Loans

Associated Bank Arranges $66.8M Construction Loan for Apartment Property in Lincolnshire, Illinois

by Kristin Harlow October 25, 2017

LINCOLNSHIRE, ILL. — Associated Bank has arranged a $66.8 million syndicated loan for the construction of 444 Social, a 302-unit luxury apartment property in Lincolnshire, a northern suburb of Chicago. The Class A property will be located at 444 Parkway Drive. The property will feature 127 one-bedroom units, 126 two-bedroom units and 15 three-bedroom units. Completion is slated for spring 2019. Associated Bank, which served as the lead arranger on the deal, provided $20 million of the loan package. Krista Casper of Associated Bank originated the loan for the borrower, SMASH Residential Chicago LLC, an affiliate of ECD Co.

October 25, 2017

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $6M in Financing for Retail Property in Cherry Hill, New Jersey

by Amy Works October 25, 2017

CHERRY HILL, N.J. — Cronheim Mortgage has arranged $6 million in financing for Village Walk, a retail property located along Route 70 in Cherry Hill. The loan, provided by a local New Jersey bank, was structured with a five-year term. The 60,000-square-foot property is currently 100 percent leased to 14 tenants, including a yoga studio, Italian restaurant, sneaker store, bridal boutique, fitness center and hair salon. Allison Villamagna, Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the loan for the undisclosed borrower.

October 25, 2017

California Hospitality Loans Western

George Smith Partners Provides $85M in Financing for Pendry Hotel in San Diego

by Nellie Day October 24, 2017

SAN DIEGO — George Smith Partners has provided an $85 million bridge loan for the 317-room Pendry Hotel in downtown San Diego. The new luxury hotel is located at 550 J St. The Pendry opened in February. It features a rooftop pool, spa, six restaurants and bars, and 35,000 square feet of high-end meeting and event space. Robert Green Co. and Dan Kloiber own the hotel, which is part of Montage Hotels & Resorts. The loan was provided by Malcolm Davies, Evan Kinne and Alex Rossinsky.

October 24, 2017

California Healthcare Loans Western

Irvine-Based Healthcare REIT HCP Closes $2B Credit Facility

by Nellie Day October 24, 2017

IRVINE, CALIF. — HCP (NYSE: HCP), an Irvine-based healthcare REIT, has closed on a new $2 billion unsecured revolving credit facility. The new facility reduces the company’s funded interest cost for committed loans by five basis points and has a maturity date of Oct. 19, 2021. Based on the company’s current senior unsecured long-term debt ratings, the facility bears interest annually at LIBOR plus 100 basis points and has a facility fee of 20 basis points. The facility also includes two six-month extension options and the ability to increase the commitments by an aggregate amount up to $750 million.

October 24, 2017

Loans Southeast Tennessee

Clearview Realty Finance Secures $36.2M Loan for Office Conversion in Downtown Nashville

by Camren Skelton October 24, 2017

NASHVILLE, TENN. — Clearview Realty Finance (CRF) has secured a $36.2 million construction loan for the conversion of a Class B office building in downtown Nashville into a four-star, boutique hotel. CRF arranged the LIBOR-based, floating-rate loan with 36 months of interest-only payments through a correspondent lender relationship on behalf of the borrower, a regional asset management and hospitality development group. A portion of the loan was used to refinance the existing acquisition financing that was provided by a regional bank. The remaining capital will be drawn to finance the total cost to repurpose and convert the property.

October 24, 2017

Industrial Loans New York Northeast

Cushman & Wakefield Secures $54M in Acquisition Financing for 20-Acre Lot in the Bronx

by Amy Works October 23, 2017

NEW YORK CITY — Cushman & Wakefield has arranged $54 million in financing for Innovo Property Group and Square Mile Capital Management for the acquisition of a 20-acre lot located at 2505 Bruckner Blvd. in the Bronx. Affiliates of Pine River Capital Management provided the floating-rate financing. The lot was formerly occupied by Whitestone Cinemas. Future development plans for the property may include industrial and warehouse space. Adam Spies, Doug Harmon, Adam Doneger and Josh King of Cushman & Wakefield represented Innovo Property Group in arranging joint venture equity from an affiliate of Square Mile Capital Management. Steve Kohn, Alex Hernandez and Noble Carpenter III of Cushman & Wakefield Equity, Debt and Structured Finance arranged the financing.

October 23, 2017

Loans Multifamily Northeast Pennsylvania

Colliers Arranges $26.1M in Financing for Two-Property Multifamily Portfolio in Pennsylvania

by Amy Works October 23, 2017

LANCASTER AND HERSHEY, PA. — Colliers International has arranged two loans, totaling, $26.1 million, for the refinancing of two multifamily properties: Pioneer Woods in Lancaster and Rosedale Apartments in Hershey. Built in 1974, Pioneer Woods is situated on 34 acres and features 45 one-bedroom units, 71 two-bedroom units, 28 three-bedroom apartments and 16-two-bedroom townhouse units. At the time of financing, the property was 95 percent occupied. Rosedale Apartments was built in 1972 and features 80 one-bedroom apartments and 80 two-bedroom units, ranging from 566 square feet to 1,070 square feet. The property is currently 99 percent occupied. John Banas, Kris Wood, Chad Levitt and Jordan Canino of Colliers secured the five-year, fixed-rate financing with five-year resets for the properties.

October 23, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $36.6M in HUD Construction Financing for Apartment Asset in Florida Panhandle

by Camren Skelton October 23, 2017

PANAMA CITY BEACH, FLA. — CBRE has arranged $36.6 million in construction and permanent financing for the development of Parkside at the Beach Apartments, a 288-unit market-rate multifamily community in Panama City Beach. Robert LaChapelle and Ann Cone of CBRE arranged the 40-year, fully amortizing loan with 22 months of interest-only payments on behalf of the borrower, Parkside PCB LLC. The loan is being funded through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction mortgage insurance program. Parkside at the Beach Apartments is being developed by a joint venture between The Ardent Cos. and Parkside Equities. The development will be located at 17225 Panama City Beach Parkway and will feature a clubhouse, storage units, boat storage, cyber café, fitness center, pool and a dog park.

October 23, 2017

Colorado Hospitality Loans Western

Clearview Realty Finance Secures $74M Construction Loan for Hotel in Colorado

by Nellie Day October 23, 2017

DENVER — Clearview Realty Finance has funded a $74 million structured bridge and construction loan for the expansion of a historic hotel and resort in the heart of Colorado’s Rocky Mountains. The exact location was not disclosed. The initial tranche of the proceeds was released to refinance the existing senior loan collateralized by the main hotel, lodge, residences and condominium inventory. A secondary portion of funding will be allocated to finance the construction of a new event space, concert venue, full-service luxury spa and wellness center. This loan features a LIBOR-plus-430-basis-points floating rate and a three-year, interest-only term with pre-negotiated options to extend. It is fully pre-payable without penalty after 24 months. Clearview Realty acted as exclusive advisor to a private individual investor to negotiate this transaction through a long-standing relationship with a domestic debt fund.

October 23, 2017

Loans Multifamily Texas

LMI Capital Arranges $18.9M Green Loan for Apartment Community in Houston

by Taylor Williams October 23, 2017

HOUSTON — LMI Capital has arranged $18.9 million in green financing for a 370-unit apartment community located in the Woodlake/Briar Meadow area of Houston. Jamie Mullin of LMI Capital arranged the loan, which features a 4.3 percent interest rate and four years of interest-only payments. The undisclosed borrower will use proceeds from the loan for cash-out purposes.

October 23, 2017

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