Loans

Grandbridge Arranges $51M Refinancing for Office Building in Charleston

by John Nelson April 27, 2017

CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged the $51 million refinancing for Bank of America Place, a 144,000-square-foot, four-story office building along Meeting Street in Charleston. The office building features ground-floor retail space and an attached 355-space parking garage. Tenants include Bank of America, New York Life, Morgan Stanley, Wells Fargo Advisors, Parker Poe Law Firm and Resurgent Capital Services. Russ Balderson and Kevin French of Grandbridge arranged the loan through AIG Global Real Estate on behalf of Charleston Financial Center LLC, a subsidiary of Oceanside Resorts Inc., which purchased Bank of America Place in 2004.

April 27, 2017

Loans Multifamily New York Northeast Retail

Bellwether Enterprise Secures $37M Financing for Mixed-Use Property in NYC

by Haisten Willis April 27, 2017

NEW YORK CITY — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has secured $37 million in financing for The Larkspur, a mixed-use property in the Central Harlem neighborhood of Manhattan. The eight-story building includes 116 apartment units along with seven ground-floor commercial spaces. Bellwether provided a fixed-rate CMBS loan with a 12-year term through Fannie Mae. The terms of the financing ensure that at least 20 percent of the units are reserved for low-income families or individuals. Jim Gillespie of Bellwether Enterprise’s New York office arranged the loan for The Lemle & Wolff Cos.

April 27, 2017

Healthcare Loans New York Northeast Office

HFF Secures $81.5M Recapitalization for Long Island Medical Office Portfolio

by Haisten Willis April 26, 2017

EAST SETAUKET, N.Y. — HFF has secured an $81.5 million recapitalization for Stony Brook Technology Center, an eight-building medical office portfolio totaling 261,824 square feet in the Long Island community of East Setauket. HFF represented the borrower, TRITEC Real Estate, and procured the lender, a fund advised by UBS Real Estate & Private Markets. Completed between 1987 and 2007, the portfolio is located in a master-planned business park. Stony Brook University occupies more than 65 percent of the buildings. The HFF team representing TRITEC included Andrew Scandalios, Jose Cruz and Michael Gigliotti.

April 26, 2017

Loans Massachusetts Northeast Office

Colliers Negotiates $41M Sale, $26.7M Financing for Office Property in Boston

by Haisten Willis April 26, 2017

BOSTON — Colliers International has negotiated the $41 million sale of an office property located at 148 State St. in Boston. Colliers also arranged $26.7 million in acquisition financing for property, which is the corporate headquarters of Public Consulting Group (PCG), a public sector management and technology consulting firm. Colliers marketed the property on behalf of the seller, an entity controlled by principals of PCG, and procured the buyer, a joint venture controlled by Harbor Trading USA. Totaling 64,500 square feet, 148 State St. is a Class B office asset anchored by PCG, which occupies 87 percent of the building on floors two through 11. The Ginger Man, a craft beer bar, occupies the remaining 9,000 square feet. Colliers International’s Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines led the sales team. Colliers’ Jeff Black secured the 10-year, fixed-rate loan through Blue Hills Bank.

April 26, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $5.8M Construction Loan for Mixed-Use Development in NYC

by Haisten Willis April 25, 2017

NEW YORK CITY — Equicap has secured a $5.8 million construction loan for a mixed-use development in the Williamsburg neighborhood of Brooklyn. The site is located directly above an L train subway stop and within walking distance to the JMZ trains. The developer obtained approval from the MTA for the project. The property will feature five condo units and one ground-floor retail space.

April 25, 2017

Georgia Healthcare Loans Southeast

PMZ Realty Capital Provides $82.5M Loan for Embassy Suites Hotel in Downtown Atlanta

by John Nelson April 24, 2017

ATLANTA — PMZ Realty Capital has closed an $82.5 million loan for Embassy Suites by Hilton Atlanta at Centennial Park, a 321-room hotel located at 267 Marietta St. in downtown Atlanta. Situated near Centennial Olympic Park in Atlanta’s Luckie-Marietta district, the hotel features 16,000 square feet of meeting space and an outdoor pool and spa. The borrower, Legacy Property Group, is using the floating-rate financing to retire existing debt on the hotel, which has recently undergone a $10 million facelift. This is the fourth loan that PMZ Realty Capital has closed for Legacy.

April 24, 2017

Illinois Loans Midwest Multifamily Ohio

Hunt Mortgage Arranges $30.5M in Acquisition Financing for Multifamily Properties in Illinois and Ohio

by Kristin Harlow April 24, 2017

DUNLAP, ILL. AND HOLLAND, OHIO — Hunt Mortgage Group has arranged $30.5 million in acquisition financing for multifamily properties located in Illinois and Ohio. Knoxville Pointe Apartments is a 218-unit apartment complex located in Dunlap, near Peoria, Ill., and comprised of 13 two-story buildings. The property was built in 2001. Fox Chase Apartments is a 304-unit apartment complex located in Holland, within the Toledo metro area, and comprised of 23 two-story buildings. The property was built in 1998. Michigan-based ROCO Real Estate was the borrower. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt.

April 24, 2017

Hospitality Loans Midwest South Dakota

Dougherty Provides $12M Loan for Renovation, Expansion of Casino Hotel in South Dakota

by Kristin Harlow April 24, 2017

FLANDREAU, S.D. — Dougherty Funding has provided a $12 million loan for the second phase of the renovation and expansion of Royal River Casino and Hotel in Flandreau, located in eastern South Dakota. The funds will be used to renovate the bingo hall into a VIP lounge, as well as make improvements to the gaming and poker room. Plans also include the addition of an administrative building that will connect directly to the casino. Dougherty arranged the financing for the Flandreau Santee Sioux Tribe of South Dakota, which has owned and operated the property since 1990.

April 24, 2017

Loans Multifamily New Jersey Northeast

Eastern Union Funding Arranges $10.5M Loan for Multifamily Property in New Jersey

by Haisten Willis April 24, 2017

PENNSVILLE, N.J. — Eastern Union Funding’s David Singer has arranged a $10.5 million loan for AJH Management Co.’s purchase of Laura’s Glen, a 197-unit apartment community in Pennsville. Eastern Union, working with Greystone, secured a 30-year term with the GSE lender. Matt Wilheimer of The Kislak Co. represented the seller in the transaction.

April 24, 2017

Loans Massachusetts Multifamily Northeast

Natixis Provides $38M Loan for Wellington Parkside Apartments in Everett, Mass.

by Haisten Willis April 24, 2017

EVERETT, MASS. — Natixis has provided a $38 million floating-rate loan on Wellington Parkside Apartments for Boston-based Taurus Investment Holdings. Proceeds from the loan will fund the acquisition and lease-up of the 190-unit, Class A multifamily property. Wellington Parkside Apartments is located in Everett, four miles north of the Boston central business district and one mile from the site of the Wynn Boston Harbor Casino. Taurus has retained Boston-based The Dolben Co. to handle leasing and management of the property. John Kelly of CBRE’s Boston office arranged the financing.

April 24, 2017

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