SOUTH BRUNSWICK, MOONACHIE & TETERBORO, N.J. — G.S. Wilcox & Co. has secured $56 million in financing for a six-building industrial portfolio located in South Brunswick, Moonachie and Teterboro. Al Raymond of G.S. Wilcox arranged the 12-year loan, which includes a 3.25 percent fixed interest rate. Thrivent Financial for Lutherans, one of the firm’s correspondent lenders, provided the financing.
NASHVILLE, TENN. — Mesa West Capital has provided Magellan Development Group $88.3 million in first mortgage debt for the refinancing for The SoBro, a 313-unit, Class A apartment complex in downtown Nashville. Magellan, which is headquartered in Chicago, owns the 33-story building located at 205 Demonbreun St. The SoBro was completed in 2016 and consists of one-, two- and three-bedroom apartments. The building was 25 percent leased at the time of the loan closing.
LEWISVILLE, TEXAS — NXT Capital, a Chicago-based lender, has provided a $26 million first mortgage loan to refinance a 242-unit apartment community in Lewisville. The Class A property, which is part of Hebron 121 Station, is located roughly 23 miles from downtown Dallas and offers a resort-style pool with poolside bar, private cabanas, running/biking trails, fitness center and a business center. Roger Wyche of Metropolitan Capital Advisors placed the loan with NXT Capital.
MILWAUKIE, ORE. — Lancaster Pollard has arranged a $5.3 million Fannie Mae loan for BPM Senior Living. The loan provides capital for Royalton Place, a 70-unit assisted living and memory care community in the Portland suburb of Milwaukie. BPM purchased Royalton Place in 2005 and adjusted the acuity mix in late 2014. The financing is part of the owner’s plan to replace the existing third-party operator, instead taking over management of the community itself. Matt Lindsay led the transaction for Lancaster Pollard, aided by Doug Harper.
BOSTON — Boston-based Fantini & Gorga has arranged $13 million to refinance three properties — located at 20 Winthrop Square, 85 Franklin St. and 77 Franklin St. — in Boston’s financial district. Wayne Clough and Despina Hixon of Fantini & Gorga arranged financing with one of the firm’s correspondent insurance companies. The three buildings are conjoined and collectively include 98,350 square feet of office and retail space. A.W. Perry has owned and managed the properties for several decades.
NEW YORK CITY — Eastern Consolidated has arranged a $26.4 million bridge loan from G4 Capital that will fund the recapitalization of a ground lease at 285 Schermerhorn St. in Brooklyn. Jonathan Aghravi and Charles Han of Eastern Consolidated represented the borrower, 285 Schermerhorn LLC, which plans to redevelop the site from its current seven-story structure to a 116,433-square-foot, 14-story residential building with 132 condominiums and 3,400 square feet of ground-floor retail space. Brooklyn Community Services owns the property and will maintain its headquarters in the building during and after the construction phase.
ROSEMONT, ILL. — Money360 has provided a $16.2 million bridge loan for a 71,132-square-foot office property in Rosemont. Constructed in 2006, the single-tenant building includes a central break room, executive suite, conference room, large meeting room, computer training room, fitness center and locker rooms. The borrower was a single-purpose entity.
MENLO PARK, CALIF. — Square Mile Capital Management LLC has provided a $145 million construction loan for the development of the first phase of Menlo Gateway, a 16-acre, master-planned project in the Menlo Park area of Silicon Valley. Located on Independence Drive near the Marsh Road exit of U.S. Route 101, the development will consist of approximately 705,000 square feet of office space across three eight-story buildings. The 16-acre parcel, located roughly two miles from Facebook’s headquarters, was previously zoned for industrial use. The Marriott Autograph Collection Hotel, a 250-room hotel currently under construction, will also reside on the land. The 11-story hotel offers a pool with cabanas and poolside bar, a spa, a lobby restaurant and coffee market, as well as 20,000 square feet of indoor and outdoor meeting space. Delivery is slated for late 2017. The Bohannon Development Co., which is based in northern California, is serving as the project developer. San Francisco-based Heller Manus Architects designed the project. Phase I of Menlo Gateway will include an eight-story, approximately 210,000-square-foot building located at 100 Independence Drive, as well as a 1,040-space parking deck. Phase I also includes delivery of The Bay Club, a 41,000-square foot fitness center with …
MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $26 million loan to refinance the 253-room Holiday Inn located at 4333 Collins Ave. in Miami Beach. Jacob Schmuckler and Steve Adler of Meridian Capital Group arranged the 10-year CMBS loan, which features interest-only payments for the full term. The property, which was fully renovated in 2009, offers an on-site bar and restaurant, fitness center, laundry facilities and a business center.
BOWIE, MD. — The Greenwich Group International has secured $22 million in construction financing for the development of a Courtyard by Marriott Hotel in Bowie, located about 20 miles east of Washington, D.C. The developer is Hospitality Development Co. of Columbia, Md. The 144-room hotel is being built near the entrance to Melford, a 466-acre, mixed-use business park at Route 50 and Route 301. Greenwich obtained a $12.4 million first mortgage construction loan with $5 million in subordinate financing from the Small Business Administration; $2.6 million from several state and county economic development funds; and the remaining $2 million from a side loan sourced from the first mortgage lender.