OAK PARK, MICH. — Soaring Pine Capital has provided a $1.7 million loan for the acquisition of an industrial portfolio in Oak Park, a northern suburb of Detroit. The borrower, Paramount Industrial Machining Inc. (PIMI), used the loan to purchase three industrial buildings formerly owned by Paramount Precision Products Inc. PIMI is a leading supplier of precision component machining for the automotive, industrial, service and aftermarket business segments.
PORTER, TEXAS — Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged $2 million in financing for Gilbert House Apartments, a 35,900-square-foot multifamily complex in Porter, a city roughly 25 miles north of Houston. Larry Peters of Q10 KDH arranged the 10-year loan, which has a 30-year amortization schedule. The undisclosed borrower recently upgraded unit interiors at the 33-unit property, which is located at 24595 Gilbert Drive.
SOMERVILLE, MASS. — NGKF Capital Markets has completed the recapitalization of 200 Inner Belt Road, a four-story office asset in Somerville. The NGKF Capital Markets Boston team of Robert Griffin, Edward Maher and Matthew Pullen oversaw the recapitalization of the property with North Colony Asset Management on behalf of North River Co. Totaling 190,096 square feet, 200 Inner Belt Road is 97 percent leased to tenants including Harvard University’s Somerville research facility, which includes the Harvard Art Museums Archives, the Archaeological Exploration of Sardis and the museum’s communications division.
DETROIT — Bernard Financial Group has arranged a $5.2 million loan for the construction of Baltimore Station in Detroit. The 22-unit luxury apartment complex will also feature 8,100 square feet of retail space. TCF Bank provided the loan. Dennis Bernard and Kevin Kovachevich of Bernard arranged the loan on behalf of the borrower, Baltimore Station LLC.
ST. LOUIS — Dougherty Mortgage LLC has arranged a $5.2 million HUD loan for the refinancing of the Downtowner Apartments in St. Louis. Originally constructed as a hotel in 1963, the 95-unit affordable housing property was renovated and converted into apartment units in 2007. In addition to the rental units, there is approximately 5,652 square feet of retail and restaurant space on the first floor. Dougherty’s Minneapolis office arranged the loan, which includes a 35-year amortization schedule. Washington Avenue Apartments LP was the borrower.
IRVING, TEXAS — Preston Hollow Capital, a Dallas-based finance firm, has arranged $115 million in financing for the construction of Westin Irving Convention Center Hotel, a 12-story, 350-room hotel development in Irving. The property will offer 16,000 square feet of ballroom and meeting space, restaurant and retail facilities and a parking garage. Texas-based architecture firm BOKA Powell designed the hotel, which will be situated on a 17-acre tract adjacent to the Irving Convention Center at Las Colinas. Austin Commercial LP is general contractor on the project, which is slated for an early 2018 opening.
MANCHESTER, CONN. — KeyBank Real Estate Capital has secured a $30.9 million Fannie Mae first mortgage loan for Broadleaf Apartments, a 224-unit multifamily property in Manchester. The property was built in 2016 and is located eight miles from downtown Hartford. Thomas Peloquin of Key’s commercial mortgage group arranged the 10-year loan, which includes three years of interest-only payments and a 30-year amortization schedule. The loan was used to refinance existing debt.
NEW YORK CITY — Pembrook Capital Management has provided a $6.2 million first mortgage loan to finance the construction of a 21,341-square-foot mixed-use property located at 144-146 West St. in the Greenpoint neighborhood of Brooklyn. The unnamed sponsor plans to construct a six-story building on an infill site that will include 18 market-rate apartments on top of 1,200 square feet of commercial retail space. The project is expected to be complete in 2018 with nine parking spaces and bike storage.
UNIVERSITY PARK, ILL. — Associated Bank has provided a $13.6 million loan for the acquisition of a 455,870-square-foot distribution center in University Park. The building, developed by Dermody Properties, is located at 425 University Crossing Drive. Edward Notz of Associated Bank managed the loan for the borrower, DPIF IL 3 University Park LLC.
CASA GRANDE, ARIZ. — HSL Desert Sands Properties has received $21.5 million in financing for a 323-unit apartment complex in Casa Grande. The community is located at 720 W. O’Neil Drive. The property was built in 2008. Casa Grande is about 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The funds will be used to refinance the property. The 10-year Fannie Mae loan features a 30-year amortization schedule. HSL Desert Sands Properties LLC is an entity affiliated with HSL Properties and Humberto S. Lopez, who owns multifamily and other commercial real estate throughout the Southwest. Hunt Mortgage Group provided the loan.