Loans

CHICAGO — HFF has arranged a $233.3 million construction loan for a 35-story office tower in Chicago’s West Loop. The John Buck Company will develop the Class A CNA Center at 151 N. Franklin St. The building will serve as the new world headquarters for CNA, an insurance organization and the principal subsidiary and operating company of CNA Financial. The tower will also house the national headquarters for Hinshaw & Culbertson LLP, an international law firm. The LEED Gold-certified building will boast 807,137 square feet of space and a 500-stall parking garage. Amenities at 151 N. Franklin will include a 4,200-square-foot rooftop terrace and bar, 10,000 square feet of courtyards, a fitness center, 250-seat conference center, restaurant, bike room and a café and coffee bar. The project is slated for completion in the summer of 2018. Michael Kavanau and Danny Kaufman of HFF placed the loan with Bank of the Ozarks. John Ronan Architects and Adamson Associates are the project designers.

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LOS ANGELES — NorthMarq Capital has arranged $8.9 million in acquisition financing for Victor’s Square, a retail property located at 1915 and 1921 N. Bronson Ave. in Los Angeles. The property features 15,400 square feet of retail space. Michael Elmore of NorthMarq secured the five-year loan, which features a 25-year amortization schedule, for the undisclosed borrower through a life insurance company.

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AUBURN, MASS. — Fantini & Gorga has arranged $9.3 million in financing for a Casey Storage Solutions-branded self-storage facility located on State Route 20 in Auburn. Casey Investment Real Estate LLC was the borrower. Situated on 6.4 acres, the 12-building asset features 104,449 square feet of rentable space with 739 units in a mix of climate-controlled and standard units. Casimir Groblewski and Chris Miller of Fantini & Gorga arranged the financing for the borrower.

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VIDALIA, GA. — Love Funding has secured a $74.4 million loan through HUD’s 242/223(a)(7) loan insurance program for the refinancing of Meadows Regional Medical Center, a 22-acre hospital in Vidalia. The hospital’s owners, Toombs County Hospital Authority, used the refinancing to cut the interest rate by more than half, saving more than $1.5 million a year in debt-service costs, or more than $30 million over the life of the loan. Originally constructed in 1963, the hospital was expanded in 2011 to include a 194,000-square-foot healthcare facility. Meadows Regional offers 64 private patient suites, 20 emergency treatment rooms and six surgical suites, along with a cardiovascular lab. In the past five years, HUD’s 242 program has insured financing for $2.2 billion of hospital projects across the country.

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COLUMBIA, MD. — NorthMarq Capital has arranged a $72 million loan for the refinancing of Columbia Corporate Park, a 495,000-square-foot office park located at 8825, 8830, 8840 and 8850 Stanford Blvd. and 8890 McGaw Road in Columbia. Joseph Burke of NorthMarq Capital’s Baltimore office arranged the 12-year loan through an unnamed life insurance company on behalf of the borrower. The loan features four years of interest-only payments followed by a 30-year amortization schedule.

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NORTH MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $19.5 million loan for the refinancing of Aventura Oaks Apartments, a 204-unit multifamily community located at 1572 N.E. 191st St. in North Miami Beach. The three-story property features a swimming pool, lounge and fitness center. Jonathan Zilber and Steven Halpert of Meridian Capital Group arranged the three-year loan with a fixed 3.1 percent interest rate and one year of interest-only payments through an unnamed balance sheet lender. The unnamed borrower is currently remodeling 75 percent of Aventura Oaks’ apartment units.

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NEW YORK CITY — An affiliate of Vanbarton Group has received $67.5 million in acquisition financing for The Astor retail condominium located at 2139-2157 Broadway in Manhattan. Cushman & Wakefield arranged the floating-rate financing, which was provided by an affiliate of Mesa West Capital. The 31,210-square-foot property is at the base of the The Astor, a 12-story luxury residential complex. The condo features 18,902 square feet of ground-floor space and 12,308 square feet of basement-level space. The property is 100 percent leased to nine commercial tenants, including Barneys New York, Lululemon, Stuart Weitzman, Papyrus and L’Occitane. Steve Kohn, Alex Hernandez and Alex Lapidus of Cushman & Wakefield arranged the financing for the borrower.

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BRIDGEWATER, N.J. — Denholtz Associates has secured a 10-year, $4 million refinancing on five of its flex-industrial properties located at 1W-5W Chimney Rock Road in Bridgewater. Totaling 115,714 square feet, the properties are part of the Bridgewater Business Park. Michael Cook of First Bank NJ negotiated the terms of the refinance. Bridgewater Business Park features 380,000 square feet of flex-industrial space.

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WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.

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MOKENA, ILL. — Capital One has provided an $11.9 million acquisition loan for a 28,000-square-foot medical property in Mokena, approximately 40 miles southwest of Chicago. MedProperties Holdings LLC acquired the Center for Minimally Invasive Surgery, which features four operating rooms, a 14,000-square-foot surgery center and a 5,350-square-foot recovery center. The seller and terms of the loan were undisclosed.

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