Loans

Meridian Capital Arranges $56.1M Construction Loan for Dual-Branded Hotel in Downtown Fort Lauderdale

by John Nelson September 7, 2016

FORT LAUDERDALE, FLA. — Meridian Capital Group has arranged $56.1 million in construction financing for the development of a new dual-branded hotel located at 299 N. Federal Highway in downtown Fort Lauderdale. The property is slated to contain both a 209-room Tribute Portfolio hotel, named The Dalmar, and a 114-room Element by Westin hotel, both brands of Starwood Hotels and Resorts Worldwide Inc. The 23-story property will feature a rooftop lounge, sky lobby, infinity pool, gym, landscaped deck with a garden relaxation area, approximately 24,000 square feet of meeting space, coffee bar, restaurant, roughly 4,000 square feet of retail space on Northeast 3rd Street, as well as a 212-space parking garage. Ronnie Levine and Aggelos Sklavenitis of Meridian Capital’s New York City headquarters arranged the four-year construction loan with full-term interest-only payments through Bank of the Ozarks on behalf of the borrowers, Wurzak Hotel Group and DoveHill.

September 7, 2016

Loans Midwest Multifamily Ohio

BGL Real Estate Advisors Completes $81M in Financing for Standard Building Renovations in Cleveland

by Amy Works September 6, 2016

CLEVELAND — BGL Real Estate Advisors has arranged the development financing for Weston Inc. The loans will be used toward the historical conversion of the Standard Building in downtown Cleveland. The $81 million financing consists of senior construction debt, subordinated bridge debt, municipal city and state agency debt, federal and state historic tax credit equity and Weston Inc. GP equity. The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank and Cleveland Development Advisors, as well as Ohio Water Development Authority and Ohio Development Services Agency, contributed capital to the transaction. Additionally, Piper Jaffray, Port of Cleveland, RSM US LLP and Stonehenge Capital were involved with the capital lease and historic tax credit equity structuring and syndication. Originally built in the 1920s for Standard Bank, the building will be converted from office space into market-rate apartments and first-floor retail space.

September 6, 2016

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $130.3M Bond Financing to Refinance, Renovate CCRCs in Seattle

by Nellie Day September 6, 2016

SEATTLE — Ziegler, a specialty investment bank, has priced $130.3 million in fixed-rate bonds for Presbyterian Retirement Communities Northwest (PRCN), a nonprofit operator of three continuing care retirement communities (CCRCs) in Seattle. The bonds, which are expected to close in October, will refinance $98.9 million in existing bonds. The remaining funds will be used for renovations at Park Shore and Fred Lind Manor, two of the company’s CCRCs.

September 6, 2016

Loans Restaurant Retail Texas

BMC Secures $1M Loan for Dunkin’ Donuts in Amarillo

by Haisten Willis September 6, 2016

AMARILLO, TEXAS — BMC Capital has secured a $1 million acquisition loan for a net-leased Dunkin’ Donuts store in Amarillo. The five-year loan includes a 25-year amortization schedule, 70 percent loan-to-value ratio and a 4.25 percent fixed interest rate. The lender and borrower were unnamed.

September 6, 2016

Loans Multifamily Southeast Virginia

Greystone Provides $33.3M Construction Loan for Apartment Community in Virginia Beach

by John Nelson September 6, 2016

VIRGINIA BEACH, VA. — Greystone has provided a $33.3 million construction loan for The Choices at Holland Windsor, a 252-unit apartment community in Virginia Beach. The property will comprise seven buildings located at the intersection of Holland Road and Windsor Oaks. Donny Rosenberg of Greystone arranged the HUD 221(d)(4) loan, the company’s first new construction transaction to utilize HUD’s 2016 MAP Guide standards for a lower mortgage insurance premium (MIP) threshold based on green and energy efficiency multifamily housing requirements. The design also satisfies EarthCraft Multifamily Certification, a green standard recognized by HUD. The Choices will feature Energy Star appliances, interior and exterior LED lighting and construction materials made from recycled products.

September 6, 2016

Alabama Loans Seniors Housing Southeast

Metropolitan Capital Arranges $18.8M Construction Loan for Assisted Living Community in Alabama

by John Nelson September 6, 2016

MADISON, ALA. — Metropolitan Capital Advisors has arranged $18.8 million in construction financing for Shepherd Living at the Range, a 124-bed assisted living and memory care community in the Huntsville suburb of Madison. Cobalt Seniors and Shepherd Health are co-developing the 91,000-square-foot community, which is situated on 13.7 acres. Kevan McCormack of Metropolitan Capital arranged the loan through an unnamed regional credit union.

September 6, 2016

California Loans Retail Western

NorthMarq Arranges Refinancing for Two Retail Properties in Los Angeles

by Nellie Day September 2, 2016

LOS ANGELES — NorthMarq Capital has arranged the refinancing of two retail properties in Los Angeles. David Blum of NorthMarq arranged a $4.4 million loan for Atlanthub, a 32,768-square-foot retail property anchored by Kipp LA Schools; and a $2.5 million loan for Broadmark, a 14,331-square-foot retail property anchored by AutoZone. Both transactions were structured with a 20-year term and a 30-year amortization schedule. A life insurance company provided the capital for Broadmark.

September 2, 2016

Loans Multifamily Retail Texas

LMI Capital Closes Four Transactions Totaling Over $30M in Metro Houston

by Haisten Willis September 2, 2016

HOUSTON — Jamie Mullin of LMI Capital has arranged permanent financing for the acquisition and refinancing of three garden-style apartment complexes and one shopping center in the Houston area. In the first transaction, Mullin originated a 10-year, fixed-rate CMBS loan for a 200-unit asset in southeast Houston. The first mortgage loan featured a three-year, interest-only period and proceeds were for 75 percent of the purchase price. In the second transaction, Mullin arranged a refinancing loan for a 390-unit asset in the Alief submarket. The $11.4 million, 10-year Fannie Mae financing included a 3.9 percent interest rate with a three-year, interest-only period. The capital provided the borrower with over $2.5 million in cash out proceeds, which will be used for future acquisitions. In the third transaction, Mullin placed a $10 million, 10-year CMBS loan for a 60,000-square-foot shopping center located in southwest Houston. The loan featured one year of interest-only payments, minimal closing costs, a 4.4 percent interest rate and returned over $3 million of equity back to the borrower. Subsequent to their acquisition nine years ago, the owners spent over $3.5 million improving the center. The final transaction was a refinancing loan placed with a national bank for a 120-unit …

September 2, 2016

Loans Maryland Multifamily Southeast

Pacific Life Provides $60M Construction Loan to Donohoe for High-Rise in Downtown Bethesda

by John Nelson September 2, 2016

BETHESDA, MD. — Pacific Life Insurance Co. has provided a $60 million construction loan to the Donohoe Cos. Inc. for Phase II of Gallery Bethesda, a luxury high-rise apartment tower located at 4850 Rugby Ave. in downtown Bethesda. The 240,000-square-foot, 17-story tower will feature 219 residential units and 12,425 square feet of retail space, including a café and restaurant opportunities. Amenities will include a rooftop pool and outdoor lounge, outdoor kitchen, indoor sky lounge and a fitness center. Delivery is scheduled for fall 2018. The project is a partnership between The Donohoe Cos. and MPM Investment Co. Donohoe Development Co. is the developer, and Donohoe Construction Co. will serve as the general contractor for the project. Miller and Long Concrete Construction is the concrete contractor. Donohoe Real Estate is the retail broker, and Vantage Management will manage the property upon completion. Gallery Bethesda Phase II is the second of three buildings that Donohoe is developing in Bethesda, collectively known as Woodmont Central. At completion, the entire project will measure more than 580,000 square feet.

September 2, 2016

Loans North Carolina Retail Southeast

Bank of North Carolina Provides $23.3M Acquisition Loan for Shopping Center in North Carolina

by John Nelson September 2, 2016

WILSON, N.C. — Bank of North Carolina has provided a $23.3 million acquisition loan for Heritage Crossing, a 311,030-square-foot, grocery-anchored shopping center in Wilson, roughly 40 miles west of Greenville. Travis Anderson and Cory Fowler of HFF worked on behalf of the borrower — a partnership between Collett Capital, Return Holdings and SilverCap Partners — to place the five-year, floating-rate loan with Bank of North Carolina. Harris Teeter, Ross Dress for Less, Marshalls, Best Buy, Belk, Bed Bath & Beyond and PetSmart anchor the fully occupied center. Other tenants include Starbucks Coffee, Rue 21, Five Below, Payless, Kay Jewelers, Moe’s Southwest Grill, Subway, AT&T Wireless, Cato and GNC.

September 2, 2016

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