NEW YORK CITY — Cronheim Mortgage has secured $9.4 million in financing for two 12-story office buildings with ground-floor retail space located at 147 W. 25th St and 130 W. 29th St. in Manhattan’s Chelsea neighborhood. The new buildings, offering 45,500 and 48,000 square feet, are currently being renovated and repositioned to accommodate higher grade users. Meyer Equities manages the properties. Dev Morris, Andrew Stewart and Allison Moravec of Cronheim Mortgage arranged the financing.
DALLAS — Greysteel has arranged the sale and acquisition financing for Casas de Brookbend, a multifamily property located at 8360 Spring Valley Road in Dallas. Casas de Brookbend LLC was the seller, and Casa de Arroyo LLC was the buyer. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson represented the seller and procured the buyer. The seven-year loan, provided by an agency lender using the Freddie Mac small balance loan program, features a fixed interest rate of 4.5 percent and two years of interest-only payments. Greysteel’s Anton Mattli and John Marshall Doss arranged the financing. Casas de Brookbend was built in 1968 and includes six two-story buildings totaling 50 units. Property amenities include an on-site laundry facility, on-site management office, pergola and picnic area.
LOWELL, MASS. — Farallon Capital Management and Anchor Line Partners have closed on $150 million in refinancing for Cross Point, a 1.29 million-square-foot office building located in Lowell. The financing was provided by Starwood Property Trust. A portion of the proceeds were used to refinance the debt put in place at the time of acquisition, while a majority of the balance of the proceeds will be used to fund leasing costs, primarily those associated with the recently announced 435,000-square-foot Kronos lease. The building recently underwent a $10 million renovation to upgrade and enhance the facility.
DALLAS — The Dallas office of HFF has arranged post-acquisition financing for a portfolio of 154 convenience and gas station sites totaling 97.8 acres in the Northeast. The loan was provided by a consortium of lenders led by Capital One and BMO Harris. Andy Scott and Michael George of HFF’s Dallas office arranged the five-year, floating rate acquisition financing with 18 months of interest-only payments for the borrower, a subsidiary of a private real estate investment fund advised by Crow Holdings Capital-Real Estate. The portfolio comprises 88 sites in New York, 45 sites in Massachusetts, 11 sites in Connecticut, seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania. All properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group. The amount of the loan was not released.
JERSEY CITY, N.J. — NorthMarq Capital has secured $14.4 million in refinancing for Morgan Loft Apartments, a 36-unit multifamily property located at the intersection of Steuben and Morgan streets in Jersey City. The loan features a 10-year term on a 30-year amortization schedule. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the financing for the borrower, Morgan Steuben Associates, through Freddie Mac.
SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.
KANSAS CITY, MO. — Capital One has provided a $27.3 million balance sheet loan for the refinancing of a multifamily property owned by a fund advised by Sentinel Real Estate. The five-year, adjustable-rate loan is secured by Carrington Place at Shoal Creek, a 270-unit, Class A luxury garden-style apartment community that the fund purchased in January 2016. Seth Wiener and Joel Willard of Capital One originated the transactions.
LOS ANGELES — Capital Funding Group has provided three separate loans totaling $25 million for seniors housing communities in California, North Carolina and Texas. This includes a $2.5 million working capital line of credit for The Rehabilitation Center on La Brea in Los Angeles. The firm’s Chip Woelper originated the loan.
CONROE, TEXAS — Pillar has secured a $15.6 million refinancing loan for Heritage at Hooper Hill. The 200-unit multifamily property was built in 2005 and is located in Conroe, just north of The Woodlands in the northern Houston submarket. Cullen O’Grady of Pillar’s Bethesda, Md. office secured the loan on behalf of the borrower, a Washington, D.C.-based commercial real estate property owner and developer. The 12-year, fixed-rate Fannie Mae loan includes a 30-year amortization schedule with four years of interest-only payments.
CHARLOTTE, N.C. — The Memphis office of Financial Federal Bank has arranged two loans totaling $32 million for Parkland Commons and Copper Creek, two apartment communities in Charlotte. Built in the late 1990s, the communities feature swimming pools, sports courts, playgrounds and car wash areas. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loans on behalf of the borrower, which purchased the properties in 2015. The financing includes six and seven years of interest-only payments and 30-year amortization schedules.