Loans

George Smith Partners Secures $10.6M Acquisition Loan for Multifamily Property in El Paso

by Haisten Willis July 19, 2016

EL PASO, TEXAS — Commercial real estate investment banking firm George Smith Partners has arranged a $10.6 million loan for the acquisition of The Preserve at Mesa Hills, a 100 percent occupied, 248-unit apartment community in El Paso. David Rifkind and Ameet Chagan of George Smith Partners arranged the interest-only loan through a CMBS lender on behalf of the borrower, a private investor, . Located in El Paso’s northwest submarket, The Preserve at Mesa Hills comprises nine two-story and five three-story buildings offering one- and two-bedroom apartments. Units feature mountain and valley views, private patios or balconies and GE appliances, while select units also feature vaulted ceilings and wood-burning fireplaces. Common area amenities in the gated community include landscaped courtyards, a pool with spa and sundeck, fitness center, basketball and volleyball courts, as well as barbecue grills and picnic areas for residents.

July 19, 2016

Georgia Hospitality Loans Southeast

U.S. Bank Provides $58.5M Construction Loan for Omni Hotel at The Battery Atlanta

by John Nelson July 19, 2016

ATLANTA — Through HFF’s debt placement division, U.S. Bank has provided a $58.5 million construction loan for the development of the Omni Hotel at The Battery Atlanta. The 16-story, 264-room hotel will anchor the $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves’ new ballpark set to open in April 2017 in Cobb County. The hotel will feature 12,000 square feet of meeting space, a restaurant with rooftop seating, outdoor pool with a deck and bar, fitness center, wine and coffee bar, retail outlets on the third floor and concierge services. Whitaker Johnson and Jim Curtin led the HFF team in arranging the 42-month loan through U.S. Bank on behalf of the borrowers, TRT Holdings Inc. and Braves Development Co. LLC. The loan features two one-year extension options. Dallas-based TRT Holdings is the parent company of Omni Hotels & Resorts, and Braves Development Co. is owned by Liberty Media Corp.

July 19, 2016

Florida Georgia Loans Retail Southeast

Ready Capital Closes Two Loans in Florida, Georgia Totaling $31M

by John Nelson July 19, 2016

JACKSONVILLE, FLA. AND STONE MOUNTAIN, GA. — Ready Capital Structured Finance has closed two non-recourse bridge loans totaling $31 million for shopping centers in Jacksonville and metro Atlanta. Ready Capital closed a $19.7 million loan for the acquisition and renovation of Highland Square Shopping Center, a 277,553-square-foot retail center located on Dunn Avenue in Jacksonville. Situated a quarter-mile west of I-95, the asset was 73 percent leased at the time of financing to tenants such as Publix and CVS/pharmacy. The loan features a 42-month term with two one-year extension options and includes a facility for future tenant re-leasing reserves and future funding for tenant improvements, leasing commissions and capital expenditures. The other transaction was an $11.3 million loan for the acquisition and renovation of a 335,000-square-foot retail center leased to tenants such as Marshalls, Big Lots, Ross Dress for Less and Stone Mountain Community Center, an activity and fitness center serving the Stone Mountain community. The asset is situated at the intersection of Stone Mountain Highway 78 and Rockbridge Road S.W., roughly 20 miles northeast of downtown Atlanta. The undisclosed borrower purchased the REO asset from a special servicer. The short-term loan features a facility for future tenant improvements, leasing …

July 19, 2016

Loans Mississippi Southeast Student Housing

Bellwether Enterprise Arranges $16.4M CMBS Loan for Student Housing Property in Oxford

by John Nelson July 19, 2016

OXFORD, MISS. — Bellwether Enterprise has arranged a $16.4 million CMBS loan for The Cottages at Hooper Hollow, a 280-bed student housing community in Oxford. The property is located on the University of Mississippi’s campus. Jeremy Chism of Bellwether Enterprise’s Memphis office arranged the loan through LStar on behalf of the borrower, Trinity Business Group. Bellwether Enterprise, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., closed 17 loans totaling $195 million in the month of June, including the Oxford transaction.

July 19, 2016

Loans Multifamily Texas

Greysteel Arranges Refinancing of Multifamily Property in El Paso

by Haisten Willis July 18, 2016

EL PASO, TEXAS — Greysteel has arranged agency financing for the refinance of the Amigos Del Sol, a multifamily property located in El Paso. The seven-year, non-recourse loan was provided by an agency lender under the Freddie Mac small balance loan program. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. Amigos Del Sol, located at 10009 Rushing Road, was constructed in 1973 and totals 52 units.

July 18, 2016

Loans Maryland Multifamily Southeast

Capital One Provides $66.7M Acquisition Loan for Apartment Community in Metro D.C.

by John Nelson July 18, 2016

GREENBELT, MD. — Capital One has provided a $66.7 million acquisition loan for Gates of Cipriano, a 591-unit apartment community located at 8501 Greenbelt Road in Greenbelt. The asset is situated roughly 13 miles outside of Washington, D.C., and across the street from NASA’s Goddard Space Flight Center. Abe Hirsch, Jacob Katz and Zev Karpel of Meridian Capital Group arranged the 12-year, Fannie Mae loan through Capital One on behalf of the borrower, BDMG.

July 18, 2016

Life Sciences Loans Massachusetts Northeast Office Top Stories

Senior Housing Properties Trust Secures $620M Loan for Life Sciences Buildings in Boston

by Nellie Day July 18, 2016

BOSTON — Senior Housing Properties Trust (NYSE: SNH) has obtained a $620 million mortgage loan for two life sciences buildings in Boston’s Seaport District. The 15-story, Class A towers include 1.6 million square feet of lab space, corporate office space, structured parking and ground-floor retail space. SNH purchased the towers in May 2014 for $1.1 billion. They are 96 percent leased to Vertex Pharmaceuticals through 2028. Vertex is the manufacturer of hepatitis C and cystic fibrosis pharmaceutical treatments. The 10-year loan is interest-only, carries a fixed interest rate of 3.53 percent and matures in August 2026. SNH will use the loan proceeds to repay a portion of the outstanding borrowings under the company’s $1 billion unsecured revolving credit facility, as well as for general business purposes. Following the repayment, there will be approximately $900 million available under SNH’s unsecured revolving credit facility. “We are pleased to take advantage of the current low interest rate environment to term out the majority of the outstanding balance on our unsecured revolving credit facility and to extend the average maturity of our debt to 8.9 years,” says David Hegarty, SNH’s president and chief operating officer. “We believe that this transaction also highlights the value …

July 18, 2016

country-village-apartments-norman-oklahoma

Loans Multifamily Oklahoma Texas

Old Capital Secures $2.8M Acquisition Loan for Country Village Apartments in Norman

by Haisten Willis July 15, 2016

NORMAN, OKLA. — Old Capital has secured a $2.8 million loan for the purchase of Country Village Apartments in Norman. The 20-year loan includes a 4.5 percent interest rate and a 30-year amortization schedule. Texas-based buyers acquired the 100-unit, semi-stabilized property at an 80 percent loan-to-value ratio.

July 15, 2016

California Hospitality Loans Western

Continental Funding Group Secures $19M Refinancing for Courtyard by Marriott in Baldwin Park

by Nellie Day July 14, 2016

BALDWIN PARK, CALIF. — Continental Funding Group has secured a $19 million loan to refinance the 195-room Courtyard by Marriott in Baldwin Park. The hotel is located at 14635 Baldwin Park Towne Center. Hilton originally built the Courtyard by Marriott, which was later affiliated with Radisson. It was franchised as part of the Marriott chain in 2004. The sponsor received a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a cash-out component. Mitch Paskover of Continental Funding Group secured the loan from a major U.S. investment bank. The 10-year loan was priced at 4.98 percent, with a loan-to-value ratio of 68 percent and a 25-year amortization.

July 14, 2016

Connecticut Loans Northeast Retail

NorthMarq Arranges $20M in Refinancing for 212,406 SF Retail Center in Connecticut

by Amy Works July 14, 2016

DANBURY, CONN. — NorthMarq Capital’s Greater Westchester New York/Connecticut office has arranged $20 million in refinancing for North Street Shopping Center in Danbury. Robert Ranieri of NorthMarq secured the 10-year loan through a life insurance company for the undisclosed borrower. The loan also features a 25-year amortization schedule. Located at 1 Padanaram Road, the 212,406-square-foot property is anchored by ShopRite and Burlington Coat Factory.

July 14, 2016

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