SAN FRANCISCO — NorthMarq Capital has arranged a $70 million refinancing for an apartment project in Silicon Valley. The recently completed property required a short-term bridge loan structured with an interest-only feature. NorthMarq’s John Kerslake arranged financing for the borrower through a life insurance company relationship.
CERRITOS, CALIF. — HFF has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air retail center located in the Los Angeles suburb of Cerritos. The property began an extensive renovation in 2014, most of which was completed in 2015, with more renovations scheduled to begin later this year. The center is over 97 percent leased to tenants including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant and 24-hour Fitness. Paul Brindley, Eric Tupler and Steven Paskover of HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Co. Principal Real Estate Investors advised the lender in the transaction. Loan proceeds are being used to refinance the original acquisition and renovation financing.
HOUSTON — Jamie Mullin of LMI Capital has placed permanent financing for the acquisition and refinancing of two garden-style apartment complexes in Houston. Mullin placed a 10-year loan exceeding $24.5 million for a 650-unit asset in southwest Houston. The agency loan was a refinance that provided cash-out proceeds to the borrower and featured a fixed 4.1 percent interest rate and five years of interest-only payments. The borrower will use the excess proceeds to return capital, make ongoing improvements to the property and fund future acquisitions. The second transaction for Mullin pertained to a 250-unit property in Houston’s Brookhollow submarket. The acquisition financing included a 10-year term, five-year interest-only period, fixed 3.9 percent interest rate and leverage exceeding 73 percent of the purchase price. The borrower plans to complete a capital improvement plan, the funds for which will be provided by the lender.
MALDEN, MASS. — Fantini & Gorga has arranged an $18 million construction loan for the conversion of a historical building in downtown Malden into Residences @ Malden Station 138, an apartment building with amenity retail space. Located at 126-150 Pleasant St., the property will feature 71 residences, indoor parking, a fitness center, furnished roof deck, fireplace, meeting rooms, open seating areas furnished with televisions and a café station. Derek Coulombe, John Gorga and Despina Hatzipetrou arranged the financing for the undisclosed borrower through a regional bank.
GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $22 million refinance loan for a portfolio of three student housing communities located near the University of Florida campus in Gainesville. Paul Ahmed of Walker & Dunlop arranged the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, Trimark Properties. The portfolio of properties includes Solaria II, Tuscana and Savion Park. Altogether, the three properties comprise 114 units and 157,000 square feet. Community amenities at the properties include private balconies, internal courtyards, parks with jogging paths, electric wine chillers and 24-hour concierge services.
Phillips Realty Capital Secures $18.7M Construction Loan for Residence Inn Adjacent to Virginia Tech
BLACKSBURG, VA. — Phillips Realty Capital has secured an $18.7 million construction loan for a new Residence Inn adjacent to the Virginia Tech campus in Blacksburg. The new Marriott-branded hotel will sit at the corner of University City Boulevard and Prices Fork Road. The six-story, 126-room hotel will feature fully equipped kitchens and living rooms, an indoor pool and a 24/7 workout room. The new hotel will help anchor University Crossroads, a mixed-use redevelopment near Virginia Tech’s visitors center and main entrance. Brian Boland of Phillips Realty Capital arranged the financing through a regional bank on behalf of the borrowers, Newport Hospitality Group Inc. and Collegiate Inn of Blacksburg LLC. The hotel is scheduled to open in mid-2018.
MAPLEWOOD, MINN. — Dougherty Mortgage LLC has closed a $4.5 million Fannie Mae loan to refinance Sibley Cove Apartments, an 81-unit affordable housing complex in Maplewood, five miles north of St. Paul. Units include washers and dryers, walk-in closets and kitchen appliances. Community amenities include a heated underground parking garage, playground, fitness center and a car wash station. The adjustable-rate loan features a seven-year term and 30-year amortization schedule. The borrower is Sibley Cove LP.
GRAND ISLAND, NEB. — Berkeley Point Capital has provided a $3.5 million refinancing loan for Cherry Park Apartments in Grand Island. The 124-unit, affordable workforce housing community is comprised of 20 buildings and one 2,700-square-foot retail space. The complex offers two- and three-bedroom units and was constructed in two phases between 1997 and 1999. The Fannie Mae loan features a 10-year term.
SACRAMENTO, CALIF. — Ready Capital Structured Finance has closed a $5 million loan for the acquisition, renovation and stabilization of a 92-unit multifamily complex in Sacramento. The two-story community is situated 1.5 miles from the Capital City Freeway, which connects the property to downtown Sacramento. The two-year, non-recourse loan will help fund interior and exterior renovations. The loan features a one-year extension, along with flexible pre-payment. It also includes a facility to provide for interest and working capital reserves, as well as future funding for capital expenditures. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add, and event-driven commercial and multifamily real estate opportunities.
Cohen Financial Arranges $29M Acquisition Loan for 352-Unit Apartment Community in Metro Kansas City
OVERLAND PARK, KAN. — Cohen Financial has arranged a $29 million acquisition loan for a 352-unit apartment property in Overland Park, approximately 15 miles southwest of Kansas City. A San Francisco-based owner and investor was the borrower. The Ridge Apartments offers one-, two- and three-bedroom units and includes amenities such as three swimming pools, a basketball court, fitness center, cyber café, clubhouse, clothes care center, resident lounge, shuffle board and tennis court. Kenneth Fox of Cohen Financial placed the loan with Wells Fargo.