Loans

ARA Newmark Secures $22.2M Construction Loan for Student Housing Community in Houston

by Amy Works November 14, 2016

HOUSTON — ARA Newmark has secured a $22.2 million construction loan for The Icon, a 380-bed student housing development located within walking distance of the University of Houston campus. David Schwarz and Spencer Hough of ARA Newmark secured the loan on behalf of the borrower, Tier One Group, through an undisclosed regional debt fund. The five-story property will feature a resort-style pool, business center, conference room, game room, lounge area, fitness center, fire pit and a covered outdoor bar with gas grills and a refrigerator. Tier One expects to deliver the project in time for fall 2017 classes.

November 14, 2016

Loans Michigan Midwest Retail

Bernard Financial Group Arranges $9M Acquisition Loan for 266,439 SF Retail Center in Sault Ste. Marie, Michigan

by Kristin Harlow November 14, 2016

SAULT STE. MARIE, MICH. — Bernard Financial Group has arranged a $9 million acquisition loan for a 266,439-square-foot retail shopping center in Sault Ste. Marie in the Upper Peninsula of Michigan. Cascade Crossing is located at 4500 I-75 Business Spur. Tenants include T.J. Maxx, Dollar Tree and Kohl’s, among others. David Dismondy of Bernard Financial Group originated the loan. Cascade X LLC was the borrowing entity.

November 14, 2016

Loans New York Northeast Office

Eastern Union Funding Arranges $15M Office Building Refinance in Staten Island

by Amy Works November 11, 2016

NEW YORK CITY — Eastern Union Funding has secured a $15 million non-recourse loan to refinance an office building located at 201 Edward Curry Ave. in Staten Island. The borrower, Addwel LLC, occupies 40 percent of the three-story, 82,528-square-foot office building. Additional tenants include ADCO Electric, IDB Bank, TCE Insurance Services and Vaslas Lepowsky Hauss & Danke. Meir Kessner of Eastern Union Funding arranged the financing, which was provided by Bethpage Federal Credit Union.

November 11, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges $20.7M Development Loan for Multifamily Property in Chicago’s West Loop

by Kristin Harlow November 11, 2016

CHICAGO — Cohen Financial has closed a $20.7 million development loan for new ground-up construction of a 105-unit multifamily property at 710 W. Grand Ave. in the West Loop neighborhood of Chicago. The property will feature a mix of one- and two-bedroom units, convertibles and studios. Construction of the property is expected to be completed in the fourth quarter of 2017. Dan Rosenberg, Matt Terpstra and Jason Keith of Cohen Financial secured the loan with TCF Bank. Outlook Development Group and Wicker Park Apartments were the borrowers.

November 11, 2016

Hospitality Loans Maryland Southeast

Applied Bank Provides $21M Construction Loan for New Hyatt Place Hotel in Maryland

by John Nelson November 11, 2016

OCEAN CITY, MD. — Washington, Del.-based Applied Bank has provided a $21 million construction and permanent loan for a new Hyatt Place Hotel located at 16th Street and Boardwalk in Ocean City. The new 105-room, seven-story hotel will replace the existing Seascape Motel, which opened in the 1950s. The property will feature a restaurant, bar, outdoor veranda, meeting rooms, room service, indoor and outdoor swimming pools and a fitness center, as well as six shops fronting Boardwalk. The owner, PRBR Hospitality LLC, has owned the site since 1978.

November 11, 2016

Loans New Jersey Northeast Office

Deerwood Closes Two Loans Totaling $19M in Freehold, New Jersey

by Amy Works November 10, 2016

FREEHOLD, N.J. — Deerwood Real Estate Capital has closed a $12.4 million non-recourse acquisition loan with a national bridge lender and a $6.6 million refinancing with a local bank for two properties in Freehold. The properties include a 200,000-square-foot multi-tenant office park and a 60,000-square-foot multi-tenant office building. The proceeds of the refinance were used for the acquisition. Yaakov Leiser of Deerwood negotiated the loans for the undisclosed borrower.

November 10, 2016

Loans Office Texas

Q10 KDH Arranges $8.4M Refinancing for Office Building in Plano

by Amy Works November 10, 2016

PLANO, TEXAS — Houston-based Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged the $8.4 million cash-out refinancing for Republic Office Building located in Plano. Goldman Sachs provided the funding, which features a 10-year term and a 30-year amortization schedule. Travis Fite of Q10 KDH arranged the financing for the undisclosed borrower.

November 10, 2016

Loans Retail Texas

NorthMarq Secures Refinancing for 18,995 SF Retail Property in Houston

by Amy Works November 10, 2016

HOUSTON — NorthMarq Capital has secured refinancing for Beechnut Tiendas, a retail center located in Houston. Warren Hitchcock of NorthMarq Capital arranged the financing through a life insurance company for the undisclosed borrower. Pollo Campero, Supermercado Teloloapan, T-Mobile and Shipley Do-Nuts occupy the 18,995-square-foot property.

November 10, 2016

Illinois Loans Midwest Multifamily

Berkadia Arranges $15.3M Loan for Apartment Building in Chicago

by Kristin Harlow November 10, 2016

CHICAGO — Berkadia has brokered a $15.3 million loan for the refinancing of Sheridan Plaza Apartments, a 140-unit multifamily property located in Chicago’s Uptown neighborhood. The completely renovated apartment project was built in 1920 and is located at 4607 N. Sheridan Road. The five-year loan, which was secured through Fannie Mae, features a 3.25 percent fixed interest rate. Aaron Abelson of Berkadia secured the loan. The borrower was Horizon Group XXI LLC.

November 10, 2016

Loans Multifamily Southeast Tennessee

Financial Federal Arranges $16.1M Loan for New Apartment Community in Metro Memphis

by John Nelson November 10, 2016

ARLINGTON, TENN. — The Memphis office of Financial Federal Bank has arranged a $16.1 million permanent loan for Hall Creek Apartments, a newly built garden-style multifamily community in Arlington, a suburb of Memphis. Constructed in 2015 and 2016 by the Memphis-based borrower, Hall Creek features 164 units with community amenities including a parking garage, resort-style swimming pool, pool deck with private cabanas, grilling area and a fitness center. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 20-year loan with a fixed 3.87 percent interest rate and a 30-year amortization schedule through an unnamed national life insurance company.

November 10, 2016

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