NEW YORK CITY — New York City-based PMZ Realty Capital has arranged a $71 million loan to refinance a four-property Hilton portfolio. The proceeds will be used by the undisclosed borrower to repay the first mortgage and mezzanine debt that has matured, as well as fund upcoming capital expenditure improvements throughout the portfolio. The portfolio includes the 140-room Hilton Garden Inn Ridgefield Park in Ridgefield Park, N.J.; the 125-room Hampton Inn & Suites in Kissimmee, Fla.; the 150-room Embassy Suites in Palmdale, Calif.; and the 192-suite Homewood Suites by Hilton in Nashville, Tenn. Michael Sonnabend of PMZ Realty Capital arranged the loan for the borrower.
NEW YORK CITY — Equicap has arranged a $4.5 million permanent loan for a mixed-use property located in Brooklyn’s Cobble Hill neighborhood. The newly developed building features one ground-floor retail unit and 10 apartments. Daniel Hilpert of Equicap arranged the loan, which features a five-year fixed interest rate, 30-year amortization schedule and three years of interest-only payments.
THE WOODLANDS, TEXAS — JLL Capital Markets has completed the $42.5 million refinancing of Millennium Six Pines, a 314-unit, Class A multifamily asset located in The Woodlands. JLL secured the loan through its Fannie Mae DUS lending platform on behalf of the borrower, The Howard Hughes Corp. Mike Melody, Randy Fleisher and Dustin Dulin led the JLL team on the deal. Millennium Six Pines is located 30 miles from downtown Houston and 25 miles from George Bush Intercontinental Airport. The five-story building’s community amenities include a pool, clubhouse, fitness center and gated access. In-unit amenities include granite countertops, washers and dryers, patios/balconies, fireplaces and hardwood floors in living areas.
HOUSTON — BMC Capital’s Dallas office has arranged a $1.2 million loan for Fountain Springs, a multifamily property located in Houston. The non-recourse loan features a 4.5 percent fixed rate for 15 years along with a 15-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.
PROVO, UTAH — Walker & Dunlop Inc. has provided three loans totaling $48.8 million for a portfolio of three student housing properties located near Brigham Young University in Provo. Properties include The Lodges at Glenwood, Raintree Commons, and Cambridge Court. Each loan — utilizing Freddie Mac financing — was structured with a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule. The garden-style communities offer amenities including private balconies and patios, furnished units, parking, pools with cabanas, clubhouses with television lounges, on-site maintenance, laundry facilities and barbecue areas.
NEW YORK CITY — Meridian Capital Group has arranged $7 million in financing for the acquisition of a warehouse located in the Astoria section of Queens. The one-year loan, provided by a local balance sheet lender, features full-term interest-only payments. Located at 19-79 Steinway St., the single-story, 10,000-square-foot warehouse offers easy access to New York City’s major distribution channels and close proximity to the N and Q subway lines. Bryan Geffen and Brian Flax of Meridian negotiated the loan for the undisclosed borrower.
WASHINGTON, D.C. — Walker & Dunlop Inc. has structured a $54.3 million Fannie Mae loan to refinance The Esplanade at National Harbor, a 262-unit, Class A apartment community located in National Harbor, just south of Washington, D.C. The property’s LEED certification qualified the loan for Fannie Mae’s Green MBS program, which enabled the borrower, The Peterson Cos., to receive lower pricing. The 10-year, refinance loan term includes five years of interest-only payments followed by a 30-year amortization schedule. Dan Martin and Brendan Coleman led the Walker & Dunlop team in originating the loan. The property is situated within National Harbor, the Peterson Cos.’ flagship master-planned development across the Potomac River from Alexandria, Va., and just south of the Capital Beltway (I-495). Anchored by the Gaylord National Resort and Convention Center, National Harbor features five additional hotels, 150 stores and over 30 dining locations. National Harbor is also the site of the Tanger Outlet Mall and the upcoming MGM Casino National Harbor. Amenities include a courtyard area, resort-style pool, fitness center, virtual golf and walkable access to the Potomac River waterfront.
NEW YORK CITY — Meridian Capital Group, a debt broker based in New York, has arranged $135.5 million in loans for Continuum Healthcare to refinance a six-property portfolio of skilled nursing homes in New Jersey and Pennsylvania. The four-year, bridge-to-HUD loan provided by a balance sheet and mezzanine lender, features six months of interest-only payments. The skilled nursing communities total 920 beds and include: · The Wanaque Center for Nursing and Rehab, Haskell, N.J. · Galloway Nursing and Rehab, Galloway, N.J. · Barnegat Rehab and Nursing, Barnegat, N.J. · The Health Center at Bloomingdale, Bloomingdale, N.J. · Majestic Oak Nursing Home and Rehab, Warminster, Pa. · Highland Manor Rehab and Nursing, Exeter, Pa. Meridian’s Ari Adlerstein, Ari Dobkin and Josh Simpson negotiated the transaction. Continuum Healthcare and its affiliate companies own and operate skilled nursing facilities and pediatric day care centers. Continuum also owns properties and leases them to independent operators.
ARLINGTON, VA. — Aareal Capital Corp. has provided the $97 million refinancing of Sequoia Plaza, a three-building, Class A office complex totaling 369,215 square feet in Arlington. Located at 2100, 2110 and 2120 Washington Blvd., the asset is situated on a 5.8-acre site directly across the Potomac River from Washington, D.C. The property was 83 percent leased at the time of financing to tenants such as Arlington County, which leases more than 75 percent of the space and operates its School Board and Department of Human Services branches from the property. Cary Abod and Robert Carey of HFF arranged the three-year, floating-rate loan through Aareal Capital on behalf of the borrower, Foulger Pratt.
CHICAGO — HFF has secured a $78 million construction loan for the development of a 290,699-square-foot creative office building in Chicago’s West Loop neighborhood. The nine-story Fulton West Phase II is slated for completion in 2017 and will feature a 24,000-square-foot courtyard, a 5,750-square-foot rooftop deck, a shuttle service, 18,429 square feet of ground-floor retail space and a 610-stall parking structure. Floor plates will average 34,000 to 40,000 square feet, and Glassdoor, Skender Construction and Sterling Bay will occupy nearly half the building. A joint venture between J.P. Morgan Asset Management and Sterling Bay will develop the project. Michael Kavanau, Tim Joyce and Christopher Knight of HFF worked to place the financing with Bank of America on behalf of the borrower.