NEW ORLEANS — Kennedy Funding Financial has closed a $1.5 million acquisition loan for a 40,000-square-foot lot in the Bywater neighborhood of New Orleans. Fronting Charles Street and bounded by Mazant and Royal streets, the site houses a former seafood processing plant. The borrower, Pelican Royal LLC, plans to develop a 43-room, 32,000-square-foot hotel and hostel known as Stateside on the site. Slated to open in early 2018, Stateside will feature a laundromat, courtyard, pool, restaurant and bar and a coffee and juice shop.
PHILADELPHIA — Berkadia, on behalf of Casa Farnese Inc. and PRD Management, has secured $11.1 million in financing for Casa Farnese, Philadelphia’s first affordable housing community for seniors. Proceeds of the loan were used to renovate the property in advance of its upcoming 50th anniversary. Kevin Kozminske and Brian Campbell of Berkadia arranged two loans through the firm’s partnership with HUD: a $7.04 million loan under section 207/223(f) and a $4.11 million loan under section 241(a) to finance improvements to the community. The non-recourse loans provide 90 percent loan-to-cost financing and 35-year amortization schedules. The financing enables the owners to complete a $9.7 million rehabilitation effort on the property, while also meeting the first mortgage’s payment terms. Gilbane Building Co., serving as general contractor, finalized the renovations to the 18-story, 288-unit building in March.
NEW YORK CITY — NorthMarq Capital has secured $3 million in refinancing for an office property located at 1139 Hylan Blvd. in Staten Island. Charles Cotsalas and Robert Delitsky of NorthMarq arranged the loan, which features a 10-year term and a 25-year amortization schedule, through a community bank. The property features 28,000 square feet of office space.
CEDAR HILL, TEXAS — Greysteel has secured the refinancing of Little Creek Apartments, a multifamily property located in Cedar Hill, on behalf of Little Creek Apts LLC. The 20-year, non-recourse loan includes a 30-year amortization schedule and three years of interest-only payments. The loan was provided by an agency lender under Freddie Mac’s small balance loan program and features a fixed interest rate for the first 10 years followed by a floating-rate period for the other 10 years. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. Little Creek Apartments is located at 151 Little Creek Road and totals 66 units.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6 million loan for the refinancing of CrestView Apartments, a multifamily property located in Dallas. The loan features a fixed 4.8 percent interest rate for five years, with 18 months of interest-only payments and a 25-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.
ARLINGTON, TEXAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $2.5 million term loan for a contiguous complex of 35 duplexes plus an additional four vacant lots in Arlington. The property is located on Leacrest Street and Melrose Street along New York Avenue. The duplexes are one-story garden style buildings situated on individually platted lots, which were originally built in 1960. An out-of-state buyer purchased the development and is renovating all 35 duplexes. Brandon Wilhite of MCA was responsible for arranging the loan, which included a future funding feature to complete the renovations. Funded by First United Bank, the loan features a 4.5 percent interest rate.
WOODBRIDGE, VA. — The Greenwich Group International has arranged $73.8 million in construction financing for the development of Rivergate Phase I, a 402-unit, Class A residential apartment building to be developed along the Occoquan River in Woodbridge, a Virginia suburb of Washington, D.C. Peter Witham and Duke Fairchild led the Greenwich team representing the developer, The IDI Group Cos., in securing a $60.3 million senior construction loan and $13.5 million in subordinate mezzanine construction financing. John Moriarty & Associates, the general contractor, commenced construction on Aug. 1 and the property is scheduled to deliver and begin leasing in February 2018.
HONOLULU — An affiliate of Wells Fargo & Co. (NYSE: WFC) has completed the $238 million refinancing of maturing debt for Ward Village, a 60-acre urban master-planned development underway in Honolulu. The Howard Hughes Corp. (NYSE: HHC) is the master developer of Ward Village, which features three condominium towers under construction. Upon completion, Ward Village will comprise 4,000 residences and 1 million square feet of retail and restaurant space. The development is situated between downtown Honolulu and Waikiki in the Kak’ako district. Ward Village is the only project in Hawaii to receive LEED Platinum certification for neighborhood development (LEED-ND) and the largest one in the United States to receive LEED-ND Platinum certification. The financing is secured by the existing Ward Village commercial properties, excluding the condominium towers currently under development. Ward Village’s three condominium towers underway — Waiea, Anaha and Ae ‘o — will open in late 2016, 2017 and 2018, respectively. The three towers will feature ground-floor retail space, including a Nobu restaurant, Merriman’s restaurant and the largest Whole Foods Market in Hawaii. Other mixed-use condo buildings within Ward Village include Gateway Towers and Ke Kilohana, which features a 23,000-square-foot, street-level Longs Drugs store. The financing allows Howard Hughes …
NEW YORK CITY — SL Green Realty Corp. has closed on $1.5 billion in construction financing for One Vanderbilt, a 58-story office tower located adjacent to Grand Central Terminal in Midtown Manhattan. The financing has a term of up to seven years and bears interest at a floating interest rate of 3.5 percent over LIBOR, with the ability to reduce the spread to as low as 3 percent upon achieving certain pre-leasing and completion milestones. Institutions involved in the financing are Wells Fargo Bank as administrative agent; The Bank of New York Melton, JP Morgan Chase Bank, TD Bank N.A. and Bank of China as syndication agents; and Landesbank Baden-Württemberg as documentation agent. Vertical construction is slated to begin in the second quarter of 2017, with completion scheduled for 2020. Tishman Construction is managing the project, which will also include direct connection to Grand Central’s network of mass transit, improved by $220 million in upgrades that SL Green is implementing as part of the project. Designed by Kohn Pederson Fox, the 1.6 million rentable-square-foot tower will be the tallest building in Midtown and the second tallest in New York City. In 2014, TD Bank signed a 20-year, 200,000-square-foot lease at the …
NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.