VIDALIA, GA. — Love Funding has secured a $74.4 million loan through HUD’s 242/223(a)(7) loan insurance program for the refinancing of Meadows Regional Medical Center, a 22-acre hospital in Vidalia. The hospital’s owners, Toombs County Hospital Authority, used the refinancing to cut the interest rate by more than half, saving more than $1.5 million a year in debt-service costs, or more than $30 million over the life of the loan. Originally constructed in 1963, the hospital was expanded in 2011 to include a 194,000-square-foot healthcare facility. Meadows Regional offers 64 private patient suites, 20 emergency treatment rooms and six surgical suites, along with a cardiovascular lab. In the past five years, HUD’s 242 program has insured financing for $2.2 billion of hospital projects across the country.
COLUMBIA, MD. — NorthMarq Capital has arranged a $72 million loan for the refinancing of Columbia Corporate Park, a 495,000-square-foot office park located at 8825, 8830, 8840 and 8850 Stanford Blvd. and 8890 McGaw Road in Columbia. Joseph Burke of NorthMarq Capital’s Baltimore office arranged the 12-year loan through an unnamed life insurance company on behalf of the borrower. The loan features four years of interest-only payments followed by a 30-year amortization schedule.
NORTH MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $19.5 million loan for the refinancing of Aventura Oaks Apartments, a 204-unit multifamily community located at 1572 N.E. 191st St. in North Miami Beach. The three-story property features a swimming pool, lounge and fitness center. Jonathan Zilber and Steven Halpert of Meridian Capital Group arranged the three-year loan with a fixed 3.1 percent interest rate and one year of interest-only payments through an unnamed balance sheet lender. The unnamed borrower is currently remodeling 75 percent of Aventura Oaks’ apartment units.
NEW YORK CITY — An affiliate of Vanbarton Group has received $67.5 million in acquisition financing for The Astor retail condominium located at 2139-2157 Broadway in Manhattan. Cushman & Wakefield arranged the floating-rate financing, which was provided by an affiliate of Mesa West Capital. The 31,210-square-foot property is at the base of the The Astor, a 12-story luxury residential complex. The condo features 18,902 square feet of ground-floor space and 12,308 square feet of basement-level space. The property is 100 percent leased to nine commercial tenants, including Barneys New York, Lululemon, Stuart Weitzman, Papyrus and L’Occitane. Steve Kohn, Alex Hernandez and Alex Lapidus of Cushman & Wakefield arranged the financing for the borrower.
BRIDGEWATER, N.J. — Denholtz Associates has secured a 10-year, $4 million refinancing on five of its flex-industrial properties located at 1W-5W Chimney Rock Road in Bridgewater. Totaling 115,714 square feet, the properties are part of the Bridgewater Business Park. Michael Cook of First Bank NJ negotiated the terms of the refinance. Bridgewater Business Park features 380,000 square feet of flex-industrial space.
WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.
MOKENA, ILL. — Capital One has provided an $11.9 million acquisition loan for a 28,000-square-foot medical property in Mokena, approximately 40 miles southwest of Chicago. MedProperties Holdings LLC acquired the Center for Minimally Invasive Surgery, which features four operating rooms, a 14,000-square-foot surgery center and a 5,350-square-foot recovery center. The seller and terms of the loan were undisclosed.
BATON ROUGE, LA. — CBRE has arranged $48 million in construction financing for the development of Park Place, a 745-bed student housing community to be located adjacent to the Louisiana State University campus in Baton Rouge. The six-story project is scheduled for completion in 2017. CBRE secured the three-year, floating-rate loan through Commercial Bank Syndication on behalf of the Park 7 Group.
LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.