Loans

CBRE Arranges $36.7M Financing for Apartment Community in Florida Panhandle

by John Nelson June 9, 2017

LYNN HAVEN, FLA. — CBRE Capital Markets has secured $36.7 million in financing for Arbor Trace, a 336-unit apartment community located in Lynn Haven, a town in the Florida Panhandle near the Gulf of Mexico. The loan involved a refinance of the community’s existing 168 units and a construction take-out loan for the newly built Phase II, which spans 168 units. Glenn Housman of CBRE’s debt and structured finance team in Orlando arranged the 10-year, floating-rate, Fannie Mae loan with two years of interest-only payments.

June 9, 2017

Indiana Loans Midwest Minnesota Multifamily Ohio

Meridian Capital Arranges $57.5M Refinancing for 15-Property Multifamily Portfolio Across Five States

by Kristin Harlow June 9, 2017

INDIANA, MINNESOTA AND OHIO — Meridian Capital Group has arranged the $57.5 million refinancing for a 15-property multifamily portfolio located across five states. The 1,192-unit portfolio includes Ridgewood and Meadowood in Indiana; Laurel Bay and Carleton Court in Minnesota; and Camellia Court, Beckford Place, Forsythia Court, Slate Run, Tabor Ridge, Foxhaven and River Glen in Ohio. Four other properties within the portfolio are located in Georgia and Kentucky. Cary Pollack, Judah Neuman and Steve Cohen of Meridian Capital arranged the 10-year CMBS loan. Reliance Global Holdings was the borrower.

June 9, 2017

Loans New York Northeast Office Retail

Mission Capital Arranges $41.6M in Construction Financing for Brooklyn Mixed-Use Project

by Amy Works June 9, 2017

NEW YORK CITY — Mission Capital Advisors has arranged $41.6 million in financing for the construction of Kingswood Plaza II, an office and retail development located at 1715 E. 13th St. in the Midwood section of Brooklyn. Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras of Mission Capital arranged the loan with a foreign bank for the borrower, a joint venture between Infinity Real Estate and The Nightingale Group. The 106,000-square-foot development, which is 56 percent pre-leased to Target and Marshalls, will offer three floors of professional/medical office space in addition to its retail component.

June 9, 2017

District of Columbia Loans Multifamily Southeast Top Stories

CapitalSource Provides $100M Construction Loan for Multifamily Property in Washington, D.C.

by Kristin Harlow June 9, 2017

WASHINGTON, D.C. — CapitalSource has provided a $100 million loan for the construction of Portals Residential Phase V Building, located in downtown Washington. The 373-unit multifamily property will be 13 stories tall. Units will range in size from 506 square feet to 3,400 square feet. Portals Residential Phase V Building is part of the final phase of a 3 million-square-foot development project that includes the Mandarin Oriental Hotel and three Class A office buildings. The building design includes a sky terrace level with multiple living and meeting rooms, and an infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks. The rooftop area includes a 1,100-foot walkway around the entire building. Other property amenities include a fitness facility, enclosed garden, dog grooming rooms, interior lounges and meeting rooms. The borrower is an affiliate of Republic Properties Corp., part of the Republic Family of Companies and a full-service real estate development and management firm. Parse Capital provided mezzanine financing, while CBRE brokered the loan transaction. CapitalSource, a division of Pacific Western Bank, provides commercial loans to small and middle-market businesses. Los Angeles-based Pacific Western Bank maintains over $21 billion in assets. — Kristin Hiller

June 9, 2017

Loans New York Northeast Office

Boston Properties Completes Refinancing of 767 Fifth Avenue in New York City

by Amy Works June 8, 2017

NEW YORK CITY — Boston Properties’ consolidated joint venture entity, in which it has 60 percent interest and which owns 767 Fifth Avenue in New York City, has completed the refinancing of approximately $1.6 billion in indebtedness that had been secured by direct and indirect interests in 767 Fifth Avenue. The new mortgage financing has a principal amount of $2.3 billion, has a fixed interest rate and matures in 2027. The loan requires interest-only payments during the 10-year term, with the entire principal amount due at maturity.

June 8, 2017

Loans Northeast Pennsylvania Retail

Talonvest Capital Secures $24.1M Construction Loan for Metro Self Storage

by Amy Works June 8, 2017

CHADDS FORD, PA. — Talonvest Capital has arranged $24.1 million in construction financing for Metro Self Storage. The borrower plans to develop one self-storage facility in Chadds Ford and two in Naperville and Addison, Illinois. In total, the new developments will feature more than 236,000 rentable square feet. A Midwestern-based bank financed the Pennsylvania development, while an East Coast-based bank funded the two suburban Chicago properties. Kim Leslie, Tom Sherlock and Jim Davies of Talonvest negotiated and structured the loans for the borrower.

June 8, 2017

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Colliers Arranges $4.1M Loan for Mixed-Use Property in Philadelphia

by Amy Works June 8, 2017

PHILADELPHIA — Colliers International has arranged a $4.1 million in refinancing for a mixed-use property located at 2231 Bryn Mawr Ave. in Philadelphia. The building features 12 apartments and 13,000 square feet of commercial space. The loan features a five-year fixed rate with a five-year reset. Kris Wood, John Banas, Chad Levitt, Tim Hoyt, Martin Duval and Jordan Canino of Colliers International secured the financing for the undisclosed borrower.

June 8, 2017

Iowa Loans Midwest Multifamily

NorthMarq Arranges $4.4M Loan for Refinancing of Multifamily Property in Cedar Rapids, Iowa

by Kristin Harlow June 8, 2017

CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged a $4.4 million loan for the refinancing of Cypress Pointe Apartments in Cedar Rapids. The 108-unit multifamily property is located at 211 1st Ave. Jason Kinnison of NorthMarq arranged the loan with a life insurance company. The borrower was not disclosed.

June 8, 2017

Loans Multifamily Texas

New York Life Originates $30.2M Loan for 288-Unit Apartment Complex in Austin

by Taylor Williams June 8, 2017

AUSTIN, TEXAS — New York Life Real Estate Investors has originated a $30.2 million mortgage loan for Fox Hill Apartments, a 288-unit, Class A apartment complex located at 8800 U.S. Highway 290 in Austin. Brian Eisendrath and Annie Rice of CBRE arranged the five-year, fixed-rate loan on behalf of The Praedium Group, a New-York based investment firm.

June 8, 2017

Hospitality Loans Texas

PCCP Provides $63.5M Construction Loan for 268-Room Hotel in Dallas

by Taylor Williams June 7, 2017

DALLAS — PCCP LLC has provided development firm Dunhill Partners a $63.5 million loan for the construction of the Virgin Hotel Dallas, a 16-story, 268-room located at 1909 Hi Line Drive in the Dallas’ Design District. Scheduled to be complete in late 2019, the hotel will feature a lobby restaurant, poolside bar and a workplace lounge known as the Commons Club. Dallas-based Hamilton Realty Finance arranged the financing.

June 7, 2017

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