Loans

Associated Bank Provides $47.5M in Loans for Two Cold Storage Projects in Metro Chicago

by Christina Cannon February 1, 2016

CHICAGO and WHEELING, ILL. — Associated Bank has provided a total of $47.5 million for two cold storage projects in Chicago. In the first project, Associated Bank provided an $8 million refinancing and construction loan to 120 Palatine LLC for a vacant 115,000-square-foot freezer food manufacturing and distribution facility. The asset is located at 120 W. Palatine Road in Wheeling and will be leased to Richelieu Foods. Associated Bank was also the lead arranger and administrative agent of a $39.5 million credit facility for a 227,700-square-foot cold storage warehouse and distribution facility that will be located at 2302 S. Paulina St. Wanxiang America Real Estate Group and Clarius Partners are the borrowing entities. The facility is a build-to-suit project for Preferred Freezer. Ted Notz of Associated Bank managed both loans.

February 1, 2016

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $28.6M in Financing for Seniors Housing Development in New York

by Amy Works February 1, 2016

ST. LAWRENCE COUNTY, N.Y. — KeyBank has provided $28.6 million in financing for Cambray Court Apartments, an affordable seniors housing redevelopment in St. Lawrence County. The redevelopment is in partnership with Omni Housing Development LLC and managed by United Helpers. The project will replace 72 flood-threatened, garden-style apartments with one accessible four-story energy-efficient building featuring 71 apartment units. Designated as affordable housing, the community will feature 52 units for residents earning 30 to 50 percent or less of the area median income (AMI); 13 units for residents earning at or below 60 percent of AMI; five units for residents earning 80 percent of AMI; and one unit for residents earning 90 percent of the AMI. On-site amenities include well-lit parking spaces, elevator access to each floor, laundry facilities, walking trails, a patio, a garden and a community room with a kitchen. The redevelopment project team includes Beardsley Architects and Engineers and Bette & Cring Construction Group.

February 1, 2016

Loans Multifamily New York Northeast

Meridian Capital Secures $10M Acquisition Loan for Fee Position in NYC Multifamily Property

by Amy Works February 1, 2016

NEW YORK CITY — Meridian Capital Group has arranged $10 million in acquisition financing for the purchase of the fee position in a multifamily property in Manhattan’s Morningside Heights neighborhood. The borrower, Fine Times Inc., has purchased the fee position beneath a 20-story, 96-unit multifamily property located at 1080 Amsterdam Ave. The 10-year loan, provided by a local balance sheet lender, features a 3.7 percent fixed rate and interest-only payments for the full term. Shamir Seidman of Meridian’s New York City office negotiated the financing on behalf of the borrower.

February 1, 2016

Features Loans Southeast Top Stories Uncategorized

MBA Convention Kicks Off With Wells Fargo Named Top Mortgage Servicer for 2015

by Christina Cannon February 1, 2016

ORLANDO, FLA. — Wells Fargo Bank N.A. was the top commercial and multifamily mortgage servicer by volume for all of 2015, according to the Mortgage Bankers Association (MBA). The annual ranking was released Sunday during the opening day of the MBA’s 2016 Commercial Real Estate Finance and Multifamily Housing Convention & Expo at the Hyatt Regency Orlando. The conference, which runs through Wednesday, Feb. 3, is expected to attract 3,000 commercial real estate finance professionals from across the industry. Under the big tent are mortgage bankers, life company and bank lenders, agency lenders, investment bankers, service providers and many others. The MBA rankings also show Wells Fargo, PNC/Midland, KeyBank, and Berkadia were the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed securities (ABS) during 2015. A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer is typically responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. To view a copy of the report, click here. Capital Spigot Remains Open Kathy Marquardt, vice president of commercial …

February 1, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $16.3M Loan for Multifamily Loft Building in New York City

by Amy Works January 29, 2016

NEW YORK CITY — Meridian Capital Group has arranged a $16.3 million mortgage on behalf of Park Avenue South LLC for the refinancing and consolidation of its senior and mezzanine debt secured by a multifamily property located at 220 Park Ave. South in New York City. Allan Lieberman of Meridian Capital secured the five-year financing, which was provided by a local savings bank, features a 3 percent fixed rate. Built in 1990, the nine-story property features 38 loft-style apartment units and 2,650 square feet of ground-level and mezzanine retail space, which is currently occupied by Haru, a Japanese restaurant.

January 29, 2016

Alabama Loans Multifamily Southeast

AloStar Provides $16.8M Acquisition Loan for Apartment Community in Metro Birmingham

by John Nelson January 29, 2016

HOOVER, ALA. — AloStar has provided a $16.8 million acquisition loan for The Cliffs at Rocky Ridge, a 323-unit apartment community in Hoover. AloStar provided the loan to Elmington Capital Group, a Nashville-based commercial real estate investment and development firm.

January 29, 2016

California Loans Retail Western

CBRE Arranges $65M Refinancing for The Village at Pacific Highlands Ranch in San Diego

by Nellie Day January 29, 2016

SAN DIEGO — CBRE has arranged a $65 million loan for the refinance of The Village at Pacific Highlands Ranch, a 147,716-square-foot shopping center located in the Pacific Highlands Ranch community of San Diego. Bill Chiles, Scott Peterson and Brian Cruz of CBRE secured the 11-year, fixed-rate loan. Tenants at the center include Trader Joe’s, Starbucks Coffee, Panera Bread, Crunch Fitness and Wells Fargo.

January 29, 2016

Industrial Loans New Jersey Northeast

Prudential Mortgage Capital Provides $148M Loan for Industrial Portfolio in Toronto

by John Nelson January 27, 2016

NEWARK, N.J. — Prudential Mortgage Capital Co., operating on behalf of The Prudential Insurance Co. of America, has provided $148 million (USD) in permanent financing to Prologis Inc. for an industrial portfolio in Toronto. This transaction marks the firm’s first loan origination in Canada for The Prudential Insurance Co. of America in 20 years. The 10-year loan is secured by an eight-property portfolio totaling nearly 3.5 million square feet across the greater Toronto area. The portfolio is 100 percent leased to 16 tenants, including major corporations such as PepsiCo and IKEA. Constructed between 2006 and 2014, the properties feature 28- to 32-foot clear heights, dock high doors and trailer parking. Newark-based Prudential Mortgage Capital is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc. (NYSE: PRU).

January 27, 2016

Loans Office Texas

Ready Capital Secures $18M Loan for Office Building in Dallas

by Haisten Willis January 27, 2016

DALLAS — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed an $18 million loan for the recapitalization and stabilization of an office building in Dallas. The 18-story, 183,000-square-foot property is located on Ervay Street in downtown Dallas’ central business district. Known locally as Alto 211, the building originally catered to traditional office users but has undergone substantial renovations transforming it into modern, creative office space. The non-recourse, three-year loan features flexible pre-payment options and two one-year extension options, including a facility to provide future funding encompassing tenant improvements, leasing commissions and capital expenditures.

January 27, 2016

Hospitality Illinois Loans Midwest

Associated Bank, Inland Bank Provide $36M in Construction Financing for New Hotel in Chicago

by Christina Cannon January 27, 2016

CHICAGO — Associated Bank and Inland Bank have provided a $36 million loan for the construction of a new 195-room Marriott Autograph Collection Hotel in the Streeterville neighborhood of Chicago. Associated Bank acted as the lead arranger in the deal, providing two-thirds of the capital. SMASHotels Chicago LLC, an ECD Co. affiliate, will develop the 21-story hotel, which will be located at 228 E. Ontario St. The hotel will include a first floor restaurant and lounge, meeting and event space, a fitness room and a business center. Associated Bank previously provided the loan for the land acquisition. Krista Casper of Assocaited Bank managed the construction loan.

January 27, 2016

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