Loans

San Carlos Associates Receives $65M to Refinance Marriott Monterey Hotel

by Nellie Day April 13, 2016

MONTEREY, CALIF. — San Carlos Associates has received $65 million in first-mortgage debt for the 341-room Marriott Monterey Hotel. The AAA-rated, Four Diamond hotel is located at 350 Calle Principal in downtown Monterey. Marriott Monterey Hotel sits adjacent to the Monterey Conference Center in the downtown retail district. The 10-story hotel includes about 16,500 square feet of meeting space, a spa, two restaurants and subterranean parking for 142 cars. A European Money Center bank provided the 10-year, fixed-rate financing, which was underwritten at a debt yield below 10 percent. Sonnenblick-Eichner Co. arranged the financing.

April 13, 2016

Loans Multifamily Texas

Old Capital Provides $1.7M Acquisition Loan for Shady Creek Apartments in Metro Dallas

by Haisten Willis April 13, 2016

AZLE, TEXAS — Old Capital has provided a $1.7 million bridge loan for the purchase of Shady Creek Apartments, a 54-unit complex in Azle. A local ownership group bought the asset, which is located in a secondary submarket. Renovations are planned to increase rental rates.

April 13, 2016

Florida Loans Multifamily Southeast

Ocean Bank Provides $50M Construction Loan for Upscale Apartment Community in Boca Raton

by John Nelson April 13, 2016

BOCA RATON, FLA. — Miami-based Ocean Bank has provided a $50 million construction loan that will fund the development of a 282-unit luxury apartment community at the Park at Broken Sound in Boca Raton. The project will be located on 14.1 acres at the southeast corner of Congress Avenue and Clint Moore Road, a few miles from Florida Atlantic University, Mizner Park, Boca Town Center and the beaches. The apartment complex, which includes a 5,500-square-foot clubhouse, is expected to open in 15 to 16 months. Ralph Gonzalez-Jacobo and Eddie Diaz of Ocean Bank originated the loan on behalf of the Miami-based borrowers, Sergio Rok and James Tate of TR Danburg Boca Holdings. The loan represents 70 percent of the estimated total cost of $71.4 million, or $177,000 per unit, for the development and construction of the property.

April 13, 2016

Loans Multifamily New Jersey Northeast Top Stories

Ironstate Development Receives $170M in Financing for Apartment Tower in Jersey City

by Haisten Willis April 13, 2016

JERSEY CITY, N.J. — Ironstate Development has received $170 million in permanent mortgage financing for the newly completed 70 Columbus, a 545-unit, Class A apartment tower in downtown Jersey City, located just across the Hudson River from downtown Manhattan. Holliday Fenoglio Fowler (HFF) arranged the financing on behalf of Ironstate and Panepinto Properties. Northwestern Mutual Real Estate provided the 10-year, fixed-rate loan, which replaced the existing construction financing. Designed by Gwathmey, Siegel, Kaufman and Associates Architects (GSKA) and HLW International, 70 Columbus includes studio, one- and two-bedroom rental residences featuring views of the New York skyline, wood floors, stainless steel appliances and quartz countertops. Common-area amenities include a lobby with fireplace lounge and social spaces designed by Noé Duchaufour Lawrance, bike room, business center, 60,000-square-foot roof deck with swimming pool, sport court, table tennis, grilling stations, dog run, and a 30,000-square-foot fitness center. The 50-story tower is located at 70 Christopher Columbus Drive at the road’s intersection with Warren Street, and within walking distance of the Hudson River. Ground-floor retail space at 70 Columbus includes a Sunac Natural Market and a Base Fitness Gym. The apartment tower is part of a series of Ironstate developments on the street. The company also built 50 …

April 13, 2016

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Loans Multifamily Texas

Old Capital Provides $7.5M Loan for Apartment Complex in Metro Dallas

by Haisten Willis April 12, 2016

FARMERS BRANCH, TEXAS — Old Capital has provided a $7.5 million loan for the purchase and renovation of Villa Creek Apartments, a 161-unit complex in Farmers Branch. A local ownership group purchased the asset, which is located near LBJ Freeway, and plans to make $1.6 million in renovations. Old Capital provided the non-recourse bridge loan with a 30-year amortization schedule.

April 12, 2016

Healthcare Iowa Loans Midwest

Associated Bank Provides $6.5M Construction Loan for Veterans Clinic in Iowa

by Christina Cannon April 12, 2016

KNOXVILLE, IOWA — Associated Bank has provided a $6.5 million construction loan for a Veterans Administration Primary Care Clinic in Iowa. Knoxville VA LLC was the borrower. The 16,731-square-foot clinic will be located at 1607 N. Lincoln St. in Knoxville, approximately 40 miles southeast of Des Moines. The single-story, build-to-suit facility is scheduled for completion by the end of the year. Knoxville VA LLC is an affiliate of W.D. Schorsch LLC, which specializes in the development and management of build-to-suit projects for the United States General Services Administration.

April 12, 2016

Arkansas Loans Multifamily Southeast

Grandbridge Provides $12.2M Acquisition Loan for Apartment Complex in Arkansas

by John Nelson April 12, 2016

FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has provided a $12.2 million acquisition loan for Garden Park Apartments, a 246-unit apartment community in Fayetteville. Alan Tapie of Grandbridge originated the 10-year, non-recourse loan with a 30-year amortization schedule through Freddie Mac’s CME program. The loan was structured with an interest rate fixed below 4 percent and featured an interest-only period, according to Tapie. The non-student housing property is primarily occupied by University of Arkansas students and features a business center, swimming pool with sundeck, hot tub, fitness studio and a basketball court.

April 12, 2016

Features Loans Top Stories

Seven Ways Commercial Property Owners Can Save on Defeasance Costs

by Christina Cannon April 12, 2016

Commercial real estate owners are increasingly confronting defeasance clauses in conduit or CMBS loans. These clauses require strict prepayment penalties in order to refinance or sell a property prior to maturity. In commercial real estate, defeasance is the process of releasing a commercial property from the lien of a mortgage and replacing it with a portfolio of government securities that are placed in a collateral account and pledged to the lender. This structure allows the borrower to sell or refinance the collateral property prior to loan maturity. Unlike a prepayment on the loan, however, the defeasance structure keeps the loan payment stream in place for the lender. While many of the parameters in a CMBS loan agreement are difficult to negotiate, well-versed property owners can negotiate a few specific clauses to minimize future costs should they decide to defease their loans. What follows are seven ways to save money later with proper planning at the beginning of the loan process. Negotiate the Length of the Open Window — The loan’s open window is the timeframe in which you can prepay your loan without penalty or interest. Generally, CMBS loans allow open windows of two to three months. However, there are …

April 12, 2016

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Secures $5.2M Loan for Boston Apartment Property

by Amy Works April 11, 2016

BOSTON — Fantini & Gorga has arranged $5.2 million in permanent financing for South Huntington Apartments, a multifamily property located at 46-82 S. Huntington Ave. in Boston. Casimir Groblewski and Despina Hatzipetrou of Fantini & Gorga arranged the refinancing with RiverSource Life Insurance Co. for the borrower, a local real estate developer and manager. Consisting of 10 three-story, connected buildings, the property features 108 residential units in a mix of oversized studios and one-bedroom layouts.

April 11, 2016

Loans Office Texas

NorthMarq Secures Loan for Office Property in San Antonio

by Haisten Willis April 11, 2016

SAN ANTONIO — Bryan Leonard of NorthMarq Capital’s San Antonio office has arranged acquisition financing for a 25,379-square-foot office property located at 7540 Louis Pasteur Drive in San Antonio. The 10-year loan includes a 25-year amortization schedule and 75 percent loan-to-value ratio. NorthMarq Capital arranged financing for the borrower through its relationship with a local bank. The property is located in the South Texas Medical Center and is 100 percent occupied.

April 11, 2016

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