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.
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.
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.
SAN ANTONIO — Bryan Leonard of NorthMarq Capital’s San Antonio office has arranged the $54 million refinancing of Brass Professional Center, a 728,059-square-foot office space located near the intersection of Loop 410 and Callaghan Road in San Antonio. NorthMarq arranged financing for the undisclosed borrower through a New York-based bridge lender.
HOLLYWOOD, FLA. — Madison Realty Capital has provided $70 million in construction financing for the Melia Costa Hollywood Beach Resort, a six-story, 307-unit hotel and condominium property located on Hollywood Beach. The resort will be located at 777 N. Ocean Drive in Hollywood, a city in Broward County fronting the Atlantic Ocean. C.J. Danziger and Meir Kessner of Eastern Union Funding arranged the financing through Madison Realty on behalf of developer Moses Bensusan’s Liberty Grande LLC. The financing will be used to complete the construction of the $180 million project. The Meliá Costa Hollywood Beach Resort will feature studio, one-, two- and three-bedroom units. Amenities will include a fitness center and holistic spa, boutique stores and restaurants, a rooftop infinity-edge pool, sun deck, reflection pool, rooftop and lobby lounges and an open courtyard. The asset was 85 percent pre-sold at the time of financing. The property topped out last year and completion is expected by year’s end.
JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $12.3 million loan for City Ridge Apartments, a 288-unit property in Jacksonville that was built in 1972. Tom Peloquin of KeyBank’s commercial mortgage group arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.
SAN MARCOS, TEXAS — Steve Whitehead and Lee Weaver of NorthMarq Capital have arranged acquisition financing for Villagio Apartments, a 492-unit student housing property located at 1850 Aquarena Springs Drive in San Marcos. The financing was structured with a seven-year term with one year of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
HOUSTON — Brandon Brown of LMI Capital has placed permanent agency financing for the acquisitions of two garden-style apartment complexes for the same borrower. The first transaction to close was a 10-year loan featuring two years of interest-only payments and a fixed interest rate of 4.2 percent. Proceeds totaled 75 percent of the purchase price for the 275-unit asset in the Baytown submarket. The second loan was a 10-year loan at 75 percent of the purchase price, with a three-year interest-only period and a fixed interest rate of 4.2 percent. The 270-unit complex is located in the Rosenberg suburb southwest of Houston. The buyer purchased the assets from the same seller via separate transactions.
CHICAGO — Sonnenblick-Eichner Co. has arranged a $47.5 million loan to refinance the office and retail component of a 21-story building at 208 S. LaSalle St. in Chicago. The 1.1 million-square-foot, mixed-use building is located in the financial district. Michael Reschke of The Prime Group Inc. is the property owner. The loan is secured by five floors (13-17) of office space totaling 207,953 square feet and 11,379 square feet of street-level retail space, which is collectively 94 percent leased. The first 12 floors are occupied by a 610-room JW Marriott hotel. Neither the hotel nor the top four office floors were part of the collateral. The seven-year, non-recourse financing was funded by an affiliate of Guggenheim Commercial Real Estate Finance. The loan refinanced a $35 million mortgage that was a part of a $321 million facility Sonnenblick-Eichner Co. arranged for the ownership two years ago. The deal was comprised of four different loans and included first mortgage debt and mezzanine financing. The property, built in 1914 as the headquarters for the Continental and Commercial National Bank, was designed by Daniel Burnham and added to the National Register of Historic Places in 2007.
OMAHA — Dougherty Funding LLC has provided a $16.1 million loan for a 196-unit affordable housing property in Omaha. The borrower, Omaha Leased Housing Associates II LLLP, will use the loan proceeds to refinance the property and complete unit and amenity renovations. Bluff at Cherry Hills Apartments includes a fitness center, garages, playground, clubhouse and swimming pool. Unit amenities include kitchen appliances, in-unit washers and dryers, walk-in closets and patios or balconies. The complex offers two-, three- and four-bedroom townhomes. Dougherty Funding arranged the financing.
