Loans

Fantini & Gorga Arranges $21M in Refinancing for Office Condo Portfolio in Warwick, Rhode Island

by Amy Works August 4, 2017

WARWICK, R.I. — Fantini & Gorga has arranged a $21 million first mortgage to refinance office condominium space at The Summit, Jefferson Gateway and Metro East office parks, located within one mile of each other at 300 Centerville Road, 931 and 935 Jefferson Blvd. and 117 Metro Center Blvd. in Warwick. Totaling 160,000 square feet of office space, the parks are fully occupied three- and four-story buildings featuring ample parking, landscaped grounds and efficient and flexible floor plans. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the financing for the undisclosed borrower.

August 4, 2017

Florida Healthcare Loans Southeast

Berkadia Secures $31M Loan for Medical, Research Facility Near West Palm Beach

by Camren Skelton August 4, 2017

JUPITER, FLA. — Berkadia has arranged a $31 million bridge loan for Jupiter Medical & Technology Park, a 186,000-square-foot medical office building and research facility located at 1701 Military Trail in Jupiter, roughly 20 miles north of West Palm Beach. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan on behalf of the borrower, Biscayne Atlantic, through Silverpeak Argentic. Constructed in 1990, Jupiter Medical & Technology Park houses tenants including Florida Turbine Technologies and Jupiter Medical Center.

August 4, 2017

California Loans Retail Western

PSRS Closes $3M Refinancing for Two-Tenant Retail Building in Westwood

by Nellie Day August 4, 2017

WESTWOOD, CALIF. — Pacific Southwest Realty Services (PSRS) has closed a $3 million loan for the refinancing of a two-tenant retail center located at 1055-1059 Broxton Ave. in Westwood. The property is designated as a restaurant property. Kostas Kavayiotidis of PSRS arranged the 10-year refinancing with a long-term correspondent life company.

August 4, 2017

Loans Multifamily New Jersey Northeast

Love Funding Secures $13M FHA Loan for Section 8 Housing Community in Camden, New Jersey

by Amy Works August 4, 2017

CAMDEN, N.J. — Love Funding has secured a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scattered-site affordable housing property located in Camden. Camden Townhomes is a collection of 89 units spread over 64 separate tax parcels scattered throughout the Lanning Square and Bergen Square areas of the city. The loans proceeds, along with 4 percent Low-Incoming Housing Tax Credits provided by the New Jersey Department of Community Affairs, will be used to renovate the property. The renovations will result in more than $125,000 in improvements, including the replacement of all systems and fixtures with energy-efficient upgrades, for each of the units being rehabbed. The New Jersey Department of Community Affairs originally purchased and assembled the units in 1992. At the time, the property was recognized as a single manageable and marketable development and awarded a 15-year Section 8 project-based voucher contract as part of a substantial rehabilitation. As part of the latest transaction, the project has been approved for a new 20-year contract. Leonard Lucas of Love Funding obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program.

August 4, 2017

Loans Northeast Pennsylvania

Square Mile Originates $90.5M Loan for Office Building in Fort Washington, Pennsylvania

by Amy Works August 3, 2017

FORT WASHINGTON, PA. — Square Mile Capital Management has originated a $90.5 million loan secured by Fort Washington Technology Center, located at 1100 Virginia Drive in Fort Washington. The borrower was an entity owned by funds managed by Greenfield Partners, which acquired the property in 2013 as part of a multi-state office portfolio. Built in 1964, the 751,143-square-foot multi-tenant office building features a fitness center, basketball court, Starbucks Coffee shop and cafeteria. Jay Marshall of HFF arranged the financing for the borrower. The loan includes proceeds to repay existing debt and fund future property improvements and leasing costs.

August 3, 2017

Hospitality Loans New Hampshire Northeast

Linchris Hotel Receives $16.8M Acquisition Loan for 230-Key Hotel in Nashua, New Hampshire

by Amy Works August 3, 2017

NASHUA, N.H. — Linchris Hotel Corp. has received a $16.8 million loan to acquire the Crowne Plaza Hotels & Resorts, located at 2 Somerset Parkway in Nashua. Linchris plans to reflag the 230-key hotel as a DoubleTree by Hilton following a property improvement plan. The property features an indoor pool, whirlpool, sauna, spa, fitness center, business center, meeting and banquet rooms, complimentary shuttle, club lounge and Speaker’s Corner & Pub. Greg LaBine and Martha Nay of HFF arranged the 10-year, fixed-rate loan through East Boston Savings Bank for the borrower.

August 3, 2017

California Loans Retail Top Stories Western

Westwood Financial Receives $171M in Financing for 13-Property Retail Portfolio

by John Nelson August 3, 2017

LOS ANGELES — Westwood Financial, a shopping center investment firm based in Los Angeles, has received $171 million in financing in two separate loan transactions. The company will use the debt to refinance or fund acquisitions for 13 retail properties totaling nearly 1.1 million square feet in Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas. Nationwide Life Insurance Co. provided a $94 million loan for Westwood Financial to refinance or acquire seven multi-tenant retail shopping centers, including: • the 77,043 square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix; • the 116,707-square-foot Elk Crossing anchored by Jewel-Osco in Elk Grove, Ill., near Chicago; • the 97,229-square-foot Atascocita Center anchored by Kroger in Humble, Texas, near Houston; • the 101,791-square-foot Market at Lake Houston anchored by H-E-B in Atascocita, Texas, near Houston; • the 87,632-square-foot Lynwood Collection anchored by Kroger in Raleigh, N.C.; • the 55,323-square-foot, Trader Joe’s-anchored Arbors at Mallard Creek in Charlotte, N.C.; and • the 47,518-square-foot Village at Preston Hollow shadow-anchored by Central Market in Dallas. Additionally, an undisclosed, major life insurance firm provided a $77 million loan for the refinancing of six properties, including: • the 89,506-square-foot Mercado del Rancho anchored by Sprouts Farmers Market …

August 3, 2017

Loans Multifamily New Jersey Northeast

KeyBank Arranges $54.8M in Refinancing for New Jersey Apartment Community

by Amy Works August 2, 2017

EAST ORANGE, N.J. — KeyBank Community Development & Lending Investment has provided a $54.8 million bridge loan for Essence 144, an apartment community located at 144 S. Harrison St. in East Orange. The borrower is Blackstone 360, a design-build firm based in Newark, N.J. Essence 144 is an adaptive reuse project in which the abandoned 12-story existing structure was redeveloped into a 144-unit apartment community. Tom Peloquin and John Gilmore IV of KeyBank arranged the refinancing.

August 2, 2017

Loans Maine Northeast Retail

HFF Arranges Sale, Secures Acquisition Financing for Mallside Plaza in Maine

by Amy Works August 2, 2017

South Portland, Maine — HFF has arranged the $16.5 million sale of Mallside Plaza, a 98,948-square-foot shopping center located in South Portland, Maine. The company also secured $12.6 million in acquisition financing for the deal. Tenants at the fully leased center include DSW Shoe Warehouse, Five Below, Guitar Center, Dollar Tree and Mattress Firm. The sale also included an outparcel single-tenant building net leased to Five Guys Burgers. Jim Koury of HFF marketed the property on behalf of the seller, Kimco Realty Corp., and procured the buyer, Northeast Capital Group. Porter Terry of HFF worked on behalf of the new owner to secure a 10-year, fixed-rate acquisition loan through Katahdin Trust Company.

August 2, 2017

Loans Multifamily Texas

Mason Joseph Arranges $20.1M Loan for 180-Unit Apartment Community in Kyle, Texas

by Taylor Williams August 2, 2017

KYLE, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged $20.1 million in construction and permanent financing for Plum Creek Vue, a 180-unit apartment community in Kyle, a city roughly midway between Austin and San Antonio. The HUD loan carries a fixed interest rate for the 15-month construction period and subsequent 40-year term. Blazer Building Texas is constructing the property, which is located at the intersection of Cromwell and Dorman drives.

August 2, 2017

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