Loans

Ready Capital Closes $10M Loan for Acquisition, Renovation of Newport Beach Office Building

by Nellie Day January 10, 2017

NEWPORT BEACH, CALIF. — Ready Capital Structured Finance has closed a $10 million loan that will be used to acquire, renovate and stabilize a Class B office building in Newport Beach. The 44,434-square-foot building is located at 4440 Von Karman Ave., within the master-planned Koll Center in the John Wayne Airport submarket. The non-recourse, interest-only loan features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and reserves.

January 10, 2017

Loans Northeast Office Pennsylvania

Eastern Union Funding Arranges $19M Loan to Refinance Data Center in Philadelphia

by Amy Works January 9, 2017

PHILADELPHIA — Eastern Union Funding has arranged a $19 million loan for the refinancing of a data center, located at 2401 Locust St. in Philadelphia. Built in 1928 as a manufacturing facility, the four-story 44,015-square-foot property is now used as a mission-critical data facility. Meir Kessner of Eastern Union represented the borrower, CRCO Phil LP, in the transaction.

January 9, 2017

Loans New York Northeast Office Retail

RM Capital Arranges $57.5M in Construction Financing for Redevelopment of Tammany Hall in NYC

by Amy Works January 6, 2017

NEW YORK CITY — RM Capital has arranged $57.5 million in first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall building at 44 Union Square in New York City. The borrower, Reading International, will use the financing to renovate and repurpose the six-story 73,322-square-foot retail and office building. Upon completion, the building will feature three contiguous lower levels of retail space and three floors of office space. The historic property is the former headquarters for the Tammany Hall political organization and required a variance and Landmarks Commission to move forward with the redevelopment. Tammany Hall was a New York City political organization founded in 1786 and planned a major role in controlling city and state politics and helping immigrants rise up in American politics. Bank of the Ozarks provided the $50 million senior construction loan, and an affiliate of Fisher Brothers provided the $7.5 million mezzanine loan. Marc Sznajderman, Romano Tio and Bo Diamond of RM Capital secured the financing for the borrower.

January 6, 2017

Loans Multifamily Northeast Pennsylvania Student Housing

Colliers Secures $12M Loan for 276-Bed Student Housing Complex Near Penn State

by Amy Works January 6, 2017

STATE COLLEGE, PA. — Colliers International has arranged $12 million in financing for the acquisition and completion of Blue Course Commons, a 276-bed student housing complex in State College. John Banas and Kris Wood of Colliers Philadelphia Capital Markets arranged a three-year, fixed-rate loan with a two-year interest-only payment period for the undisclosed borrower.

January 6, 2017

Illinois Loans Midwest Multifamily

Mission Capital Arranges $170M Construction Loan for Luxury Apartment Building in Chicago

by Kristin Harlow January 6, 2017

CHICAGO — Mission Capital Advisors has arranged a $170 million loan for the construction of Essex on the Park in Chicago. The 56-story, 479-unit luxury apartment building will be located at 808 S. Michigan Ave. As part of the project, the adjacent Essex Inn will be expanded to 271 rooms and repositioned as the Hotel Essex. Opening of the entire project is slated for 2019. The apartments will include a mix of studios, convertibles, and one-, two- and three-bedroom units. The top two residential floors of the building will include four penthouse duplexes. Jordan Ray, Ari Hirt, Steven Buchwald and Jamie Matheny of Mission Capital advised ownership and sourced the financing from a global investment bank. Oxford Capital Group LLC and Quadrum Global are co-developing the project.

January 6, 2017

Industrial Loans New Jersey Northeast

Ready Capital Structured Finance Closes $11M Acquisition Loan for Industrial Property in New Jersey

by Amy Works January 5, 2017

BORDENTOWN, N.J. — Ready Capital Structured Finance has closed an $11 million loan for the acquisition of an industrial warehouse property located at 201 Elizabeth St. in Bordentown. The undisclosed borrower purchased the 275,631-square-foot property, which houses Bai soft drink distribution operations, for an undisclosed price. The property features 24-foot clear ceiling heights, 24-foot column spacing and easy access to the New Jersey Turnpike. The non-recourse, interest-only loan features a 36-month term with two extension options and flexible prepayment.

January 5, 2017

Illinois Loans Midwest Mixed-Use

Associated Bank Provides $36.3M Syndicated Construction Loan for Mixed-Use Development in Chicago

by Kristin Harlow January 5, 2017

CHICAGO — Associated Bank has provided $36.3 million in syndicated financing for a new mixed-use development under construction in Chicago. The 11-story tower will be located at 165-171 N. Aberdeen St. and will include 13,895 square feet of street-level retail space and 43,438 square feet of office space on the fourth and fifth floors. Floors six through 10 will contain 75 apartment units consisting of 10 studios, 50 one-bedroom units and 15 two-bedroom units. The project is scheduled for completion in October 2017. MCZ Development was the borrower. @Properties is marketing the tower. Associated Bank was the lead arranger/administrative agent and provided $18.1 million. The Private Bank was co-lead arranger and also provided $18.1 million. Michael Olson of Associated Bank managed the loan and closing.

January 5, 2017

Georgia Hospitality Loans Mixed-Use Southeast

PCCP Participates in $135M Loan to Kessler for JW Marriott-Anchored Project in Savannah

by John Nelson January 5, 2017

SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.

January 5, 2017

Hospitality Loans South Carolina Southeast

PMZ Realty Capital Arranges $24M Loan for Spartanburg Marriott

by John Nelson January 5, 2017

SPARTANBURG, S.C. — PMZ Realty Capital LLC has arranged a $24 million loan for The Spartanburg Marriott, a hotel in Spartanburg that features 240 rooms and seven suites. The property includes more than 30,000 square feet of meeting space, including 27 event rooms, three boardrooms and the 11,340-square-foot Heritage Ballroom. The unnamed borrower will consolidate its overall financing package into a single loan that features a fixed interest rate, according to Peter Berk of PMZ Realty Capital.

January 5, 2017

California Loans Retail Western

HFF Secures $7.3M Refinancing for Retail Center in Moreno Valley

by Nellie Day January 4, 2017

MORENO VALLEY, CALIF. — HFF has secured a $7.3 million refinancing for Ironwood Plaza, a 56,289-square-foot shopping center located in the Inland Empire community of Moreno Valley. Tenants at the center include 99 Cents Only, Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. Jeff Sause of HFF worked on behalf of the borrower, an undisclosed private investor, to place the 10-year, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.

January 4, 2017

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