Loans

Continental Partners Secures $21.4M Refinancing for Two Retail Centers in Northern California

by Nellie Day December 16, 2016

LOS BANOS AND SACRAMENTO, CALIF. — Continental Partners, formerly known as Continental Funding Group, has secured $21.4 million in refinancing for two shopping centers located in Sacramento and Los Banos. J.M. Grimaldi of Continental arranged a $9.5 million loan to refinance a 149,620-square-foot retail property located at 911-963 W. Pacheco Blvd. in Los Banos; and an $11.9 million loan to refinance a 152,719-square-foot shopping center located at 5400 Date Ave. in Sacramento. The borrower was an undisclosed private real estate investor that specializes in acquiring and repositioning underperforming assets.

December 16, 2016

Georgia Loans Multifamily Southeast

SunTrust Banks Closes on Acquisition of Pillar Financial’s Multifamily Business

by John Nelson December 16, 2016

ATLANTA — SunTrust Banks Inc. (NYSE: STI) has closed on its previously announced acquisition of all of the assets of the operating subsidiaries of Pillar Financial LLC, which includes receiving Fannie Mae, Freddie Mac and Federal Housing Administration Agency license transfer approvals. The assets include Pillar’s multifamily lending business, which comprises affordable housing, healthcare properties, seniors housing and manufactured housing specialty teams. The assets also include Chicago-based Cohen Financial’s commercial real estate investor services business, advisory services and offering loan administration, as well as its mortgage banking business. The Pillar team has joined SunTrust’s Commercial Real Estate (CRE) division, which is part of the bank’s Wholesale Banking segment. CRE provides banking and capital markets services to commercial real estate developers, owners and operators through various lending platforms. SunTrust Robinson Humphrey served as financial advisor to SunTrust Banks for this transaction. Beekman Advisors acted as the strategic advisor for Pillar.

December 16, 2016

Georgia Loans Multifamily Southeast

Ready Capital Structured Finance Closes $7.9M Loan for Multifamily Conversion in Buckhead

by John Nelson December 16, 2016

ATLANTA — Ready Capital Structured Finance, a commercial real estate bridge and mezzanine lender, has closed on a $7.9 million, interest-only loan for Pharr Manor Residences, a Class B, 48-unit condominium property in Atlanta’s Buckhead district. The undisclosed borrower will use the financing to acquire Pharr Manor and convert the asset into a rental property. Ready Capital Structured Finance closed the non-recourse loan that features a two-year term with one extension option, flexible pre-payment and a facility to provide future funding for capital expenditures, interest and carry reserves.

December 16, 2016

Loans Midwest Multifamily Seniors Housing Wisconsin

KeyBank Closes $12.8M Refinancing Loan for Assisted Living Portfolio in Wisconsin

by Kristin Harlow December 16, 2016

BEAVER DAM AND WAUPUN, WIS. — KeyBank Real Estate Capital has provided $12.8 million in refinancing for a two-property assisted living portfolio in Wisconsin. Prairie Ridge at Beaver Dam consists of 27 assisted living units and is located in Beaver Dam, about 40 miles northeast of Madison. The property was built in 1998 and renovated in 2010. Prairie Ridge at Waupun consists of 47 assisted living units and is located in Waupun, 20 miles north of Beaver Dam. The property was built in 1999 with an addition constructed in 2008. The FHA loan was used to pay off existing debt on the property. Michael Eisenga, owner of Prairie Ridge Facilities, was the borrower. John Randolph of KeyBank arranged the loan.

December 16, 2016

Loans Michigan Midwest Multifamily Seniors Housing

Dougherty Provides $9.2M Bridge Loan for Refinancing of Assisted Living Property in Calumet, Michigan

by Kristin Harlow December 16, 2016

CALUMET, MICH. — Dougherty Funding LLC has provided a $9.2 million bridge loan for the refinancing of Gardenview Assisted Living and Memory Care in Calumet in the Upper Peninsula. The 39-unit senior living facility is located at 26096 Elm St. Calumet Facility LLC and Calumet Operating LLC was the borrower. Dougherty Funding served as lead lender and servicer for the loan.

December 16, 2016

Colorado Loans Office Western

HFF Arranges $32M Refinancing for Creative Office Development in Denver

by Nellie Day December 15, 2016

DENVER — HFF has arranged a $32 million refinancing for a 151,500-square-foot creative office development in downtown Denver. The property is located at 3001 Brighton Blvd. in the River North (RiNo) submarket. The property was built in 1939 as a produce depot before. It is 97.7 percent leased to a mix of office, retail and restaurant tenants, including CorePower Yoga, Booyah Marketing and Uber. HFF’s Josh Simon, Kristian Lichtenfels and Riaz Cassum secured the seven-year, fixed-rate loan through a life insurance company. The team worked on behalf of Industry Founders and Clarion Partners.

December 15, 2016

Loans Multifamily Seniors Housing Texas

Pioneer Realty Capital Closes $7.2M Refinancing of Seniors Housing Facility in Princeton, Texas

by Amy Works December 15, 2016

PRINCETON, TEXAS — Pioneer Realty Capital has closed a $7.2 million loan to refinance Villa Asuncion Assisted Living Facility, located at 830 Princeton Drive in Princeton. The firm used the 504 Debt Refinance Program, which the Obama Administration reinstated in December 2015, to refinance the property for the undisclosed borrower. The program is intended to help small business owners obtain access to capital and create liquidity.

December 15, 2016

Industrial Loans Multifamily New Jersey New York Northeast Office

Ready Capital Closes Two Loans Totaling $12.3M in Brooklyn, West Deptford, New Jersey

by Amy Works December 15, 2016

NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford. In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood. Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature. In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford. The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.

December 15, 2016

Alabama Loans Retail Southeast

Mission Capital Advisors Arranges $15.3M Loan for Shopping Center in Alabama

by John Nelson December 15, 2016

FLORENCE, ALA. — Mission Capital Advisors has arranged a $15.3 million, non-recourse loan for Florence Square, a 226,886-square-foot shopping center located in Florence. Gregg Applefield, Alex Draganiuk, and Jamie Matheny of Mission Capital Advisors secured the three-year loan on behalf of the sponsor, a joint venture between Triangle Capital Group and Arcadian Cap Group LLC, which acquired the property in 2014. The loan features two one-year extension options. The financing will cover capital improvements to Florence Square, including the demolition of a building that was vacated by Kmart in April. The demolition will make way for a new Academy Sports + Outdoors and PetSmart, as well as two new outparcels that will add another 8,000 square feet of retail space. The loan will also enable the sponsor to pay off the property’s existing low-leverage CMBS loan.

December 15, 2016

Illinois Loans Midwest Multifamily Student Housing

CBRE Arranges $41M Refinancing of Student Housing Property in Chicago

by Kristin Harlow December 15, 2016

CHICAGO — CBRE has arranged the $41 million refinancing of The Buckingham in Chicago. The 129-unit, 456-bed student housing property is located in the South Loop University District. The 10-year loan was originated via CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program. Glenn Housman of CBRE secured the loan on behalf of the sponsor, The Buckingham LLC.

December 15, 2016

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