NEW YORK CITY — HKS Capital Partners has originated a $25 million loan for the refinancing of an office/retail building located at 466 Broome St. in Manhattan’s SoHo neighborhood. The seven-year non-recourse loan, provided by Bank United, features a 3.75 percent fixed interest rate. The building totals 25,250 square feet of office and retail space. The undisclosed borrower plans to use the loan to purchase more properties in the area. John Harrington of HKS Capital negotiated the financing.
NEW YORK CITY — Eastern Consolidated has arranged a $25 million inventory loan for The Calyx, a newly constructed condominium tower located at 189 Avenue C in Manhattan’s East Village neighborhood. OTL Enterprises LLC plans to use the loan, which was provided by RCG Longview, as bridge financing while the remaining condos sell. The 10-story, 31,872-square-foot building features 35 residential units, as well as commercial and community facility space. In a mix of studio, one- and two-bedroom layouts, the condos feature hardwood flooring, stainless steel kitchen appliances and in-unit washers/dryers. Adam Hakim and Sam Zabala of Eastern Consolidated handled the transaction.
JACKSONVILLE, FLA. — Equicap, a real estate investment advisory firm based in New York, has arranged an $18 million acquisition loan for a 155,899-square-foot shopping center in Jacksonville. The center’s tenant roster includes Publix, H&R Block and Planet Fitness. Daniel Hilpert of Equicap arranged the seven-year, non-recourse loan with a fixed 3.54 percent interest rate through an unnamed regional lender.
ST. LOUIS, MO., BELLEVILLE, AND O’FALLON ILL. — Love Funding has arranged two loans totaling $7.4 million to refinance three apartment properties in Missouri and Illinois. In the first transaction, Kevin Kloster refinanced Mississippi Lofts, a 36-unit community in St. Louis. The apartment building is a fully rehabilitated former shoe factory. The second loan was used to refinance Bradford Place, a 68-unit garden-style complex in Belleville and Ansley Oaks a 69-unit garden-style community in O’Fallon. Fedcar LLP was the borrower. Harry Cheatham and Brian Robertson of Love Funding arranged the financing through HUD’s 223(f) program.
MADISON, WIS. — Associated Bank has provided two loans totaling $6.7 million for an 80-unit multifamily property in Madison. The financing consisted of an affordable housing construction loan and a Low-Income Housing Tax Credit (LIHTC) bridge loan. Maple Grove Commons, which will located at 3204-3228 Golden Copper Lane, will consist of one-, two- and three-bedroom units, 68 of which will be reserved for tenants earning below 60 percent of the median income for the county. The project, situated on 3.2 acres, will be delivered next summer. Maple Grove Housing LLC is the borrower, and McGann Construction of Madison is the general contractor. Knothe & Bruce is the design architect of record, and Oakbrook Corp. and Movin’ Out Inc. are co-developing the project. Steve Sosnowski of Associated Bank originated the loan. Associated Bank provided the majority of the loan tax credit equity through a Boston Capital syndicated fund.
CHICAGO — American Street Capital has arranged a $5.5 million cash-out refinancing loan for an 18-unit multifamily property in Chicago. Amenities at the property include a heated indoor parking garage, elevator, fitness center, party room and rooftop deck. The building is comprised of nine three-bedroom/2.5-bathroom units and nine two-bedroom/two-bathroom units. The non-recourse loan features a five-year adjustable-rate mortgage, a 20-year term and 30-year amortization schedule. The loan was funded through the Freddie Mac Small Balance Program. Igor Zhizhin of American Street Capital originated the loan.
SAN DIEGO — The Richman Group has received joint venture equity for its $100 million, 221-unit residential tower project in the downtown San Diego submarket of East Village. The newly approved project will be located at its namesake, 330 Thirteenth. The Class A+ building, also known as Library Tower, will stand 23 stories tall. It is scheduled for completion in 2018. The project is situated adjacent to the new $184 million San Diego Central Library. It will also feature 7,521 square feet of ground-floor retail and six floors of subterranean and above-ground parking. DesignARC and Rob Wellington Quigley are designing the building. HFF’s Aldon Cole, Tim Wright and Hunter Combs arranged the joint venture equity partnership with American Realty Advisors.
NEW YORK CITY — Mission Capital Advisors has arranged $35.9 million in financing for the renovation and conversion of 396 Broadway, a 10-story commercial property in Lower Manhattan. The borrower, Bridgeton Hotels, is converting the office property into the Walker Hotel Tribeca, a 171-key boutique hotel. The hotel will include nine floors of guestrooms and suites and ground-floor and rooftop space dedicated to food and beverage vendors. Bridgeton, an owner, developer and manager of commercial and residential real estate, acquired the property in an all-cash transaction in 2014.
SAN RAFAEL, CALIF. — Cushman & Wakefield’s Mortgage Services has closed a $46 million refinancing for Montecito Plaza in San Rafael. Located at Third and Grand streets, the shopping center is occupied by Trader Joe’s, Petco, Pier 1 Imports and Rite Aid, among others. Kurt Scheidt and Terry Daly of Cushman & Wakefield arranged the 10-year loan for the borrower, longtime owner/developer Seagate Properties.
TAMPA, FLA. — NorthMarq Capital has arranged $40.7 million in financing for a seniors housing property, apartment community and a shopping center in Florida. The properties include Twin Creeks Assisted Living, a 96-bed seniors housing property under construction in Riverview; Lakehouse Luxury Apartments, a 125-unit apartment property located at 3003 S. Frontage Road in Plant City; and Publix at Summerfield Crossings, a 69,917-square-foot shopping center located at 13146 U.S. Highway 301 South in Riverview. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the loans. The financing included a three-year, $14.2 million, interest-only construction loan for the Twin Creeks property on behalf of the borrower, Lithia Assisted Living LLC; a 10-year, $12.5 million, Fannie Mae loan with a 30-year amortization schedule for the refinancing of Lakehouse Luxury Apartments on behalf of Lakeside Gardens of Plant City LLC; and a 10-year, $14 million loan with a 30-year amortization schedule for the refinancing of Publix at Summerfield Crossings on behalf of the borrower, Big Bend Group LLC.
