Loans

HALL Structured Finance Provides $10.9M Loan for Construction of Hotel Near Milwaukee

by Christina Cannon July 22, 2016

OAK CREEK, WIS. — HALL Structured Finance has provided a $10.9 million first lien loan for the construction of a four-story, 112-room hotel in Oak Creek, 13 miles south of Milwaukee. Albuquerque, N.M.-based Gustin Property Group LLC is the developer of the TownePlace Suites by Marriott. The hotel will be located within the Drexel Town Square master-planned development, which includes a new city hall, public library, retail stores, restaurants, office space, apartments and 18 acres of green space. The total estimated project cost for the hotel is $14.6 million, and the development will take approximately a year to complete.

July 22, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Pillar Originates $9.9M in HUD Financing for Three Skilled Nursing Facilities In Illinois

by Christina Cannon July 22, 2016

SOUTH ELGIN, JONESBORO AND MACOMB, ILL. — Pillar has originated $9.9 million in loans to refinance three skilled nursing facilities in Illinois. The three loans consist of $5.4 million for an 80-unit property in South Elgin, $2.3 million for a 76-unit property in Jonesboro and $2.2 million for a 56-unit property in Macomb. Petersen Health Care, one of the largest seniors housing owner-operators in the state, was the borrower. The names of the specific facilities were not disclosed. All three HUD-insured loans feature a fixed rate, 30-year term and 30-year amortization schedule. Evan Hom of Pillar’s New York office originated the loans.

July 22, 2016

Loans Multifamily New Jersey Northeast

KeyBank Arranges $10M in Financing for 114-Unit Apartment Building in New Jersey

by Amy Works July 22, 2016

PATTERSON, N.J. — KeyBank Real Estate Capital has arranged $10 million in Fannie Mae financing for Broadway Towers, a high-rise apartment building in Patterson. Built in 1961, the property features 114 units and two ground-floor commercial spaces. Tom Peloquin of KeyBank arranged the loan, which was used to refinance existing debt. The name of the borrower was not released.

July 22, 2016

Loans New York Northeast Office

Newmark Holdings Receives $120M in Refinancing for Three-Building Office Portfolio in New York City

by Amy Works July 21, 2016

NEW YORK CITY — Newmark Holdings has received a $120 million refinancing loan with BNY Mellon and TD Bank of a three-building, 390,000-square-foot office portfolio located at 740 Broadway, 2-20 Astor Place and 440 Lafayette in New York City. The properties are currently more than 93 percent leased with a roster of prominent tenants, including New York University, Walgreens and L2 Inc. The new loan replaces the existing financing held by Mid-First & Amalgamated Bank that was originated in April 2008 and totaled approximately $53 million. Paul Talbot provided in-house representation for Newmark Holdings in the deal.

July 21, 2016

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $9.8M Acquisition Loan for Student Housing Community in North Carolina

by John Nelson July 21, 2016

PEMBROKE, N.C.— NorthMarq Capital has arranged $9.8 million in acquisition financing for Pembroke Place, a 336-bed student housing community located near the University of North Carolina at Pembroke campus in Pembroke. The transaction was structured with a 15-year term and 25-year amortization schedule. Lee Weaver and Steve Whitehead of NorthMarq arranged financing for the borrower, Pembroke Place CP LLC, through its Fannie Mae DUS program.

July 21, 2016

Loans Multifamily Northeast Pennsylvania

CBRE Arranges $183M Loan for Presidential City Apartment Complex in Philadelphia

by Amy Works July 20, 2016

PHILADELPHIA — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $183 million loan for the refinance of Presidential City, an apartment complex located at 3900 City Ave. in Philadelphia. The borrower was Post Brothers. Shawn Rosenthal of CBRE secured the three-year, interest-only loan with two one-year extension options. Starwood Capital provided the financing. Presidential City comprises four high-rise towers featuring a mix of one-, two- and three-bedroom residences. The first phase of the project, including the redevelopment of the 180-unit Washington Tower and the 265-unit Madison Tower and the creation of Sora Pool Club, has been completed. The second phase, including the redevelopment of the 331-unit Jefferson Tower and the 242-unit Adams Tower, is underway. The property is expected to be fully leased in 2017.

July 20, 2016

Connecticut Loans Mixed-Use Multifamily Northeast Office

National Cooperative Bank Closes $25.6M Loan for Mixed-Use Property in Connecticut

by Amy Works July 20, 2016

NEW HAVEN, CONN. — National Cooperative Bank has closed a $25.6 million first mortgage to University Towers Owners Corp., a mixed-use cooperative located at 100 York St. in New Haven. The 16-story property features 238 residential units, 13 medical offices and parking for 242 vehicles. Constructed in 1958, the property was converted to a housing cooperative in 1981. Loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations; window, door and curtain wall replacement; and masonry repairs. Larry Mathe of National Cooperative Bank secured the financing for the borrower.

July 20, 2016

Arizona Industrial Loans Western

NorthMarq Arranges $5.2M Acquisition Loan for Ahwatukee 48 Warehouse Property in Phoenix

by Nellie Day July 19, 2016

PHOENIX — NorthMarq Capital has arranged $5.2 million in acquisition financing for Ahwatukee 48, an 87,772 –square-foot office/warehouse property in Phoenix. The space is located at 15905-15915 S. 46th St. and 15920-15930 S. 48th St. The transaction was structured with a 20-year term and 25-year amortization schedule. Shari Stults of NorthMarq arranged the financing through its correspondent relationship with Ohio National. Keller Williams Desert Foothills Realty and Synaptics Inc. are the property’s major tenants.

July 19, 2016

Hospitality Loans Multifamily New Jersey Northeast

The Rockefeller Group Secures $70M Construction Loan for Flexible-Stay Project in New Jersey

by Amy Works July 19, 2016

FLORHAM PARK, N.J. — The Rockefeller Group has secured $70 million in financing on behalf of its joint venture partnership with Korman Communities for the construction of AVE Florham Park. Located within The Green at Florham Park in Florham Park, the flexible-stay community will feature 256 furnished and unfurnished accommodations that are ideal for corporate housing, relocations and long-term stays. The partnership broke ground on the 450,000-square-foot project earlier this year with completion slated for 2017. The property will feature 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, and a community courtyard with a lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbecue area, a movie screen, fire pits and an enclave with cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including a movie theater, café, conference suites, a business center, a yoga studio and fitness center, a spa and 24-hour resident services.

July 19, 2016

Loans Massachusetts Northeast Office

Fantini & Gorga Secures $7.5M in Financing for Office Property in Massachusetts

by Amy Works July 19, 2016

PEABODY, MASS. — Fantini & Gorga has arranged $7.5 million in permanent financing for two office buildings located at 100 and 200 Corporate Place in Peabody. Derek Coulombe and Jason Cunnane of Fantini & Gorga secured the financing for the undisclosed borrower through a regional bank. Built in 1984, the five-story building at 100 Corporate Place features 46,000 square feet, and the 48,000-square-foot building at 200 Corporate Place was built in 1983.

July 19, 2016

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