Loans

RED Provides $29M Fannie Mae Refinancing for Luxury Seniors Housing Community in Sierra Madre

by Nellie Day November 1, 2016

SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.

November 1, 2016

Loans Midwest Missouri Multifamily

Capital One Provides $27M Loan for Multifamily Property in Kansas City, Missouri

by Kristin Harlow November 1, 2016

KANSAS CITY, MO. — Capital One has provided a $27.3 million balance sheet loan for the refinancing of a multifamily property owned by a fund advised by Sentinel Real Estate. The five-year, adjustable-rate loan is secured by Carrington Place at Shoal Creek, a 270-unit, Class A luxury garden-style apartment community that the fund purchased in January 2016. Seth Wiener and Joel Willard of Capital One originated the transactions.

November 1, 2016

California Loans Multifamily Seniors Housing Western

Capital Funding Group Provides $2.5M Seniors Housing Loan in Los Angeles

by Nellie Day November 1, 2016

LOS ANGELES — Capital Funding Group has provided three separate loans totaling $25 million for seniors housing communities in California, North Carolina and Texas. This includes a $2.5 million working capital line of credit for The Rehabilitation Center on La Brea in Los Angeles. The firm’s Chip Woelper originated the loan.

November 1, 2016

Loans Multifamily Texas

Pillar Originates $15.6M Fannie Mae Loan for Multifamily Community in Metro Houston

by Haisten Willis November 1, 2016

CONROE, TEXAS — Pillar has secured a $15.6 million refinancing loan for Heritage at Hooper Hill. The 200-unit multifamily property was built in 2005 and is located in Conroe, just north of The Woodlands in the northern Houston submarket. Cullen O’Grady of Pillar’s Bethesda, Md. office secured the loan on behalf of the borrower, a Washington, D.C.-based commercial real estate property owner and developer. The 12-year, fixed-rate Fannie Mae loan includes a 30-year amortization schedule with four years of interest-only payments.

November 1, 2016

Loans Multifamily North Carolina Southeast

Financial Federal Bank Arranges Two Loans Totaling $32M for Charlotte Apartment Communities

by John Nelson November 1, 2016

CHARLOTTE, N.C. — The Memphis office of Financial Federal Bank has arranged two loans totaling $32 million for Parkland Commons and Copper Creek, two apartment communities in Charlotte. Built in the late 1990s, the communities feature swimming pools, sports courts, playgrounds and car wash areas. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loans on behalf of the borrower, which purchased the properties in 2015. The financing includes six and seven years of interest-only payments and 30-year amortization schedules.

November 1, 2016

Loans Multifamily Seniors Housing Washington Western

Walker & Dunlop Closes $25M Fannie Mae Loan for Seniors Community in Walla Walla

by Nellie Day October 31, 2016

WALLA WALLA, WASH. — Walker & Dunlop Inc. has arranged a $25 million loan for Wheatland Village, an independent living, assisted living and memory care community in Walla Walla, located in the southeastern corner of Washington near the Oregon border. Portland, Ore.-based Generations Senior Living operates the Class A community. The company developed the property in 2004 through a partnership with a nonprofit hospital. Wheatland Village features 134 independent living units, 62 assisted living units and 38 memory care units. The memory care portion was added in 2013. Jeffrey Ringwald and William Jackson of Walker & Dunlop structured the 15-year, fixed-rate, Fannie Mae loan with a 30-year amortization schedule. The transaction consolidates two existing loans and features a 60 percent loan-to-value ratio.

October 31, 2016

Loans New Jersey Northeast

CBRE Secures $5M Refinancing for Industrial Warehouse in Jersey City

by Amy Works October 31, 2016

JERSEY CITY, N.J. — CBRE has arranged $5 million in refinancing on behalf of Summit Import Corp., a distributor of Asian food imports on the East Coast. Proceeds of the loan will refinance a 120,000-square-foot refrigerated industrial warehouse, located at 100 Summit Place in Jersey City. James Gunning, Donna Falzarano and Stephen Joseph of CBRE arranged the loan with Atlantic Stewardship Bank.

October 31, 2016

California Loans Retail Western

Calmwater Capital Originates $19.8M Loan for 98,000 SF Retail Center in Monrovia

by Nellie Day October 28, 2016

MONROVIA, CALIF. — Calmwater Capital has provided $19.8 million in financing to 723 EHD LLC for the acquisition and lease-up of Shamrock Center, a retail center located at 723-727 E. Huntington Drive in Monrovia. The financing consists of a $9 million senior term loan for the acquisition of the property and $10.8 million in additional potential funding for future leasing and tenant improvements. At the time of sale, the 98,000-square-foot property was 90 percent vacant due, in part, to the loss of its anchor tenant, a 70,000-square-foot Albertson’s that closed as a result of a consolidation strategy.

October 28, 2016

California Loans Retail Western

Newmark Realty Capital Arranges $10M in Acquisition Financing for Gelson’s Market in California

by Nellie Day October 28, 2016

LAGUNA BEACH, CALIF. — Newmark Realty Capital has arranged $10 million in financing for the acquisition of Gelson Market’s in Laguna Beach. The 34,478-square-foot grocery store is located on Pacific Coast Highway. George Mitsanas and Doug Tisdale of Newmark arranged the fixed-rate, non-recourse financing for the borrower, a Beverly Hills-based developer. The 10-year loan, provided by a life insurance company, features interest-only payments during the first five years and a 30-year amortization schedule.

October 28, 2016

Loans New York Northeast Office Retail

Himmel + Meringoff Properties, The Swig Company Receive $200M in Financing for 8 Times Square

by Amy Works October 28, 2016

NEW YORK CITY — Himmel + Meringoff Properties and The Swig Company have received a $200 million mortgage loan for the refinancing of 8 Times Square, a 220,000-square-foot office and retail property located at 1460 Broadway in New York City. The loan was provided by Citigroup. The 16-story property offers 185,000 square feet of office space and 35,000 square feet of retail space. Current tenants of the property include WeWork and Foot Locker. Robert Sorin, Julianne Befeler, Chad Sandler and Jason Robinson of Fried Frank acted as counsel to the companies in the transaction.

October 28, 2016

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