Loans

Berkeley Partners Refinances Five-Property Industrial Portfolio in Metro Dallas, Houston

by Amy Works January 13, 2017

DALLAS AND HOUSTON — Berkeley Partners has refinanced its five-property industrial portfolio in the metro Dallas area and Houston totaling 440,473 square feet. Jeff Sause, Kevin Mackenzie and Adam Herrin of HFF placed the $14.1 million, five-year, fixed-rate loan with LegacyTexas Bank on behalf of Berkeley Partners. The portfolio comprises 13 buildings at five properties in Beltwood Tech Center in Farmers Branch; Center Point Business Park in Mesquite; Glenville Business Center in Richardson; and Valpointe Business Park in Carrolton; and Cypress II Building Center in Houston. The multi-tenant properties are leased to companies such as Turn Around Communications, Security Control System, Arsham Gymnastics, Texas Metals Industrials, Murray Drywall and InterFET Corp.

January 13, 2017

Loans Multifamily Texas

Dougherty Mortgage Closes $3.8M Loan for 64-Unit Multifamily Property in Metro Dallas

by Amy Works January 13, 2017

IRVING, TEXAS — Dougherty Mortgage has closed a $3.8 million Fannie Mae loan for the refinancing for Woodwind Apartment Homes, a 64-unit multifamily property located in the Dallas suburb Irving. The 10-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va., office for the borrower, DCP 3947 Pleasant Run Road LLC.

January 13, 2017

Hospitality Loans New Jersey Northeast Pennsylvania

Sonnenblick-Eichner Co. Arranges $92M in Refinancing for Four Hotels

by Amy Works January 13, 2017

BEVERLY HILLS, CALIF. — Beverly Hills-based Sonnenblick-Eichner Co. has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 rooms. The financing consists of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner Co. was able to arrange for a money center commercial bank to provide 10-year, fixed-rate financing on each of the Hyatt House properties and LIBOR-based floating rate financing from two regional banks for the remaining properties. The properties are the 147-room Hyatt House Philadelphia/King of Prussia in King of Prussia, Pa., the 126-room Hilton Garden Inn Albany/SUNY in Albany, N.Y., the 171-room Archer Hotel in Austin, Texas, and the 148-room Hyatt House Falls Church/Merrifield in Falls Church, Va.

January 13, 2017

Loans New Jersey Northeast Office

CBRE Secures $24M in Refinancing for 154,776 SF Office Building in Hanover, New Jersey

by Amy Works January 13, 2017

HANOVER, N.J. — CBRE Capital Markets has arranged a $24 million bridge loan for the refinancing of 10 Park Avenue, a vacant office building located in Hanover. The borrower was Ravine Development Co. Built in 2001, the 154,776-square-foot Class A office building features a 376-person full-service cafeteria, fitness center and multi-media room. The property housed Metropolitan Life’s international fixed-income investment division for 13.5 years until the tenant move to MetLife’s new global headquarters at the end of October 2016. James Gunning, Donna Falzarano and Stephen Joseph of CBRE secured the loan, which was provided by The Provident Bank of New Jersey.

January 13, 2017

Loans Office Texas

Virtua Partners Completes $18M Recapitalization of Midtown Atrium in Dallas

by Amy Works January 12, 2017

DALLAS — Virtua Partners has completed the $18 million recapitalization of Midtown Atrium, an office complex located in the northern submarket of Dallas. Virtua assisted the tenant-in-common investors with an extension of the current senior loan and a $2 million investment in preferred equity. The new capital is being used to fund tenant improvements, leasing commissions and property upgrades at the 113,359-square-foot building. Versant Commercial Brokerage, an affiliate of Virtua, assisted in placing the new preferred equity. Virtua Partners provided the loan guarantees and stepped in as the new sponsor. Clear Vista Management, also an affiliate of Virtua, will provide asset management services for the new financing package.

January 12, 2017

Industrial Loans New Jersey Northeast

Hartz Mountain Industries Receives $162M in Financing for Industrial Portfolio in North New Jersey

by Amy Works January 12, 2017

NORTH NEW JERSEY — Hartz Mountain Industries has received $162 million in financing for a 13-building industrial portfolio in North New Jersey totaling 2.67 million square feet. Thomas Didio and Connor Milanaik of HFF arranged the 10-year, fixed-rate loan through Hartford Investment Management Co. for the borrower. The 98 percent-leased buildings are located in Secaucus, Whippany, East Hanover, Bayonne, Harsbrouck Heights, Harrison and North Bergen. Additionally, the portfolio includes one speculative industrial building that is currently under construction in Linden. The portfolio includes 6 percent office space.

January 12, 2017

Connecticut Loans Northeast Office

Thorofare Capital Arranges $40M Acquisition Loan for Office Building in Hartford, Connecticut

by Amy Works January 12, 2017

HARTFORD, CONN. — Thorofare Capital has secured a $40 million floating-rate commercial mortgage for the acquisition of an office building in Hartford. Proceeds of the loan will also be used for tenant improvements and leasing commissions at the 283,640-square-foot building. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the financing for the undisclosed borrower.

January 12, 2017

Industrial Loans Mixed-Use New Jersey Northeast Retail

NGKF Capital Markets Sells $24M Loan Portfolio for OceanFirst Bank

by Amy Works January 12, 2017

TOMS RIVER, N.J. — NGKF Capital Markets has arranged the sale of a $24 million loan pool from the OceanFirst Bank loan portfolio. Castlelake/Midwest Capital acquired the loans, which had an average size of $500,000. The loan pool was collateralized by a variety of industrial, retail and mixed-use assets located in nine southern New Jersey countries, including Atlantic and Ocean counties. Steven Schultz, Josh Malka and Tony Georgiev of NGKF Capital Markets represented the seller.

January 12, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $30.5M Acquisition Loan for Apartment Community in Orlando

by John Nelson January 12, 2017

ORLANDO, FLA. — Berkadia has arranged a $30.5 million acquisition loan for Tuscany Bay, a 396-unit apartment community located at 5870 Sundown Circle in Orlando. The property features one- and two-bedroom units ranging from 600 to 1,140 square feet. Community amenities include two swimming pools, a spa, sauna, courtyard, tennis and racquetball courts and on-site boat storage. The borrower, a partnership between Rosehill Group — a joint venture between Duncan Hillsley Capital and PEBB Capital — and Atlantic Creek Real Estate Partners LLC, will use the Freddie Mac loan to purchase and renovate Tuscany Bay to green efficiency standards. Charles Foschini, Mitch Sinberg, Christopher Apone, Brad Williamson and Matthew Robbins of Berkadia arranged the financing through Freddie Mac’s Value-Add and Green Up programs.

January 12, 2017

Healthcare Loans New York Northeast Office

Cronheim Mortgage Closes $12.7M in Refinancing for Two Medical Office Buildings in Long Island

by Amy Works January 12, 2017

LONG ISLAND, N.Y. — Cronheim Mortgage has arranged $12.7 million in refinancing for two medical office buildings located at 520 Franklin Ave. in Long Island’s Garden City. The properties total 100,141 square feet. The loan was structured with an initial five-year fixed-rate period locked at 3.875 percent followed by a five-year extension option. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the financing for the undisclosed borrower.

January 12, 2017

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