Loans

Conlon Capital Arranges $11.9M CMBS Loan for Retail Center in Metro Atlanta’s Vinings District

by John Nelson May 9, 2017

SMYRNA, GA. — Conlon Capital has arranged an $11.9 million CMBS loan for the refinancing of Ivy Walk Shoppes, a 42,499-square-foot retail center located at 1675 Cumberland Parkway in Smyrna’s Vining district. The retail property is situated within a mixed-use development near SunTrust Park, the new home of the Atlanta Braves in Cobb County. Rushi Shah of Conlon Capital arranged the 10-year loan on behalf of the borrower, Atlanta-based MRE-Ivy LLC. The loan features a 75 percent loan-to-value ratio and interest-only payments for 18 months.

May 9, 2017

Florida Loans Office Southeast

Ready Capital Structured Finance Closes $11.9M Loan for Office Building in Fort Lauderdale

by John Nelson May 9, 2017

FORT LAUDERDALE, FLA. — Ready Capital Structured Finance has closed an $11.9 million acquisition loan for Courthouse Place, a 66,260-square-foot, eight-story office building located at 12 S.E. 7th St. in Fort Lauderdale’s central business district. Built in 2007 near the 20-story Broward County Courthouse, the office building features three stories of office space atop a five-story parking garage. The asset was 88 percent leased at the time of financing to tenants such as Krupnick Campbell Malone Buser Slama Hancock Liberman, Legacy Bank of Florida and Apex Reporting Group. Jason Hochman of Cushman & Wakefield arranged the fixed-rate, three-year loan through Ready Capital Structured Finance. HRE/SEFIREA Courthouse Place LLC purchased the office building from an affiliate of West Palm Beach, Fla.-based Morning Calm Management LLC known as Courthouse Place Building Owner LLC for $13.7 million. Scott O’Donnell, Dominic Montazemi, Greg Miller, Deanna Lobinsky and Travis Herring of Cushman & Wakefield represented the seller in the transaction.

May 9, 2017

Loans Multifamily Texas

Love Funding Provides $87.3M HUD Construction Loan for Apartment Complex Within Legacy West

by Taylor Williams May 9, 2017

PLANO, TEXAS — Love Funding, a subsidiary of publicly traded lender Midland State Bancorp Inc., has provided a $87.3 million HUD loan for the construction of LVL 29, a high-rise apartment complex located within the Legacy West development in Plano. Leonard Lucas of Love Funding arranged the non-recourse loan, which is the largest construction loan ever issued by HUD in the Southwest region. The developer of LVL 29, NE Development, expects to deliver the property in May 2019.

May 9, 2017

Hospitality Loans Texas

Axilla Capital Secures $11.9M Bridge Loan for Wyndham Hotel in College Station

by Taylor Williams May 9, 2017

COLLEGE STATION, TEXAS — Axilla Capital LLC has secured an $11.9 million, non-recourse bridge loan for TRYP by Wyndham College Station, a 166-room hotel located at 1508 S. Texas Ave. near Texas A&M University in College Station. Joel Mazur and Tom Fleming of Axilla arranged the loan on behalf of an undisclosed borrower that acquired the property in 2015. Proceeds will be used to refinance the property’s existing debt and fund outstanding renovation costs.

May 9, 2017

Industrial Loans New Jersey Northeast

MMCC Arranges $5.6M Loan for Industrial Warehouse in Linden, N.J.

by Haisten Willis May 9, 2017

LINDEN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.6 million industrial warehouse loan for a 161,000-square-foot building located at 601-721 W. Linden Ave. in Linden. Eric Seidel, a director in MMCC’s New Jersey office, arranged the debt placement.

May 9, 2017

Loans Louisiana Southeast

CBRE Arranges $14M Construction Loan for Seniors Housing Community Near New Orleans

by John Nelson May 8, 2017

COVINGTON, LA. — CBRE has arranged a $14 million construction loan for Avanti Senior Living at Watercross, a 90-unit assisted living and memory care community in the New Orleans suburb of Covington. The borrower is a joint venture between Texas-based developer Avanti Senior Living and investment advisor Iron Point Partners. The property will sit within the Watercross Healthcare Campus, which includes the new Ochsner Medical Hospital. The projects sit within the larger, 171-acre Water Cross at Nor du Lac development, which includes Ochsner Health Center, an active adult community, a wellness center, professional medical offices, a skilled nursing/rehab community and luxury apartments. Aron Will of CBRE National Senior Housing arranged the floating-rate loan with four years of interest-only payments through a regional bank.

May 8, 2017

Kentucky Loans Office Southeast

NorthMarq Capital Arranges $4.1M Refinancing for Office Park in Metro Cincinnati

by John Nelson May 8, 2017

FORT MITCHELL, KY. — NorthMarq Capital has arranged the $4.1 million refinancing for Chamber Office Park, a 67,552-square-foot office park located at 2101-2181 and 2500 Chamber Center Drive in Fort Mitchell, a Kentucky city located about six miles south of Cincinnati. Susan Branscome of NorthMarq’s Cincinnati office arranged the fully amortizing, 10-year loan through an undisclosed life insurance company.

May 8, 2017

Loans Office Texas

Grandbridge Arranges $7.8M in Refinancing for Office Property in Houston

by Taylor Williams May 5, 2017

HOUSTON — Grandbridge Real Estate Capital has arranged $7.8 million in refinancing for a 138,633-square-foot office building located at 2224 Bay Area Blvd. in the Clearlake area of Houston. Adam Lipkin of Grandbridge arranged the refinancing for the six-story property on behalf of a sovereign wealth fund operated by the Republic of Nauru, a South Pacific island nation. The property is primarily leased to a subsidiary of Jacobs Engineering Group, a publicly traded NASA contractor.

May 5, 2017

Colorado Loans Multifamily Western

New York Life Real Estate Investors Originates $51.8M Loan for 306-Unit Apartment Complex in Denver

by Nellie Day May 5, 2017

DENVER — New York Life Real Estate Investors has originated a $51.8 million loan for the 306-unit Alta Cherry Hills apartment complex in Denver. The community is located at 3650 S. Broadway. The mortgage has a seven-year term. The funds were used to purchase the property. Michael Ortlip of Grandbridge Real Estate Capital acted as the mortgage broker. The borrower was Bell Partners. The seller was not disclosed

May 5, 2017

Loans Massachusetts Northeast Office

Capital One Provides $60M Acquisition Loan for Historic Boston Seaport District Property

by Haisten Willis May 5, 2017

BOSTON — Capital One has provided a $60 million leasehold mortgage to The Davis Cos. (TDC) for the acquisition of 88 Black Falcon Ave., a pair of office/industrial buildings totaling 376,000 square feet in Boston’s Seaport District. TDC plans to make improvements including upgrades to the building’s common areas, bathrooms, elevator lobbies, entrances and restaurant/café, as well as the addition of a fitness center. Lisa Greeley of Capital One’s Boston office originated the transaction. The property is 94 percent leased, with 17 office tenants and 18 industrial tenants.

May 5, 2017

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