JERSEY CITY, N.J. — HAP Investments has raised $6.8 million through a private placement in Israel for 544 participation units, each valued at $12,500. The units are not tradable and are not listed for trading on any stock exchange. HAP Tower Journal Square Limited Partnership will use the capital to partially fund the development of an 800-unit multifamily tower located in the Journal Square section of Jersey City. In order to fully fund the $437 million project, another funding round will take place. The private placement was approved by the Israeli Securities Authority, an entity similar to the U.S. Securities and Exchange Commission.
NEW YORK CITY — New York-based Monticello Asset Management, through one of its investment vehicles, has provided $69.3 million in acquisition financing for a four-property skilled nursing portfolio in Massachusetts. The borrower was 50 Christy Place LLC. The specific facilities acquired were not disclosed. The portfolio totals 616 beds, including 100 for assisted living, with an average year built is 1994. The properties have an average total land area of 3.8 acres and an average size of 70,000 square feet. The new owners plan to improve operating efficiencies and leverage a large network of corporate services and operating experience. The financing was structured as a bridge-to-HUD transaction.
NEW YORK CITY — Madison Realty Capital has provided a $23.3 million first mortgage acquisition loan collateralized by a mixed-use development site located at 182-188 Spring St. in SoHo. The undisclosed borrower acquired 182-186 Spring Street through a bankruptcy auction and simultaneously closed on the adjacent townhouse located at 188 Spring St., including its air rights. The total consideration for the acquisitions is $31.6 million. The new owner plans to build a 37,278-square-foot mixed-use development on the site with high-end residential units above ground-floor retail space.
SHREVEPORT, LA — Walker & Dunlop has arranged a $20.5 million Freddie Mac loan for the refinancing of Orleans Square Apartments, a Class B, 472-unit, garden-style apartment community in Shreveport. Walker & Dunlop’s Stuart Wernick and Matt Newton arranged the 10-year, floating-rate loan with three years of interest-only payments, followed by a 30-year amortization period and an initial interest rate in the 3 percent range. Built in the 1970s and 80s, the property features three swimming pools, four laundry facilities, a clubhouse, playground and a tennis court.
EL SEGUNDO, CALIF. — HFF has arranged a $125 million refinancing for Plaza El Segundo, a 380,558-square-foot shopping center located roughly 20 miles outside Los Angeles in El Segundo. The center is 97 percent leased and comprises 13 buildings in three shopping districts: The Plaza, The Collection and The Edge. Tenants at the center include Whole Foods Market, Dick’s Sporting Goods, lululemon athletica, Anthropologie and Salt Creek Grill. Kevin MacKenzie and Matthew Stewart of HFF worked on behalf of the borrower, Federal Realty, to secure the 10-year, fixed-rate loan through PGIM Real Estate Finance.
WASHINGTON, D.C. — Natixis has provided a $39 million floating-rate, first mortgage loan to Washington, D.C.-based Excel Group for the acquisition of the 200-room Hyatt Place hotel located in the NoMa neighborhood of Washington, D.C. The 14-story, LEED Silver-certified hotel was constructed in 2014. Designed by Cooper Carry Inc., the property features a restaurant and lounge, 1,600 square feet of meeting space, an outdoor pool, fitness center and a business center. Excel’s current portfolio consists of 18 hospitality assets totaling over 2,200 rooms located throughout the eastern United States.
NEW YORK CITY — Paramount Group has completed a $300 million refinancing for 712 Fifth Avenue, an office building located in the Plaza District of New York City. The new 10-year, interest-only loan matures in July 2027 and has a fixed rate of 3.39 percent. The net proceeds of the loan were used to repay the existing $246.5 million loan that bears interest at 4.41 percent and was scheduled to mature in March 2018. The building features 543,000 square feet of Class A office space. Eastdil Secured arranged the financing for the borrower.
NEW YORK CITY — Institutional Property Advisors Capital Markets has arranged $45.1 million in financing for the acquisition of an 18-building, 207-unit multifamily portfolio in Brooklyn. The seller assembled the buildings, which are located throughout central and northern Brooklyn, in 2009 and 2010. The seven-year loan features a 3.77 percent fixed rate and a 30-year amortization schedule. Andrew Dansker and Lior Goldberg of IPA arranged the loan for the buyer, a real estate fund, and represented the seller, a private investor.
DORAVILLE, GA. — Cohen Financial, a division of SunTrust Bank based in Chicago, has arranged a $14.5 million acquisition loan for Doraville Plaza, a 190,000 square-foot retail complex in Doraville, a suburb of Atlanta in DeKalb County. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the 10-year, fixed-rate loan with a 30-year amortization schedule through Citigroup Global Markets Inc. on behalf of the borrower, The Equinox Group Inc., a commercial real estate owner/operator in Atlanta and a longtime client to Cohen Financial. Situated on Buford Highway, Doraville Plaza is anchored by Burlington.
REVERE, MASS. — KeyBank Real Estate Capital has provided a $44 million Freddie Mac, fixed-rate mortgage loan for Rumney Flats, an apartment complex in Revere. Built in 2016, the 231-unit property was 97 percent occupied at the time of financing. Dirk Falardeau of KeyBank arranged the financing with a 10.5-year term, including a five-year interest-only period, and a 30-year amortization schedule. The undisclosed borrower used proceeds of the loan to refinance existing debt.