Loans

HSF Provides $23.2M Construction Loan for Hyatt Hotel in East Moline, Illinois

by Kristin Harlow April 5, 2017

EAST MOLINE, ILL. — Hall Structured Finance (HSF) has provided a $23.2 million loan for the construction of a Hyatt House and Hyatt Place hotel in East Moline, part of the Quad Cities region. This will be Hyatt’s first development of a blended, dual-flagged hotel, with a shared front desk and lobby amenities, and will serve as the company’s prototype for future dual-flagged developments. The nine-story, 233-room hotel will feature 134 upscale Hyatt Place rooms and 99 suite-style, extended-stay Hyatt House rooms. Olympia Hotel Management will operate the hotel. Great River LLC, in conjunction with the City of East Moline, plans to develop the 132-acre site of the former Case/International Harvester plant, where the hotel will be located, into a mixed-use development in two phases. The first phase consists of 42 acres and will include the new hotel, 324 multifamily units and a public park. Construction starts immediately and will be complete by summer 2018. In addition, two restaurants and four retail sites are expected to soon be under development.

April 5, 2017

Industrial Loans Massachusetts Northeast Office

Colliers Secures $9.3M Acquisition Financing for Two-Building Portfolio Purchase in Massachusetts

by Haisten Willis April 5, 2017

BILLERICA and MARLBOROUGH, MASS. — Colliers International has secured acquisition financing for a two-building portfolio purchase consisting of 734 Forest St. in Marlborough and 35 Dunham Road in Billerica. The 120,000-square-foot flex/industrial portfolio sold to a New England-based real estate investment firm. Colliers secured the acquisition financing from Belmont Savings. Adam Coppola, Tom Welch, John Poole and Tonia Jenkins of Colliers arranged financing.

April 5, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Arranges $290M Construction Financing for Mixed-Use Development in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — HFF has arranged $290 million in financing for the development of 151 E. 86th St., a mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood. HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings and Kuafu Properties, to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014. The property is located at the corner of 86th Street and Lexington Avenue and will include 151,500 square feet of residential space and 36,000 square feet of retail. There will be 61 condominium units averaging 2,485 square feet with floor-to-ceiling windows and views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 square feet of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom. HOK Architects designed the 18-story building and Shelton, Mindel & Associates handled the interiors. The property is due for completion in the first quarter 2019. David Nackoul, Christopher Peck and Scott Findlay led HFF’s debt placement team.

April 4, 2017

Loans Multifamily Texas

Hunt Mortgage Arranges $10M Refinancing of Multifamily Property in Dallas

by Taylor Williams April 4, 2017

DALLAS — Hunt Mortgage Group has arranged a $10 million Fannie Mae loan for the refinancing of Spanish Brook Apartments, a 248-unit, garden-style apartment complex located at 11511 Ferguson Road in east Dallas. The loan features a 12-year term, 25-year amortization schedule and an 11.5-year yield maintenance period. To date, the undisclosed, Texas-based borrower has invested $7 million in renovations to the unit interiors and building exteriors of the property.

April 4, 2017

Loans South Carolina Southeast Student Housing

NXT Capital Provides $21M Acquisition Loan for Student Housing Property in Charleston

by John Nelson April 4, 2017

CHARLESTON, S.C. — NXT Capital has provided a $21 million acquisition loan for 400 Meeting Street, a 41-unit, 160-bed student housing community situated less than a mile north of the College of Charleston. The Class A community includes a fitness center, covered bicycle storage, car sharing services and controlled access. According to the property website, the borrower is renovating and rebranding 400 Meeting Street as My House on Meeting.

April 4, 2017

Loans Massachusetts Northeast

Novaya, Hawk Properties Complete $13.25M Recapitalization of Lowell, Mass., Office Properties

by Jaime Lackey April 3, 2017

LOWELL, MASS. — Novaya in a joint venture with Hawk Properties entered into a $13.25 million recapitalization of 10 Technology Drive and 55 Technology Drive located in Lowell. The two assets total 146,696 square of office/R&D space. The portfolio, which was initially acquired in 2012, is 84 percent occupied. Tenants include Evoqua Water Technologies, Borrego Solar and Lowell General Hospital.

April 3, 2017

Loans Seniors Housing Southeast Tennessee

Harborview Capital Arranges $36.3M Acquisition Loan for Two Skilled Nursing Facilities in Nashville

by John Nelson April 3, 2017

NASHVILLE, TENN. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged $36.3 million in financing for the acquisition of two skilled nursing facilities in Nashville. The financing includes senior acquisition and capital expenditure loans, as well as a line of credit. The acquisition loan features 12 months of interest-only payments and partial recourse at an 85 percent loan-to-cost rate. The interest rate will float at a level of LIBOR plus 235. Harborview’s Eli Kutner arranged the financing. The borrower and names of facilities were not disclosed.

April 3, 2017

Industrial Loans Michigan Midwest

Soaring Pine Capital Provides $1.7M Loan for Acquisition of Industrial Portfolio in Suburban Detroit

by Kristin Harlow April 3, 2017

OAK PARK, MICH. — Soaring Pine Capital has provided a $1.7 million loan for the acquisition of an industrial portfolio in Oak Park, a northern suburb of Detroit. The borrower, Paramount Industrial Machining Inc. (PIMI), used the loan to purchase three industrial buildings formerly owned by Paramount Precision Products Inc. PIMI is a leading supplier of precision component machining for the automotive, industrial, service and aftermarket business segments.

April 3, 2017

Loans Multifamily Texas

Q10 KDH Arranges $2M Loan for Apartment Complex in Houston Area

by John Nelson March 31, 2017

PORTER, TEXAS — Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged $2 million in financing for Gilbert House Apartments, a 35,900-square-foot multifamily complex in Porter, a city roughly 25 miles north of Houston. Larry Peters of Q10 KDH arranged the 10-year loan, which has a 30-year amortization schedule. The undisclosed borrower recently upgraded unit interiors at the 33-unit property, which is located at 24595 Gilbert Drive.

March 31, 2017

Loans Massachusetts Northeast Office

North River Company Recapitalizes Office Property in Somerville, Mass.

by Haisten Willis March 31, 2017

SOMERVILLE, MASS. — NGKF Capital Markets has completed the recapitalization of 200 Inner Belt Road, a four-story office asset in Somerville. The NGKF Capital Markets Boston team of Robert Griffin, Edward Maher and Matthew Pullen oversaw the recapitalization of the property with North Colony Asset Management on behalf of North River Co. Totaling 190,096 square feet, 200 Inner Belt Road is 97 percent leased to tenants including Harvard University’s Somerville research facility, which includes the Harvard Art Museums Archives, the Archaeological Exploration of Sardis and the museum’s communications division.

March 31, 2017

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