LAUREL, MD. — M&T Realty Capital Corp. has provided a $26 million acquisition loan for Horizon Square Apartments, a 254-unit apartment community located in Laurel, roughly 20 miles from both Baltimore and Washington, D.C. About 53 percent of Horizon Square’s units comprise one-bedroom layouts, with the remaining units comprising two- and three-bedroom residences. Amenities include a fitness center, clubroom, swimming pool and a playground. Tim Weldon of M&T Realty Capital’s Washington, D.C., office originated the Freddie Mac loan on behalf of the borrower, ROSS Cos., which plans to upgrade the property’s lighting fixtures, entryways and unit interiors, as well as install new windows.
COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.
SECAUCUS, N.J. — G.S. Wilcox & Co. has arranged $25 million in financing for a 338,661-square-foot single-tenant warehouse facility located in Secaucus. Financed by Thrivent Financial, the loan features a fixed rate for five years and a 30-year amortization schedule. The 338,661-square-foot property is currently net leased by Staples. Gretchen Wilcox and Al Raymond of G.S. Wilcox originated the loan for the undisclosed borrower.
NEW YORK CITY — Q10 New York Realty Advisors has arranged a $15.5 million permanent loan for a hotel in New York City. The fixed-rate loan was a cash-out refinance of more than $3 million. Located near Jacob Javits Convention Center, the limited-service hotel features 80 guest rooms.
FARMINGTON HILLS AND DETROIT, MICH. — Berkadia has arranged a $13.5 million CMBS loan for EZ Storage, a portfolio of 1,108 self-storage units throughout Detroit and Farmington Hills. The 10-year, fixed-rate refinancing loan features a 30-year amortization schedule. Terry Halverson of Berkadia arranged the loan.
CHARLOTTE, N.C. — Bellwether Enterprise Real Estate Capital has closed a loan for the refinancing of AvidXchange Music Factory, a mixed-use development in downtown Charlotte. The property features 120,000 square feet of office space; 140,000 square feet of restaurant, bar and entertainment space; and a 5,000-person, open-air amphitheater. Live Nation operates the amphitheater and two indoor venues at the Music Factory. Bellwether Enterprise arranged the loan through Cantor Commercial Real Estate Lending LP. Terms of the loan were not disclosed.
LOS ANGELES — Square Mile Capital Management has originated a $30 million mezzanine loan for California Market Center in downtown Los Angeles. The borrower, an affiliate of Jamison Services, used the proceeds to refinance the existing debt on the property, provide capital to complete renovations of the ground-floor common areas and retail space, and fund leasing costs for recently signed and future tenants. The 1.8 million-square-foot mixed-use property features retail, office and showroom space. The property is currently 55 percent leased to a combination of fashion and showroom, creative office and retail tenants. The property features three interconnected 13-story buildings and includes a bank branch and 2,200 parking spaces in two garages.
WASHINGTON, D.C. — Eastern Union Funding has arranged a $4.3 million loan for an apartment redevelopment in Washington, D.C. The borrower, The Jocelyn Group, will use the financing to purchase an existing property at 1515 Rhode Island Ave. N.E., where the company will then develop The Violet, a 20-unit luxury apartment building with underground parking and a rooftop deck. Rents for the 1,100-square-foot units will start at $2,400 per month. David Merkin and Marc Tropp of Eastern Union arranged the 10-year loan through Presidential Bank. The loan features a 30-year amortization schedule, five-year fixed interest rate and 18 months of interest-only payments. The loan features 80 percent of the acquisition cost and includes construction financing, according to Merkin. The Jocelyn Group expects to deliver The Violet in the spring of 2017.
TULLAHOMA, TENN. — NorthMarq Capital has arranged a $2 million loan for Jackson Circle Shopping Center, a 6,500-square-foot retail property located at 1603 N. Jackson St. in Tullahoma. Jackson Circle’s tenant roster includes Mattress Firm and AT&T. Randall Waddell of NorthMarq’s Louisville office arranged the seven-year, fixed-rate loan with a 25-year amortization schedule through a local community bank.
BOSTON — Chesapeake Lodging Trust has received a $150 million fixed-rate mortgage for the 502-room Hyatt Regency Boston, located at 1 Avenue de Lafayette in downtown Boston. Provided by MetLife, the 10-year loan features a 30-year amortization schedule. Chesapeake plans to use proceeds of the loan to repay outstanding borrowings under the trust’s revolving credit facility.