Loans

Fantini & Gorga Arranges $13.4 Million in Financing for Five-Story Boston Mixed-Use Property

by David Cohen April 2, 2018

BOSTON — Fantini & Gorga has arranged $13.4 million in permanent financing for a five-story, mixed-use property located at 900 Beacon St. in the Audubon Circle neighborhood of Boston. The property, known as Gateway Boston, was completed in 2016 and features a mix of 32 residential units on four floors plus 4,500 square feet of street-level retail. Tim O’Donnell, Casimir Groblewski and Despina Hixon of Fantini & Gorga arranged the financing, a fixed-rate loan for a period of 15 years, with a life insurance company. The borrower was not disclosed.

April 2, 2018

Connecticut Loans Northeast

Washington Trust Provides $2.7M in Refinancing for Flex Property in Wallingford

by David Cohen April 2, 2018

WALLINGFORD, CONN. — Washington Trust has provided $2.7 million for the refinancing of a multi-tenant flex commercial property in Wallingford, located halfway between New Haven and Hartford off I-91. The one-story building is located within Barnes Industrial Park and includes 41,284 square feet of office and industrial space. The borrowers are long-term clients of Washington Trust.

April 2, 2018

Florida Loans Multifamily Seniors Housing Southeast

Ziegler Provides $94.3M HUD Refinancing for 639-Unit Seniors Housing Community in North Florida

by Camren Skelton April 2, 2018

GAINESVILLE, FLA. — Ziegler, a specialty investment bank, has provided a $94.3 million HUD loan for the refinancing of The Village at Gainesville, a 639-unit independent living, assisted living and memory care community in Gainesville. The Florida-based borrower is SantaFe Senior Living, the not-for-profit operator of the community. The Village at Gainesville features 511 independent living units and 128 assisted living/memory care units. The property is located on 104 acres. The independent living units offer board and care services, allowing residents to maintain their “independent” status longer. The FHA-insured mortgage offers a 35-year fixed interest rate below 3.5 percent. The refinancing, which was arranged through FHA’s 232/223 (f) program, lowered the borrower’s debt service and recapitalized the facility. According to Ziegler, the loan is the largest refinance of a single-asset seniors housing community in HUD’s portfolio.

April 2, 2018

Hospitality Loans Southeast Virginia

Mission Capital Secures $47M Refinancing for Hyatt-Branded Hotel in Metro D.C.

by Camren Skelton April 2, 2018

ARLINGTON, VA. — Mission Capital Advisors has arranged a $47 million bridge loan for the refinancing of Hyatt Place Arlington Courthouse Plaza, a 168-room hotel located at 2401 Wilson Blvd. in Arlington, roughly 5 miles southwest of Washington, D.C. The property is located adjacent to the Association of the United States Army (AUSA) Conference and Event Center. Jason Parker, Ari Hirt and Jamie Matheny of Mission Capital arranged the loan through EagleBank on behalf of the borrower, a partnership between The Schupp Cos. and LodgeWorks Partners. The eight-story hotel was constructed in 2016 and features a business center and indoor valet parking. In addition, the hotel is home to Verre Wine Bar on the ground level.

April 2, 2018

California Loans Multifamily Western

Arriba Capital Arranges $5.3M Acquisition Loan for Multifamily Property in Beverly Hills

by Nellie Day April 2, 2018

BEVERLY HILLS, CALIF. — Arriba Capital has arranged a $5.3 million loan for the acquisition of a multifamily property located in Beverly Hills. The borrower is a private equity real estate investment company, which plans to renovate the property. The 16-unit community was 38 percent vacant at the time of acquisition.

April 2, 2018

California Loans Office Top Stories

HFF Arranges $384.8M Refinancing for Two Office Towers in San Francisco

by Taylor Williams April 2, 2018

SAN FRANCISCO — HFF has arranged $384.8 million in refinancing for Genesis North and South Towers, two office and life science buildings in San Francisco that feature 717,883 square feet of lab and office space. HFF secured two loans on behalf of San Diego-based Phase 3 Real Estate Partners Inc. The financing package included a $199.8 million, three-year loan for Genesis North Tower and a $185 million, five-year loan for Genesis South Tower. An undisclosed life insurance company provided the funds for the first loan, while a national bank provided the funds for the second. Genesis North Tower, which was recently completed, stands at 21 stories and spans roughly 390,000 square feet. Genesis South Tower was completed in 2016, standing at 12 stories and encompassing approximately 328,000 square feet. The two-property campus, which serves as the hub for the city’s biotech industry, is located adjacent to U.S. Highway 101 on the city’s south side. The site includes a seven-story parking garage. Amenities include a performing arts center, a bakery and market, two fitness centers, meeting and conference center, and a shuttle service. Upon completion of Genesis North Tower, the fitness center at Genesis South Tower will be converted into amenity space …

April 2, 2018

Loans Midwest Multifamily South Dakota

Love Funding Provides $24.2M Construction Loan for Multifamily Property in Rapid City, South Dakota

by Kristin Harlow March 30, 2018

RAPID CITY, S.D. — Love Funding has provided a $24.2 million FHA-insured loan for the construction of Moon Meadows Apartments in Rapid City. The 160-unit multifamily property will feature a mix of one-, two- and three-bedroom floor plans within eight garden-style buildings. Climate-controlled hallways will link garages to unit entrances. Consolidated Construction Co. Inc. is building the property. Way Architects PC designed the project and Vertex Property Management will manage the community. Moon Meadows Apartments is part of the Moon Meadows Park development, which will include an office building, hotel, retail space and a new medical office park.

March 30, 2018

Loans Nevada Retail Western

Continental Partners Secures $11.3M Acquisition Loan for 102,782 SF Retail Asset in Reno

by Amy Works March 30, 2018

RENO, NEV. — Continental Partners has secured a $11.3 million loan for the acquisition of Mira Loma Shopping Center located at 3310 S. McCarran Blvd. in Reno. CVS/pharmacy and Scolari’s Grocery anchor the 102,782-square-foot retail center, which was 92 percent occupied at the time of acquisition. J.M. Grimaldi of Continental Partners arranged the loan for the borrower, a Los Angeles-based private investor. The borrower plans to implement light value-add renovations to the center, as well as remediate environmental contamination issues remaining due to a former tenant.

March 30, 2018

Affordable Housing Florida Loans Multifamily Property Type Southeast

Dougherty Mortgage Provides $22.7M HUD Loan for Affordable Housing Community in South Florida

by Camren Skelton March 30, 2018

PUNTA GORDA, FLA. — Dougherty Mortgage LLC has provided a $22.7 million loan for the acquisition and rehabilitation of Seven Palms Apartments, a 336-unit affordable housing community in Punta Gorda. The 35-year loan was arranged on behalf of the borrower, Punta Gorda Leased Housing Associates II LLP, through the United States Department of Housing and Urban Development (HUD) 223(f) program. The loan features a 35-year amortization schedule. The community was developed in 2002 utilizing low-income housing tax credits (LIHTC) and tax-exempt bonds, and is reserved for families and individuals earning 60 percent or less of the area median income (AMI). In addition, there are 51 units restricted to those earning 33 percent or less of the AMI. These restrictions will be extended for a 15-year compliance period and a 15-year extended use period as part of the transaction. Seven Palms Apartments includes a mix of one- to three-bedroom units and features a swimming pool, tennis court, playground, clubhouse, business center, picnic area, car care center, storage room and a fitness center. The borrower will invest $7.9 million to renovate the property.

March 30, 2018

Loans Mixed-Use New York Northeast

Madison Realty Provides $31.4M in Construction Financing for Williamsburg Mixed-Use Development

by David Cohen March 29, 2018

NEW YORK CITY — Madison Realty Capital has provided a $31.4 million loan for the construction of a mixed-use development at 744 Bedford Ave. in the Williamsburg neighborhood of Brooklyn. All proceeds of the loan will go toward completing construction of the 134,742-square-foot building. When complete, the building will include 88 residential rental units, 18,393 square feet of retail space and 76 parking spaces. The borrower, a local developer, has laid the foundation of the building and begun construction. The project is scheduled to be complete by spring 2019.

March 29, 2018

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