NEW YORK CITY — Cushman & Wakefield has secured two loans, totaling $21.8 million, for two multifamily properties in Queens. The loans feature a 3.25 percent fixed rate for a five-year term. Proceeds of the loans will be used to recapture equity on the properties. The properties are located at 108-20 62nd Drive in the Forest Hills section of Queens and 136-42 Maple Ave. in Flushing. Totaling 130,000 square feet, the properties offer a total of 135 residential units. Morris Betesh, Justin Boruchov, Daniel Belecen and Omar Ferreira of Cushman & Wakefield handled the financing. Dime Savings Bank provided the loans for the undisclosed borrower.
VANCOUVER, WASH. — Parkview Financial has secured a $16.2 million loan for a 124-unit multifamily development in Vancouver. The community is being developed along 134th Street.
TAMPA, FLA. — NorthMarq Capital has arranged a $31.5 million construction loan for Cortona South Tampa, a 300-unit multifamily property located at 5145 S. Dale Mabry Highway in Tampa. The gated development will feature a two four-story apartment buildings and 20 two-story townhome buildings, as well as a 6,000-square-foot clubhouse with a resort-style swimming pool and recreation areas. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 3-year loan with a two-year extension option through a regional bank. The loan features interest-only payments for the primary term and a 25-year amortization schedule for the extension.
CINCINNATI — Bellwether Enterprise has arranged a $22.7 million loan for the acquisition of Vantage Pointe West Apartments in Cincinnati. The complex consists of 775 one-, two- and three-bedroom units across 11 residential buildings. Of the 775 units, 500 are reserved for very low-income tenants. The building underwent a $5 million renovation in 2014. Elmer B. Cole Jr. of Bellwether Enterprise arranged the 12-year, fixed-rate loan for the borrower, Four Towers Apartments LLC.
BOSTON — HFF has arranged $63 million in financing for two office buildings, located at 320 and 333 Summer St. in Boston’s Seaport District. Frederic Wittman and Brett Paulsrud of HFF secured the 10-year, 3.65 percent fixed-rate loan with The Hartford Financial Services Group for the borrower, ASB Real Estate Investments. Totaling 217,000 square feet, the buildings feature loft-style space that is 97 percent leased to LogMeln, a PC data systems management firm that is merging into a subsidiary of Citrix. ASB’s Allegiance Fund, in a joint venture with Lincoln Property Co., owns the buildings.
ARLINGTON, TEXAS — Dougherty Mortgage has closed a $13 million Fannie Mae loan for the acquisition of Las Lomas Apartments in Arlington. The borrower, DCP 834 Timberlake Drive LLC, used the loan to acquire the 224-unit property. The Fannie Mae 10-year loan features two years of interest-only payments and a 30-year amortization schedule. Dougherty’s Vienna, Va., office arranged the loan through a partnership with Old Capital Lending.
MOORHEAD, MINN. — Grandbridge Real Estate Capital has negotiated a $10 million first mortgage loan for the refinancing of a 133-unit apartment property in Moorhead, near the border of North Dakota. A life insurance company funded the 15-year loan, which features a 30-year amortization schedule. Tony Carlson and Jeff Witt of Grandbridge originated the loan.
ATLANTA — Bellwether Enterprise has arranged the $18.7 million refinancing of a 12-property, 458-unit multifamily portfolio in the metro Atlanta area. Kelly Martone of Bellwether Enterprise’s Atlanta office arranged the financing on behalf of the borrower, Nelkin Real Estate. The financing includes a fixed-to-float hybrid lending structure, fixed 4.07 percent interest rate for 10 years and three years of interest-only payments.
DENVER — A joint venture between Goldman, Sachs & Co. and Pearlmark has received $93.5 million in financing for the acquisition of a 492,799-square-foot office building in Denver. The Class A space is located at 1125 17th St. It occupies an entire city block on the corner of 17th and Lawrence streets where the Central Business District and Lower Downtown (LoDo) converge. The 25-story tower is 85.2 percent leased to JP Morgan Chase & Co. and Halliburton, among others. On-site amenities include a fitness club, juice and smoothie bar, basketball and bocce courts, and underground parking. HFF’s Eric Tupler and Josh Simon secured the four-year, floating-rate loan through Bank of America.
FORT WORTH, TEXAS — Dougherty Mortgage has closed a $20 million Fannie Mae loan for the acquisition of La Jolla Terrace Apartment Homes, a 340-unit market-rate multifamily property located in Fort Worth. The 12-year loan features one-year of interest-only payments and a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va., office for the borrower, Katz La Jolla Terrace LLC.