Loans

Madison Realty Capital Provides $52M Loan for Mixed-Use Development in NYC

by Amy Works September 28, 2016

NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.

September 28, 2016

huntington-place-apartments-midwest-city-oklahoma

Loans Multifamily Oklahoma Texas

Metropolitan Capital Advisors Arranges $6.8M Loan for Apartment Complex in Oklahoma

by Haisten Willis September 28, 2016

MIDWEST CITY, OKLA. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $6.8 million, fixed-rate loan for Huntington Place Apartments, a 288-unit multifamily complex. The 88 percent-occupied property is located at 1401 N. Midwest Blvd. in Midwest City, a suburb of Oklahoma City. RREAF of Dallas purchased the property. The company plans to make capital improvements to the property, enhance management and improve operations. Scott Lynn of MCA was responsible for arranging the Fannie Mae DUS loan with a fixed 3.2 percent interest rate through Arbor Commercial Mortgage.

September 28, 2016

Florida Loans Multifamily Southeast

KeyBank Provides $48.8M Loan for Apartment Complex in Tampa Bay Area

by John Nelson September 28, 2016

BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $48.8 million Fannie Mae loan for ParkCrest Landings, a 400-unit property located at 5725 1st Ave. in Bradenton. Built in 2015, ParkCrest’s amenities include a theater, catering kitchen, cyber café, fitness center, game room, heated whirlpool spa, two lakefront swimming pools, two playgrounds, tennis courts, fenced dog parks, volleyball court, lakeside gazebo and four lakes with multiple fountains. Chris Black and Caleb Marten of KeyBanks’s commercial mortgage group arranged the financing, which facilitated the acquisition of the property.

September 28, 2016

Kentucky Loans Retail Southeast

NorthMarq Capital Arranges $2.8M Loan for Retail Property in Louisville

by John Nelson September 28, 2016

LOUISVILLE, KY. — NorthMarq Capital has arranged a $2.8 million loan for Richlawn Centre, a 16,680-square-foot retail property located at 4133-4149 Shelbyville Road in Louisville. Randall Waddell of NorthMarq’s Louisville office arranged the seven-year loan with one year of interest-only payments through an undisclosed regional bank.

September 28, 2016

California Loans Office Western

Parallel Capital Partners Receives $48.5M to Refinance Office Complex in Seal Beach

by Nellie Day September 27, 2016

SEAL BEACH, CALIF. — Parallel Capital Partners has received $48.5 million to refinance The Ranch at Seal Beach, a 297,410-square-foot office complex. The complex is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway in Seal Beach. The Ranch at Seal Beach is 93 percent leased to tenants like Leidos, Olson Urban Housing and Merrill Lynch. KPMG, UBS and Keller Williams recently signed new leases at the complex, while Wells Fargo renewed its lease and Finance of America Mortgage expanded its space. Parallel purchased the property in 2013 for $85 million. The complex, formerly known as Bixby Office Park, underwent a rebranding and $1.5 million repositioning. Pacific Western Bank secured the refinancing. JLL’s George Thomson and James Estrada represented Parallel in the lease transactions.

September 27, 2016

Illinois Loans Midwest Office

R2 Cos., York Capital Management Provide $23.8M for 770 N. Halsted St. in Chicago

by Haisten Willis September 27, 2016

CHICAGO — R2 Cos. and York Capital Management have competed the $23.8 million recapitalization 770 N. Halsted St. in Chicago. The property consists of two eight-story office buildings in the River West neighborhood totaling 149,000 square feet. Major tenants include Radius, Inxpo and Northeastern Illinois University. R2 has completed a lease with Aire Ancient Baths, a spa with locations in Paris and New York, to open in 2017. The property is located on the border of the River West neighborhood and Goose Island, where R2 owns and operates 500,000 square feet of buildings and 12 acres of land.

September 27, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $50M in Construction Financing for Massachusetts Apartment Project

by Jaime Lackey September 26, 2016

REVERE, MASS. — CBRE/New England’s Debt & Structured Finance team has arranged $50 million in construction financing for Beach House, a 234-unit luxury apartment development located in Revere, for borrower Baystone Development. The project is located across from Revere Beach and will offer panoramic views of the Atlantic Ocean and Boston’s skyline. Units will feature open layout floor plans; amenities include a resort-style heated outdoor pool, roof deck with views of the Boston skyline, fitness center, resident club area with full kitchen and an entertainment package featuring a theater room. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the loan with First Niagara Bank’s David Yesue and Doug MacLean.

September 26, 2016

California Loans Multifamily Western

Vista Investment Group Receives $30.8M to Acquire Woodlake Manor Apartment Complex in Baldwin Hills

by Nellie Day September 23, 2016

BALDWIN HILLS, CALIF. — Vista Investment Group has received $30.8 million to finance the acquisition of the 276-unit Woodlake Manor apartment building. The community is located at 4555 W. Martin Luther King, Jr. Blvd. in Baldwin Hills. It was built in 1964. The transaction also included a land parcel currently occupied by two radio towers. A commercial bank provided the capital for the seven-year, fixed-rate loan. HFF’s Marc Schillinger arranged the loan.

September 23, 2016

Industrial Loans Office Texas

Cushman & Wakefield Secures Refinancing of Former Blockbuster Headquarters

by Haisten Willis September 23, 2016

MCKINNEY, TEXAS — Cushman & Wakefield has secured bridge refinancing through Synovus Bank for Texas Crossing, which previously served as Blockbuster’s corporate headquarters and national distribution center. Cushman & Wakefield’s Beth Lambert and Diego Arroyave represented the owner, Saskaway Group. The 856,897-square-foot office and industrial facility sat vacant for two years until Saskaway Group purchased it in May 2014, making it the investment group’s fifth acquisition in metro Dallas. In 18 months, ownership leased 100 percent of the 697,149-square-foot warehouse portion to national credit tenants including UPS and International Paper. With the new loan in place, ownership is now focused on leasing the adjoining 160,000-square-foot, two-story office building. The property is located 20 miles north of Dallas at 3000 N. Redbud Blvd. in McKinney.

September 23, 2016

Georgia Loans Multifamily South Carolina Southeast

Cushman & Wakefield Secures $32M Acquisition Financing for Two Multifamily Properties in Georgia, South Carolina

by Katie Sloan September 23, 2016

ACWORTH, GA. AND NORTH CHARLESTON, S.C. — Cushman & Wakefield has secured more than $32 million in short-term, floating-rate financing for the acquisition of and capital improvements to two multifamily communities in Georgia and South Carolina. The properties include Stanton Place Apartments, a 240-unit, garden-style community located roughly 30 miles outside of Atlanta in Acworth; and The Reserve at Ashley River, a 280-unit, garden-style community located in North Charleston, S.C. Cushman & Wakefield’s Mike Ryan, Telly Fathaly and Brian Linnihan secured the financing on behalf of The RADCO Cos. through a regional bank. RADCO plans to implement a combined $6.3 million in capital improvements to the communities.

September 23, 2016

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