Loans

Bentall Kennedy Receives $52.4M in Acquisition Financing for Office Building in Colorado

by Nellie Day October 25, 2017

ENGLEWOOD, COLO. — Bentall Kennedy has received $52.4 million in financing to acquire a 223,177-square-foot trophy office asset in Englewood. The asset is located at 9151 E. Panorama Circle within the Panorama Corporate Center. The property was built in 2017. It is fully leased to Arrow Electronics. Amenities include an employee kitchen, cafeteria, 8,000 square feet of meeting space, and a fitness center with showers and a locker room. HFF’s Cary Abod and Eric Tupler secured the five-year, 3.41 percent fixed-rate, full-term, interest-only loan through a correspondent life insurance company lender.

October 25, 2017

Loans Maryland Multifamily Southeast

Pillar Originates $58.8M Acquisition Loan for Apartment Community in Metro Baltimore

by Camren Skelton October 25, 2017

TOWSON, MD. — Pillar Financial, a division of SunTrust Bank, has originated a $58.8 million Freddie Mac loan for the acquisition of The Winthrop, a 295-unit apartment community in Towson, roughly 13 miles north of Baltimore. Cullen O’Grady of Pillar originated the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a private investment group. Scott Park of Columbia National Real Estate Finance arranged the transaction. Located at 913 Southerly Road, the property is within walking distance to Towson Town Center, an indoor mall. The Winthrop was constructed in 2015 and has a National Green Building Standard Gold certification. Chesapeake Realty Partners developed the property, which will continue to be managed by The Bozzuto Group. The Winthrop was 95 percent occupied at the time of sale.

October 25, 2017

Florida Loans Multifamily Southeast

Maverick Commercial Arranges $22M Construction Loan for Apartment Property in Tampa Bay

by Camren Skelton October 25, 2017

CLEARWATER, FLA. — Maverick Commercial Mortgage has arranged a $22 million construction loan for The Strand, a 132-unit apartment building located at 1100 Cleveland St. in downtown Clearwater. The Chicago-based firm secured the two-year, non-recourse loan with one 12-month extension option through an undisclosed lender on behalf of the borrower, 1000 Cleveland LLC. Originally constructed as an office building, the 15-story property was gutted in 2016 in preparation for conversion into condominiums. The borrower will use the loan — which totals 65 percent of the project cost — to finish the conversion into apartment units. Kimmich Smith Architects is designing the apartment building, and GlenStar Properties is the development manager. Situated within the Tampa Bay region, The Strand will feature a pool, hot tub, kitchen, workshop with tools and equipment, business center and covered parking. In addition, The Strand will include ground-floor retail space.

October 25, 2017

Florida Loans Retail Southeast

Meridian Capital Closes $12.5M Acquisition Loan for Retail Center in Broward County

by Camren Skelton October 25, 2017

PLANTATION, FLA. — Meridian Capital Group has arranged a $12.5 million acquisition loan for Plantation Pointe, a 17,052-square-foot shopping center in Plantation, a Broward County city roughly seven miles west of Fort Lauderdale. Noam Kaminetzky of Meridian Capital arranged the 11-year loan with a fixed interest rate of 3.87 percent through a national life insurance company. The borrower was not disclosed. Located at 7500 W. Sunrise Blvd., the property includes three one-story retail buildings. At the time of sale, Plantation Pointe’s tenant roster included Chipotle Mexican Grill, Pieology Pizzeria, Panda Express, The Habit Burger Grill, McAlister’s Deli, AT&T, Starbucks Coffee and Walgreens.

October 25, 2017

Illinois Loans Midwest Multifamily

Associated Bank Arranges $66.8M Construction Loan for Apartment Property in Lincolnshire, Illinois

by Kristin Harlow October 25, 2017

LINCOLNSHIRE, ILL. — Associated Bank has arranged a $66.8 million syndicated loan for the construction of 444 Social, a 302-unit luxury apartment property in Lincolnshire, a northern suburb of Chicago. The Class A property will be located at 444 Parkway Drive. The property will feature 127 one-bedroom units, 126 two-bedroom units and 15 three-bedroom units. Completion is slated for spring 2019. Associated Bank, which served as the lead arranger on the deal, provided $20 million of the loan package. Krista Casper of Associated Bank originated the loan for the borrower, SMASH Residential Chicago LLC, an affiliate of ECD Co.

October 25, 2017

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $6M in Financing for Retail Property in Cherry Hill, New Jersey

by Amy Works October 25, 2017

CHERRY HILL, N.J. — Cronheim Mortgage has arranged $6 million in financing for Village Walk, a retail property located along Route 70 in Cherry Hill. The loan, provided by a local New Jersey bank, was structured with a five-year term. The 60,000-square-foot property is currently 100 percent leased to 14 tenants, including a yoga studio, Italian restaurant, sneaker store, bridal boutique, fitness center and hair salon. Allison Villamagna, Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the loan for the undisclosed borrower.

October 25, 2017

California Hospitality Loans Western

George Smith Partners Provides $85M in Financing for Pendry Hotel in San Diego

by Nellie Day October 24, 2017

SAN DIEGO — George Smith Partners has provided an $85 million bridge loan for the 317-room Pendry Hotel in downtown San Diego. The new luxury hotel is located at 550 J St. The Pendry opened in February. It features a rooftop pool, spa, six restaurants and bars, and 35,000 square feet of high-end meeting and event space. Robert Green Co. and Dan Kloiber own the hotel, which is part of Montage Hotels & Resorts. The loan was provided by Malcolm Davies, Evan Kinne and Alex Rossinsky.

October 24, 2017

California Healthcare Loans Western

Irvine-Based Healthcare REIT HCP Closes $2B Credit Facility

by Nellie Day October 24, 2017

IRVINE, CALIF. — HCP (NYSE: HCP), an Irvine-based healthcare REIT, has closed on a new $2 billion unsecured revolving credit facility. The new facility reduces the company’s funded interest cost for committed loans by five basis points and has a maturity date of Oct. 19, 2021. Based on the company’s current senior unsecured long-term debt ratings, the facility bears interest annually at LIBOR plus 100 basis points and has a facility fee of 20 basis points. The facility also includes two six-month extension options and the ability to increase the commitments by an aggregate amount up to $750 million.

October 24, 2017

Loans Southeast Tennessee

Clearview Realty Finance Secures $36.2M Loan for Office Conversion in Downtown Nashville

by Camren Skelton October 24, 2017

NASHVILLE, TENN. — Clearview Realty Finance (CRF) has secured a $36.2 million construction loan for the conversion of a Class B office building in downtown Nashville into a four-star, boutique hotel. CRF arranged the LIBOR-based, floating-rate loan with 36 months of interest-only payments through a correspondent lender relationship on behalf of the borrower, a regional asset management and hospitality development group. A portion of the loan was used to refinance the existing acquisition financing that was provided by a regional bank. The remaining capital will be drawn to finance the total cost to repurpose and convert the property.

October 24, 2017

Industrial Loans New York Northeast

Cushman & Wakefield Secures $54M in Acquisition Financing for 20-Acre Lot in the Bronx

by Amy Works October 23, 2017

NEW YORK CITY — Cushman & Wakefield has arranged $54 million in financing for Innovo Property Group and Square Mile Capital Management for the acquisition of a 20-acre lot located at 2505 Bruckner Blvd. in the Bronx. Affiliates of Pine River Capital Management provided the floating-rate financing. The lot was formerly occupied by Whitestone Cinemas. Future development plans for the property may include industrial and warehouse space. Adam Spies, Doug Harmon, Adam Doneger and Josh King of Cushman & Wakefield represented Innovo Property Group in arranging joint venture equity from an affiliate of Square Mile Capital Management. Steve Kohn, Alex Hernandez and Noble Carpenter III of Cushman & Wakefield Equity, Debt and Structured Finance arranged the financing.

October 23, 2017

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