Loans

Transwestern Arranges $28M in Refinancing for Five-Building Industrial Park in Boston

by Amy Works March 2, 2017

BOSTON — Transwestern has arranged $28 million in refinancing for Boston | Dedham Commerce Park, a five-building industrial park located at 63, 65, 67, 75-101 and 91 Sprague St. in Boston. Chris Skeffington and Andrew Stone of Transwestern arranged the financing through East Boston Savings Bank for the borrower, First Highland Management and Development Corp. The 654,050-square-foot park was 82 percent leased to more than 30 tenants, including RR Donnelly, Dancing Deer Baking Co. and Sky Zone Boston, at the time of financing.

March 2, 2017

California Loans Retail Western

PSRS Secures $15M Refinancing for Courtyard Shopping Center Near San Francisco

by Nellie Day March 1, 2017

PLEASANT HILL, CALIF. — PSRS has secured a $15 million refinancing for Courtyard Shopping Center, an 85,000-square-foot retail center located roughly 25 miles outside San Francisco in Pleasant Hill. Smart & Final, Staples and Rite Aid anchor the property. Seth Ludwick of PSRS Santa Barbara secured the non-recourse loan, which features a 25-year term, through a life insurance company.

March 1, 2017

Florida Loans Mixed-Use Southeast

Community Development District Closes $74.1M Bond Issuance for Miami Worldcenter

by John Nelson March 1, 2017

MIAMI — The Miami Worldcenter Community Development District (CDD), comprising property owners within the 27-acre, master-planned Miami Worldcenter in downtown Miami, has closed $74.1 million in private bond issuance. The $2 billion Miami Worldcenter development is now under construction and will feature residential, retail, office and hospitality components. At no cost to the public, the bonds will fund infrastructure upgrades within Miami Worldcenter, including modernized mass transit stations, landscaping, widened sidewalks, increased water and sewer capacity, new street lights and enhanced electrical systems. North Miami Beach-based FMSbonds Inc. was the sole underwriter of the tax-exempt bonds, which are backed by special assessments levied on property owners within the CDD. Greenberg Traurig served as bond counsel, and Squire Patton Boggs served as underwriters counsel. Billing, Cochran, Lyles, Mauro & Ramsey PA served as issuers counsel, and Fishkind & Associates served as financial advisors to the Miami Worldcenter CDD. Master developer Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, will deliver Miami Worldcenter in phases over the coming years.

March 1, 2017

Loans Office Texas

Hunt Mortgage Group Secures $5M in Financing for Office Park in Stafford, Texas

by Taylor Williams March 1, 2017

STAFFORD, TEXAS — Commercial lender Hunt Mortgage Group has secured a $5 million first mortgage bridge loan for Park Place Business Park, an office property located at 11104 W. Airport Blvd. in Stafford, a city on the outskirts of Houston. The financing, originated by Texas-based lender Q10 Kinghorn, Driver, Hough & Co., is structured as a 24-month floating rate loan with three one-year extension options. The borrower, Stafford Office Park II LP, originally acquired the 92,864-square-foot, Class B office property in 2005.

March 1, 2017

Industrial Loans New Jersey Northeast

HFF Arranges $22M in Construction Financing for 451,800 SF Industrial Facility in New Jersey

by Amy Works March 1, 2017

PISCATAWAY, N.J. — HFF has arranged $22 million in construction financing for 2 Turner Place, a to-be-built speculative warehouse and distribution building in Piscataway. A joint venture partnership between F. Greek Development and LaSalle Investment Management is the borrower. Michael Klein of HFF secured the three-year construction loan with TIAA-CREF Trust Co. FSB, known as TIAA Direct, for the borrower. Situated on 63.9 acres, the 451,800-square-foot facility will feature 36-foot clear heights, 149 loading doors, two drive-in doors and parking for 170 cars and 150 trailers. The property is scheduled for completion in the second half of the year.

March 1, 2017

Loans Office Western

LaSalle, Pacshore Partners Receives $89.2M in Financing to Acquire LA Creative Office Portfolio

by Nellie Day February 28, 2017

LOS ANGELES — A joint venture between LaSalle Investment Management & Pacshore Partners has received $89.2 million in acquisition financing for a three-building creative office portfolio in West Los Angeles. The portfolio contains a total of 215,261 square feet of Class A office space in Playa Vista and Malibu. Brad Zampa, Mike Walker and Megan Woodring of CBRE Capital Markets’ Debt & Structured Finance team secured the five-year, non-recourse, floating-rate financing. A life company provided the capital.

February 28, 2017

Connecticut Loans Multifamily Northeast

Dwight Capital Originates $13.2M Loan for Apartment Community in Stamford, Connecticut

by Amy Works February 28, 2017

STAMFORD, CONN. — Dwight Capital has arranged $13.2 million in refinancing for Westwood Apartments, located at 1-20 Westwood Drive in Stamford. The borrower was 58 Progress Drive LP. The community features 95 apartment units. Josh Hoffman, Andrew Nicoll, Matt Boyd and Brandon Baksh of Dwight Capital secured the financing for the borrower. Reno & Cavanaugh served as legal counsel for the financing transaction.

February 28, 2017

Illinois Loans Midwest Multifamily

Dougherty Arranges $13M Apartment Refinancing through Fannie Mae in Crest Hill, Illinois

by Kristin Harlow February 28, 2017

CREST HILL, ILL. — Dougherty Mortgage LLC has arranged a $13 million Fannie Mae loan for the refinancing of Willow Run of Crest Hill, located just north of Joliet. The apartment property, built in 1972, consists of 211 units. The 10-year loan includes a 30-year amortization schedule. Dougherty’s office in Oak Brook, Ill. arranged the loan.

February 28, 2017

Loans Multifamily North Carolina Southeast

KeyBank Arranges $27.8M Loan for Apartment Community in Metro Charlotte

by John Nelson February 28, 2017

MOORESVILLE, N.C. — KeyBank Real Estate Capital has arranged a $27.8 million Freddie Mac loan for Carriage Club Apartments, a 268-unit apartment community located in Mooresville, about 28 miles north of Charlotte. The property was built in 2000 and renovated in 2005. Timothy DeWispelaere of KeyBank arranged the three-year, interest-only loan, which the borrower will use to acquire and renovate Carriage Club.

February 28, 2017

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $72.5M Acquisition Financing for Five-Property Seniors Housing Portfolio in Pacific Northwest

by Nellie Day February 27, 2017

SALEM, ORE. — CBRE has arranged $72.5 million in financing for the acquisition of The Bonaventure Portfolio, five independent living and assisted living communities throughout the states of Washington and Oregon. NorthStar Healthcare Income, a non-traded REIT, acquired the portfolio, which totals 453 units. Based in Salem, Ore., Bonaventure is a family of companies that develops and operates seniors housing properties in the West. The company operates 24 properties in three states. Aron Will and Matthew Whitlock, both of CBRE National Senior Housing, arranged the 10-year, fixed-rate loan with 24 months interest-only payments through its Fannie Mae DUS Multifamily loan origination program.

February 27, 2017

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