Loans

SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.

FacebookTwitterLinkedinEmail

SPARTANBURG, S.C. — PMZ Realty Capital LLC has arranged a $24 million loan for The Spartanburg Marriott, a hotel in Spartanburg that features 240 rooms and seven suites. The property includes more than 30,000 square feet of meeting space, including 27 event rooms, three boardrooms and the 11,340-square-foot Heritage Ballroom. The unnamed borrower will consolidate its overall financing package into a single loan that features a fixed interest rate, according to Peter Berk of PMZ Realty Capital.

FacebookTwitterLinkedinEmail

MORENO VALLEY, CALIF. — HFF has secured a $7.3 million refinancing for Ironwood Plaza, a 56,289-square-foot shopping center located in the Inland Empire community of Moreno Valley. Tenants at the center include 99 Cents Only, Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. Jeff Sause of HFF worked on behalf of the borrower, an undisclosed private investor, to place the 10-year, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.

FacebookTwitterLinkedinEmail

SAN ANTONIO — Dougherty Mortgage has closed a Fannie Mae Supplemental loan for Mayfield Gardens Apartment Homes, a 53-unit multifamily property located in San Antonio. The Dougherty’s Minneapolis office arranged the eight-year loan, which features a 30-year amortization schedule, for the borrower, 737 West Mayfield LLC.

FacebookTwitterLinkedinEmail

COLORADO SPRINGS, COLO. — George Smith Partners has arranged $41 million in acquisition financing for the Vineyards, a 300-unit apartment community in Colorado Springs. The community is located at 4350 Mira Linda Point. The private real estate investment and development company that purchased the asset plans to renovate all units and upgrade the community’s landscaping and on-site amenities, including the clubhouse, fitness center, leasing offices and business center. The non-recourse loan features a fixed 4.31 percent interest rate with nine years of interest-only payments. George Smith Partners’ Jonathan Lee arranged the financing, which Walker and Dunlop provided.

FacebookTwitterLinkedinEmail

NEWARK, N.J. — Kuwait-based KFH Capital Investment Co. has received $107.3 million in financing for the acquisition of Two Riverfront Plaza, a 337,543-square-foot office tower in Newark. James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook, N.J., office secured the loan, which was provided by Ladder Capital. KFH Capital Investment Co. acquired the 12-story office tower for $165 million. The property is fully occupied by Panasonic Corp. through April 2031. The acquisition was previously announced in early December.

FacebookTwitterLinkedinEmail
south-winds-apts-fall-river-ma

FALL RIVER, MASS. — CBRE/New England has secured a $31.5 million Fannie Mae loan to finance the acquisition of South Winds Apartments, a 404-unit residential community located in Fall River. Boston-based Taurus Investment Holdings acquired the property for $39.3 million, or $97,400 per unit. Built in 1971, the property comprises 26 buildings featuring a total of 146 one-bedroom, 218 two-bedroom and 40 three-bedroom units. John Kelly and Matt Marshall of CBRE/NE secured financing for the buyer.

FacebookTwitterLinkedinEmail

MADISON, WIS. — Dwight Capital has provided a $19.8 million loan for the refinancing of Blackhawk Trails Apartments in Madison. The property consists of 196 units. The 35-year loan was financed through HUD’s 223(a)(7) program at an interest rate of 3.6 percent. Blackhawk Trails LLC was the borrower. Adam Sasouness of Dwight Capital originated the loan.

FacebookTwitterLinkedinEmail

COLUMBUS, OHIO — Dougherty Mortgage has provided a $5.1 million Fannie Mae loan for the refinancing of Ponderosa Village Apartments in Columbus. The property includes 119 units. The 10-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. Office. Wolfe Sumrok LBC LLC was the borrower.

FacebookTwitterLinkedinEmail