Loans

CIT Group Provides $46M Loan to Menin for Shopping Center in Palm Beach Gardens

by John Nelson May 15, 2017

PALM BEACH GARDENS, FLA. — CIT Group Inc. has provided a $46 million loan to Menin Development for the refinancing of PGA Plaza Shopping Center, an open-air retail lifestyle center in Palm Beach Gardens. Menin will use the loan to refinance a $41 million permanent loan that CIT provided to Menin in May 2015 after the completion of its two-year renovation and remerchandising program. PGA Plaza is home to retailers including Trader Joe’s, Ulta Beauty, Marshalls, Flamingo Café and PurePoint Financial.

May 15, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Provides $9.1M Loan to Rehab Affordable Seniors Community in Tulsa

by Jeff Shaw May 12, 2017

TULSA, OKLA. — KeyBank Real Estate Capital has provided a $9.1 million HUD loan to LEDIC Realty Co. for the rehabilitation of Quail Creek Villa, an affordable seniors housing community in Tulsa. The community is restricted to residents over 62 years of age and those with disabilities. All 120 units of the property are reserved for those making 60 percent or less of the area median income. Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank of Key’s Community Development Lending and Investment (CDLI) group arranged the financing.

May 12, 2017

Loans Massachusetts Multifamily Northeast

Bellwether’s New Equity Division Arranges $41.5M Financing for Apartment Community in Norwood, Mass.

by Haisten Willis May 12, 2017

NORWOOD, MASS. — Bellwether Enterprise Real Estate Capital has arranged $41.5 million in joint venture equity financing on behalf of John M. Corcoran and Co. for the $199 million acquisition of Windsor Garden Apartments in Norwood. The deal is the first equity financing of Bellwether’s New Orleans-based equity products division since its formation in November 2016. The company’s Todd Johnson arranged and structured the joint venture equity, which was provided by a New York City-based real estate investment fund. Located in metro Boston, Windsor Garden Apartments is a 914-unit apartment community. The complex includes 31 three-story apartment buildings, 36 two-story townhouses and six accessory buildings including a clubhouse and daycare center. Units range from one to three bedrooms and range from 580 to 1,210 square feet. The community features an on-site commuter rail station providing service to Boston’s Back Bay and South Station.

May 12, 2017

Loans Multifamily New York Northeast

NGKF Capital Markets Arranges $59M Financing for 827-831 Broadway in NYC

by Haisten Willis May 12, 2017

NEW YORK CITY — NGKF Capital Markets, serving as advisor to Quality Capital, has arranged a $59 million loan for 827-831 Broadway in Manhattan’s Greenwich Village neighborhood from LoanCore Capital. The loan will be used to recapitalize the multifamily property by retiring existing debt. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets brokered the loan for Quality Capital. 827-831 Broadway consists of three interconnected buildings located at 827 Broadway, 831 Broadway and 47 E. 12th St. The property contains 75 feet of frontage on Broadway, with an additional 28 feet on East 12th Street. The owner purchased the property for $60 million in 2016. The residential units have since been vacated and the owner is completing renovations. The owner plans to hold on to the asset for the foreseeable future.

May 12, 2017

Loans Midwest Minnesota Missouri Ohio Wisconsin

KeyBank Arranges $12.7M Loan for Refinancing of Parking Facility Portfolio in Midwest Region

by Kristin Harlow May 12, 2017

OHIO, MINNESOTA, MISSOURI AND WISCONSIN — KeyBank Real Estate Capital has arranged a $12.7 million loan for the refinancing of the MVP Portfolio, which consists of six surface parking lots and garages across the Midwest and in Colorado. Totaling 994 parking spaces, the properties are located in Cleveland, Ohio; St. Paul, Minn.; St. Louis; Milwaukee; and Denver. Randy Martin of KeyBank arranged the 10-year loan, which includes a 25-year amortization schedule. A CMBS lender provided the loan.

May 12, 2017

Illinois Industrial Loans Midwest

Associated Bank Provides $4.9M Loan for Construction of Self-Storage Facility in Chicago

by Kristin Harlow May 12, 2017

CHICAGO — Associated Bank has provided a $4.9 million loan for the construction of a self-storage facility in Chicago. The 49,182-square-foot facility will be located at 3914 W. 111th St. Banner Storage Group is developing the climate-controlled facility. Edward Notz of Associated Bank managed the loan and closing.

May 12, 2017

Loans Office Southeast Virginia

CBRE | Hampton Roads Arranges $35.3M Loan for Office Building in Downtown Norfolk

by John Nelson May 12, 2017

NORFOLK, VA. — CBRE | Hampton Roads has arranged a $35.3 million loan for the SunTrust Building, a 225,286-square-foot office building located at 150 W. Main St. in downtown Norfolk. John Richards Jr. of CBRE | Hampton Roads arranged the long-term, fixed-rate loan on behalf of the borrower, 150 Owner LLC, which will use the financing to refinance existing debt on the property.

May 12, 2017

Alabama Loans Multifamily Southeast

Financial Federal Bank Arranges $31.8M in Acquisition Financing for Two Birmingham Multifamily Communities

by John Nelson May 12, 2017

BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged $31.8 million in acquisition financing for two multifamily communities in suburban Birmingham. The financing includes a $13.5 million loan for Mountain Lodge Apartments, a 254-unit community built in 1973, and a $18.3 million loan for Madison at Shoal Run Apartments, a 276-unit property built in 1986. Both communities were more than 90 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 10-year, fixed-rate loans, which both feature four years of interest-only payments and 30-year amortization schedules. Financial Federal arranged the financing through an agency lender’s green program, which allowed for the financing of energy- and water-saving improvements.

May 12, 2017

Loans Multifamily Oregon Seniors Housing Western

Grandbridge Facilitates $24.3M in Acquisition Financing for Two Seniors Housing Communities in Portland

by Nellie Day May 11, 2017

PORTLAND, ORE. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged a total of $24.3 million in financing for the acquisition of Hawthorne Gardens and Pacific Pointe Retirement Inn, both seniors housing communities located in Portland. The two nonrecourse bridge loans included $12 million for the 58-unit Hawthorne Gardens and $12.3 million for the 114-unit Pacific Pointe. The buyer and seller were not disclosed. Grandbridge’s Richard Thomas and Meredith Davis negotiated the financing. The company’s proprietary lending platform, BB&T Real Estate Funding’s structured loan product. Hawthorne Gardens was most recently sold in September 2015 for $10.8 million.

May 11, 2017

California Loans Multifamily Seniors Housing Western

Meridian Arranges $39M Refinancing for Two Skilled Nursing Facilities in Southern California

by Nellie Day May 11, 2017

SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.

May 11, 2017

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