BOISE, IDAHO — A10 Capital has closed a $75 million investment facility from KKR. The investment is designed to bolster A10’s capital base to fuel the future growth of its on-balance-sheet bridge and permanent loan products. A10 is a middle-market lender in the commercial mortgage space based in Boise and Dallas. Additional A10 institutional backers include BlackRock, H.I.G. Capital and THL Credit. A10 recently financed more than 30 million square feet of stabilized and un-stabilized commercial properties nationwide. KKR is a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds.
GARDEN CITY, N.Y. — Treeline, a value-add asset developer, owner and investor, has received $106 million in first mortgage and mezzanine financing for its four-building Garden City Plaza office portfolio, located at 100, 200, 300 and 400 Garden City Plaza in Garden City. The loans consist of $86 million in new first mortgage financing provided through Terry Livingston of Wells Fargo, and a $20 million mezzanine loan provided through Robert Dirks of Principal Real Estate Investors. Proceeds of the financing will be used to buy out an existing equity partner and retire construction financing for a new restaurant for Maggiano’s Little Italy, which will open its first Long Island location at the property. The 600,000-square-foot portfolio is 90 percent leased. Robert Turner, Adam Spies and Joshua King of Eastdil Secured arranged the financing for the borrower.
HARRISBURG, PA. — Colliers International Capital Markets (CICM) has arranged $28 million in refinancing for Campus Heights Student Housing, an apartment community serving the Penn State Harrisburg campus. Located in Harrisburg, the property features 111 units for a total of 444 beds. The 12-year, fixed-rate loan features a 30-year amortization schedule. Kristopher Wood and John Banas of CICM’s Philadelphia office arranged the loan for the undisclosed borrower.
BEAUMONT AND LUMBERTON, TEXAS — KeyBank Real Estate Capital has secured an $8.5 million, non-recourse CMBS first mortgage loan for a two-property hospitality portfolio. The portfolio consists of a Comfort Inn located in Beaumont and a La Quinta Inn and Suites located in Lumberton. Both properties are located near major interstates and highly traveled state highways. Randy Martin of Key’s Commercial Mortgage Group secured the financing.
PARAMUS, N.J. — NorthMarq Capital has arranged $49.4 million of floating-rate financing for a 244,000-square-foot, four-property retail portfolio on Route 17 in Paramus. The borrower, Advanced Realty, will use the loan proceeds for acquisition of the assets and a funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-317 Route 17 South. The properties are occupied by PGA Tour Superstore and P.C. Richard & Son. Located at 60 Route 17 North, the fourth property is a 75,000-square-foot power center occupied by DSW Designer Shoe Warehouse and PetSmart. Gregory Nalbandian of NorthMarq secured the loan through Natixis Real Estate Capital for the borrower.
DENISON, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured an $18.7 million loan for the construction and permanent financing of The Residence at Gateway Village. The property is a proposed 180-unit apartment community in Denison. The financing was secured through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The borrower secured a non-recourse loan that is fixed for the initial 16-month construction period and a subsequent 40-year term. Residence at Gateway Village is being built as part of a master-planned development, Gateway Village, on the west side of US Highway 75 at Grayson Drive. The apartment will be spread over eight three-story buildings. Sherman, Texas-based Covenant Development Partners, a privately held regional multifamily development and investment firm, is developing the project. Parkcrest Builders will serve as the project’s general contractor, and Residence Property Co. will serve as the management agent.
AUSTIN, TEXAS — Dougherty Mortgage has secured a $9.9 million Fannie Mae loan for the acquisition financing of Las Colinas Apartments, a 177-unit apartment property located in Austin. Property amenities include two laundry facilities, courtyards with barbecue and picnic areas, a community room and a children’s playground. A partnership between Old Capital Lending and Dougherty’s Minneapolis office arranged the loan on behalf of the borrower, 1500 Reagan Hill LLC. The loan features a 12-year term and 30-year amortization schedule.
ORLANDO, FLA. — NXT Capital has provided a $15.1 million acquisition loan for the Reserve at Maitland, a three-building, Class B office property in Orlando totaling 197,000 square feet. The property is situated on the south side of Maitland Center, just north of Orlando’s central business district, with access to I-4.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has expanded its revolving credit facility from $300 million to $400 million, while simultaneously entering into a new $100 million, seven-year, non-amortizing unsecured term loan. Approximately $95 million of the term loan proceeds were used to pay off and terminate CareTrust’s existing secured mortgage indebtedness under its 2006 credit agreement with General Electric Capital Corporation. The lower interest rate resulting from the refinancing is expected to generate approximately $1.3 million in annual savings. CareTrust REIT Inc. is a publicly traded seniors housing and healthcare REIT based in San Clemente.
HAVERHILL, MASS. — KeyBank Real Estate Capital has provided $17 million in Fannie Mae financing for Pine Brook Place, a garden-style apartment complex in Haverhill. Built in 1971, the property features 240 residential units. Loan proceeds will be used to refinance the property. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the loan for the undisclosed borrower.