Loans

Manchester-Financial-Centre-San-Diego-CA

CBRE Arranges $44.7M Refinancing for 160,000 SF Office Property in San Diego

by Amy Works April 26, 2018

SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $44.7 million loan for the refinancing of Manchester Financial Centre. The office property located at 2550 Fifth Ave. in San Diego’s Bankers Hill submarket. Mark McGovern, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the 10-year, fixed-rate loan for the borrower, Manchester Financial Group. Originally built in 1965, the 12-story, 160,000-square-foot features a fitness center, an on-site coffee shop, valet parking, storage and bicycle racks. Tenants include Bertrand at Mister’s A, a fine dining restaurant, and Manchester Financial Group.

April 26, 2018

Arizona Loans Multifamily Seniors Housing Western

Walker & Dunlop Provides $17M Freddie Mac Refinancing for Seniors Housing Community Near Phoenix

by Amy Works April 26, 2018

GILBERT, ARIZ. — Walker & Dunlop Inc. has provided $17 million in Freddie Mac financing for American Orchards, an assisted living and memory care community in the Phoenix suburb of Gilbert. Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The 10-year, non-recourse, fixed-rate financing features two years of interest-only payments. The transaction will allow the borrower — American Care Concepts — to pay off existing bank debt while cashing out equity for future projects. Walker & Dunlop’s team included Kevin Giusti, Jeff Ringwald and Bill Jackson.

April 26, 2018

Loans Office Texas

HFF Secures $19.9M Loan for Office Conversion Project in Austin

by Taylor Williams April 25, 2018

AUSTIN, TEXAS — HFF has secured approximately $19.9 million in financing for a project to convert 81,711 square feet of warehouse space in Austin into a creative office property. Branded UpCycle, the new office property will be located on Sixth Street in East Austin and will feature conference space, bike storage and a coffee bar. Robert Wooten and Eric Tupler of HFF placed the loan on behalf of the borrower, a joint venture between EverWest Real Estate Investors and WHI Real Estate Partners. An entity affiliated with Marathon Asset Management LP originated the loan, which features a three-year term and a floating interest rate. Proceeds from the loan will be used to complete the conversion by May.

April 25, 2018

Loans Multifamily Texas

Hunt Mortgage Closes $6.4M Loan for Refinancing of Apartment Asset in Dallas

by Taylor Williams April 25, 2018

DALLAS — Hunt Mortgage Group has closed a $6.4 million loan for the refinancing of Park Beverly, a 144-unit multifamily property in Dallas. Situated on 2.7 acres on the city’s north side, the property was built in 1963 and features studio, one- and two-bedroom units. The seven-year loan, which features one year of interest-only payments and a 30-year amortization schedule, was arranged on behalf of a Texas-based borrower, Cresta 5827 Blackwell LLC.

April 25, 2018

Loans Multifamily New York Northeast

Progress Capital Secures $3.5M Acquisition Loan for Multifamily Property in Brooklyn

by Amy Works April 25, 2018

NEW YORK CITY – Progress Capital has negotiated a $3.5 million permanent mortgage for a multifamily property located at 662 Madison St. in Brooklyn’s Bedford-Stuyvesant neighborhood. The borrower, New York-based Oved Group, used the loan proceeds to acquire a 10,160-square-foot multifamily property for $4.3 million. The eight-unit property was fully occupied at the time of purchase. Brad Domenico of Progress Capital arranged the financing. The loan term is for 20 years, the first two of which will be interest-only payments followed by a fixed rate of 3.85 percent for seven years. The rate will reset afterward for the remainder of the loan.

April 25, 2018

Georgia Industrial Loans Southeast

HFF Arranges $11M Construction Loan for 281,025 SF Industrial Project in Metro Atlanta

by Camren Skelton April 25, 2018

FAIRBURN, GA. — HFF has arranged an $11 million construction loan for the development of Graham Logistics Center, a 281,025-square-foot industrial building in Fairburn. The property is situated on 25.7 acres at 7375 Graham Road, roughly 20 miles southwest of downtown Atlanta. Gregg Shapiro and Matthew Beam of HFF arranged the four-year, non-recourse, floating-rate loan through Brand Bank on behalf of the borrower and developer, Stream Realty Partners. Upon completion, Graham Logistics Center will be divisible into four suites with separate entrances and office space, and will feature 32-foot clear heights and rear loading doors. Stream Realty Partners expects to wrap up construction on the facility in 11 months.

April 25, 2018

Georgia Loans Multifamily Southeast Student Housing

NorthMarq Secures $6.4M Acquisition Loan for Student Housing Community in Milledgeville, Georgia

by Camren Skelton April 25, 2018

MILLEDGEVILLE, GA. — NorthMarq Capital has arranged a $6.4 million acquisition loan for Prospect Milledgeville, a 141-bed student housing community in Milledgeville. The community is located less than a mile from Georgia College & State University, Georgia Military College and downtown Milledgeville. Lee Weaver of NorthMarq’s Tampa office arranged the 12-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Prospect Milledgeville features a resort-style pool, 24-hour fitness center, clubhouse with a grilling station and on-site management.

April 25, 2018

Arizona Loans Multifamily Western

HFF Secures $29.3M Acquisition Financing for 256-Unit Apartment Property in Suburban Phoenix

by Amy Works April 25, 2018

CHANDLER, ARIZ. — HFF has arranged $26.3 million in financing for Greentree Place, an apartment property located at 250 S. Elizabeth Circle in Chandler, a suburb of Phoenix. Josh Simon and Brad Miner of HFF worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA-managed fund. The five-year, floating-rate loan was used to acquire the property and includes a future-funding component to provide the borrower with a capital expenditure program. The 256-unit property features a mix of one- and two-bedroom layouts, resort-style swimming pool, spa, tennis court, volleyball court, fitness center, business center and courtyards with a community playground.

April 25, 2018

Loans Montana Multifamily Western

Newmark Arranges $11.8M Refinancing for Apartment Community in Bozeman, Montana

by Amy Works April 25, 2018

BOZEMAN, MON. — Newmark has secured $11.8 million in permanent financing for Creekside Apartments in Bozeman. The new apartment building includes 72 residential units. Demetri Koston of Newmark’s Spokane, Wash., office arranged the financing for the undisclosed borrower. The non-recourse loan features five years of interest-only payments followed by a 30-year amortization schedule.

April 25, 2018

Illinois Loans Midwest Retail

MetroGroup Arranges $3.7M Refinancing of Three Retail Properties Occupied by Walgreens in Illinois

by Kristin Harlow April 25, 2018

ROCKFORD AND PARK FOREST, ILL. — MetroGroup Realty Finance has arranged three loans totaling $3.7 million used to refinance a three-property retail portfolio in northern Illinois. The assets, totaling 38,639 square feet, are all leased to Walgreens for 50-year terms. Built in the 1990s, the standalone properties are located at 3803 Auburn St. and 1602 Kishwaukee St. in Rockford, and 15 S. Orchard Drive in Park Forest. The three loans replace two maturing CMBS loans and return a portion of the equity to ownership, according to Patrick Ward, MetroGroup president. A St. Louis-based bank provided the financing. Scott Ketchum, a Newport Beach, Calif.-based private investor, was the borrower.

April 25, 2018

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