SYRACUSE, N.Y. — Meridian Capital Group has arranged $19 million in acquisition financing and $2 million for the repositioning of One Lincoln Center, an office property in Syracuse. The financing was arranged on behalf of Asher Zamir of Zamir Equities. Meridian’s Steven Edelstein, Steven Adler and Luke Hingson negotiated the loan, which was provided by a debt fund. One Lincoln Center is a 19-story, 305,594-square-foot office tower anchored by JPMorgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis, and Earthlink. Located at 110 W. Fayette St., the property is adjacent to the intersection of I-81 and I-690.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019. Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.
FORT LEE, N.J. — PMZ Realty Capital has arranged a $23.7 million construction loan for Hyatt Place Fort Lee. The 168-room property will offer rooms including work desks, refrigerators, coffee makers and an in-room safe. The hotel also features complimentary breakfast.
CINCINNATI — NorthMarq Capital has arranged a $7.2 million loan for the refinancing of Park 42 office property in Cincinnati. The 396,000-square-foot building is located at 3600 Park 42 Drive. Noah D. Juran of NorthMarq arranged the 10-year loan, which includes a 20-year amortization schedule. First Financial Bank provided the loan. The borrower was a real estate investment and management company.
AUSTIN, TEXAS — Walker & Dunlop has closed an $8.8 million loan for the refinancing of SOCO Apartments, a 122-unit, garden-style multifamily community located at 6300 S. Congress Ave. in Austin. The 103,568-square-foot, Class A property consists of one-, two- and three-bedroom apartments that are 95 percent occupied. Stuart Wernick of Walker & Dunlop led the loan placement team.
CREVE COEUR, MO. — Meridian Capital Group has arranged a $29 million bridge loan for the acquisition of Vanguard Heights in Creve Coeur, a western suburb of St. Louis. The luxury multifamily property consists of 174 units and is located at 10362 Old Olive St. Amenities include a fitness training studio, valet dry cleaning service, car charging station, heated salt water swimming pool and fire pit lounge area. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the 15-month loan, which features a floating rate of 250 basis points over the 30-day LIBOR rate and full-term, interest-only payments. Strategic Properties of North America was the borrower.
MADISON, WIS. — KeyBank Real Estate Capital has provided an $11.3 million loan for the refinancing of The Villages, a 193-unit workforce housing community in Madison. The property is currently leased to tenants at rent levels that qualify as being affordable to people who make 60 percent or less of the area median income. Dirk Falardeau and Robert Ray of KeyBank arranged the 10-year loan through Fannie Mae. Sundance Bay Multifamily, the multifamily development affiliate of San Diego-based Sundance Bay, was the borrower.
HOUSTON — Berkadia has secured approximately $130 million in financing for H7, a seven-property multifamily portfolio in Houston. Totaling more than 2,000 units of Class B space, the portfolio had an average occupancy rate of 93 percent at the time of the loan closing. Ed Kim of Berkadia secured the floating-rate loan with a 75 percent loan-to-value ratio through an undisclosed CMBS lender.
ARLINGTON, TEXAS — NXT Capital has provided a $31.5 million first mortgage loan for the acquisition of a 246-unit, Class A multifamily community in Arlington. The property is located between the junction of State Highways 183 and 360 and the intersection of Interstates 30 and 820. Mark Brandenburg of JLL arranged the financing on behalf of the undisclosed borrower.
LOS ANGELES — Rescore Property Corp. has received a $100 million construction loan to develop The Rise Hollywood, a 368-unit apartment complex in Hollywood. The seven-story community will be located at 1331 N. Cahuenga Blvd. The units will feature nine-foot ceilings, wood flooring, stainless steel appliances, quartz countertops, balconies and walk-in closets. Community amenities include a pool, fitness center, yoga room, club room and dog run. The Rise Hollywood is situated near Amoeba Music, Lure Nightclub and the ArcLight Hollywood within the Hollywood Entertainment District. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Walker & Dunlop arranged the non-recourse construction loan. Bank of the Ozarks provided the capital. Boca Raton, Fla.-based Rescore is a private REIT founded by Arthur Falcone, Tony Avila, and Bill Powers. The firm partnered with Los Angeles-based Cal-Coast on this project. — Nellie Day