COLLINSVILLE, ILL. — Integra Real Estate Capital has negotiated a $3.2 million non-recourse loan for the acquisition of Orchards Shopping Center in Collinsville, 15 miles east of St. Louis. Dollar General, Asia Gardens and HSHS Medical Group anchor the 65,143-square-foot center. Meyer Perlman of Integra secured the 10-year, fixed-rate loan through a CMBS lender on behalf of the borrower, a New York-based investment group.
HOBOKEN, N.J. — Pillar, a subsidiary of SunTrust Banks, has originated a $59.4 million Freddie Mac loan for the refinancing of The North Constitution at The Shipyard. Jessica McGuire of Pillar originated the fixed-rate, 10-year loan, which features a 30-year amortization schedule and 60 percent loan-to-value, for the sponsors, Michael Barry and David Barry of Hoboken-based Ironstate Holding Co. Built in 1999, the 14-story multifamily property features 138 apartments in one-, two- and three-bedroom layouts. On-site amenities of the waterfront property include views of the Hudson River, a waterfront park, elevated courtyards, a fitness center and parking garage.
MANCHESTER, N.H. — NorthMarq Capital has arranged $4.8 million in acquisition financing for the purchase of an apartment complex located in Manchester. Mark Whelan of NorthMarq secured the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower. The multifamily property features 67 apartment units.
GREENBELT, MD. — ACORE Capital has provided a $46.6 million acquisition loan for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt suburb of Washington, D.C. Cary Abod and Michael Gigliotti of HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate loan. Located at 6301-6421 Ivy Lane, the portfolio is currently 60 percent leased to tenants including Bozzuto & Associates, Whiting Turner and the U.S. District Attorney’s Office. Morning Calm, who will be moving its primary office to Capital Office Park, plans to upgrade the property’s lobbies, elevators, windows and amenity spaces.
THE WOODLANDS, TEXAS — Grandbridge Real Estate Capital has closed a $12.9 million first mortgage loan for Hilton Garden Inn-Woodlands, a 117-room hotel located in The Woodlands, a northern suburb of Houston. Bill Mattice and Phillip Cox of Grandbridge originated the refinancing for the undisclosed borrower. The Bancorp provided the 10-year, fixed-rate loan, which features a 30-year amortization schedule.
LAWRENCE, N.J. — Houlihan-Parnes Realtors has placed an $18 million first mortgage and credit facility for Lawrence Shopping Center, located at 2495-2421 Brunswick Pike and Harding Avenue in Lawrence. Acme Supermarket, Burlington Coat Factory and Staples are major tenants at the 400,000-square-foot property. A joint venture between JJ Operating Inc. and principals and investors from Houlihan-Parnes Realtors recently acquired the property.
WAYNE AND SOMERSET, N.J. — G.S. Wilcox & Co. has secured two loans totaling $12.7 million for two industrial properties in New Jersey. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing for the borrowers. In the first transaction, the firm secured a $10 million loan for a 311,813-square-foot warehouse distribution center in Wayne. The borrower was an undisclosed developer. In the second deal, the company secured $2.7 million loan for the refinancing for a warehouse facility located in Somerset for an undisclosed developer borrower.
SOUTHFIELD, MICH. — Arriba Capital has negotiated a $17.3 million bridge loan for the refinancing of Metro Office Complex in Southfield. Built in the late 1980’s, the four-building, 565,000-square-foot office complex will undergo comprehensive capital improvements by the borrower, a Toronto-based real estate investor. Nick Barbaria of Arriba Capital negotiated the fixed-rate, bridge loan.
INDIANAPOLIS — Deerwood Real Estate Capital has arranged a $3.6 million loan for the acquisition of Washington Place in Indianapolis. The 100,000-square-foot retail property is located at 10105 E. Washington St. Tenants include HHGregg, Big Lots and Lumber Liquidators. Jeff Berger of Deerwood negotiated the 10-year, non-recourse loan on behalf of the borrower, ABS Management.
NEW YORK CITY — Cushman & Wakefield has secured two loans, totaling $21.8 million, for two multifamily properties in Queens. The loans feature a 3.25 percent fixed rate for a five-year term. Proceeds of the loans will be used to recapture equity on the properties. The properties are located at 108-20 62nd Drive in the Forest Hills section of Queens and 136-42 Maple Ave. in Flushing. Totaling 130,000 square feet, the properties offer a total of 135 residential units. Morris Betesh, Justin Boruchov, Daniel Belecen and Omar Ferreira of Cushman & Wakefield handled the financing. Dime Savings Bank provided the loans for the undisclosed borrower.
