Loans

American Street Capital Secures $6.6M Acquisition Loan for Multifamily Property in Chicago

by Amy Works October 18, 2016

CHICAGO — American Street Capital has secured $6.6 million in acquisition financing for a seven-story, multifamily portion of a mixed-use property located in Chicago’s South Loop. Provided by a correspondent life insurance company lender, the non-recourse, 15-year loan includes a 30-year amortization schedule. The recently renovated property features 30 apartment units in a mix of one- and two-bedroom layouts. Igor Zhizhin of American Street Capital originated the loan for the undisclosed borrower.

October 18, 2016

Loans Office Texas

Mesa West Capital Funds $90.5M Acquisition Loan for Office Campus in Austin

by Haisten Willis October 18, 2016

AUSTIN, TEXAS — Mesa West Capital has provided KBS Realty Advisors with a $90.5 million first mortgage loan to recapitalize its all-cash acquisition of Stonebridge Plaza I & II, a 386,000-square-foot office campus in Austin. The five-year, floating-rate loan is secured by two nine-story office buildings and a seven-story parking garage at 9600 and 9606 N. MoPac Expressway. The property is situated at the intersection of Highways 183 and 360. Completed in 1999 and 2001, the two office buildings are 96.5 percent leased. Mesa West Capital originated the loan from its Mesa West Core Lending Fund, which provides first mortgage loans up to $300 million.

October 18, 2016

District of Columbia Loans Office Southeast

Prudential Mortgage Capital Provides $66.5M Refinancing of Office Tower in D.C.

by John Nelson October 18, 2016

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided the $66.5 million refinancing of a newly built, 112,635-square-foot trophy office building located at 900 G St. in Washington, D.C.’s East End district. Sue Carras, Cary Abod, Dan McIntyre and Rob Carey of HFF arranged the loan through Prudential Mortgage Capital on behalf of the borrower, ASB Real Estate Investments. Completed in 2015, the LEED Gold-certified building features a three-level, below-grade parking garage, windows on three elevations with floor-to-ceiling glass and a rooftop conference center. Anchored by law firm Simpson Thacher & Bartlett LLP, the office tower is also home to BMW, Herman Miller, Roberti Global and the Truth Initiative. The property is situated across the street from the Gallery Place/Chinatown Metro station and less than two blocks from the Metro Center Metro station.

October 18, 2016

Georgia Loans Multifamily Southeast

NXT Capital Provides $17M Acquisition Loan for Apartment Community in Georgia

by John Nelson October 18, 2016

GAINESVILLE, GA. — NXT Capital has provided a $17 million acquisition loan for Park Creek Apartments, a 200-unit, garden-style apartment community in Gainesville. Situated near Lake Lanier, the Class B property features gated access, a business center, laundry facility, fitness center and a swimming pool. Park Creek also offers a playground, two lighted tennis courts, car care center, grilling/picnic areas and 20 garage spaces. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the loan through NXT Capital on behalf of the borrower.

October 18, 2016

Loans Multifamily Texas

Grandbridge Secures $38.9M Loan for Multifamily Property in Austin

by Haisten Willis October 17, 2016

AUSTIN, TEXAS — Grandbridge Real Estate Capital has secured a $38.9 million loan for Barton Creek Apartments, a 250-unit garden-style complex located in Austin. Mike Ortlip and Josh Davis of Grandbridge’s Charlotte office arranged the loan, which was provided by an insurance company. The loan features a seven-year term and a 30-year amortization schedule.

October 17, 2016

Loans Multifamily Texas

Love Funding Secures $14.1M Refinancing for Apartment Community in Austin

by Haisten Willis October 17, 2016

AUSTIN, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured a $14.1 million loan for the refinancing of Huntington Meadows Apartment Homes, a 200-unit affordable apartment community in Austin. Love Funding’s Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) loan insurance program for the purchase or refinancing of existing multifamily rental housing. Using the program enabled the ownership group to lock in a fixed interest rate for a 35-year term, fund a replacement reserve and free up more than $1 million for repairs and upgrades. Decker Lane Partners LP purchased the property in 2015. It was originally built in 1998 as Gardens at Decker Lane, which drew on funding support from low-income housing tax credits (LIHTCs). Decker Lane Partners and its management company, AmeriSouth Realty, took over the property in 2011.

October 17, 2016

Loans Retail Texas

BMC Capital Arranges $6.2M Refinancing of Retail Property in San Marcos

by Haisten Willis October 17, 2016

SAN MARCOS, TEXAS — BMC Capital has arranged the $6.2 million refinancing of a North Carolina Furniture Direct store located in San Marcos. The five-year, fixed-rate loan features a 25-year amortization schedule. Hank Crane of BMC secured the financing on behalf of the borrower through an undisclosed bank.

October 17, 2016

Loans Midwest Retail Wisconsin

Cohen Financial Secures $9.4M Acquisition Loan for 75,000 SF Retail Center in Bellevue, Wisconsin

by Amy Works October 17, 2016

BELLEVUE, WIS. — Cohen Financial has secured $9.4 million in acquisition financing for Bellevue Town Center, a retail center located in Bellevue near Green Bay. Dan Rosenberg and Matt Terpstra of Cohen arranged fixed-rate, 10-year loan for the borrower, Midland Atlantic Properties. The 75,000-square-foot retail center is anchored by a Pick ’n Save grocery store.

October 17, 2016

Loans Multifamily New York Northeast Seniors Housing

Housing & Healthcare Finance Secures $27M for Seniors Housing Community in Yonkers, New York

by Amy Works October 17, 2016

YONKERS, N.Y. — Housing & Healthcare Finance (HHC Finance) has arranged $27 million in refinancing for an assisted/independent living community in Yonkers. Located on 10 acres, the 195-bed property is the only facility in the area with the Medicaid Assisted Living Program. HHC Finance arranged the financing with an interest rate below 3 percent through HUD for the undisclosed borrower.

October 17, 2016

Alabama Loans Retail Southeast

Wool Finance Arranges $7.9M Construction Loan for Publix-Anchored Center in Mobile

by John Nelson October 17, 2016

MOBILE, ALA. — Wool Finance Partners has arranged a $7.9 million construction loan for the development of a 101,000-square-foot Publix-anchored shopping center in Mobile. The shopping center is a joint venture between Charlotte-based MAB American Retail Partners LLC and Oak Brook, Ill.-based Inland Retail Centers LLC. Publix will occupy a freestanding, 39,000-square-foot store within the development. Matt Lebenson of Wool Finance arranged the two-year construction loan through an unnamed regional bank. The loan features a 55 percent loan-to-cost ratio and an extension option for the joint venture.

October 17, 2016

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