Loans

Cronheim Mortgage Secures $12M Financing for Industrial Park in Metro Philadelphia

by Haisten Willis May 1, 2017

HORSHAM TOWNSHIP, PA. — Cronheim Mortgage has secured $12 million in financing for a 562,000-square-foot industrial park located in Horsham Township. The 10-year loan includes a 20-year amortization schedule for the borrower, Heffernan and Partners. The loan was placed with American United Life Insurance Co., which Cronheim represented as correspondent and servicing agent. The subject property is Babylon Business Campus, a 15-building property constructed between 1972 and 1987 on 55 acres. There are over 50 tenants in the industrial park, with leases ranging from 600 square feet to more than 100,000 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim originated and placed the loan.

May 1, 2017

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $2.5M Refinancing Loan for Retail Center in Brookline, Mass.

by Haisten Willis May 1, 2017

BROOKLINE, MASS. — Fantini & Gorga has arranged $2.5 million in first mortgage financing for a 7,700-square-foot retail center located at 1427-1431 and 1441 Beacon St. in Brookline. A former Massachusetts resident who has relocated to California was the borrower. The retail property is 100 percent occupied and anchored by East Boston Savings Bank. Fantini & Gorga’s Derek Coulombe and Chris Miller arranged the refinancing on behalf of the borrower. The loan was placed with a Massachusetts-based financial institution.

May 1, 2017

California Healthcare Loans Western

Sims Mortgage Funding Closes $30.1M Loan to Expand Parkview Community Hospital in Riverside

by Jeff Shaw May 1, 2017

RIVERSIDE, CALIF. — Sims Mortgage Funding has closed a $30.1 million loan for Parkview Community Hospital in Riverside. The hospital is located at 3865 Jackson St. The loan will finance the expansion of Parkview’s emergency department. The loan was insured under the HUD Section 242/241 program.

May 1, 2017

Loans Multifamily Texas

Q10 KDH Secures $5.7M in Financing for Apartment Complex Near Texas A&M

by Taylor Williams May 1, 2017

COLLEGE STATION, TEXAS — Houston-based lender Q10 KDH has secured $5.7 million in financing for Cedar Ridge Apartments, a 166-unit multifamily property located less than one mile from Texas A&M University in College Station. The loan features a 20-year term, 20-year amortization schedule and an interest rate of roughly 4 percent. Amenities at the property include two pools, a basketball court, a community garden and a shuttle that runs to and from the property and the university. The planned use of the capital was not disclosed.

May 1, 2017

Loans Midwest Multifamily Ohio

RED Provides $37.7M Construction Loan for Multifamily Property in Suburban Columbus, Ohio

by Kristin Harlow May 1, 2017

NEW ALBANY, OHIO — RED Capital Partners has provided a $37.7 million loan for the construction of HQ Flats in New Albany, a northeast suburb of Columbus. CASTO is developing the 336-unit multifamily property, which will be located near the Hamilton Road and State Route 161 interchange. Terms of the non-recourse loan were not disclosed.

May 1, 2017

Loans Multifamily Texas

Bellwether Arranges $10.4M in Acquisition Financing for 192-Unit Apartment Complex in Carrollton

by Taylor Williams April 28, 2017

CARROLLTON, TEXAS — Bellwether Enterprise Real Estate Capital LLC has arranged $10.4 million in acquisition financing for Toscana Apartments, a 192-unit, Class B property multifamily property located at 17910 Kelly Blvd. in Carrollton. Laurie Morfin of Bellwether arranged the financing through Fannie Mae loan on behalf HLC Equity, a Pennsylvania-based firm that acquired the property earlier in April for roughly $13.2 million.

April 28, 2017

Loans Multifamily Texas

Dougherty Mortgage Closes $1.9M Acquisition Loan for Multifamily Asset in Blanco, Texas

by Taylor Williams April 28, 2017

BLANCO, TEXAS — Dougherty Mortgage LLC has closed a $1.9 million Fannie Mae loan for the acquisition of Blanco Oaks Apartment Homes, a 30-unit apartment community located at 525 Jones Ave. in Blanco, a city roughly 50 miles north of San Antonio. Dougherty Mortgage arranged the 12-year loan through a partnership with Old Capital Lending, on behalf of Rio Blanco Apartments LLC. The loan features a 30-year amortization schedule and one year of interest-only payments.

April 28, 2017

Loans Midwest Mixed-Use Ohio

Fairmount, DiGeronimo Receive $142M Construction Loan for 650,000 SF Mixed-Use Property in Cleveland Suburb

by Kristin Harlow April 28, 2017

ORANGE VILLAGE, OHIO — Fairmount Properties and the DiGeronimo Cos. have received a $142 million loan for the construction of Pinecrest, a 650,000-square-foot mixed-use project in the Cleveland suburb of Orange Village. More than 400,000 square feet of retail and restaurant space will include Whole Foods, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill. The Offices at Pinecrest will consist of two adjoining 75,000-square-foot Class A office buildings, which will be positioned above the retail and restaurant component. Pinecrest will also feature a 145-room AC Hotel by Marriott, 87 high-end luxury apartments and a one-acre town center. The project is slated for completion in spring 2018. Trey Morsbach, Danny Kaufman and Jim Curtin of HFF arranged the loan with a syndicate of banks led by Huntington Bank, which also included KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank. HFF also assisted the developer in securing joint venture equity for the project in June 2016.

April 28, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Provides $5.3M Loan for Refinancing of Multifamily Property in Waukesha, Wisconsin

by Kristin Harlow April 28, 2017

WAUKESHA, WIS. — Walker & Dunlop Inc. has provided a $5.3 million loan for the refinancing of Clearwater Apartments in Waukesha. The 55-unit multifamily property was newly constructed in 2015. The property features one- and two-bedroom units as well as a fitness center and barbecue stations. Jeff Schmidt and Tim Cotter of Walker & Dunlop originated the 15-year loan. The transaction served to refinance a bank construction loan.

April 28, 2017

California Hospitality Loans Western

Shamina Investments Receives $11.2M Acquisition Loan for Claremont Hotel Westwood in Los Angeles

by Nellie Day April 27, 2017

LOS ANGELES — Shamina Investments has received an $11.2 million loan to acquire and renovate the 53-room Claremont Hotel Westwood in Los Angeles. The hotel is located at 1044 Tiverton Ave. in Westwood Village. The Claremont Hotel was built in 1939. The hotel will re-open the hotel in February 2018 as the Palihotel Westwood under the Paligroup hotel flag. Paligroup currently manages and operates four daily and extended-stay boutique properties in the Los Angeles area. The five-year, non-recourse loan was priced at a spread over the 30-day LIBOR. It includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization, according to Thorofare’s Felix Gutnikov, who originated the financing. The New York City office of Mission Capital Advisors LLC arranged the loan. The seller was a local family.

April 27, 2017

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