CHICKASHA, OKLA. — Old Capital has arranged an acquisition loan for Willowbrook Apartments, a 50-unit multifamily property in Chickasha. The non-recourse, 10-year loan features an 80 percent loan-to-value with three years of interest-only payments and a step-down prepayment option. The borrower and loan amount were undisclosed.
NEW YORK CITY — A joint venture between Boston Properties and Rudin Development has closed on a $250 million construction loan for Dock 72, a creative office development at Brooklyn Navy Yard. The financing was led by J.P. Morgan, M&T Bank and U.S. Bank. The previously announced 16-story project will feature 675,000 square feet of office space. WeWork, acting as co-developer, will occupy 222,000 square feet of the property and will curate the amenity space, including a health and wellness center, specialty food and beverage offerings and a rooftop conference center. Construction broke ground in May 2016. The project will be ready for tenant fit-out late this year with completion scheduled for early 2018.
NEW YORK CITY — Berkadia has secured a $268.7 million loan for 20 Exchange Place, a luxury apartment building located in New York City. Nick Cassino of Berkadia arranged the 10-year, fixed-rate loan through Freddie Mac for the borrower, DTH Capital. Ackman-Ziff Real Estate Capital Advisors represented the borrower in the financing. Originally developed as headquarters for City Bank-Farmers Trust, the 57-story building now features 767 apartment units and 90,000 square feet of retail space.
READVILLE, MASS. — CBRE/New England has arranged $11 million in acquisition and capital improvement financing for Boston Business Park – Building 200, a 205,061-square-foot industrial building located at 100 Meadow Road in Readville. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE secured the financing for the borrower, a joint venture between Wallace Property and GFI Partners. Boston Business Park is the future home to M.S. Walker, ABEX Transportation and Katsiroubas Bros. Current tenants include HD Supply, The Ride, Gentle Giant Moving and MFI Tire Wholesale.
MURFREESBORO, TENN. — NorthMarq Capital has arranged a $6.1 million acquisition loan for Abbington at Stones River, a 96-unit affordable housing community located at 1335 Bradyville Pike in Murfreesboro, a suburb of Nashville. John Reed of NorthMarq’s Omaha office arranged the 18-year loan with two years of interest-only payments followed by a 35-year amortization schedule. The loan was financed through Freddie Mac’s Tax-Exempt Loan program and includes a facility for a moderate rehab of the property.
NEW JERSEY — Walker & Dunlop has structured a $28.4 million loan for Valstone Partners. The transaction consists of a U.S. Department of Housing and Urban Development portfolio backed by 14 cottage-style memory care properties located across New Jersey. Kevin Giusti and Michael Vaughn of Walker & Dunlop arranged the 35-year, fixed-rate loan, which was structured as a 232/223(f) Health Care Facility refinance with an 80 percent loan to value. Loan proceeds were used to refinance 12 of the properties and acquire and refinance two properties.
JACKSONVILLE, FLA. — Tremont Realty Capital, a subsidiary of The RMR Group LLC, has arranged a $16.3 million loan for the refinancing of Jacksonville Medical Plaza, a 132,488-square-foot, multi-tenant medical office complex in Jacksonville. The non-recourse, CMBS loan features a 10-year term, fixed 5.26 percent interest rate and a 30-year amortization schedule. The name of the borrower wasn’t disclosed.
CHICAGO — Eugenie Terrace Associates LLC has received a $125 million loan for the refinancing of Eugenie Terrace in Chicago. The 44-story tower includes 575 luxury apartment units. The building is located at 1730 N. Clark St. in Chicago’s Lincoln Park neighborhood. An international life insurance company provided the 10-year, fixed-rate loan. The building was originally constructed in 1988 and previously financed in 2007. Matthew Schoenfeldt and Mike Kavanau of HFF secured the loan and represented the borrower in the transaction.
SAN ANTONIO — Venterra Realty has received a seven-year, fixed-rate loan through Freddie Mac’s CME Program for French Place Apartments, a garden-style apartment community located in San Antonio. Cortney Cole of HFF arranged the financing for the borrower. Located at 109 W. French Place, the property features 84 units in a mix of one- and two-bedroom floor plans. Community amenities include a swimming pool, barbecue grills, courtyards, a laundry facility and parking. At the time of financing, the property was 97 percent occupied.
DENVER — Focus Property Group has received $69 million in financing to develop a 12-story Hilton Garden Inn in Denver. The hotel is situated at 20th Street and Chestnut Place. It sits adjacent to Denver’s Union Station. The Hilton Garden Inn is being built around the historic Denver Hose Company No. 1 building, which will be restored and incorporated into the hotel. The 42-month, fixed- and floating-rate structured financing included $18 million in mezzanine debt as well as $8 million in preferred equity. Bank of the Ozarks served as the senior lender, Artemis Real Estate Partners served as the mezzanine lender and EverWest Real Estate Partners served as the preferred equity lender. Marc Sallette, David Treadwell, Mike Cantwell and Olga Lepow of CBRE Hotels’ Debt & Structured Finance secured the financing.
