CAMBRIDGE, MASS. — HFF has arranged a $21.6 million first mortgage loan for Hathaway Lofts, a multifamily property located at 15 Richdale Ave. in the Porter Square neighborhood of Cambridge. Brett Paulsrud and Xave Jacoby of HFF secured the 10-year, fixed-rate loan for the borrower, Camco Management Co. Formerly Hathaway Bakery, the recently renovated property has been converted into an apartment community featuring 46 loft-style units in 35 layouts.
DECATUR, GA. — Capital One has provided a $14.4 million HUD 221(d)(4) loan for the construction of Sterling at Candler Village, a 170-unit affordable and age-restricted community in Decatur. The 221(d)(4) product is HUD’s flagship program for financing the construction and preservation of market-rate and affordable housing apartment communities. Carolyn Whatley of Capital One originated the loan on behalf of the developer/borrower, The Benoit Group. Residences will be restricted to residents whose head of household is at least 62 years old. The majority of the units (136) will be allocated to households earning up to 60 percent of the area median income (AMI), while the remaining 34 will be reserved for households earning up to 50 percent of AMI. Besides the HUD financing, funding of this development included low income housing tax credits allocated by the Georgia Department of Community Affairs; tax exempt bonds issued by the Housing Authority of DeKalb County and underwritten by Stifel, Nicolaus & Co. Inc.; a subordinate HOME loan funded by DeKalb County Community Department; and project-based rental assistance issued by the Housing Authority of the City of Atlanta (AHA). AHA entered into an Intergovernmental Agreement with the Housing Authority of DeKalb County to administer …
MINNEAPOLIS — Dougherty Mortgage LLC has provided a $28.6 million HUD loan for the refinancing of The Grain Belt, a multifamily property in Minneapolis. The property consists of two buildings and 150 units. Situated on the site of the former Orth and Grain Belt Breweries, the buildings were constructed in 2014. The office/clubhouse was built in 1892 and previously used as the office for the Grain Belt Brewery. The building is listed on the National Register of Historic Places. Dougherty’s Minneapolis office arranged the 35-year, fully amortizing loan for the borrower, Orth-Grain Belt LLC.
COLLINSVILLE, ILL. — Integra Real Estate Capital has negotiated a $3.2 million non-recourse loan for the acquisition of Orchards Shopping Center in Collinsville, 15 miles east of St. Louis. Dollar General, Asia Gardens and HSHS Medical Group anchor the 65,143-square-foot center. Meyer Perlman of Integra secured the 10-year, fixed-rate loan through a CMBS lender on behalf of the borrower, a New York-based investment group.
HOBOKEN, N.J. — Pillar, a subsidiary of SunTrust Banks, has originated a $59.4 million Freddie Mac loan for the refinancing of The North Constitution at The Shipyard. Jessica McGuire of Pillar originated the fixed-rate, 10-year loan, which features a 30-year amortization schedule and 60 percent loan-to-value, for the sponsors, Michael Barry and David Barry of Hoboken-based Ironstate Holding Co. Built in 1999, the 14-story multifamily property features 138 apartments in one-, two- and three-bedroom layouts. On-site amenities of the waterfront property include views of the Hudson River, a waterfront park, elevated courtyards, a fitness center and parking garage.
MANCHESTER, N.H. — NorthMarq Capital has arranged $4.8 million in acquisition financing for the purchase of an apartment complex located in Manchester. Mark Whelan of NorthMarq secured the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower. The multifamily property features 67 apartment units.
GREENBELT, MD. — ACORE Capital has provided a $46.6 million acquisition loan for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt suburb of Washington, D.C. Cary Abod and Michael Gigliotti of HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate loan. Located at 6301-6421 Ivy Lane, the portfolio is currently 60 percent leased to tenants including Bozzuto & Associates, Whiting Turner and the U.S. District Attorney’s Office. Morning Calm, who will be moving its primary office to Capital Office Park, plans to upgrade the property’s lobbies, elevators, windows and amenity spaces.
THE WOODLANDS, TEXAS — Grandbridge Real Estate Capital has closed a $12.9 million first mortgage loan for Hilton Garden Inn-Woodlands, a 117-room hotel located in The Woodlands, a northern suburb of Houston. Bill Mattice and Phillip Cox of Grandbridge originated the refinancing for the undisclosed borrower. The Bancorp provided the 10-year, fixed-rate loan, which features a 30-year amortization schedule.
LAWRENCE, N.J. — Houlihan-Parnes Realtors has placed an $18 million first mortgage and credit facility for Lawrence Shopping Center, located at 2495-2421 Brunswick Pike and Harding Avenue in Lawrence. Acme Supermarket, Burlington Coat Factory and Staples are major tenants at the 400,000-square-foot property. A joint venture between JJ Operating Inc. and principals and investors from Houlihan-Parnes Realtors recently acquired the property.
WAYNE AND SOMERSET, N.J. — G.S. Wilcox & Co. has secured two loans totaling $12.7 million for two industrial properties in New Jersey. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing for the borrowers. In the first transaction, the firm secured a $10 million loan for a 311,813-square-foot warehouse distribution center in Wayne. The borrower was an undisclosed developer. In the second deal, the company secured $2.7 million loan for the refinancing for a warehouse facility located in Somerset for an undisclosed developer borrower.