Loans

HFF Arranges $100M in Financing for Office Park in Norwalk, Connecticut

by Amy Works November 20, 2017

NORWALK, CONN. — HFF has secured $100 million in financing for Merritt 7, a six-building, 1.4 million-square-foot office park in Norwalk. The borrower is a separate account managed by New York-based Clarion Partners. Riaz Cassum and Lauren O’Neil of HFF arranged the five-year, fixed-rate loan through a correspondent life insurance company. Situated on 22 acres along Norwalk River, Merritt 7 comprises six buildings and features a fitness center, conference centers, car care, two full-service cafeterias, a Starbucks Coffee location and a unisex salon. At the time of financing, the office park was 97 percent leased to a diverse tenant roster including General Electric, Factset Research Systems, Datto and Frontier Communications.

November 20, 2017

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20.1M Refinancing for West Philadelphia Multifamily Complex

by Amy Works November 20, 2017

PHILADELPHIA — Greystone has provided $20.1 million in Freddie Mac financing for West Village, an apartment community located in West Philadelphia. The three separate Freddie Mac Small Balance Loans feature 10-year terms and interest-only payments for three years with 30-year amortization schedules. West Village features 86 units in a mix of three-, four- and five-bedroom layouts. Community amenities include parking, roof decks for some units and a community courtyard. Jason Yuen of Greystone originated the financing for the borrower, West Village Group.

November 20, 2017

Alabama Loans Multifamily Southeast

Capital One Provides $39M Fannie Mae Acquisition Loan for Apartment Community Near Montgomery

by Camren Skelton November 20, 2017

PIKE ROAD, ALA. — Capital One has provided a $39 million Fannie Mae loan for the acquisition of The Grand Reserve at Pike Road, a 376-unit apartment community in Pike Road, roughly 12 miles southeast of Montgomery. Chad Thomas Hagwood of Capital One arranged the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, an entity owned by EBSCO Income Properties. Trimback Construction, the seller, developed the property in 2013. Grand Reserve features a swimming pool, business center, playground, pet park and biking, hiking and jogging trails.

November 20, 2017

Loans Restaurant Retail South Carolina Southeast

Eyzenberg Arranges $22.6M Construction Loan for Retail Complex in Myrtle Beach

by Camren Skelton November 20, 2017

MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $22.6 million construction loan for the development of a 42,000-square-foot retail project located at 1410 N. Ocean Blvd. in Myrtle Beach. The three-story, oceanfront complex will include a live entertainment venue, restaurants and retail space. David Eyzenberg and Ao Sun of Eyzenberg & Co. arranged the non-recourse financing at 60 percent loan-to-cost through Gamma Real Estate. Tin Roof, a restaurant/entertainment operator, will occupy the third floor of the building with a 10,000-square-foot flagship location. The rooftop will include a covered, air-conditioned restaurant space, as well as an open-air terrace. Signed tenants on the ground floor include BurgerFi and General Store. Florida-based restaurant Papa’s Raw Bar is slated to take space on the first and second floors. The development is scheduled to open in April 2018.

November 20, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $34.1M HUD Construction Loan for Affordable Housing Property in Minneapolis

by Kristin Harlow November 17, 2017

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $34.1 million HUD loan for the construction of 1500 Nicollet in Minneapolis. Construction of the 183-unit affordable housing property will involve the redevelopment of the southwest corner of 15th Street and Nicollet Avenue. All units will be restricted to families earning 60 percent or less of the area median income. Property amenities will include a community room, fitness center, yoga studio, rooftop decks, dog park and first-floor retail space. Dougherty originated the 40-year loan on behalf of the borrower, Minneapolis Leased Housing Associates IX LLLP. The project will also receive equity from the sale of low-income housing tax credits and funds from the Metropolitan Council and Hennepin County for environmental cleanup costs. Construction has begun and completion is slated for spring 2019.

November 17, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Secures $61.5M in Construction Financing for Mixed-Use Development in Queens

by Amy Works November 17, 2017

NEW YORK CITY — HFF has arranged $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story transit-oriented mixed-use development located at 71-17 Roosevelt Ave. in the Jackson Heights neighborhood of Queens. Steven Klein and Geoff Goldstein of HFF secured the floating-rate construction loan through Principal Global Investors for the borrower, an affiliate of Werber Real Estate. Being developed by Werber Real Estate and Socius Development Group, the property will feature 154 residential units, 16,577 square feet of retail space, 23,074 square feet of community facility space and a 186-space parking garage. Additionally, the property is within one block of the Jackson Heights – Roosevelt Avenue subway station. Designed by Marvel Architects, the development will feature 40,000 square feet of amenity space, including a rooftop deck, a movie screening room, a fitness center, a children’s playroom, a courtyard, lounge areas and a 24-hour concierge. Units will feature a mix of studio through four-bedroom floor plans with stainless steel appliances, granite countertops, wood flooring and in-unit washers and dryers.

November 17, 2017

Illinois Loans Midwest Multifamily

ASC Arranges $4.9M Acquisition Financing for Multifamily Portfolio in Chicago

by Kristin Harlow November 17, 2017

CHICAGO — American Street Capital (ASC) has arranged $4.9 million in acquisition financing for a three-building multifamily portfolio in Chicago. The properties, located in the Grand Boulevard neighborhood, total 88 units and feature a mix of one-, two- and three-bedroom floor plans. The portfolio was more than 95 percent occupied at the time of acquisition. Igor Zhizhin and Alexander F. Rek of ASC arranged the three loans, which feature 20-year terms and 30-year amortization schedules. A correspondent agency lender provided the loans.

November 17, 2017

California Loans Office Western

Preylock Real Estate Receives $195M in Acquisition Financing for Silicon Valley Office Portfolio

by Nellie Day November 16, 2017

SANTA CLARA, CALIF. — Preylock Real Estate Holdings has obtained $195 million in acquisition financing for a seven-property office portfolio in Silicon Valley. The 626,000-square-foot office and R&D campus is located at 2770-2800, 2880 and 2890 Scott Blvd.; 2220, 2300 and 2330 Central Parkway; and 2001 Walsh Ave. All seven buildings are triple-net leased to Nvidia and Huawei. Four of the buildings serve as the U.S. headquarters for Huawei, a multinational telecommunications equipment company that is currently the world’s third-largest smartphone producer. The remaining three buildings are leased to Nvidia, inventor of the graphic processing unit and PC gaming, computer graphics and artificial intelligence innovator. The seven-year, floating-rate loan features an initial five-year term followed by two one-year extension options and full-term, interest-only payments. Meridian Capital Group arranged the loan.

November 16, 2017

Industrial Loans New Jersey Northeast

Natixis Provides $40M Acquisition Loan for Industrial Campus in Montville, New Jersey

by Amy Works November 16, 2017

MONTVILLE, N.J. — Natixis has originated a $40 million floating-rate loan to a joint venture between Camber Real Estate Partners, Advance Realty and an institutional investor for the acquisition of 19 Chapin Road, an industrial campus located in Montville. The four-building campus features 529,110 square feet of light industrial space. Current tenants include Pitney Bowes, Doosan, Trane and Samsung. The loan includes an initial funding of $35 million plus an additional $5 million that is earmarked for future leasing and capital improvement work. Greg Nalbandian of HFF arranged the financing for the borrower.

November 16, 2017

Data Centers Industrial Loans Northeast Pennsylvania

HFF Secures $32.9M in Financing for 203,702 SF Data Center Near Philadelphia

by Amy Works November 16, 2017

COLLEGEVILLE, PA. — HFF has arranged $32.9 million in financing for Global Data Center, a purpose-built, Tier III+ data center facility located at 1000 Black Rock Road in Collegeville. The borrower, GI Partners, will use the financing to acquire the property. Kevin MacKenzie, Ryan Ade, Jamie Kline and Christian Tober of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank for the borrower. Completed in 2009, the 203,702-square-foot facility features an available power load of 4.6 MW and the capacity to be expanded to 7 MW with additional capital investment.

November 16, 2017

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