Loans

Sonnenblick-Eichner Arranges $75M in Financing for Hotel in Sausalito

by Nellie Day September 21, 2016

SAUSALITO, CALIF. — Sonnenblick-Eichner Company has arranged $75 million of first mortgage leasehold financing for Cavallo Point-The Lodge at the Golden Gate in Sausalito. The hotel is the San Francisco Bay Area’s first national park lodge. It contains 142 rooms within Golden Gate National Recreation Area at the northern foot of the Golden Gate Bridge. Cavallo Point is situated on about 45 acres within the 350-acre former Fort Baker military base. The property includes the Murray Circle Restaurant and Farley Bar, more than 25,000 square feet of indoor and outdoor meeting space, an 11,000-square-foot Healing Arts Center & Spa, a retail outlet, a cooking school and a fitness center. The non-recourse financing features a five-year balance sheet loan provided by an international money center bank.

September 21, 2016

Loans Midwest Multifamily Ohio

Hunt Mortgage Group Arranges $18.8M in Refinancing for Multifamily Properties

by Haisten Willis September 21, 2016

COLUMBUS, WILLOUGHBY OHIO — Hunt Mortgage Group has provided two Fannie Mae loans totaling $18.8 million to refinance two multifamily properties located in Ohio. The properties include: The Ridge at Taylor Station in Columbus — Hunt Mortgage Group provided a $6 million Fannie Mae loan facility to refinance the property. Perry-Sycamore LP sponsors the borrower. The borrower acquired Ridge at Taylor Station in 2000 and the loan features a 10-year term, 30-year amortization period and a 9.5-year yield maintenance period. Built in 1974, the property was renovated by the current owners in 2004 and 2015. The property is a 192-unit garden-style multifamily facility comprised of eight three-story residential buildings, plus a standalone leasing office. Property amenities include an outdoor picnic area, pool, playground and a basketball court. Fox Run Apartments in Willoughby — Hunt Mortgage Group provided a $12.8 million Fannie Mae loan to refinance the property, a 192-unit garden-style apartment complex. The property is comprised of 12 two-story apartment buildings. Friedman Properties Ltd., an Ohio limited liability company, is the borrower. The transaction is structured with a 10-year term with 9.5 years of yield maintenance and a 30-year amortization schedule. Fox Run Apartments was constructed between 1986 and 1997 …

September 21, 2016

Georgia Loans Mississippi North Carolina Retail South Carolina Southeast

HFF Arranges $62M Financing for Seven-Property Retail Portfolio in the Southeast

by John Nelson September 21, 2016

PITTSBURGH — Pittsburgh-based HFF has arranged $62 million in financing for a portfolio of seven retail centers totaling 805,803 square feet in North Carolina, South Carolina, Georgia and Mississippi. The portfolio includes a Walmart Neighborhood Market located at 10635 Dorchester Road near Charleston in Summerville, S.C.; Poplar Springs Plaza, located at 2153 E. Main St. in Duncan, S.C.; Tire Kingdom & Starbucks Coffee, located at 1820 N. Highway 17 near Charleston in Mount Pleasant, S.C.; Albany Square, located at 2707 Dawson Road in Albany, Ga.; East-West Commons, located at 1757 East-West Connector in Austell, Ga.; Morganton Heights, located at 400 Henredon Road in Morganton, N.C.; and The Ridge at Turtle Creek, located in Hattiesburg, Miss. The portfolio’s tenants include Publix, Academy Sports + Outdoors, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Hobby Lobby and Bealls. Kevin Mackenzie, Greg Brown and Cory Fowler of HFF worked on behalf of the borrower-sponsor, Cole Credit Property Trust IV Inc., to place the seven-year, fixed-rate loan through Voya Investment Management. HFF will service the loan.

September 21, 2016

Connecticut Loans Northeast Office

NGKF Handles $36.25 Million Financing of 124,668 SF Office Building in Greenwich, Connecticut

by Jaime Lackey September 21, 2016

GREENWICH, CONN. — NGKF Capital Markets has arranged $36.25 million in financing for 500 West Putnam Avenue, a 124,668-square-foot Class A office building in Greenwich, for Connecticut investment group 500 WPA LLC. Jordan Roeschlaub, Daniel Fromm and Steve Sperandio of NGKF led the team that arranged and structured a floating-rate loan that provides a three-year initial term and two one-year extension options. The loan proceeds were used to fund the acquisition of the property from SL Green and execute the sponsor’s business plan for the property, which was 54 percent occupied at closing.

September 21, 2016

Loans Mixed-Use Multifamily New York Northeast

NorthMarq Capital Arranges $1.5 Million Refinance for NYC Mixed-Use Building

by Jaime Lackey September 21, 2016

NEW YORK CITY — NorthMarq Capital has arranged a $1.5 million refinance for a mixed-use property comprising 15 residential units and one retail unit located at 340 East 86th Street in New York City. The transaction was structured with a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a regional bank.

September 21, 2016

Loans Office Texas

CBRE Capital Markets Arranges $32M in Financing for Tollway Towers in Dallas

by Haisten Willis September 20, 2016

DALLAS — CBRE Capital Markets’ debt and structured finance team has arranged debt financing for Tollway Towers, a three-building office asset in Dallas. CBRE arranged the $32 million non-recourse loan on behalf of Champion Partners and CrossHarbor Capital Partners. Tollway Towers comprises two office towers and a garden office building totaling 341,836 square feet. Tollway Towers is located along the Dallas North Tollway, two miles north of I-635. The property was built in 1983 and renovated in 2007. The new ownership plans to invest several million dollars into the buildings for both capital upgrades and a speculative suite program tailored to attracting tenants seeking 750 to 5,000 square feet. Scott Lewis, Greg Greene and Matt Ballard of CBRE’s Dallas office originated and secured financing on behalf of the borrowers.

September 20, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $35M Refinancing of Apartment Community in Tampa Bay Area

by John Nelson September 20, 2016

LARGO, FLA. — NorthMarq Capital has arranged the $35 million refinancing of The Boulevard Apartments, a 260-unit apartment community located at 2098 Seminole Blvd. in Largo, a city in the Tampa Bay area. Larry Curry of NorthMarq Capital’s Tampa office arranged the 10-year loan with four years of interest-only payments followed by a 30-year amortization schedule through an unnamed life insurance company.

September 20, 2016

Affordable Housing District of Columbia Loans Multifamily Southeast

D.C. Housing Finance Agency Provides $21.6M Financing for Affordable Housing Community

by John Nelson September 20, 2016

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $21.6 million in bonds for the acquisition and construction for The Beacon Center, an affordable housing complex in Washington, D.C. The project is a redevelopment of the historic Emory United Methodist church now standing at 6100 Georgia Ave. N.W. in D.C.’s Brightwood neighborhood. The financing comprises $14.3 million in short-term bonds and $7.3 million long-term. The $42.5 million development will include sanctuary space for Emory United Methodist and 99 units of affordable housing reserved for renters earning 60 percent or less of the area median income (AMI). In addition to the DCHFA issued bonds, The Beacon Center will be financed by a combination of $16 million of equity raised through the syndication of low income housing tax credits (LIHTCs) by Red Stone Equity Partners, a $17.2 million loan from the D.C. Department of Housing and Community Development’s Housing Production Trust Fund and $900,000 of Neighborhood Investment Funds administered by the Office of the Deputy Mayor for Planning and Economic Development. The District’s Local Rent Supplement Program will be used to provide rental assistance for eight permanent supportive housing units within The Beacon Center reserved for formerly homeless …

September 20, 2016

Florida Loans Multifamily Southeast

Pembrook Capital Management Provides $20.5M Financing for Apartment Complex in Orlando

by John Nelson September 19, 2016

ORLANDO, FLA. — Pembrook Capital Management LLC has closed $20.5 million in acquisition financing for Silver Oak Apartments, a 320-unit apartment community in Orlando. The financing includes a $17 million bridge loan and a $3.5 million preferred equity investment. The unnamed borrower plans to use the financing to purchase the property and renovate 115 units over the next two years. The borrower will also upgrade the community’s exterior, swimming pools, clubhouse and fitness center.

September 19, 2016

Florida Loans Seniors Housing Southeast

KeyBank Provides $116.6M in Financing to Recapitalize Sentio Seniors Housing Portfolio

by John Nelson September 16, 2016

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $116.6 million in loans to Sentio Healthcare Properties, a REIT based in Orlando. Sentio will use the money to recapitalize its portfolio of eight seniors housing properties throughout the United States. The financing was structured as a $62 million in direct (balance sheet) loan and a series of Fannie Mae loans totaling $54.6 million. The specific eight properties involved in the financing were not disclosed. Grant Saunders and Sarah Belmont of KeyBank Real Estate Capital’s Healthcare Group originated the bank term loan, while Charlie Shoop of Key’s Healthcare Mortgage Banking Group arranged the Fannie Mae financing. Sentio is a public, non-traded REIT established in 2006. The company primarily invests in seniors housing and healthcare communities with investments in 34 properties across 16 states.

September 16, 2016

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