CORTE MADERA, CALIF. — New York Life Real Estate Investors has provided a $225 million, 12-year mortgage loan for The Village at Corte Madera, a 460,000-square-foot regional mall located in Corte Madera, just a few miles south of San Rafael. The Macerich Co. and Institutional Mall Investors own the open-air mall, which is home to tenants including Anthropologie, Banana Republic, Free People, J. Crew, Macy’s, lululemon athletica, Nordstrom, Madewell and Restoration Hardware.
NATRONA HEIGHTS, PA. — Progress Capital Advisors has secured a $16.2 million 24-month bridge loan for Harrison Town Square, a retail center located in Natrona Heights formerly known as Heights Plaza. The borrower, Steve Kogut, plans to use the loan to retire current CMBS debt and rebrand the center into a retail/medical destination. Current tenants at the center include a physical rehabilitation center, Planet Fitness, urgent care facilities for University of Pittsburgh Medical Center (UPMC) and Allegheny Health Network, as well as multi-specialty physician practices. Kathy Anderson of Progress Capital arranged the loan for the borrower.
ROCKVILLE CENTRE, N.Y. — Q10|New York Realty Advisors has arranged a $7.5 million permanent loan for Best Western Mill River Manor, located at 173 Sunrise Highway in Rockville Centre. The 10-year non-recourse loan features a 4 percent interest rate for the first five years. The full-service hotel features a banquet facility, on-site parking and a swimming pool. Jeanne Cronin and Zeev Douek of Q10 secured the financing for the undisclosed borrower.
ARLINGTON, TEXAS — On behalf of S2 Capital, JLL Capital Markets has secured financing for the acquisition and rehabilitation of River Oaks apartments, a 188-unit value-add asset located in Arlington. Green Bank N.A. provided the loan. Mark Brandenburg led the JLL team in the transaction. River Oaks is located near the Texas Rangers’ Globe Life Park, Dallas Cowboys’ AT&T Stadium, Six Flags Over Texas and the Riverside Golf Course. Community amenities include a barbecue and picnic area, fitness center and a swimming pool. JLL Capital Markets is a provider of capital solutions for real estate investors and occupiers.
GOODLETTSVILLE, TENN. — Cohen Financial has closed a $19 million acquisition loan for two industrial parks totaling 13 buildings and 980,000 square feet in Goodlettsville, a suburb of Nashville. The properties, Space Park North and Old Stone Bridge, are situated a mile apart along I-65. The assets are currently leased to more than 50 tenants combined. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the fixed-rate, 10-year, CMBS loan through Morgan Stanley on behalf of the borrower, an affiliate of Chicago-based Kaufman Jacobs.
GAINESVILLE, FLA. — NorthMarq Capital has arranged the $10.4 million refinancing of Publix Market Square, a 71,007-square-foot, Publix-anchored shopping center located at 2625-2835 S.W. 91st St. in Gainesville. Bob Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed life insurance company on behalf of the borrower, Mega A LLC.
HOUSTON and FORT WORTH, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured $51.2 million in loans to refinance four mixed-income apartment communities in Texas, three of which are age-restricted. The four properties being refinanced are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston; and Villas by the Lake in Fort Worth. The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs). All four communities are owned by related entities of The Wentwood Cos. and managed by Westlake Housing, both based in Austin. Love Funding’s Jonathan Camps secured the financing for the Villas portfolio through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which helps preserve affordable multifamily housing.
HOUSTON — Jamie Safier of LMI Capital has placed permanent financing for the acquisition and refinance of two separate garden-style apartment complexes totaling $34 million. In the first transaction, Safier obtained a $2 million Freddie Mac loan for the refinance of a 50-unit asset in Houston’s Spring Branch submarket. The loan was a cash-out refinance featuring a 4.5 percent interest rate fixed for the first five years of the 20-year loan term, step down prepayment structure and a one-year interest-only period. The borrower will use a portion of the excess proceeds toward interior and exterior upgrades to the property. The second transaction was an acquisition loan for a 550-unit asset also located in the Spring Branch submarket. The $32 million non-recourse loan featured a fixed interest rate of 4 percent for 10 years and two years of interest-only payments. The proceeds included a rehab component for the borrower to draw upon their planned renovations.
GREENVILLE, N.C. — Capstone Capital has closed the $42 million refinancing of The Boundary at West End, a four- and five-story mixed-use development adjacent to East Carolina University in downtown Greenville. The project features 550 student housing beds, 9,500 square feet of ground-level retail space and a 453-space parking garage. Retail tenants include a regional pizza restaurant, convenience store, cafe and coffee shop, Smoothie King and an Asian restaurant. The borrower, Tom Taft Family of Greenville NC, finished The Boundary’s development in August 2015 and used the financing to take out the existing construction loan and all the developer equity. Jackson Howard of Capstone Capital arranged the 10-year Fannie Mae loan with a fixed 4.21 percent interest rate and two years of interest-only payments followed by a 30-year amortization schedule.
ATLANTA — Pillar has originated an $18 million Freddie Mac loan to refinance The Flats at Atlantic Station, an 86-unit multifamily property located adjacent to the Georgia Tech campus in Atlanta. The community offers a mix of two-, three- and four-bedroom, fully furnished apartments. Amenities at the complex include a swimming pool, rooftop lounge and a fitness center. Colin Whittier of Pillar originated the floating rate, 7-year term loan with a 30-year amortization schedule. IPA Capital Markets presented the financing opportunity to Pillar.
