WALLA WALLA, WASH. — Walker & Dunlop Inc. has arranged a $25 million loan for Wheatland Village, an independent living, assisted living and memory care community in Walla Walla, located in the southeastern corner of Washington near the Oregon border. Portland, Ore.-based Generations Senior Living operates the Class A community. The company developed the property in 2004 through a partnership with a nonprofit hospital. Wheatland Village features 134 independent living units, 62 assisted living units and 38 memory care units. The memory care portion was added in 2013. Jeffrey Ringwald and William Jackson of Walker & Dunlop structured the 15-year, fixed-rate, Fannie Mae loan with a 30-year amortization schedule. The transaction consolidates two existing loans and features a 60 percent loan-to-value ratio.
JERSEY CITY, N.J. — CBRE has arranged $5 million in refinancing on behalf of Summit Import Corp., a distributor of Asian food imports on the East Coast. Proceeds of the loan will refinance a 120,000-square-foot refrigerated industrial warehouse, located at 100 Summit Place in Jersey City. James Gunning, Donna Falzarano and Stephen Joseph of CBRE arranged the loan with Atlantic Stewardship Bank.
MONROVIA, CALIF. — Calmwater Capital has provided $19.8 million in financing to 723 EHD LLC for the acquisition and lease-up of Shamrock Center, a retail center located at 723-727 E. Huntington Drive in Monrovia. The financing consists of a $9 million senior term loan for the acquisition of the property and $10.8 million in additional potential funding for future leasing and tenant improvements. At the time of sale, the 98,000-square-foot property was 90 percent vacant due, in part, to the loss of its anchor tenant, a 70,000-square-foot Albertson’s that closed as a result of a consolidation strategy.
LAGUNA BEACH, CALIF. — Newmark Realty Capital has arranged $10 million in financing for the acquisition of Gelson Market’s in Laguna Beach. The 34,478-square-foot grocery store is located on Pacific Coast Highway. George Mitsanas and Doug Tisdale of Newmark arranged the fixed-rate, non-recourse financing for the borrower, a Beverly Hills-based developer. The 10-year loan, provided by a life insurance company, features interest-only payments during the first five years and a 30-year amortization schedule.
NEW YORK CITY — Himmel + Meringoff Properties and The Swig Company have received a $200 million mortgage loan for the refinancing of 8 Times Square, a 220,000-square-foot office and retail property located at 1460 Broadway in New York City. The loan was provided by Citigroup. The 16-story property offers 185,000 square feet of office space and 35,000 square feet of retail space. Current tenants of the property include WeWork and Foot Locker. Robert Sorin, Julianne Befeler, Chad Sandler and Jason Robinson of Fried Frank acted as counsel to the companies in the transaction.
NEW YORK CITY — Equicap has arranged $18 million in construction financing for a condominium development on Manhattan’s Upper East Side. Daniel Hilpert secured the bank financing for the borrower, a foreign developer, at a competitive interest rate.
CARROLLTON, GA. — NorthMarq Capital has secured the $22.2 million refinancing of Flats at 316, a 240-unit student housing community located near the University of West Georgia in Carrollton. The transaction was structured with a three-year, interest-only term. Will James of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through a bridge lender. Flats at 316’s community amenities include a basketball court; cyber café; dog park; a lounge with a flat screen, pool table, ping pong, poker and other games; a resort-style swimming pool; sand volleyball court; coffee bar; fitness center; and shuttle service to and from campus.
AUBURN HILLS, MICH. — Axilla Capital has arranged a $6 million CMBS loan to refinance the TownePlace Suites Detroit Auburn Hills. The 10-year loan features a fixed interest rate of 4.25 percent. TownePlace Suites Detroit Auburn Hills is a three-story, 82-room, extended-stay lodging facility built in 2015. The property is located on the southwest corner of Great Lakes Crossing Outlets, an enclosed, super-regional shopping mall in Auburn Hills. Joel Mazur, managing principal of Axilla Capital, originated the transaction and secured the financing.
BOSTON — EagleBridge Capital has arranged $9.5 million in permanent mortgage financing for an apartment complex located at 8-12-16 Harvard Terrace in Boston’s Allston neighborhood. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, which was provided by a major commercial bank, for the undisclosed borrower. The fully occupied three-building apartment complex features 18 three-bedroom/two-bath units and six two-bedroom/one-bath units. Apartments feature hardwood floors, fully equipped designer kitchens with stainless steel appliances, granite countertops, contemporary cabinetry and a private balcony or patio.
ATLANTA — Natixis has provided a $43 million loan to refinance the Crowne Plaza Midtown and Staybridge Suites Atlanta Midtown, a dual-branded hotel development in Midtown Atlanta totaling 462 rooms. The borrower, AWH Partners, is using the floating-rate financing to refinance an existing renovation loan following the property’s multimillion-dollar renovation. The property features 31,000 square feet of meeting and banquet space, an outdoor pool and sundeck, fitness center, locker rooms, business center, on-site dining options and a Thrive coffee bar. Peter Dannemiller of Hodges Ward Elliott arranged the loan.