NEW YORK CITY — Greystone Bassuk has secured a $103 million construction loan with Bank of China for an affiliate of The Moinian Group. The borrower will use the loan to construct 572 11th Avenue, a 13-story apartment building located in Manhattan. Designed by CetraRuddy, the 185,000-square-foot building will feature 164 apartment units over 25,000 square feet of street-level and below-grade retail space. Additionally, 46 of the apartments will be set aside for low- and moderate-income households pursuant to the new 421-a Program and the New York City Department of Housing Preservation and Development’s Inclusionary Housing Program.
NEW YORK CITY — Silverback Development has secured a $43.1 million loan to facilitate construction for 67 Livingston Street, a condominium development in the heart of Brooklyn Heights. Melody Business Finance provided the financing for the project, which includes the conversion of a former student housing dormitory into a residential condo building. Situated on a 3,404-square-foot lot on Livingston Street, the 29-story building will feature full-floor residences with outdoor spaces and panoramic views of the Manhattan skyline, the Brooklyn and Manhattan bridges and the Statue of Liberty.
LOS ANGELES — G.H. Palmer has obtained a $266.7 million refinancing for a four-property multifamily portfolio in Los Angeles. The portfolio contains a total of 1,359 units. Properties featured in the portfolio include Skyline Terrace Apartments at 930 Figueroa Terrace and Pasadena Park Place at 101 Bridewell St., along with River Ranch Townhomes and Apartments at 18005 Anne’s Circle and The Terrace at 21311 Alder Drive in Santa Clarita. The refinancing was completed as seven-year, fixed-rate, interest-only, non-recourse loans at 3.54 percent interest with a 65 percent loan-to-value ratio. Gary M. Tenzer of George Smith Partners arranged the financing.
BURR RIDGE, ILL. — Aries Conlon Capital has arranged a $12.5 million bridge loan for the Crowne Plaza hotel near Chicago’s Midway International Airport in Burr Ridge, a southwest suburb of Chicago. The 123-room hotel, located at 300 S. Frontage Road and built in 1969, was previously a Quality Inn & Suites that had been fully renovated and reflagged recently as the IHG Crowne Plaza Hotels & Resorts brand. Managed by Chesapeake Hospitality, the property features meeting space, an indoor pool, restaurant, fitness center and business center. Rushi Shah of Aries Conlon arranged the 24-month, interest-only loan on behalf of the borrower, Vega Hospitality Group. Access Point Financial Inc. was the lender. Since the property’s cash flow was not yet at sufficient levels to cover the total debt, refinancing was almost impossible. Once the property is stabilized, the bridge loan will be refinanced to non-recourse permanent debt, according to Shah.
LITTLE ROCK, ARK. — Dougherty Mortgage LLC has arranged a $23.9 million Fannie Mae loan for the refinancing of Bowman Pointe Phase I, a 217-unit multifamily community in Little Rock. The Minneapolis-based company arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Bowman Pointe LLC. Bowman Pointe features a business center, clubhouse, virtual fitness studio, fitness center and a resort-style pool with cabanas.
BALCH SPRINGS, TEXAS — Dougherty Mortgage LLC has arranged an $8 million loan for the acquisition of Ambassador Apartment Homes, a 136-unit multifamily community in Balch Springs, an eastern suburb of Dallas. The Fannie Mae loan was arranged through a partnership with Old Capital Lending on behalf of the borrowers: CAKI Real Estate LLC, Florescence LLC, Fordgang Properties II LLC and Frisco Bulldog Properties II LLC. The loan features a 12-year term and 30-year amortization schedule.
NEW YORK CITY — Cove Property Group and an institutional partner have received $479 million in construction financing for Hudson Commons, a 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan. The 25-story building is located at 441 Ninth Ave. between 34th and 35th streets. Hudson Commons will comprise a 17-story structure atop an existing eight-story building. The development will feature 14 private terraces and balconies and onsite basement parking for up to 140 vehicles. The design will incorporate varied floor plans with high ceilings, as well as sustainable elements, such as terraces and green roofs. Kohn Pedersen Fox is designing Hudson Commons. The new building will be equidistant between Penn Station and the new 7 Train extension that services Hudson Yards. It will also feature access to the Port Authority and Lincoln Tunnel. Cove Property Group purchased the asset in December 2016 for $330 million. EmblemHealth had owned the existing 423,000-square-foot building since 1994. The structure was originally built as a warehouse in 1962 before it was converted to office space in 1983. Loan proceeds will reposition and redevelop the asset into a Class A office tower with full-block frontage along Ninth Avenue. The project is …
HFF Secures $17.4M in Acquisition Financing for 120,349 SF Shopping Center in Toms River, New Jersey
TOMS RIVER, N.J. — HFF has arranged $17.4 million in acquisition financing for Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River. A partnership between Unison Realty Partners and ALTO Real Estate Fund is the borrower. OceanFirst Bank provided the five-year, fixed-rate loan, as well as a $3.4 million construction line that will be used for capital and tenant improvements as well as leasing commissions. Constructed in 1987, the 120,349-square-foot center is 86 percent leased by 21 tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial. The borrower plans to lease the remaining available space, extend tenants with pending maturities early and invest in capital improvements. The improvements will include a new roof, resurfaced parking lot, new pylon signage and façade upgrade. Additionally, the partnership may construct a 2,500-square-foot pad site at the center. Michael Klein and Greg Labine of HFF arranged the financing for the borrower.
GAMBRILLS, MD. — Walker & Dunlop has arranged a $61.1 million loan for the development of Monarch at Waugh Chapel, a 246-unit apartment community under construction in Gambrills, roughly halfway between Baltimore, Md., and Washington, D.C. Dee McClure of Walker & Dunlop arranged the financing through the United States Department of Housing and Urban Development (HUD)’s 221(d)(4) new construction program on behalf of the borrower and developer, a joint venture between Bozzuto Development Co. and Reliable Contracting. The financing includes a two-year construction loan followed by a permanent, 40-year, fixed-rate loan. Monarch is part of the Waugh Chapel master-planned community, which will include residential, commercial, office and residential amenities upon full build-out. The apartment community will feature a fitness center, yoga studio, business center, billiards room, resort-style pool and cooking stations.
MIAMI — Estate Investments Group (EIG) has secured $52 million in construction financing for the development of Soleste Blue Lagoon, a new 33-unit apartment community that will be located at 5375 N.W. 7th St. in Miami. EIG secured the financing through Florida Community Bank. Soleste Blue Lagoon will feature studio, one-, two- and three-bedroom units ranging in size from 400 to 1,100 square feet, with rents starting at $1,300 per month. Community amenities will include a resort-style pool, sun deck with private cabanas, private beach with sand volleyball court, health and fitness club and a rooftop garden. Construction is slated for completion by summer 2019.