Loans

CBRE Secures $18M Refinancing for Retail Property in Roseville, Minnesota

by Kristin Harlow December 12, 2016

ROSEVILLE, MINN. — CBRE has secured $18 million in refinancing for Rosedale Marketplace in Roseville, north of St. Paul. The 153,400-square-foot retail property includes tenants such as Total Wine, Hobby Lobby, Cost Plus World Market and Men’s Warehouse. Doug Seylar of CBRE originated the financing. The new financing allowed the borrower to retire the existing debt on the property. The owner, Rosedale Marketplace Associates LP, is an entity affiliated with Canada-based Tanurb Development Inc., the original developer of the property that was constructed in 1989. CBRE secured a new mortgage for Rosedale Marketplace through its relationship with Morgan Stanley.

December 12, 2016

Iowa Loans Midwest Multifamily

Dougherty Mortgage Arranges $3.8M Fannie Mae Loan for Multifamily Property in Davenport, Iowa

by Kristin Harlow December 12, 2016

DAVENPORT, IOWA — Dougherty Mortgage LLC has arranged a $3.8 million Fannie Mae loan for the acquisition of Castlewood Apartments in Davenport, part of the Quad Cities and located near the Illinois border. The 96-unit multifamily property offers two- and three-bedroom townhomes. The 16-year loan features a 30-year amortization schedule. In conjunction with the loan, tax credit equity will also be used to fund the moderate rehabilitation of the project. Dougherty’s Minneapolis office arranged the financing on behalf of the borrower, Davenport MAHC LLLP.

December 12, 2016

Loans Multifamily Texas

LMI Capital Arranges Three Loans Totaling $24M in Greater Houston Area

by Amy Works December 12, 2016

HOUSTON AND BRAZORIA COUNTY, TEXAS — LMI Capital has placed financing for the acquisition and refinance of three separate garden-style apartment complexes in the Greater Houston area. In the first loan, Brandon Brown of LMI Capital procured $1.4 million in financing for the acquisition of a 50-unit apartment complex located in Brazoria County. The 20-year loan features one year of interest-only payments and a flexible prepayment structure. With this acquisition, the undisclosed borrower now owns 10 properties. In the second loan, Jamie Mullin of LMI Capital placed a $13 million, seven-year, floating-rate loan for a 260-unit multifamily property in southeast Houston. The refinancing provides cash out proceeds to the undisclosed borrower and features two years of interest-only payments. The borrower plans to use excess proceeds to return capital and fund future acquisitions. In the final loan, Brown also arranged a $9.6 million, 10-year fixed-rate loan for a 210-unit property in Houston’s Spring Branch submarket. The loan features five years of interest-only payments and minimal closing costs. The name of the borrower was not released.

December 12, 2016

Loans Multifamily Seniors Housing Texas

Walker & Dunlop Structures $15.5M Loan for Skilled Nursing Facility in Lubbock

by Amy Works December 12, 2016

LUBBOCK, TEXAS. — Walker & Dunlop Inc. has arranged a $15.5 million loan for Crown Point Health Suites in Lubbock. The Class A skilled nursing facility was built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion. Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.

December 12, 2016

Loans Multifamily Texas

Hunt Mortgage Provides $4.2M in Refinancing for Affordable Multifamily Property in El Paso

by Amy Works December 12, 2016

EL PASO, TEXAS — Hunt Mortgage Group has provided a $4.2 million Freddie Mac loan for the refinancing of Mesa Place Townhomes, an affordable housing property located at 5450 Suncrest Drive in El Paso. The borrower, LEDIC Realty Co.,will use proceeds of the loan to refinance existing debt, buy out the company’s existing limited partner and provide cash to fund future acquisitions. The seven-year loan features one year of interest-only payments and a 30-year amortization schedule. Situated on 10.3 acres, Mesa Place features 128 multifamily units in a mix of 76 two-bedroom, 44 three-bedroom and eight four-bedroom units.

December 12, 2016

California Loans Retail Western

ValCenters Receives $37M in Financing for 174,280 SF Retail Center in Vista

by Nellie Day December 12, 2016

VISTA, CALIF. — ValCenters has received $37 million in financing for North County Square, a grocery-anchored shopping center located at 1711-1861 University Drive in Vista. Greg Brown and AJ Manas of HFF arranged the 10-year, fixed-rate financing through JP Morgan Asset. ALDI, Ross Dress for Less, Old Navy, Planet Fitness, Starbucks Coffee, Michaels, T-Mobile, Firestone and Supercuts occupy the 174,280-square-foot property, which is 97 percent leased. Mark Strauss of Cohen Financial was an advisor to ValCenters.

December 12, 2016

California Loans Multifamily Seniors Housing Western

Harborview Closes a $30M Bridge-to-HUD Refinancing for Skilled Nursing Facility in LA

by Nellie Day December 12, 2016

LOS ANGELES — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $30 million bridge-to-HUD refinancing for a 133-bed skilled nursing facility in the Los Angeles submarket of Van Nuys. The loan features a floating rate above LIBOR with 24 months of interest-only payments. Following that 24-month period, the loan will have a 25-year amortization and two-year term with one-year extension options. The refinancing provides the undisclosed borrower with $12 million in cash-out proceeds. Harborview’s Eli Kutner, senior originator, Ephraim Kutner and Jonathan Kutner, principals, arranged the financing.

December 12, 2016

Colorado Loans Office Western

Unum Life Insurance Provides $13M Refinancing for Denver Dry Goods Building

by Nellie Day December 12, 2016

DENVER — Unum Life Insurance Company of America has provided a $13 million refinancing for the Denver Dry Goods Building, an 84,495-square-foot retail and office building located in downtown Denver. Leon McBroom and Kristian Lichtenfels of HFF worked on behalf of the borrower, Jonathan Rose Cos., to secure the 10-year, fixed-rate loan. HFF will service the loan. The property — which is a designated historic landmark — is home to tenants including T.J. Maxx, Visit Denver Center, Jason’s Deli, Starbucks Coffee, Denver Urban Renewal Authority, the Aveda Institute and Yuthok Jewelry.

December 12, 2016

Loans Michigan Midwest Mixed-Use

Berkadia Arranges $24M Loan for Refinancing of David Whitney Building in Detroit

by Kristin Harlow December 9, 2016

DETROIT — Berkadia has arranged a $24 million loan for the refinancing of one of downtown Detroit’s iconic landmarks, the David Whitney Building. Originally constructed in 1915, the 19-story building was named after David Whitney Jr., a wealthy lumber baron. The building recently underwent a complete renovation, with features including a 136-room Aloft Hotel, 105 luxury apartments and ground-level retail. David Sibbold, Terry Halverson, Andy Coleman and Mauricio Rodriguez of Berkadia secured the financing through Citigroup Global Markets on behalf of the borrower, Whitney Partners LLC, a joint venture of the Roxbury Group and Vos Hospitality. Whitney Partners purchased the building in 2011.

December 9, 2016

Loans New York Northeast Retail

NorthMarq Capital Completes $47.5M Refinancing of Macy’s in Queens

by Amy Works December 9, 2016

NEW YORK CITY — NorthMarq Capital has negotiated the $47.5 million refinance of a 250,000-square-foot Macy’s, located at 136-32 Roosevelt Ave. and 131-52 41st Ave. in the Flushing area of Queens. The transaction was structured with a 25-year term and arranged through NorthMarq’s relationship with a life insurance company. Ernest DesRochers and Matthew Buttram of NorthMarq arranged the financing for the undisclosed borrower.

December 9, 2016

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