Loans

JLL Arranges $42.1M Construction Financing, JV Equity for Condo Development in Brooklyn

by Amy Works February 26, 2018

NEW YORK CITY — JLL has arranged joint venture equity from a fund managed by The Davis Cos. for a mixed-use residential condominium project located at 70 Schermerhorn St. in Brooklyn’s Brooklyn Heights. A partnership between Lonicera Partners and Orange Management is developing the 12-story property. In addition to the equity, JLL secured $42.1 million in construction financing, which was provided by Bank of the Ozarks, for the project. The 85,000-square-foot property will feature 59 for-sale residential units and 3,000 square feet of rentable retail space. Jonathan Schwartz, Keith Kurland and Mark Fisher of JLL arranged the equity placement and financing.

February 26, 2018

Loans Multifamily Retail Southeast Virginia

HFF Arranges $115.4M Construction Financing for Retail, Residential Project in Metro D.C.

by Camren Skelton February 22, 2018

FAIRFAX, VA. — HFF has arranged $115.4 million in construction financing for Scout on the Circle, a 551,000-square-foot residential and retail project in Fairfax, roughly 20 miles west of Washington, D.C. Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged a $100 million floating-rate loan and $15.4 million in preferred equity on behalf of the developer, Washington, D.C.-based Combined Properties Inc. Scout on the Circle will feature a 54,000-square-foot, single-story grocery store, two five-story apartment towers totaling 400 units and 29,000 square feet of ground-floor retail. Apartment units will feature stainless steel appliances, quartz countertops, plank flooring and private outdoor terraces or balconies. Community amenities will include a coffee bar, business center, clubroom, screening room, pool table, fitness center, dog park and two outdoor courtyards with a swimming pool, grilling areas, shuffleboard and a ping pong table. The transit-oriented property will be located one mile from the Vienna Metrorail station and less than four miles from George Mason University’s campus. Combined Properties expects to complete Scout on the Circle in 2021.

February 22, 2018

Loans Multifamily Southeast Virginia

Walker & Dunlop Provides $34.4M HUD Loan for Multifamily Community in Hampton Roads Region

by Camren Skelton February 22, 2018

NEWPORT NEWS, VA. — Walker & Dunlop has provided a $34.4 million loan through the United States Department of Housing and Urban Development (HUD) for the refinancing of Meridian Parkside, a 308-unit multifamily community in Newport News in Virginia’s Hampton Roads region. Hal Reinauer, Tom Toland and Chris Rumul of Walker & Dunlop worked with HUD’s Baltimore office to originate the 35-year HUD 223(f) loan on behalf of the borrowers, Bonaventure Realty Group and Phillip Roper III. The partnership originally acquired the property in 2016. Constructed in 2008, Meridian Parkside offers one- to three-bedroom units and features a 24-hour fitness center, business center, game room, grilling stations, resort-style pool and a sundeck. Section 223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily housing.

February 22, 2018

Loans New York Northeast Office

Zar Group Receives $210M in Financing for Office Property in Times Square

by Amy Works February 22, 2018

NEW YORK CITY — Zar Group has received $210 million in financing to refinance an office property located at 1450 Broadway in Times Square. Tal Bar-Or and Richard Sutton of Meridian Capital Group secured the five-year balance sheet loan, which features full-term interest-only payments. The 42-story property features 415,000 square feet of office and retail space.

February 22, 2018

Loans New York Northeast Office

Natixis Provides $86.2M Construction Loan for Office Project in Manhattan

by Amy Works February 22, 2018

NEW YORK CITY — Natixis has provided an $86.2 million floating-rate construction loan to YYY 62nd Street LLC, a joint venture between Joy Construction and Madd Equities. The borrowers will use the loan to pay off existing debt and provide capital to complete a 110,727-square-foot, Class A office building at 330 E. 62nd St. in Manhattan’s Upper East Side. The seven-story, build-to-suit office property is 100 percent pre-leased to Memorial Sloan Kettering Cancer Center for an initial term of 30 years. Memorial Sloan Kettering plans to use the building for administrative offices. Kathy Anderson and Brad Domenico of Progress Capital arranged the financing.

February 22, 2018

Loans Multifamily Northeast Rhode Island

EagleBridge Capital Arranges $12.6M Loan for Apartment Building in Rhode Island

by Amy Works February 22, 2018

PROVIDENCE, R.I. — EagleBridge Capital has arranged $12.6 million in financing for 95 Lofts, a 59-unit apartment building located at 95 Chestnut St. in downtown Providence. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, provided by a Massachusetts financial institution, for the undisclosed borrower. The property is a six-story, 58,500-square-foot residential building featuring 33 one-bedroom units, 17 two-bedroom units and nine studio units, as well as 2,500 square feet of ground-floor commercial space.

February 22, 2018

Loans Midwest Minnesota Multifamily

High Street Residential Receives $34.2M in Construction Financing for Apartment Project in Edina, Minnesota

by Kristin Harlow February 22, 2018

EDINA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has received $34.2 million in financing for the construction of a 165-unit apartment building in Edina. The age-restricted property for persons 55 or older will feature a mix of one- and two-bedroom units with an average unit size of 900 square feet. Construction will also include a 212-space parking garage. The site was formerly home to buildings and parking space used by Edina Public Schools. Completion is slated for spring 2019. Associated Bank provided $19.2 million of the loan with $15 million syndicated to Great Southern Bank. Ted Notz of Associated Bank managed the loan and closing.

February 22, 2018

Illinois Industrial Loans Midwest

Continental Partners Arranges $7M Acquisition Loan for Industrial Property in Chicago

by Kristin Harlow February 22, 2018

CHICAGO — Continental Partners has arranged a $7 million bridge loan for the buyer of a 115,000-square-foot Motor Row industrial building in Chicago’s South Loop. The building’s new owner, a private investor, plans to convert the asset into a Class A mixed-use property with retail, entertainment and office space. The former auto showroom, located at 2222 S. Michigan Ave., is currently vacant. The lender was not disclosed.

February 22, 2018

Loans Multifamily New Jersey Northeast

HFF Arranges $24.8M in Financing for Condominium Development in Morristown, New Jersey

by Amy Works February 21, 2018

MORRISTOWN, N.J. — HFF has secured $24.8 million in financing for the development of 30 Court, a condominium community located in downtown Morristown. The borrower is DRA 30 Court LLC, a joint venture between Diversified Realty Advisors and a private investor. Michael Klein and Jon Mikula of HFF arranged the 30-month construction loan with Investors Bank for the borrower. Slated for completion in 2019, the property will features for-sale two-bedroom homes ranging from 1,276 square feet to 1,939 square feet. Units will feature kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-house washers and dryers. Additionally, the property will feature a two-story, 131-space parking garage and a half-acre outdoor recreational space.

February 21, 2018

Hospitality Illinois Loans Midwest

Sterling Bay Receives $64M Refinancing for Ace Hotel Chicago

by Kristin Harlow February 21, 2018

CHICAGO — Developer Sterling Bay has received a $64 million bridge loan to refinance construction financing for the Ace Hotel Chicago. Opened in 2017, the 159-room hotel is located at 311 N. Morgan St. in Chicago’s Fulton Market district. The boutique property features a lobby restaurant and bar, outdoor terrace, rooftop bar, private dining area, fitness center and nearly 4,000 square feet of retail space. Timothy Joyce, Tony Malk, Jeff Bucaro and Nicole Aguiar of HFF arranged the five-year loan through LoanCore Capital and Ohana Real Estate Investors.

February 21, 2018

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