7 million in acquisition and renovation financing for Sagebrook, an independent living, assisted living and memory care community in Bellevue. Altum Senior Living operates the community, which is located across Lake Washington from Seattle. The property offers assisted living and memory care. A large strategic investor in the seniors housing industry teamed up with a regional partner to complete the acquisition. Further information on the buyer, seller and community was not disclosed.
NORTH MIAMI, FLA. — Berkadia has secured $46.5 million in refinancing for the recapitalization of Causeway Square, a 168,956-square-foot mixed-use development located in North Miami. The borrower is Taubco, a real estate developer and manager based in South Florida. 3650 REIT, a Miami-based real estate lending, investment and services firm, provided the 10-year loan. Charles Foschini, Chris Apone and Robert Iudice of Berkadia arranged the financing. Built in 2009 and 2010, Causeway Square features 86,877 square feet of Class A office space, a 5,000-square-foot TotalBank branch, 4,000-square-foot Vitamin Shoppe and a 43,679-square-foot LA Fitness, as well as a 416-spot parking garage. The property is currently 96 percent leased, according to Berkadia.
