NEW YORK CITY — Silver Arch Capital Partners has secured a $30.4 million loan for the purchase of the Out Hotel in Midtown Manhattan. The borrower, real estate management company Merchants Hospitality, has entered a partnership with hotel and restaurant branding company Cachet Hospitality Group to rebrand the 105-room, three-story hotel as the Cachet Boutique New York. A New York-based investment firm was the lender. Playboy Enterprises has partnered with Cachet to construct a Playboy Club franchise location on the property’s ground floor. Expected to open later this year, Cachet Boutique New York will feature an open-air garden and an outdoor spa. A central feature of the hotel, the Great Lawn, will be a 2,000-square-foot indoor-outdoor wine bar and meeting space. The Eden restaurant will provide on-site dining space. The property is located on West 42nd Street between 10th and 11th avenues. The Carlton Group’s Howard Michaels and Steven Weiss represented the borrower in the transaction.
LOS ANGELES — The Moinian Group has arranged a $120 million loan to refinance the International Jewelry Center in Los Angeles. The center is located at 550 S. Hill St. within the Jewelry District. The building contains 405 tenants that are primarily within the jewelry industry. Bank of China provided the five-year, interest-only loan.
LANCASTER, PA. — Eastern Union Funding has arranged $14.2 million in acquisition financing for Hawthorne Gardens Associates’ purchase of Hawthorne Gardens in Lancaster. Eastern Union’s David Metzger and Nate Hyman worked with Greystone on behalf of the New Jersey-based private investor, securing a 12-year, fixed-rate loan with six years of interest-only payments. Located at 99 Dickens Drive, Hawthorne Gardens includes six, three-story apartment buildings. All apartments are two-bedroom, two-bathroom units. The 144-unit community was built in 2014 and is 97-percent occupied. Robert Holland of The Kislak Co. represented the seller in the transaction.
HORSHAM TOWNSHIP, PA. — Cronheim Mortgage has secured $12 million in financing for a 562,000-square-foot industrial park located in Horsham Township. The 10-year loan includes a 20-year amortization schedule for the borrower, Heffernan and Partners. The loan was placed with American United Life Insurance Co., which Cronheim represented as correspondent and servicing agent. The subject property is Babylon Business Campus, a 15-building property constructed between 1972 and 1987 on 55 acres. There are over 50 tenants in the industrial park, with leases ranging from 600 square feet to more than 100,000 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim originated and placed the loan.
BROOKLINE, MASS. — Fantini & Gorga has arranged $2.5 million in first mortgage financing for a 7,700-square-foot retail center located at 1427-1431 and 1441 Beacon St. in Brookline. A former Massachusetts resident who has relocated to California was the borrower. The retail property is 100 percent occupied and anchored by East Boston Savings Bank. Fantini & Gorga’s Derek Coulombe and Chris Miller arranged the refinancing on behalf of the borrower. The loan was placed with a Massachusetts-based financial institution.
RIVERSIDE, CALIF. — Sims Mortgage Funding has closed a $30.1 million loan for Parkview Community Hospital in Riverside. The hospital is located at 3865 Jackson St. The loan will finance the expansion of Parkview’s emergency department. The loan was insured under the HUD Section 242/241 program.
COLLEGE STATION, TEXAS — Houston-based lender Q10 KDH has secured $5.7 million in financing for Cedar Ridge Apartments, a 166-unit multifamily property located less than one mile from Texas A&M University in College Station. The loan features a 20-year term, 20-year amortization schedule and an interest rate of roughly 4 percent. Amenities at the property include two pools, a basketball court, a community garden and a shuttle that runs to and from the property and the university. The planned use of the capital was not disclosed.
NEW ALBANY, OHIO — RED Capital Partners has provided a $37.7 million loan for the construction of HQ Flats in New Albany, a northeast suburb of Columbus. CASTO is developing the 336-unit multifamily property, which will be located near the Hamilton Road and State Route 161 interchange. Terms of the non-recourse loan were not disclosed.
CARROLLTON, TEXAS — Bellwether Enterprise Real Estate Capital LLC has arranged $10.4 million in acquisition financing for Toscana Apartments, a 192-unit, Class B property multifamily property located at 17910 Kelly Blvd. in Carrollton. Laurie Morfin of Bellwether arranged the financing through Fannie Mae loan on behalf HLC Equity, a Pennsylvania-based firm that acquired the property earlier in April for roughly $13.2 million.
BLANCO, TEXAS — Dougherty Mortgage LLC has closed a $1.9 million Fannie Mae loan for the acquisition of Blanco Oaks Apartment Homes, a 30-unit apartment community located at 525 Jones Ave. in Blanco, a city roughly 50 miles north of San Antonio. Dougherty Mortgage arranged the 12-year loan through a partnership with Old Capital Lending, on behalf of Rio Blanco Apartments LLC. The loan features a 30-year amortization schedule and one year of interest-only payments.