ROCHESTER, N.Y., AND CLEVELAND — HFF has secured $33.7 million for the refinancing of a 21-building retail portfolio located in the greater Rochester and Cleveland metro areas. The borrower is FX Net Lease Holdings LLC. Chris Hew, Dan Martin and Evan Parker of HFF arranged the 18.5-year, fixed-rate loan with Allegiant Real Estate Capital. Totaling 65,588 square feet, the properties are all triple-net leased to Wendy’s.
NEW YORK CITY — Integra Real Estate Capital has secured $16 million in financing for a retail condominium located at 1809 Emmons Ave. in Brooklyn. Located at the base of The Vue, the two-story condominium features 26,000 square feet of retail space. The Vue is a newly constructed residential tower developed by Rybak Development. Igor Goldenberg of Integra negotiated the 10-year interest-only loan with a CMBS lender for the undisclosed borrower.
WAYLAND, MASS. — EagleBridge Capital has arranged $5.8 million in acquisition and permanent mortgage financing for an undisclosed borrower. Loan proceeds will be used for a long-term ground lease to CVS/pharmacy. Situated on 2.1 acres on Main Street in Wayland, the freestanding retail property will feature 13,900 square feet of space, a drive-thru lane and 60 parking spaces. The property is currently under construction. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing through a leading Massachusetts thrift institution.
MIDLAND, TEXAS — NorthMarq Capital has arranged a $15.8 million refinancing of The Azure, a 156-unit affordable housing property in the West Texas city of Midland. The property offers amenities such as a business center, resident clubhouse, pool and fitness center. Carl Pankratz of NorthMarq Capital secured the 10-year Freddie Mac loan, which features a 30-year amortization schedule. The borrower was not disclosed.
HOLT, MICH. — Greystone has provided a $2.3 million Freddie Mac loan for the refinancing of Whispering Pines in Holt, 10 miles south of Lansing. The property features 104 apartment units. Cary Belovicz, Austin Hull and John Marr of Greystone originated the 10-year loan, which features a fixed rate.
DALLAS — HFF has arranged the $26.6 million recapitalization and financing of a six-property medical office portfolio located throughout Florida and North Carolina. Anthony Frogameni, Ben Appel and Matt DiCesare of HFF marketed the portfolio on behalf of the borrower, Catalyst HRE, and procured the investor, Charter Realty Group. In addition, Michael George and Charley Dickenson of HFF arranged fixed-rate senior financing through Capital One on behalf of the new venture between Catalyst HRE and Charter Realty Group. The portfolio, which totals 68,000 square feet, comprises four radiation oncology treatment centers operated by Robert Boissoneault Oncology Institute in the Florida markets of Lecanro, Ocala and The Villages; the Florida Diagnostic Imaging Medical Office Building in Panama City, Fla.; and the Eastern Regional Surgical Center in Wilson, N.C.
WINDERMERE, FLA. — CBRE has arranged a $22.1 million loan for Westside Shoppes, a 68,346-square-foot retail center in Windermere, roughly 12 miles southwest of Orlando. Zac Brumbaugh of CBRE arranged the 10-year, non-recourse loan with a 30-year amortization schedule on behalf of the borrower, Unicorp National Developments Inc. At the time of sale, Westside Shoppes was fully leased to tenants including AT&T, Tijuana Flats, Keke’s Breakfast, Dunkin’ Donuts, Wendy’s, Panera Bread and Adena Grille.
NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.
NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.
CAPE MAY, N.J. — The Diocesan Housing Services Corp. of the Diocese of Camden Inc. (DHSC), MDG Design + Construction, and Hudson Valley Property Group (HVPG) have announced the refinancing of a renovation project at Victorian Towers, an affordable seniors housing community in Cape May, located at the southern tip of coastal New Jersey. The project will result in more than $8 million in capital improvements to the community, and will preserve the affordability of the property for at least 20 additional years. Originally constructed in 1973 to house low-income seniors, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments as well as 82 parking spaces located near shopping, medical and public transit services. Renovations will include improvements to the units, a redesigned lobby with a seating area and an overhaul of more than 2,000 square feet of community facilities. Exterior work includes the installation of windows and a new Victorian-styled facade. Efficiency upgrades include new air conditioning units and water conservation measures such as the installation of low-flow toilets, shower heads and faucet aerators. DHSC has managed Victorian Towers for decades. As development partners, MDG and HVPG will bring substantial financing and development resources to the …