MONTVILLE, N.J. — Natixis has originated a $40 million floating-rate loan to a joint venture between Camber Real Estate Partners, Advance Realty and an institutional investor for the acquisition of 19 Chapin Road, an industrial campus located in Montville. The four-building campus features 529,110 square feet of light industrial space. Current tenants include Pitney Bowes, Doosan, Trane and Samsung. The loan includes an initial funding of $35 million plus an additional $5 million that is earmarked for future leasing and capital improvement work. Greg Nalbandian of HFF arranged the financing for the borrower.
COLLEGEVILLE, PA. — HFF has arranged $32.9 million in financing for Global Data Center, a purpose-built, Tier III+ data center facility located at 1000 Black Rock Road in Collegeville. The borrower, GI Partners, will use the financing to acquire the property. Kevin MacKenzie, Ryan Ade, Jamie Kline and Christian Tober of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank for the borrower. Completed in 2009, the 203,702-square-foot facility features an available power load of 4.6 MW and the capacity to be expanded to 7 MW with additional capital investment.
OMAHA, NEB. — NorthMarq Capital has arranged a $24.4 million Freddie Mac loan for the refinancing of Broadmoor Hills Phase III in Omaha. The 192-unit apartment building is located at 18440 West Dodge Hills Plaza. Community amenities include a fitness center, pool, indoor basketball court and resident movie theater. Jason Kinnison of NorthMarq arranged the loan for the borrower through its seller/servicer relationship with Freddie Mac.
HOUSTON — Hall Structured Finance (HSF), a Dallas-based private lender, has secured a $22.8 million construction loan to finance the adaptive reuse of the former Southwestern Bell Telephone Co. office building in downtown Houston into a 150-room Hyatt Place hotel. The new hotel will feature ground-floor dining, a rooftop bar, indoor pool, fitness center and approximately 800 square feet of meeting space. Guestrooms, which will be located on the third through 16th floors, will average about 400 square feet per room. A timetable for completion of the project has not yet been established.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $20.5 million Fannie Mae loan for the acquisition of Brookside Apartment Homes, a 288-unit multifamily property located at 2505 Thomason Circle in Arlington. The property features a newly renovated clubhouse, storage space, a pool, dog park and an outdoor kitchen with picnic areas. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, DCP 2505 Thomason Circle LLC.
LYNCHBURG, VA. — Westminster Canterbury-Lynchburg, a nonprofit provider of residential and healthcare services for older adults, has received a $38.2 million construction loan from SunTrust Bank to develop a new, six-story seniors housing project. The new building will be located on the retirement community’s existing 42-acre campus, and will feature 84 private, neighborhood-style rooms, and two floors dedicated to parking and administrative offices. Construction on the new center is slated for completion by late spring 2019. In addition to the new facility, Westminster Canterbury-Lynchburg will renovate its three main dining areas and redesign its wellness center. The upgrades are slated for completion next year.
BATON ROUGE, LA. — CBRE has arranged a $29 million bridge loan for River House Apartments, a 224-unit multifamily community under construction in Baton Rouge. In addition to residential units, the property will include 35,000 square feet of office space and 16,000 square feet of retail space upon completion. Jonathan Rice of CBRE arranged the loan through Benefit Street Partners on behalf of the borrowers, Emanuel Organek and Marc Blumberg. River House is located roughly one mile from Louisiana State University and a half-mile from downtown Baton Rouge. The property is adjacent to the Water Campus, a 35-acre Mississippi riverfront research park dedicated to the study of coastal restoration and sustainability.
SAN JOSE, CALIF. — Bayview Development Group, a privately held commercial real estate development and investment firm based in Northern California, has received a $288.8 million construction loan to develop MIRO in downtown San Jose. The project will include a pair of 28-story luxury apartment towers housing more than 600 residences and 20,000 square feet of retail and commercial space. Situated in one of the top markets in the Silicon Valley, MIRO will feature one-, two- and three-bedroom layouts, including 16 penthouses. The project will also include more than 50,000 square feet of amenities, such as a rooftop pool, concierge services, fitness center, spa facilities, pet facilities, fire pits and rooftop lounges. Bayview Development expects to deliver MIRO in 2020 at 167 E. Santa Clara St., within walking distance of the future downtown San Jose BART station. In addition to Bayview, the design team includes architect Steinberg and general contractor Suffolk. Charles Halladay, Brandon Roth and Jason Carlos of HFF arranged the five-year, interest-only loan through Broad Street Real Estate Credit Partners III, a debt fund managed by the Goldman Sachs Merchant Banking Division. The fund provides senior and mezzanine lending and preferred equity, according to Forbes. “There was a …
WARWICK, R.I. — HFF has arranged $75 million in refinancing for Warwick Mall, a super regional mall located at 400 Bald Hill Road in Warwick. The borrower is a joint venture between Bliss Properties, Mark T. Brennan & Co. and Lane Family Trust. Jennifer Keller and Andrew Gray of HFF arranged the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s and renovated in 2011, the 978,659-square-foot mall is occupied by 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces.
FAIRLESS HILLS, PA. — Cronheim Mortgage has arranged a $33.5 million mortgage loan for Fairless Hills Towne Center, a retail center located in Fairless Hills. The borrower is a joint venture between Larken Associates and Red Starr Investment. The loan was placed with an investment bank and structured with a seven-year term and 30-year amortization schedule after an 18-month interest-only payment period. The permanent loan refinanced the bridge loan used to acquire and reposition the property. The borrowers acquired the 294,000-square-foot center, which is anchored by Giant Food/Pharmacy, in 2015.