Loans

HFF Arranges $99.5M Loan for 573,276 SF Office Building in Chicago

by Christina Cannon April 21, 2016

CHICAGO — HFF has arranged a $99.5 million loan for a 573,276-square-foot office building in Chicago. Borrowers Blue Star Properties and the Wolcott Group LLC will use the loan proceeds to payoff existing financing and complete building renovations. The building, located at 125 S. Clark St., was constructed in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago. The property is currently undergoing a renovation and rebranding as The National. The 20-story, steel and concrete building will feature loft office space, an outdoor terrace, an artisanal marketplace and lounge, record shop and fitness center. HFF arranged the floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. Christopher Carroll, Michael Kavanau and Christopher Knight of HFF represented the borrower.

April 21, 2016

Loans Midwest Minnesota Multifamily

New York Life Real Estate Investors Provides $30M Loan for 191-Unit Multifamily Property in Minneapolis Suburb

by Christina Cannon April 21, 2016

EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has provided a $30 million mortgage loan for a 191-unit luxury multifamily community in Eden Prairie, approximately 17 miles southwest of Minneapolis. The recently constructed Martin Blu is a Class-A property that includes a fitness center, clubroom, coffee bar and outdoor plaza with fire pit and kitchen. The loan features a 15-year term with two years of interest-only payments. Ben Fazendin of Grandbridge Real Estate Capital acted as the mortgage broker in the transaction. Bader Development was the project developer, and Steven-Scott Management is managing the property.

April 21, 2016

Loans Multifamily Texas

Old Capital Secures Loan for Apartment Complex in Arlington

by Haisten Willis April 21, 2016

ARLINGTON, TEXAS — Old Capital has secured a loan for Medlin Square Apartments, a 47-unit complex located in Arlington. A local investor purchased the asset, which was built in 2003. Old Capital provided the non-recourse Fannie Mae financing. The 10-year, 4.5 percent fixed-rate loan features a 30-year amortization schedule and 12 months of interest-only payments.

April 21, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $128M Acquisition Financing for Multifamily Property in New York

by Amy Works April 21, 2016

HAUPPAUGE, N.Y. — Meridian Capital Group has arranged $128 million in acquisition financing for the purchase of Devonshire Hills, a multifamily property located in Hauppauge. Bainbridge Cos. and China Orient Asset Management, through its U.S. affiliated entity, acquired the 43-building, 656-unit multifamily property located at 1717 Devonshire Road. The garden-style apartment community includes a swimming pool, tennis court, fitness court and shared outdoor space. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate, two years of interest-only payments and a 75 percent loan-to-cost ratio. Jacob Katz, Abe Hirsch and Zev Karpel of Meridian Capital Group arranged the financing for the borrower.

April 21, 2016

Affordable Housing Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $81.9M Refinancing for Four Affordable Housing Properties in New Jersey

by Amy Works April 21, 2016

HOBOKEN, N.J. — NorthMarq Capital has arranged $81.9 million in refinancing for four affordable housing properties in Hoboken. Gary Cohen of NorthMarq secured the 10-year refinancing, which features a 30-year amortization schedule. The financing was arranged for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. Managed by Applied Housing Management, the properties feature a total of 448 units.

April 21, 2016

Loans Multifamily Texas

LMI Secures $45M in Loans in the Greater Houston Area

by Haisten Willis April 20, 2016

PASADENA, LEAGUE CITY and HOUSTON, TEXAS — LMI Capital has secured five loans totaling $45 million in the Houston area. The assets are spread across the metro area, with three situated south of the city, one centrally located and one in west Houston. The first transaction to close was a five-year, fixed-rate loan for a 415-unit apartment community in the Brookhollow submarket of Houston. Jamie Mullin of LMI Capital procured the $17 million loan that will fund a multimillion-dollar rehab component, as well as additional earn-out proceeds. Financing terms include a 5 percent fixed interest rate, two years of interest-only payments and a flexible prepayment structure. The south Houston transactions were sourced by Brandon Brown and Jamie Safier of LMI Capital and include two apartment properties in Pasadena and one in League City. Brandon Brown of LMI closed a second lien that represents 96 percent of the first lien, effectively doubling the existing leverage and allowing the borrower to capture additional equity that has been created over time. The seven-year mortgage was placed on a 90-unit asset in Pasadena. Brown obtained debt for the refinancing of a 125-unit asset in League City. The 10-year Fannie Mae loan features a fixed 4.6 …

April 20, 2016

Industrial Loans Office Texas

Cohen Financial Secures $6.8M CMBS Loan for Allen Tech Center

by Haisten Willis April 20, 2016

ALLEN, TEXAS — Casey Townsend of Cohen Financial, a national real estate capital services firm, has arranged a $6.8 million CMBS loan to acquire the Allen Tech Center. The 84,936-square-foot, one-story office/flex property is located in Allen. Townsend placed the 10-year, fixed-rate loan through Morgan Stanley.

April 20, 2016

Iowa Loans Midwest Multifamily

Capital One Provides $6M Loan for 329-Space Manufactured Housing Community Near Omaha

by Christina Cannon April 20, 2016

CARTER LAKE, IOWA — Capital One has provided a $6 million adjustable-rate Fannie Mae loan to refinance a 329-space manufactured housing community in Carter Lake, approximately six miles northeast of Omaha, Neb. The undisclosed borrower will use the loan proceeds to retire an existing loan, complete capital improvements and purchase new homes. Lakeside Mobile Home Community was constructed in 1973 and 1974 and features a swimming pool, playground, clubhouse, outdoor basketball court and a storm shelter. The loan features a seven-year term and 30-year amortization schedule. Damon Reed of Capital One originated the transaction.

April 20, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Arranges $84.3M in Financing for To-Be-Built Apartment Community in Boston

by Amy Works April 19, 2016

BOSTON — CBRE/New England has arranged $84.3 million in total financing for Serenity, a to-be-built apartment community in Boston’s Longwood Medical Area. The borrower, Longwood Group, has begun construction on the 195-unit property. John Kelly, Michael Prakken and Sam Dylag of CBRE/NE procured the financing for the borrower. Upon completion, the property will feature one 15-story building with both low- and mid-rise sections and approximately 1,860 square feet of street-level retail space. On-site amenities will include a pool, green roof space, a lounge, billiards rooms, kitchen, fitness center, library and computer room.

April 19, 2016

Industrial Loans South Carolina Southeast

KeyBank Secures $31.8M CMBS Financing for Industrial Portfolio in South Carolina

by John Nelson April 19, 2016

CLEVELAND — KeyBank Real Estate Capital has provided a $31.8 million CMBS loan for an industrial portfolio totaling 1.35 million square feet throughout South Carolina. The portfolio comprises mostly Class B distribution and warehouse facilities that were 95.9 percent leased at the time of financing. Robert Williams and David Pyc of KeyBank’s commercial mortgage group arranged the non-recourse financing on behalf of the borrower, Reger Holdings LLC.

April 19, 2016

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