Loans

HKS Capital Partners Arranges $45M Refinancing of Sagamore Hotel in South Beach

by John Nelson December 2, 2016

MIAMI BEACH, FLA. — New York-based HKS Capital Partners has arranged the $45 million refinancing of the Sagamore Hotel, a 94-suite upscale hotel situated at the crossroads of the Lincoln Road Mall and Collins Avenue in South Beach’s historic Art Deco District. The borrower, The Ben Josef Group, will use the loan to partially recapture $35 million of equity and put $10 million toward renovations. John Harrington of HKS Capital arranged the five-year loan with 30 months of interest-only payments during the renovation period through Bank Hapoalim B.M., one of Israel’s largest banks. The Ben Josef Group and the Insite Group, a South Florida-based development firm, paid $63 million in cash for the five-story hotel in March 2016. The new owners plan to renovate and reposition a portion of the floor plan to yield an additional 48 guest rooms, which will result in 142 guest suites, including oceanfront penthouses and two-story oceanfront bungalows.

December 2, 2016

Loans Multifamily Washington Western

NorthMarq Arranges $93M in Acquisition Financing for Bridges at Northcreek in Bothell

by Nellie Day December 1, 2016

BOTHELL, WASH. — NorthMarq Capital has arranged $93 million in financing for the acquisition of the 524-unit Bridges at Northcreek apartments in Bothell. The Class A community is located at 20225 Bothell Everett Highway, just north of Bellevue. Bridges at Northcreek was built in 1999. The property is situated near more than 500 restaurants and shops, Woodinville wine country, golf courses, parks and more. The 10-year, full-term, interest-only loan has significant prepayment flexibility in its last several years. NorthMarq arranged financing for the borrower, one of NorthMarq’s long-term clients, through the firm’s Fannie Mae program. David Link and Brian Fisher led the team on this transaction.

December 1, 2016

Industrial Loans Northeast Pennsylvania

HFF Arranges $6.1M Loan for Industrial Warehouse in Mechanicsburg, Pennsylvania

by Amy Works December 1, 2016

MECHANICSBURG, PA. — HFF has secured a $6.1 million loan for a vacant industrial warehouse property located at 4500 Westport Drive in Mechanicsburg. The borrower was a joint venture between Foxfield Ventures and Novaya Real Estate Ventures. Ready Capital Structured Finance provided the non-recourse, interest-only payment loan that features a two-year term and a one-year extension option with flexible pre-payment. The loan facilitated both the acquisition and future funding needs to implement a light capital improvement program at the 178,000-square-foot property. Situated on 11.2 acres, the property features 2,500 square feet of office space, 20 dock doors and 35-foot ceiling heights. Ryan Ade of HFF led the firm’s debt placement team that arranged the financing for the borrower.

December 1, 2016

Loans Multifamily Seniors Housing Texas

Harborview Closes Two Seniors Housing Loans Totaling $17M in Texas

by Amy Works December 1, 2016

GRAPEVINE and BUDA, TEXAS — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed $17 million in loans for seniors housing communities in Texas. The first loan was a $10.9 million acquisition loan for a 100-bed skilled nursing facility in the Dallas suburb of Grapevine. The second loan was a $6.1 million construction loan for a 48-bed assisted living facility in the Austin suburb of Buda. Avi Begun, senior originator with Harborview, closed both transactions. The borrowers and names of facilities were not disclosed.

December 1, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $75.2M Refinancing of Multifamily Property in Palm Beach Gardens

by John Nelson December 1, 2016

PALM BEACH GARDENS, FLA. — NorthMarq Capital has arranged a $75.2 million loan for the refinancing of The Quaye at Palm Beach Gardens, a new 340-unit apartment community in Palm Beach Gardens. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the loan through Fannie Mae’s Pre-Stabilization program on behalf of the borrower, The Housing Group, a development firm led by Charles Funk, Jeff Meehan and Rick Lococo.

December 1, 2016

Loans Massachusetts Northeast Office

NorthMarq Capital Negotiates $8M Refinance for Office Building in North Chelmsford, Massachusetts

by Amy Works November 30, 2016

NORTH CHELMSFORD, MASS. — NorthMarq Capital has arranged $8 million in refinancing for Chelmsford Mills, an office property located at 51 Middlesex St. in Chelmsford. The loan features a 10-year term and a 25-year amortization schedule. The property features 208,698 square feet of office space. Ed Reikstins of NorthMarq secured the refinancing for the undisclosed borrower.

November 30, 2016

California Industrial Loans Western

PCCP Provides $48.5M Construction Loan for Bay Area Logistics Center Development

by Nellie Day November 30, 2016

SAN FRANCISCO — PCCP has provided a $48.5 million construction loan for the development of Bay Area Logistics Center, a 707,600-square-foot distribution facility in the East Bay submarket of Richmond. The park will be situated within the master-planned Pinole Point Industrial Park. Other notable tenants at the park include Amazon, Whole Foods, Williams and Sonoma and UPS. Bay Area Logistics Center is about 16 miles from the Port of Oakland and 27 miles from Oakland Airport. It will sit adjacent to a UPS hub. The facility is scheduled for completion in September 2017. The borrower was LDK Ventures.

November 30, 2016

Loans Multifamily Oklahoma Texas

Harborview Capital Partners Arranges $2.6M Acquisition Loan for Multifamily Property in Oklahoma City

by Amy Works November 30, 2016

OKLAHOMA CITY — Harborview Capital Partners, on behalf of a California-based client, has arranged a $2.6 million loan for the acquisition of a multifamily property in Oklahoma City. The borrower will use the Freddie Mac Small Balance loan to purchase a 68-unit multifamily community. The 10-year, fixed-rate loan features 36 months of interest-only payments. Jeff Fuchs of Harborview Capital negotiated the loan.

November 30, 2016

Indiana Industrial Loans Midwest Office

Calmwater Capital Provides $44M Bridge Loan for 993,017 SF Industrial and Medical Office Building in Munster, Indiana

by Kristin Harlow November 30, 2016

MUNSTER, IND. — Calmwater Capital has provided a $44 million bridge loan to Simborg Development to refinance existing debt, recapitalize the existing partnership and provide capital to lease up the remaining vacancies at Lake Business Center in Munster near Chicago. The 993,017-square-foot former Simmons Bedding Factory contains industrial and medical office space and was 83 percent leased at the time of the transaction. The building is located at 9100, 9120 and 9200 Calumet Ave. A significant portion of the credit facility will finance the payoff of the existing loan, investor buyout and tenant improvements. Ryan Malatesta of Calmwater Capital was the loan originator in the transaction.

November 30, 2016

Loans Multifamily North Carolina Southeast

KeyBank Arranges $26.5M Loan for Apartment Community in Downtown Durham

by John Nelson November 30, 2016

DURHAM, N.C. — KeyBank Real Estate Capital has arranged a $26.5 million loan for Whetstone Apartments, a 204-unit multifamily community located at 501 Willard St. in downtown Durham. The undisclosed borrower is using the loan to refinance existing debt for the property, which was built in 2014. Chris Black of KeyBank arranged the seven-year loan with 12 months of interest-only payments and a 30-year amortization schedule.

November 30, 2016

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