Loans

LMI Capital Secures $14M in Loans for Three Properties in Greater Houston Area

by Amy Works November 28, 2016

HOUSTON AND SPRING BRANCH, TEXAS — LMI Capital has arranged acquisition and refinance loans for three separate properties in the Greater Houston area. Brandon Brown of LMI originated a five-year, $5.2 million, fixed-rate loan for a 90-unit multifamily asset in Spring Branch; Kurt Dennis of LMI originated a five-year, fixed-rate loan with flexible prepayment for the acquisition of a 20,000-square-foot office building in Houston’s Kingwood submarket; and Jamie Mullin of LMI placed a 10-year, fixed-rate, $7.5 million loan for a 250-unit asset in Houston’s Braeswood submarket.

November 28, 2016

Florida Loans Office Southeast Top Stories

Parmenter Receives $84M Loan for Acquisition of Primera Towers Office Park Near Orlando

by Nellie Day November 28, 2016

LAKE MARY, FLA. — Parmenter Realty Partners has received $84 million in financing to partially fund the company’s acquisition of Primera Towers I–V, a five-building office park in Lake Mary. The 772,000-square-foot park is located at 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera Blvd. just north of Orlando. Holliday Fenoglio Fowler (HFF) arranged the financing. Primera Towers is 89 percent leased to tenants like Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB. The park features on-site fitness centers and a café with patio seating. The suburban mid-rise buildings were developed between 1997 and 2000 immediately east of Interstate 4. HFF’s Ed Coco and Matt Casey worked on behalf of Parmenter Realty Partners investment fund and an institutional equity partner to secure the funds through JPMorgan Chase Bank NA. Parmenter acquired Primera Towers for $130 million. The seller was a joint venture between Banyan Street Capital, Oaktree Capital Management and Balandis AG. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the JV in the sales transaction. This sale was the first time in the park’s history that ownership has ever been consolidated. Parmenter plans to expand the …

November 28, 2016

Loans Northeast Pennsylvania Retail

Eastern Union Funding Arranges $12.2M Loan for Five-Property Retail Portfolio in Pennsylvania

by Amy Works November 23, 2016

ALLENTOWN, HAWLEY, DURYEA AND HAMLIN, PA. — Eastern Union Funding has arranged a $12.2 million loan for America’s Realty LLC’s acquisition of a five-property shopping center portfolio in northeastern Pennsylvania. Totaling approximately 332,000 square feet, the portfolio includes Eastside Plaza and Boulevard Plaza in Allentown, Lords Valley Plaza in Hawley, Duryea Plaza in Duryea and Hamlin Plaza in Hamlin. Marc Tropp and Barry Dollman of Eastern Union arranged the financing through Peapack Gladstone Bank for the Pikesville, Md.-based owner/operator. Paul Rumley of Metro Commercial Real Estate represented the seller, a California-based family trust, in the sales transaction.

November 23, 2016

Hospitality Loans New York Northeast

Meridian Capital Arranges $13M Construction Loan for New Marriott Towne Suites in Long Island City

by Amy Works November 23, 2016

NEW YORK CITY — Meridian Capital Group has arranged $13 million in ground-up construction financing for the development of the Marriott Towne Suites hotel located at 38-42 11th St. in Long Island City. The two-year construction loan, provided by a local savings bank, features full-term interest-only payments and an extension option. Midtown Properties, the borrower, is developing the 10-story extended-stay hotel that will feature 133 guest rooms. Eli Finkel and Michael Ryback of Meridian Capital arranged the financing.

November 23, 2016

Loans Office Texas

MetroGroup Realty Finance Secures $29.9M in Financing for San Antonio Office

by Amy Works November 23, 2016

SAN ANTONIO — MetroGroup Realty Finance has arranged $29.9 million in financing for Parkway Plaza, an 89,388-square-foot office and flex building located in San Antonio. The loan included additional advances for tenant improvements and leasing commissions. Scott Botsford of MetroGroup Realty Finance secured the financing on behalf of the borrower, Dornin Investment Group.

November 23, 2016

Loans Retail South Carolina Southeast

Grandbridge Arranges $38M Refinancing of Shopping Center in Hilton Head

by John Nelson November 23, 2016

HILTON HEAD, S.C. — Grandbridge Real Estate Capital has closed a $38 million loan for the refinancing of Shelter Cove Towne Centre, a 271,721-square-foot lifestyle and grocery-anchored shopping center in Hilton Head. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office originated the 10-year loan through New York Life on behalf of the borrower, Augusta, Ga.-based Southeastern Development Associates. The loan features two years of interest-only payments and a 30-year amortization schedule.

November 23, 2016

Georgia Loans Multifamily Southeast Student Housing

HFF Secures $33.5M Loan for Student Housing Community Near Georgia Southern University

by John Nelson November 23, 2016

STATESBORO, GA. — HFF has arranged a $33.5 million permanent loan for The Hamptons, a recently built, 668-bed student housing community located within walking distance of Georgia Southern University in Statesboro. Delivered in fall 2015, The Hamptons features 117 Tudor-style cottages with a mix of two-, three-, four- and five-bedroom floor plans, as well as 120 one- and two-bedroom residential flats. Community amenities include a 10,000-square-foot clubhouse with a café, business center, study room, fitness center, steam rooms, cardio room, game room, bicycle rentals and tanning beds. Other amenities include a resort-style swimming pool with an 80-yard lazy river, sand volleyball court, bocce ball court, two dog parks and a separate study lounge. Jeremy Sain led HFF’s debt placement team in arranging the 10-year, fixed-rate loan through a national bank on behalf of the borrower, IMS Development.

November 23, 2016

Florida Loans Retail Southeast

FirstBank Florida Provides $13.5M Refinancing Loan for Best Buy-Leased Property in Metro Miami

by John Nelson November 23, 2016

DORAL, FLA. — FirstBank Florida has provided a $13.5 million loan for the refinancing of a single-tenant retail property in Doral that is currently leased to Best Buy. The electronics and entertainment retailer’s lease at the store, located at 10760 N.W. 17th St., is up for renewal in 2019. Mahesh Pattabhiraman of FirstBank Florida originated the loan, which the borrower, Shops at 107th LLC, will use to refinance and cash out the store and other nearby commercial properties.

November 23, 2016

Loans Midwest Multifamily Ohio Student Housing

NorthMarq Capital Arranges $4.7M in Acquisition Financing for Student Housing Portfolio in Cincinnati

by Kristin Harlow November 23, 2016

CINCINNATI — NorthMarq Capital has arranged the $4.7 million acquisition financing for Clifton Quarters, a student housing portfolio located near the University of Cincinnati. The portfolio includes 18 properties and 136 beds. The three-year, fixed rate loan includes a 25-year amortization schedule. The buyer was an out-of-state investor. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

November 23, 2016

Loans Multifamily Texas

Greysteel Secures Permanent Refinancing for Multifamily Property in Euless, Texas

by Amy Works November 22, 2016

EULESS, TEXAS — Greysteel has secured an undisclosed amount of permanent refinancing for Royal Terrace, a multifamily property located in Euless. The 10-year, non-recourse loan, provided under the Freddie Mac Small Balance Loan program, features a fixed interest rate of 4.24 percent and a 30-year amortization schedule. Anton Mattli, John Marshall Doss and Zach Ghormley of Greysteel negotiated the loan for the borrower, Countrywide Hospitality LLC. Built in 1964, Royal Terrace features 120 units, a swimming pool and an on-site laundry facility.

November 22, 2016

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