Loans

LPC Realty Advisors Receives $98.5M Loan for Acquisition of Pacwest Center in Portland

by Nellie Day March 8, 2017

PORTLAND, ORE. — LPC Realty Advisors has received a $98.5 million acquisition loan for the 30-story Pacwest Center in Portland. The 525,000-square-foot office tower is located at 1211 SW 5th Ave. LPC intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities. PacWest Center is 76 percent leased to tenants like Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co. HFF’s Tom Wilson and Erica Christensen arranged the five-year, fixed-rate acquisition loan. A national insurance company provided the capital. LPC worked on behalf of a pension fund client. HFF also handled the property’s $170 million sale on behalf of the sellers, Ashforth Co. and an institutional investor.

March 8, 2017

Florida Loans Multifamily Southeast

HC Real Estate Capital Arranges $30M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson March 8, 2017

JACKSONVILLE, FLA. — HC Real Estate Capital has arranged a $30 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community in Jacksonville. Built in 2009, the property was 98 percent occupied at the time of financing and features one-, two- and three-bedroom units. Community amenities include a clubhouse, leasing and management offices, resort-style pool, lakes, barbecue grills, fitness center, cardio theater and an aerobics/yoga room. Chris Caveglia and Kurt Hoffman of HC Real Estate Capital arranged the seven-year, fixed-rate loan through New York Life Real Estate Investors.

March 8, 2017

California Loans Multifamily Seniors Housing Western

Harborview Capital Partners Closes $14.5M Loan for Skilled Nursing Facility in Sacramento

by Nellie Day March 7, 2017

SACRAMENTO, CALIF. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged $14.5 million in financing for the construction of a 40-bed skilled nursing facility in Sacramento. A combination of three banks funded the loan, which features 24 months of interest-only payments and 25-year amortization. The borrower was not disclosed. Harborview’s Avi Begun and Mordechai Moseson negotiated the financing.

March 7, 2017

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $18M First Mortgage Loan for Mixed-Use Portfolio in Brooklyn

by Haisten Willis March 7, 2017

NEW YORK CITY – Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments, has provided an $18 million first mortgage loan to finance the acquisition of an eight-property, 64,438-square-foot mixed-use portfolio in Greenpoint, Brooklyn. The portfolio consists of 3 Sutton St., 5 Sutton St., 657 Meeker Ave., 661 Meeker Ave., 667 Meeker Ave., 669 Meeker Ave., 673 Meeker Ave. and 164-166 Kingsland Ave. The buyer contributed $11 million of cash equity to complete the acquisition, and plans to maximize value through renovation and repositioning. In total, there are 73 market rate residential units and 14 commercial units in the portfolio. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal.

March 7, 2017

Loans Mixed-Use Northeast Rhode Island

TARC Recapitalizes Mixed-Use Development in Providence, R.I.

by Haisten Willis March 7, 2017

Providence, R.I. – The Armory Revival Co. (TARC) has recapitalized Rising Sun Mills, a 313,000-square-foot mixed-use complex with 135 residential units and 130,000 square feet of commercial space located at 166 Valley Street in Providence. On-site management by TARC will oversee new construction commencing immediately with lobby renovations. The recapitalization will also fund tenant improvement projects, accounting for 90,000 square feet of available commercial space. CBRE’s Andrew Galvin leads the leasing efforts for Rising Sun Mills. Located two miles from downtown Providence, Rising Sun Mills is accessible from Routes 6 and 10 as well as Interstate 95. The campus includes 135 residential units and offers office tenants a parking ratio of four per 1,000 square feet. The site features a waterfall and walking/bike paths along the Woonasquatucket River. The property features the on-site Café at Easy Entertaining and offers proximity to local and regional restaurants in Olneyville Square, Atwells Avenue and on Broadway.

March 7, 2017

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Secures $2.4M Financing for Multifamily Property in New Hampshire

by Haisten Willis March 7, 2017

MANCHESTER, N.H. – Mark Whelan of NorthMarq Capital has arranged $2.4 million in earn-out/supplemental financing for a 123-unit multifamily property located in Manchester. The transaction was structured with an eight-year term on a 28-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

March 7, 2017

Industrial Loans Texas

JLL Secures Financing for Self-Storage Development in Pearland, Texas

by Taylor Williams March 7, 2017

PEARLAND, TEXAS — JLL has arranged financing for the construction of a new, 91,590-square-foot self-storage development in Pearland, a southern suburb of Houston. The five-year, non-recourse, floating-rate loan for the 726-unit facility, located at the intersection of Broadway and Kirby drives, was secured on behalf of SurePoint Self Storage. Griffin Guthneck of JLL led the effort for the financing, which originated from an undisclosed regional bank.

March 7, 2017

Indiana Loans Midwest Multifamily Student Housing

Dougherty Arranges $6.3M Refinancing Loan for Student Housing Property in South Bend, Indiana

by Kristin Harlow March 7, 2017

SOUTH BEND, IND. — Dougherty Mortgage LLC has arranged a $6.3 million Fannie Mae loan for the refinancing of Legacy Village at Notre Dame. The 14-unit student housing property is located in South Bend. The 12-year loan features a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending. RWD Campus Developments LLC was the borrower.

March 7, 2017

Affordable Housing Georgia Loans Multifamily Southeast

KeyBank Arranges $14.9M Acquisition Loan for Affordable Housing Property in Metro Atlanta

by John Nelson March 7, 2017

STOCKBRIDGE, GA. — KeyBank Real Estate Capital has arranged a $14.9 million acquisition loan for North Park at Eagle’s Landing, a 244-unit apartment community in Stockbridge, roughly 20 miles south of Atlanta. Built in 1999, the property designates 67 units for tenants earning roughly 80 percent of the area median income. Caleb Marten of KeyBank arranged the seven-year Fannie Mae loan with one year of interest-only payments and a 30-year amortization schedule.

March 7, 2017

Connecticut Loans Northeast Retail

CBRE Secures $21.3M Bridge Loan for 215,000 SF Retail Center in Connecticut

by Haisten Willis March 6, 2017

CROMWELL, CONN. – CBRE Capital Markets’ debt and structured finance team has secured $21.3 million in bridge financing for Cromwell Square, a 218,000-square-foot shopping center currently anchored by a 100,000-square-foot Kmart in Cromwell. Mark Fisher, Michael Riccio and Alex Furnary of CBRE facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator HB Nitkin. The 10-year, fixed-rate bridge loan includes two years of interest-only payments and a 25-year amortization schedule. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buyout of an existing Kmart lease. The store will be replaced with a 65,000-square-foot ShopRite grocery store and other tenants. The redevelopment is anticipated to take 18 months. The property is located at 51 Shunpike Road in Middlesex County, immediately west of Route 9 and 1.5 miles east of I-91 on the northwest corner of Shunpike Road and Route 372.

March 6, 2017

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