Loans

Love Funding Secures $6.6M Bridge Loan for Construction of Assisted Living Community in Utah

by Nellie Day July 11, 2016

ODGEN, UTAH — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City. Local developer Giza Development is building the community. The financing will allow Giza to start construction more quickly than a HUD-insured loan. Giza plans to convert the financing to a permanent HUD loan after three years. James Vanar of Love Funding’s Los Angeles office arranged the loan. Midland States Bank, which is Love Funding’s parent company, will provide the capital.

July 11, 2016

Industrial Loans Massachusetts Northeast Office

Rubenstein Partners Receives $28.1M in Refinancing for 706,000 SF Flex Complex in Massachusetts

by Amy Works July 11, 2016

TEWKSBURY, MASS. — Rubenstein Partners has received $28.1 million in refinancing for the Center at Innovation Drive in Tewksbury. The recently rebranded property, formerly known as 495 Business Center, comprises four conjoined buildings located at 200, 300, 400 and 500 Innovation Drive. The complex features 706,000 square feet of office, manufacturing and warehouse space. Cambridge Savings Bank provided the financing. The facility is currently undergoing an interior and exterior renovation and capital improvement plan, which is slated for completion later this year. The redevelopment will transform the facility into a creative office complex.

July 11, 2016

Hospitality Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $5.7M Refinancing for Hospitality and Retail Center in Massachusetts

by Amy Works July 11, 2016

PLYMOUTH, MASS. — Fantini & Gorga has arranged $5.7 million in first mortgage financing for a hospitality and retail center located at 4, 6-20 Home Depot Drive in Plymouth. The borrower was FREJA LLC. The 18,250-square-foot property is 100 percent occupied. Tenants include a 130-room Hilton Garden Inn, New Tokyo Japanese restaurant, Sleepy’s Mattress, Hot Locks Spa and Salon and Massage Envy. Casimir Groblewski and Jason Cunnane of Fantini & Gorga arranged the financing for the Franklin, Mass.-based borrower.

July 11, 2016

Georgia Loans Multifamily Southeast

Capital One Arranges $7.5M CMBS Acquisition Loan for Apartment Complex in Georgia

by John Nelson July 11, 2016

NEWNAN, GA. — Capital One has arranged a $7.5 million acquisition loan for Brighton Farms Apartments, a 134-unit multifamily property in Newnan. Chad Thomas Hagwood of Capital One Multifamily Finance’s Birmingham, Ala., office originated the 10-year, fixed-rate loan on behalf of the borrower, a three-entity tenants-in-common ownership headed by Engel Realty Co. The financing features two years of interest-only payments followed by a 30-year amortization schedule. Charles Craig of Capital One Multifamily Finance managed the closing of the financing.

July 11, 2016

Loans Midwest Ohio Retail

New York Life Provides $48M Loan for Crocker Park Near Cleveland

by Christina Cannon July 11, 2016

WESTLAKE, OHIO — New York Life Real Estate Investors has provided a $48 million refinancing loan for The Promenade at Crocker Park in Westlake, approximately 15 miles southwest of Cleveland. The Promenade at Crocker Park is a 276,000-square-foot, Class A retail property. The shopping center features over 95 tenants including Apple, Trader Joe’s, DSW Shoe Warehouse and Dick’s Sporting Goods. The borrower, Stark Enterprises, is the original developer and has owned and managed the property since 1993. The fixed-rate loan features a 15-year term.

July 11, 2016

California Hospitality Loans Top Stories Western

Next Century Partners Receives $1B in Construction Financing for Century Plaza Mixed-Use Project in Los Angeles

by Nellie Day July 11, 2016

LOS ANGELES — Next Century Partners has received $1 billion in construction financing for the Century Plaza mixed-use project in Los Angeles. The $2.5 billion project will include two residential towers, restaurants and retail shops. The existing, five-star Century Plaza Hotel on the site will also undergo a renovation. The project is located at 2025 Avenue of the Stars in the Century City submarket. Construction is scheduled to commence later this summer. The hotel closed for renovations in March, and is set to reopen in early 2018. It will include a redesigned open-air lobby that connects public plazas and fountains to a two-acre garden surrounded by restaurants and retail. The hotel has hosted a number of notable events over its 50-year run, including the Grammy Awards and the “Dinner of the Century” in 1969, which honored the first astronauts to reach the moon. The full, mixed-use project will feature about 100,000 square feet of retail. The 46-story residential towers will include 290 luxury residences. A variety of loans provided the $1 billion in financing, including a $446 million senior loan from J.P. Morgan Chase; $120 million mezzanine financing from an investment vehicle managed by Colony Capital; and $450 million of …

July 11, 2016

California Loans Retail Western

Cohen Financial Secures $5M Acquisition Loan for Retail Property in Redding

by Nellie Day July 8, 2016

REDDING, CALIF. — Cohen Financial has secured $5 million for the acquisition of a retail property in Redding. Paul Schroeder of Cohen Financial secured the fixed-rate, non-recourse loan with Wells Fargo for the undisclosed borrower. The 94,000-square-foot property is leased to Green Bay, Wis.-based Shopko Stores. Shopko operates 363 stores in 24 states.

July 8, 2016

Loans Multifamily Texas

Pillar Provides $9.4M Fannie Mae Loan for Apartment Community in Dallas

by Christina Cannon July 8, 2016

DALLAS — Pillar has originated a $9.4 million acquisition loan for Villa Bonita Apartments, a 232-unit multifamily community in Dallas. Built in 1969, the property features both affordable and market-rate apartment units. The complex consists of 20 two-story buildings and features amenities such as a playground and laundry facility. The asset was fully occupied at the time of financing. Evan Hom of Pillar’s New York office arranged the fixed-rate, Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, California-based BRC Bellaire Holdings LLC.The sponsor and its affiliates own several properties in the Dallas/Fort Worth area. The seller was a New Jersey-based investor. Al Silva of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

July 8, 2016

Illinois Industrial Loans Midwest Ohio

New York Life Provides $120M Loan for 15-Property Industrial Portfolio

by Christina Cannon July 8, 2016

CHICAGO AND CINCINNATI — New York Life Real Estate Investors has provided a $120 million mortgage loan secured by a 15-property industrial portfolio. The Class A buildings, which total 3.3 million square feet, are located in the Chicago, Cincinnati and Memphis metro areas. An affiliate of Industrial Property Trust Inc. is the borrower that received the eight-year, fixed-rate loan.

July 8, 2016

Loans Multifamily New York Northeast

Capital One Provides $32M Loan to Refinance Residential Building in Manhattan

by Amy Works July 8, 2016

NEW YORK CITY — Capital One has provided a $32 million, fixed-rate Freddie Mac loan for the refinancing of Turtle Bay Towers, a 27-story cooperative apartment complex located in Manhattan’s Turtle Bay neighborhood. The 15-year loan will be used to pay off existing debt on the property and to fund future capital improvements and repairs. Jonathan Smith of Capital One arranged the financing for the undisclosed borrower. Built in 1929 for commercial use and converted to residential use in the mid-1970s, the complex features 338 units in a mix of studio, one-, two- and three-bedroom apartments.

July 8, 2016

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