ALLENTOWN, HAWLEY, DURYEA AND HAMLIN, PA. — Eastern Union Funding has arranged a $12.2 million loan for America’s Realty LLC’s acquisition of a five-property shopping center portfolio in northeastern Pennsylvania. Totaling approximately 332,000 square feet, the portfolio includes Eastside Plaza and Boulevard Plaza in Allentown, Lords Valley Plaza in Hawley, Duryea Plaza in Duryea and Hamlin Plaza in Hamlin. Marc Tropp and Barry Dollman of Eastern Union arranged the financing through Peapack Gladstone Bank for the Pikesville, Md.-based owner/operator. Paul Rumley of Metro Commercial Real Estate represented the seller, a California-based family trust, in the sales transaction.
NEW YORK CITY — Meridian Capital Group has arranged $13 million in ground-up construction financing for the development of the Marriott Towne Suites hotel located at 38-42 11th St. in Long Island City. The two-year construction loan, provided by a local savings bank, features full-term interest-only payments and an extension option. Midtown Properties, the borrower, is developing the 10-story extended-stay hotel that will feature 133 guest rooms. Eli Finkel and Michael Ryback of Meridian Capital arranged the financing.
SAN ANTONIO — MetroGroup Realty Finance has arranged $29.9 million in financing for Parkway Plaza, an 89,388-square-foot office and flex building located in San Antonio. The loan included additional advances for tenant improvements and leasing commissions. Scott Botsford of MetroGroup Realty Finance secured the financing on behalf of the borrower, Dornin Investment Group.
HILTON HEAD, S.C. — Grandbridge Real Estate Capital has closed a $38 million loan for the refinancing of Shelter Cove Towne Centre, a 271,721-square-foot lifestyle and grocery-anchored shopping center in Hilton Head. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office originated the 10-year loan through New York Life on behalf of the borrower, Augusta, Ga.-based Southeastern Development Associates. The loan features two years of interest-only payments and a 30-year amortization schedule.
STATESBORO, GA. — HFF has arranged a $33.5 million permanent loan for The Hamptons, a recently built, 668-bed student housing community located within walking distance of Georgia Southern University in Statesboro. Delivered in fall 2015, The Hamptons features 117 Tudor-style cottages with a mix of two-, three-, four- and five-bedroom floor plans, as well as 120 one- and two-bedroom residential flats. Community amenities include a 10,000-square-foot clubhouse with a café, business center, study room, fitness center, steam rooms, cardio room, game room, bicycle rentals and tanning beds. Other amenities include a resort-style swimming pool with an 80-yard lazy river, sand volleyball court, bocce ball court, two dog parks and a separate study lounge. Jeremy Sain led HFF’s debt placement team in arranging the 10-year, fixed-rate loan through a national bank on behalf of the borrower, IMS Development.
DORAL, FLA. — FirstBank Florida has provided a $13.5 million loan for the refinancing of a single-tenant retail property in Doral that is currently leased to Best Buy. The electronics and entertainment retailer’s lease at the store, located at 10760 N.W. 17th St., is up for renewal in 2019. Mahesh Pattabhiraman of FirstBank Florida originated the loan, which the borrower, Shops at 107th LLC, will use to refinance and cash out the store and other nearby commercial properties.
CINCINNATI — NorthMarq Capital has arranged the $4.7 million acquisition financing for Clifton Quarters, a student housing portfolio located near the University of Cincinnati. The portfolio includes 18 properties and 136 beds. The three-year, fixed rate loan includes a 25-year amortization schedule. The buyer was an out-of-state investor. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
EULESS, TEXAS — Greysteel has secured an undisclosed amount of permanent refinancing for Royal Terrace, a multifamily property located in Euless. The 10-year, non-recourse loan, provided under the Freddie Mac Small Balance Loan program, features a fixed interest rate of 4.24 percent and a 30-year amortization schedule. Anton Mattli, John Marshall Doss and Zach Ghormley of Greysteel negotiated the loan for the borrower, Countrywide Hospitality LLC. Built in 1964, Royal Terrace features 120 units, a swimming pool and an on-site laundry facility.
NEW YORK CITY — HFF has arranged $29.5 million in construction financing for Phase II of The Vineyards at Blue Point, an active adult condominium community restricted to residents age 55 and older in Long Island’s Blue Point area. Evan Pariser of HFF arranged the construction loan through Bank of the Ozarks for the borrowers, Ornstein Leyton Co. and Latus Partners. Upon completion, the 280-unit property will encompass 44 buildings with townhomes and single-level flats. The units will feature oversized master bedrooms, in-unit washer/dryers and attached garages. Situated on 65 acres, the community features a heated outdoor swimming pool and bocce club, along with the Vineyards Club, which includes a fitness center, social rooms and lounge space.
MORRIS, SOMERSET AND MERCER COUNTIES, N.J. — Cronheim Mortgage has arranged a cash-out refinance of $27.8 million for six northern and central New Jersey properties. The assets include office, industrial and retail properties in Morris, Somerset and Mercer counties. The undisclosed borrower will use proceeds to cash out some of the significant equity of the property. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the financing.