BATON ROUGE, LA. — CBRE has arranged $48 million in construction financing for the development of Park Place, a 745-bed student housing community to be located adjacent to the Louisiana State University campus in Baton Rouge. The six-story project is scheduled for completion in 2017. CBRE secured the three-year, floating-rate loan through Commercial Bank Syndication on behalf of the Park 7 Group.
LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.
FRISCO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $5.5 million acquisition loan for a 9.8-acre tract of land located in Frisco at the northeast corner of Legacy Drive and Eldorado Parkway. The property is situated adjacent to an existing Market Street-anchored shopping center and across the street from a Target-anchored power center. MCA’s Todd McNeill closed the two-year loan with interest-only payments through a regional bank.
DALLAS — Dougherty Mortgage LLC has secured a $4.3 million Fannie Mae loan for Stonewood Terrace, a 160-unit, market-rate apartment property located in Dallas. The controlled access community is located near public transit and features an on-site playground, laundry and high-speed internet. The 10-year Fannie Mae loan includes a 30-year amortization schedule and was arranged through Dougherty’s Minneapolis office for the borrower, Stonewood Terrace Apartments Ltd.
MORRISTOWN, N.J. — NorthMarq Capital has arranged $7.2 million in refinancing for The Governor Morris Center, an office and medical complex located at 25 Lindsley Drive in Morristown. Malvern Federal Bank provided the five-year fixed-rate loan for the 76,308-square-foot complex. The current owner, Lindsley Drive Associates, acquired the property in 2005. Gregory Nalbandian and Robert Delitsky of NorthMarq Capital secured the financing for the borrowers.
CHICAGO — Capital One has provided a $33.6 million loan for the acquisition of four medical office buildings near Chicago. A joint venture between Harrison Street Real Estate Capital and MedProperties Group purchased the assets. The seller in the transaction was undisclosed. The portfolio of properties includes the 51,632-square-foot Lockport Crossing in Lockport; the 22,467-square-foot Dryer Medical Clinic in Batavia; the 62,808-square-foot Arlington Heights Medical Center in Arlington Heights; and the 17,374-square-foot Batavia Medical Campus II in Batavia.
WACO, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged $38 million in construction financing for the development of a student housing property near Baylor University. Benjamin Roelke of CBRE’s Dallas office arranged the three-year, interest-only loan with extension options on behalf of the developer, Park 7 Group. Financing was provided by three different regional and commercial banks. The property, Park Place at Baylor, will be located at 909 Baylor Ave. and include 724 beds in 261 units. The property will be within a five-minute walk to Baylor’s campus. The five-story, mid-rise property will provide amenities including a swimming pool and hot tub, cabanas, sand volleyball court, outdoor fireside lounge, grilling areas, gaming rooms, fitness studio, study areas and a computer center. Park Place at Baylor is scheduled for completion in summer 2017.
CHESTERFIELD, VA. — SunTrust Bank has provided $21.2 million in financing to add independent living cottages and home healthcare services to Lucy Corr Village, a continuing care retirement community (CCRC) in the Richmond suburb of Chesterfield. Originally a skilled nursing facility, the nonprofit Lucy Corr Village is now the only seniors housing community south of the James River that offers the full continuum of care, according to the owners. SunTrust structured three separate loans to refinance Lucy Corr’s existing bond debt, resulting in interest cost savings that can be used for the future projects. This is the third time in the last decade that Lucy Corr Village has added new independent living units. The number of units in the expansion and other details were not disclosed.
AUBURN HILLS, MICH. — Eastern Union Funding has arranged a $12.7 million acquisition loan for a 259-unit apartment community in Auburn Hills, approximately 35 miles north of Detroit. Bloomfield Square Apartments, located at 3161 Bloomfield Lane, is comprised of 28 buildings. Bloomfield Loop Square LLC was the borrower. Nate Hyman and David Metzger of Eastern Union Funding arranged the loan through Greystone & Co. The ownership plans to add a fitness center and upgrade the units and clubhouse.
