CUYAHOGA FALLS, OHIO — Bellwether Enterprise Real Estate Capital LLC has arranged a $15.2 million loan for the refinancing of an industrial property in Cuyahoga Falls, five miles north of Akron. The property currently serves as the main manufacturing facility for Gojo Industries Inc., a producer and marketer of skin health and hygiene solutions. Jeff Musser of Bellwether arranged the financing for Gojo Industries. The lender was not disclosed.
NASHVILLE, TENN. — Allianz Real Estate of America has provided a $100 million loan for The Pinnacle at Symphony Place, a 28-story, 520,000-square-foot office tower located in downtown Nashville. Built in 2010, the LEED Gold-certified building was 99 percent leased to 20 tenants at closing. Bat Barber of Medalist Capital arranged the loan through Allianz on behalf of the borrower, Highwoods Properties, a Raleigh-based REIT that purchased the office building in 2013 for $152 million. The Pinnacle at Symphony Place represents the first commercial mortgage in Nashville for Allianz Real Estate of America, which manages a $10.7 billion debt portfolio. Allianz Real Estate of America is the U.S. real estate lending arm of Allianz Group, a global asset management firm based in Munich.
CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged the $51 million refinancing for Bank of America Place, a 144,000-square-foot, four-story office building along Meeting Street in Charleston. The office building features ground-floor retail space and an attached 355-space parking garage. Tenants include Bank of America, New York Life, Morgan Stanley, Wells Fargo Advisors, Parker Poe Law Firm and Resurgent Capital Services. Russ Balderson and Kevin French of Grandbridge arranged the loan through AIG Global Real Estate on behalf of Charleston Financial Center LLC, a subsidiary of Oceanside Resorts Inc., which purchased Bank of America Place in 2004.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has secured $37 million in financing for The Larkspur, a mixed-use property in the Central Harlem neighborhood of Manhattan. The eight-story building includes 116 apartment units along with seven ground-floor commercial spaces. Bellwether provided a fixed-rate CMBS loan with a 12-year term through Fannie Mae. The terms of the financing ensure that at least 20 percent of the units are reserved for low-income families or individuals. Jim Gillespie of Bellwether Enterprise’s New York office arranged the loan for The Lemle & Wolff Cos.
EAST SETAUKET, N.Y. — HFF has secured an $81.5 million recapitalization for Stony Brook Technology Center, an eight-building medical office portfolio totaling 261,824 square feet in the Long Island community of East Setauket. HFF represented the borrower, TRITEC Real Estate, and procured the lender, a fund advised by UBS Real Estate & Private Markets. Completed between 1987 and 2007, the portfolio is located in a master-planned business park. Stony Brook University occupies more than 65 percent of the buildings. The HFF team representing TRITEC included Andrew Scandalios, Jose Cruz and Michael Gigliotti.
BOSTON — Colliers International has negotiated the $41 million sale of an office property located at 148 State St. in Boston. Colliers also arranged $26.7 million in acquisition financing for property, which is the corporate headquarters of Public Consulting Group (PCG), a public sector management and technology consulting firm. Colliers marketed the property on behalf of the seller, an entity controlled by principals of PCG, and procured the buyer, a joint venture controlled by Harbor Trading USA. Totaling 64,500 square feet, 148 State St. is a Class B office asset anchored by PCG, which occupies 87 percent of the building on floors two through 11. The Ginger Man, a craft beer bar, occupies the remaining 9,000 square feet. Colliers International’s Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines led the sales team. Colliers’ Jeff Black secured the 10-year, fixed-rate loan through Blue Hills Bank.
NEW YORK CITY — Equicap has secured a $5.8 million construction loan for a mixed-use development in the Williamsburg neighborhood of Brooklyn. The site is located directly above an L train subway stop and within walking distance to the JMZ trains. The developer obtained approval from the MTA for the project. The property will feature five condo units and one ground-floor retail space.
ATLANTA — PMZ Realty Capital has closed an $82.5 million loan for Embassy Suites by Hilton Atlanta at Centennial Park, a 321-room hotel located at 267 Marietta St. in downtown Atlanta. Situated near Centennial Olympic Park in Atlanta’s Luckie-Marietta district, the hotel features 16,000 square feet of meeting space and an outdoor pool and spa. The borrower, Legacy Property Group, is using the floating-rate financing to retire existing debt on the hotel, which has recently undergone a $10 million facelift. This is the fourth loan that PMZ Realty Capital has closed for Legacy.
DUNLAP, ILL. AND HOLLAND, OHIO — Hunt Mortgage Group has arranged $30.5 million in acquisition financing for multifamily properties located in Illinois and Ohio. Knoxville Pointe Apartments is a 218-unit apartment complex located in Dunlap, near Peoria, Ill., and comprised of 13 two-story buildings. The property was built in 2001. Fox Chase Apartments is a 304-unit apartment complex located in Holland, within the Toledo metro area, and comprised of 23 two-story buildings. The property was built in 1998. Michigan-based ROCO Real Estate was the borrower. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt.
FLANDREAU, S.D. — Dougherty Funding has provided a $12 million loan for the second phase of the renovation and expansion of Royal River Casino and Hotel in Flandreau, located in eastern South Dakota. The funds will be used to renovate the bingo hall into a VIP lounge, as well as make improvements to the gaming and poker room. Plans also include the addition of an administrative building that will connect directly to the casino. Dougherty arranged the financing for the Flandreau Santee Sioux Tribe of South Dakota, which has owned and operated the property since 1990.
