Loans

HFF Arranges $12.6M Refinancing for Retail Building in Santa Monica

by Nellie Day March 29, 2017

SANTA MONICA, CALIF. — HFF has arranged a $12.6 million refinancing for 3202-3212 Wilshire Blvd., a 28,209-square-foot retail building located in Santa Monica. CVS/pharmacy and BevMo fully occupy the property. Jeff Sause, Paul Brindley and Ryan Ash of HFF worked on behalf of the borrower, a local family office advised by The Luzzatto Company Inc., to place the non-recourse, fixed-rate loan with a life insurance company. Loan proceeds were used to supplement the borrower’s planned long-term hold of the asset in their core portfolio.

March 29, 2017

Industrial Loans Midwest Missouri

Ready Capital Arranges $13.3M Loan for Acquisition of Industrial Portfolio in Kansas City, Missouri

by Kristin Harlow March 29, 2017

KANSAS CITY, MO. — Ready Capital Structured Finance has arranged a $13.3 million loan for the acquisition of an industrial portfolio in Kansas City. The portfolio includes Rivergate Center, a five-building, 238,976-square-foot industrial property located at 1500-1634 N. Topping Road, and Midtown Park, a four-building, 320,400-square-foot property consisting of two office/warehouse buildings and two distribution buildings. The fixed-rate loan features a 60-month term and will also be used for the renovation and stabilization of the portfolio. The borrower was not disclosed.

March 29, 2017

Healthcare Indiana Loans Midwest

Strawberry Fields Receives $4.4M HUD Loan for Refinancing of Skilled Nursing Facility in Scottsburg, Indiana

by Kristin Harlow March 29, 2017

SCOTTSBURG, IND. — Strawberry Fields REIT LLC has received a $4.4 million HUD guaranteed loan for the refinancing of The Waters of Scottsburg, a skilled nursing facility in southern Indiana. The 99-bed facility is currently 69 percent occupied. Strawberry Fields, which owns 57 facilities largely located in the Midwest, acquired the building in 2014. The fixed-rate loan features a 35-year term.

March 29, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $18.2M in Financing to Preserve Affordable Housing in Troy, N.Y.

by Haisten Willis March 29, 2017

TROY, N.Y. — KeyBank has provided a total of $18.2 million in financing for the Martin Luther King Revitalization Apartments in Troy. The Troy Housing Authority partnered with Beacon Communities Development to renovate and preserve 104 units of affordable housing through HUD’s Rental Assistance Demonstration Program. The property was built in 1971. Key’s Community Development Lending & Investing group (CDLI) provided a $6.2 million construction loan and will also invest up to $12 million in Low Income Housing Tax Credits (LIHTC) direct equity to finance the first phase, which includes the preservation of 46 units for residents earning between 30 and 80 percent of the area median income. Joe Eicheldinger and Victoria O’Brien of Key’s CDLI team helped arrange the financing, made possible by an allocation of LIHTC from New York State Homes and Community Renewal. Additionally, the project required the approval and support of the U.S. Department of Housing and Urban Development.

March 29, 2017

Colorado Loans Multifamily Western

Griffis Residential Obtains $81.9M Acquisition Loan for Skye 2905 Urban Flats in Denver

by Nellie Day March 28, 2017

DENVER — Griffis Residential has obtained an $81.9M acquisition loan to purchase the 400-unit Skye 2905 Urban Flats apartment community in Denver. The property is situated across from 20th Street from the Union Station neighborhood. The property was formerly named Skye 2905. HFF’s Eric Tupler and Josh Simon represented the borrower to place the 10-year, 3.98-percent, fixed-rate loan with five years of interest-only payments. A correspondent life insurance company provided the capital.

March 28, 2017

Loans Multifamily New York Northeast

Ready Capital Secures $10.7M Loan for Multifamily Property in NYC

by Haisten Willis March 28, 2017

NEW YORK CITY — Ready Capital Structured Finance has secured a $10.7 million non-recourse loan in New York City. The loan is for the recapitalization, renovation and stabilization of a 60-unit condominium property at 9511 Shore Road in the Bay Ridge neighborhood of Brooklyn. The collateral is part of a 104-unit, seven-story, condominium tower with views of the Narrows and Verrazano Bridge. Ready Capital Structured Finance closed a floating-rate interest-only loan featuring a 12-month term with two extension options and flexible pre-payment.

March 28, 2017

Georgia Industrial Loans Southeast

Berkeley Partners Receives $22.5M Loan for Refinancing of 20-Building Industrial Portfolio in Atlanta MSA

by Jeff Shaw March 28, 2017

NORCROSS, GA. — Berkeley Partners has received a $22.5 million loan for the refinancing of a five-property, 20-building industrial portfolio in Norcross. Totaling 605,274 square feet, the portfolio comprises six buildings in Gwinnett Gateway (1710 Wilwat Drive); three buildings in Gateway Business Park I (6500 McDonough Drive); five buildings in Gateway Business Park II (6000 Dawson Blvd.); and five buildings in Atlantic Business Center (6400 Atlantic Blvd.), all of which are located in Norcross in the Northeast Atlanta industrial submarket. Additionally, the portfolio includes the one-building Five Points Business Center (1600 Roswell St. Southeast), which is located in the Northwest Atlanta industrial submarket. The properties are leased to 150 tenants. HFF arranged the five-year loan with a regional bank. Jeff Sause, Kevin Mackenzie and Gregg Shapiro of HFF represented Berkeley Partners in the loan transaction.

March 28, 2017

Loans Multifamily New Jersey Northeast

HFF Arranges $32.5M Financing for Apartment Property in Jersey City, N.J.

by Haisten Willis March 27, 2017

JERSEY CITY, N.J. — HFF has arranged $32.5 million in financing for the development of a 163-unit apartment property in Jersey City. HFF worked on behalf of the developer, a joint venture between The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments to secure the construction loan through M&T Bank. The project is part of the New Jersey City University (NJCU) west campus master plan, also known as University Place. Situated three blocks from NJCU’s main campus, university place will encompass 22 acres with more than 200,000 square feet of retail, 110,000 square feet of education space and a 425-bed student housing community. The development will be the first phase of University Place’s market-rate unit component, which will total 600 units at full build out. The project will feature a mix of studio, one- and two-bedroom units along with more than 10,000 square feet of ground-floor retail and 177 parking spaces. Jon Mikula and Michael Klein led the HFF debt placement team representing the borrower.

March 27, 2017

Florida Loans Retail Southeast

Mark One Capital Arranges $4.4M Loan for 55,000 SF Retail Property in Brooksville, Fla.

by Taylor Williams March 27, 2017

BROOKSVILLE, FLA. — Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged nonrecourse financing for a 55,000-square-foot, single-tenant retail property in Brooksville, a city roughly 55 miles north of Tampa. Farhan Kabani and Chris Parker of Mark One Capital secured the $4.4 million loan, which features a five-year term, a 3.92 percent interest rate and a 30-year amortization schedule. Hobby Lobby currently occupies the property.

March 27, 2017

Florida Loans Multifamily Southeast

Pillar Originates $8M in Acquisition Financing for Two Multifamily Properties in Tampa Area

by Taylor Williams March 24, 2017

ZEPHYRHILLS AND CLEARWATER, FLA. — Pillar, a division of SunTrust Bank, has originated approximately $8 million in acquisition financing for two multifamily properties in the Tampa area. Roughly $5 million was sourced for Hillside MHC, a 55-and-older mobile housing community located at 39515 Bamboo Lane in the northeast Tampa suburb of Zephyrhills. Approximately $3 million was sourced for Far Horizons MHC, a 55-and-older mobile community located at 2580 Nursery Road in the west Tampa suburb of Clearwater. Yale Realty & Capital Advisors provided the loans for both properties, which were 85 percent and 97 percent occupied at the time of loan closing, respectively.

March 24, 2017

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