Loans

Power of 32 Site Development Fund Provides $9.5M Loan for 178-Acre Waterfront Development in Pittsburgh

by Amy Works November 4, 2016

PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.

November 4, 2016

Loans New York Northeast Office

Versant Arranges $50M Recapitalization of Addison Corporate Center in Windsor, Connecticut

by Amy Works November 3, 2016

WINDSOR, CONN. — Versant Commercial Brokerage has arranged a $50 million recapitalization for Addison Corporate Center, a 605,000-square-foot office complex located in Windsor. The firm assisted the tenant-in-common (TIC) investors by originating the new senior debt, mezzanine debt and preferred equity. The new capital is being used to pay off the existing lender, stabilize the property, purchase the TIC interests of those investors that need to exit, and roll up the TIC investors into a limited liability company. Additionally, a portion of the proceeds will fund tenant improvements, leasing commissions and property upgrades. The new sponsor for the property is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management. Tenants at the complex include Triumph Group, Belcan Engineering Group, Quest, General Electric and Sun Life Financial. Ethan Schelin of Landmark Capital Advisors assisted with the capital raise.

November 3, 2016

Loans New York Northeast Office

Madison Realty Capital Provides $15M Acquisition Loan for Office Building in White Plains, New York

by Amy Works November 3, 2016

WHITE PLAINS, N.Y. — Madison Realty Capital has provided a $15 million loan for the acquisition of an office building located at 440 Hamilton Ave. in White Plains. The undisclosed borrower is acquiring the property from AT&T, the original builder and a current tenant, and is considering options for the property, including a possible conversion to residential use. Situated on 3.2 acres, the 12-story building offers 337,900 square feet of Class B office space.

November 3, 2016

Loans New York Northeast Office

Cronheim Mortgage Secures $9.4M Loan for Two Office Buildings in Manhattan

by Amy Works November 3, 2016

NEW YORK CITY — Cronheim Mortgage has secured $9.4 million in financing for two 12-story office buildings with ground-floor retail space located at 147 W. 25th St and 130 W. 29th St. in Manhattan’s Chelsea neighborhood. The new buildings, offering 45,500 and 48,000 square feet, are currently being renovated and repositioned to accommodate higher grade users. Meyer Equities manages the properties. Dev Morris, Andrew Stewart and Allison Moravec of Cronheim Mortgage arranged the financing.

November 3, 2016

Loans Multifamily Texas

Greysteel Arranges Sale, Acquisition Financing for Casas De Brookbend in Dallas

by Haisten Willis November 3, 2016

DALLAS — Greysteel has arranged the sale and acquisition financing for Casas de Brookbend, a multifamily property located at 8360 Spring Valley Road in Dallas. Casas de Brookbend LLC was the seller, and Casa de Arroyo LLC was the buyer. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson represented the seller and procured the buyer. The seven-year loan, provided by an agency lender using the Freddie Mac small balance loan program, features a fixed interest rate of 4.5 percent and two years of interest-only payments. Greysteel’s Anton Mattli and John Marshall Doss arranged the financing. Casas de Brookbend was built in 1968 and includes six two-story buildings totaling 50 units. Property amenities include an on-site laundry facility, on-site management office, pergola and picnic area.

November 3, 2016

Loans Massachusetts Northeast Office

Farallon Capital Management, Anchor Line Partners Receive $150M in Refinancing for 1.29M SF Office Building

by Amy Works November 2, 2016

LOWELL, MASS. — Farallon Capital Management and Anchor Line Partners have closed on $150 million in refinancing for Cross Point, a 1.29 million-square-foot office building located in Lowell. The financing was provided by Starwood Property Trust. A portion of the proceeds were used to refinance the debt put in place at the time of acquisition, while a majority of the balance of the proceeds will be used to fund leasing costs, primarily those associated with the recently announced 435,000-square-foot Kronos lease. The building recently underwent a $10 million renovation to upgrade and enhance the facility.

November 2, 2016

Connecticut Loans Massachusetts New Hampshire New York Northeast Pennsylvania Retail Rhode Island

HFF Arranges Financing for a Portfolio of 154 Northeast Convenience/Gas Station Sites

by Amy Works November 2, 2016

DALLAS — The Dallas office of HFF has arranged post-acquisition financing for a portfolio of 154 convenience and gas station sites totaling 97.8 acres in the Northeast. The loan was provided by a consortium of lenders led by Capital One and BMO Harris. Andy Scott and Michael George of HFF’s Dallas office arranged the five-year, floating rate acquisition financing with 18 months of interest-only payments for the borrower, a subsidiary of a private real estate investment fund advised by Crow Holdings Capital-Real Estate. The portfolio comprises 88 sites in New York, 45 sites in Massachusetts, 11 sites in Connecticut, seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania. All properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group. The amount of the loan was not released.

November 2, 2016

Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $14.4M in Refinancing for Multifamily Property in Jersey City

by Amy Works November 2, 2016

JERSEY CITY, N.J. — NorthMarq Capital has secured $14.4 million in refinancing for Morgan Loft Apartments, a 36-unit multifamily property located at the intersection of Steuben and Morgan streets in Jersey City. The loan features a 10-year term on a 30-year amortization schedule. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the financing for the borrower, Morgan Steuben Associates, through Freddie Mac.

November 2, 2016

California Loans Multifamily Seniors Housing Western

RED Provides $29M Fannie Mae Refinancing for Luxury Seniors Housing Community in Sierra Madre

by Nellie Day November 1, 2016

SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.

November 1, 2016

Loans Midwest Missouri Multifamily

Capital One Provides $27M Loan for Multifamily Property in Kansas City, Missouri

by Kristin Harlow November 1, 2016

KANSAS CITY, MO. — Capital One has provided a $27.3 million balance sheet loan for the refinancing of a multifamily property owned by a fund advised by Sentinel Real Estate. The five-year, adjustable-rate loan is secured by Carrington Place at Shoal Creek, a 270-unit, Class A luxury garden-style apartment community that the fund purchased in January 2016. Seth Wiener and Joel Willard of Capital One originated the transactions.

November 1, 2016

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