Loans

Pillar Originates $11.3M Fannie Mae Loan for Refinancing of Multifamily Property in Cincinnati

by Kristin Harlow February 9, 2017

CINCINNATI — Pillar has originated an $11.3 million Fannie Mae loan for the refinancing of The Gramercy on Garfield. Built in 1992, the Class A multifamily property is located in downtown Cincinnati. The property consists of 148 studio, one- and two-bedroom units, as well as amenities such as a swimming pool, outdoor kitchen, clubroom and a parking garage. The Gramercy on Garfield also includes 16,000 square feet of street-level retail space. The 10-year, fixed-rate loan features a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a developer and manager of multifamily properties in Southwest Ohio. Chip Kupferberg of BlueMark Capital was the mortgage banker.

February 9, 2017

Florida Loans Multifamily Southeast

Hall Structured Finance Closes $37.7M Construction Loan for Apartment Community in Central Florida

by John Nelson February 9, 2017

KISSIMMEE, FLA. — Hall Structured Finance has closed a $37.7 million construction loan for Millennium at Citrus Ridge, a 326-unit apartment community located in Kissimmee, a suburb of Orlando. Hall Structured Finance originated the loan on behalf of the developer, DLC Residential. Situated two miles from Walt Disney World Resort, the property will feature a clubhouse, resort-style pool, fitness center, conference facility and social lounge. Millennium at Citrus Ridge’s units will average about 1,000 square feet. Hall Structured Finance has now closed six construction loans for apartment communities in Florida.

February 9, 2017

Georgia Loans Office Southeast

NXT Capital Provides $36.5M Acquisition Loan for Office Park in Metro Atlanta

by John Nelson February 9, 2017

TUCKER, GA. — NXT Capital has provided a $36.5 million acquisition loan for Lakeside Centre, a six-building office park in the Atlanta suburb of Tucker. Situated adjacent to Interstate 285, U.S. Highway 78 and U.S. Highway 29, the office park features a fitness center, lake views, walking trails, café conference room, on-site management, an on-site bank with a drive-thru and 24/7 security. The borrower and details of the financing were undisclosed.

February 9, 2017

Florida Loans Mixed-Use Southeast

Ready Capital Structured Finance Closes $8.1M Loan for Mixed-Use Project in Miami

by John Nelson February 9, 2017

MIAMI — Ready Capital Structured Finance has closed an $8.1 million loan for the refinancing and renovation of a 66,262-square-foot mixed-use property located at 8300 N.E. 2nd Ave. in Miami’s Little River neighborhood. Originally built in 1951, the property will be renovated to include a food and boutique market on the first and mezzanine floors, office space on the second floor and a roof deck offering 360-degree views of Miami. The two-year loan features interest-only payments, one extension option, flexible prepayments and a facility for future capital expenditures, tenant improvements and leasing commissions.

February 9, 2017

California Loans Retail Western

Mesa West Capital Arranges $35.7M Refinancing for Retail Center in Walnut Creek

by Nellie Day February 9, 2017

WALNUT CREEK, CALIF. — Mesa West Capital has originated a $35.7 million first mortgage loan for the refinancing and repositioning of Rossmoor Shopping Center in Walnut Creek. A joint venture between Citivest Commercial and Tallen Capital Partners was the borrower. The borrower acquired the property in 2012 and is implementing a city-approved redevelopment plan for the 108,000-square-foot property. In addition to upgrading the exterior façade, expanding the inline space and adding new retail pads, the plan also includes adding an additional 27,000 square feet of net rentable area to the existing property. Steve Fried and Seth Hall of Mesa West Capital originated the five-year, non-recourse, floating-rate loan for the borrower.

February 9, 2017

California Industrial Loans Western

NorthMarq Capital Arranges $65M Refinancing for Inland Empire Industrial Portfolio

by Nellie Day February 8, 2017

ONTARIO, CALIF. — NorthMarq Capital has arranged a $65 million refinancing for a three-property industrial portfolio in the Inland Empire. The portfolio contains a total of nearly 1.6 million square feet. The transaction includes 3100 Milliken Ave. in Mira Loma and 5555 and 5772 E. Jurupa St. in Ontario. The financing will allow the borrower to recapitalize the portfolio. The 10-year loan features a forward rate lock of 3.65 percent and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the loan through the firm’s correspondent relationship with Hartford.

February 8, 2017

Colorado Loans Multifamily Western

Parkview Financial Provides $13.5M Loan for Micro-Apartment Community in Denver

by Nellie Day February 8, 2017

DENVER — Parkview Financial has provided a $13.5 million loan for an 82-unit micro-apartment community in Denver. The funds will go toward the construction of this ground-up development.

February 8, 2017

Loans Maryland Multifamily Southeast

KeyBank Provides $56.1M HUD Loan for Multifamily Redevelopment Project in Baltimore

by John Nelson February 8, 2017

BALTIMORE — KeyBank Real Estate Capital has provided a $56.1 million HUD 221(d)(4) loan for the construction of Center/West, a 33-acre multifamily redevelopment project in southwest Baltimore. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities. Phase I of Center/West, known as PSH 1 LLC, will be developed by La Cite Development LLC and BRP Development Corp. Situated in front of the historic Poe House, Phase I will comprise a six-story, 262-unit apartment complex with 19,000 square feet of ground-floor retail space, neighborhood services and a dog park. Roughly 20 percent of Center/West’s units will be designated for households earning at or below 50 percent of the area median income. La Cite Development worked closely with the City of Baltimore and the University of Maryland BioPark for the redevelopment project. KeyBank’s execution of the 221(d)(4) loan was the fastest firm commitment for new construction financing in the history of HUD, according to KeyBank.

February 8, 2017

Loans Midwest Mixed-Use Ohio

NorthMarq Arranges $7.5M Loan for Refinancing of Mixed-Use Property in Cincinnati

by Kristin Harlow February 8, 2017

CINCINNATI — NorthMarq Capital has negotiated a $7.5 million loan for the refinancing of Montgomery Gateway in Cincinnati. The 39,560-square-foot property consists of retail and office space, and is located at 9366-9386 Montgomery Road. The 10-year loan features a 30-year amortization schedule. Noah D. Juran and Susan Branscome of NorthMarq arranged the financing through a CMBS lender.

February 8, 2017

Delaware Loans Northeast Office

HFF Secures $12.6M Refinancing for Office Building in Wilmington, Delaware

by Amy Works February 7, 2017

WILMINGTON, DEL. — HFF has secured $12.6 million in refinancing for an office building located at 1011 Centre Road in Wilmington. Ryan Ade of HFF arranged the long-term, fixed-rate loan with a regional bank for the borrower, Delle Donne & Associates. Built in 1986, the 90,000-square-foot property is fully leased.

February 7, 2017

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