CHICAGO — Mesa West Capital has provided $145 million in structured debt for the recapitalization and stabilization of a 469-unit luxury apartment building in Chicago’s South Loop. 1000 South Clark, a 29-story building, is a joint venture of JDL Development and New York-based iStar Inc. The building features a mix of studio, one-, two- and three-bedroom and townhome units and is currently in the final stages of lease-up. The five-year, non-recourse financing included $30 million in mezzanine debt that was sold to an institutional investor at closing.
WAUSAU, WIS. — Dougherty Mortgage LLC has closed an $8.5 million Fannie Mae loan for the refinancing of the Wausau Portfolio, which consists of five market-rate multifamily apartment properties located in Wausau in central Wisconsin. The properties include Apple Apartments, Black Berry Circle Duplexes, Cedar Creek Apartments, Eva Estates Luxury Apartments and Eva III Luxury Apartments. The 10-year, Fannie Mae loan includes a 30-year amortization. OWS LLC was the borrower.
PANORAMA CITY, CALIF.— Meridian Capital Group has secured a $40 million refinancing for The Plant, a 219,922-square-foot retail power center located in Panorama City. Seth Grossman and Jackie Tran of Meridian arranged the five-year balance sheet loan featuring full-term, interest-only payments on behalf of the borrower, Decron Properties. Citibank provided the capital. Tenants at The Plant include Regency Theatres, Ross Dress for Less, Old Navy, Forever 21, PetSmart, Party City, Home Depot and In-N-Out Burger.
IRVING, TEXAS — Dougherty Mortgage LLC has closed an $8.9 million Fannie Mae loan to fund the acquisition of The Monterey Apartment Homes, a 159-unit multifamily property located in Irving. The seven-year loan features a 30-year amortization schedule and one year of interest-only payments. Dougherty Mortgage arranged the loan through Old Capital Lending on behalf of the borrower, Elmstone Group OP2 LLC.
NEW YORK CITY — Newmark Holdings has received a $9.6 million refinancing loan for two office buildings in New York City. Signature Bank provided the loan, which features a fixed rate for seven years. Totaling 56,000 square feet, the fully occupied buildings are located at 416-422 W. 45th St.
REDDING, CALIF. — CBRE has arranged an undisclosed amount of financing for Ray Stone Inc., which will use the capital to acquire River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. CBRE Multifamily Capital originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program. Ray Stone will operate the property following the sale. CBRE’s Kevin Randles and Aron Will arranged the financing.
NEW CASTLE COUNTY, DEL. — U.S. Realty Capital has originated $31 million in permanent financing for a multifamily complex located in northern New Castle County. The financing will replace an existing construction loan on the newly built 218-unit property. The property had significant pre-leasing activity and overall occupancy was close to 100 percent at completion. The property features a fitness center, pool and 9,000 square feet of retail space. Bruce Robertson Jr. and Jane Bender of U.S. Realty Capital arranged the financing for the undisclosed borrower.
PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.
WINDSOR, CONN. — Versant Commercial Brokerage has arranged a $50 million recapitalization for Addison Corporate Center, a 605,000-square-foot office complex located in Windsor. The firm assisted the tenant-in-common (TIC) investors by originating the new senior debt, mezzanine debt and preferred equity. The new capital is being used to pay off the existing lender, stabilize the property, purchase the TIC interests of those investors that need to exit, and roll up the TIC investors into a limited liability company. Additionally, a portion of the proceeds will fund tenant improvements, leasing commissions and property upgrades. The new sponsor for the property is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management. Tenants at the complex include Triumph Group, Belcan Engineering Group, Quest, General Electric and Sun Life Financial. Ethan Schelin of Landmark Capital Advisors assisted with the capital raise.
WHITE PLAINS, N.Y. — Madison Realty Capital has provided a $15 million loan for the acquisition of an office building located at 440 Hamilton Ave. in White Plains. The undisclosed borrower is acquiring the property from AT&T, the original builder and a current tenant, and is considering options for the property, including a possible conversion to residential use. Situated on 3.2 acres, the 12-story building offers 337,900 square feet of Class B office space.