Loans

JV Receives $45M Loan for 180-Unit Mixed-Use Apartment, Retail Tower in Philadelphia

by Amy Works April 18, 2016

PHILADELPHIA — Scully Co., Alterra Property Group and Spring Creek Investment Management have received $45 million in refinancing for Avenir, a 180-unit mixed-use apartment and retail tower in Philadelphia’s Center City. Ryan Ade and Jim Cadranell of HFF arranged the seven-year, fixed-rate loan through Webster Bank for the borrower. Loan proceeds will replace the existing construction loan on the property. Located at 1501-1515 Chestnut St., the 16-story building was converted from office space to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space. On-site amenities include a fitness center, screening room, conference and business suites, resident lounge, indoor bike storage and cycle stations, and a 24-hour concierge service.

April 18, 2016

Loans Multifamily New York Northeast

Stellar Management Receives $35.5M to Refinance Seven-Property Multifamily Portfolio in NYC

by Amy Works April 18, 2016

NEW YORK CITY — Stellar Management, an owner and operator of residential and commercial real estate, has received a $35.5 million loan from Astoria Bank to refinance a seven-property multifamily portfolio in New York City. The loan features a five-year term at a sub-3 percent interest rate. The properties are 552 Ocean Ave. in Brooklyn; 65 Fort Washington Ave., 4231 Broadway, 504 W. 143rd St., 510 W. 144th St. and 529 W. 179th St. in Upper Manhattan; and 2558 Grand Concourse in the Bronx. Tal Bar-Or and Kyle Kite of Meridian Capital arranged the financing for the borrower.

April 18, 2016

Loans New York Northeast Office

NorthMarq Capital Secures $10M Refinance for Office Property in New York

by Amy Works April 18, 2016

NEW HYDE PARK, N.Y. — NorthMarq Capital has arranged $10 million in refinancing for X-Cell Realty, an office property located at 3333 New Hyde Park Road in New Hyde Park. The property features 166,931 square feet of office space. The loan features a fully amortizing 20-year term. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through NorthMarq’s relationship with a correspondent life insurance company for the undisclosed borrower.

April 18, 2016

Loans Multifamily Texas

Grandbridge Arranges $67.6M Loan for Apartment Complexes in Austin, Dallas

by Haisten Willis April 18, 2016

AUSTIN and DALLAS, TEXAS — Grandbridge Real Estate Capital has closed a $67.6 million refinancing loan secured by 947 units in three multifamily properties: Camden Amber Oaks I and II in Austin and Camden Design District in Dallas. The initial funding is part of a Fannie Mae master credit facility agreement for Camden Multifamily Value Add Fund LP, an affiliate of Camden Property Trust. The Fannie Mae master credit facility, arranged by Grandbridge’s Houston-based senior vice president Greg Young, could refinance up to $275 million of the value add fund’s outstanding debt. Funding for the $67.6 million non-recourse loan was arranged through Fannie Mae’s structured adjustable rate mortgage loan product and features interest-only payments during the 10-year term.

April 18, 2016

Florida Loans Southeast

Venture West Funding Arranges $11.6M Loan for Metro Atlanta Shopping Center

by John Nelson April 18, 2016

DECATUR, GA. — Venture West Funding Inc. has arranged an $11.6 million loan to refinance Chapel Hill Commons, a Kroger-anchored shopping center located at 4919 Flat Shoals Road in Decatur, a suburb of Atlanta. Built in 1999, the 108,000-square-foot shopping center is also leased to H&R Block, Nationwide Insurance, Dollar Tree and Blimpie. Bill Hain of Venture West Funding arranged the 10-year, fixed-rate, interest-only loan through Goldman Sachs.

April 18, 2016

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $12.8M Loan for 480-Unit Apartment Property Near Detroit

by Christina Cannon April 18, 2016

OAK PARK, MICH. — Bernard Financial Group has arranged a $12.8 million refinancing loan for a mid-rise apartment tower in Oak Park, approximately 15 miles northwest of Detroit. Lincoln Towers Apartments, built in 1974, includes 480 units and is located at 15075 Lincoln St. Lincoln Towers Apartments LP was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan through a CMBS lender.

April 18, 2016

Loans Massachusetts Northeast Retail

Cushman & Wakefield Arranges $43.5M Loan for Retail Property in Boston

by Amy Works April 15, 2016

BOSTON — Cushman & Wakefield’s Equity Debt & Structured Finance Group has arranged a $43.5 million loan with Mesa West Capital for a short-term floating rate execution to maximize proceeds on a luxury retail property located at 201 Newbury St. in Boston. Situated in Back Bay, the 24,716-square-foot property is 87 percent leased to retailers, including Anthropologie, Dr. Martens, Ted Baker and Timberland. Trisha Connolly of Cushman & Wakefield represented the borrower 201 Newbury – Prince LLC in the short-term loan transaction.

April 15, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Eastern Union Funding Secures $5.1M Acquisition Loan for Mixed-Use Property in Brooklyn

by Amy Works April 15, 2016

NEW YORK CITY — Eastern Union Funding has secured a $5.1 million loan on behalf of a Brooklyn-based investor for the acquisition of a mixed-use property located at 900 Grand St. in Brooklyn’s East Williamsburg neighborhood. The 22,600-square-foot property features two ground-floor commercial/retail spaces totaling 15,000 square feet, and residential lofts on the second floor. As a former industrial property, the building also features 12-foot to 17-foot ceiling heights, five drive-ins, two elevators and 8,000 buildable square feet. Alex Freund of Eastern Union Funding arranged the nine-year, fixed-rate loan through Suffolk County Bank.

April 15, 2016

Connecticut Loans Northeast Office

Houlihan-Parnes Realtors Arranges $2.7M Loan for Office Building in Connecticut

by Amy Works April 15, 2016

NORWALK, CONN. — Houlihan-Parnes Realtors has arranged a $2.7 million first mortgage for an office property located at 83 East Ave. in Norwalk. The five-year loan, provided by a local bank, features a 3.75 percent interest rate and a five-year option to extend. The 40,000-square-foot office and medical property is occupied by 25 tenants. The building is managed and leased by GHP Office Realty. Andrew Greenspan and James Houlihan of Houlihan-Parnes arranged the loan, while Ray Cohen of Chicago Title arranged the title. The borrower was represented by Christie Houlihan of Zuckerman, Gore, Brandies and Crossman as legal counsel.

April 15, 2016

Loans Multifamily Seniors Housing Texas

KeyBank Provides $202.1M Loan for Texas-based Independent Living Portfolio

by Haisten Willis April 15, 2016

TEXAS — KeyBank Real Estate Capital provided $202.1 million in Freddie Mac financing to a joint venture between Kayne Anderson Real Estate Advisors and Discovery Senior Living for their Conservatory Senior Living portfolio, a five-property independent living portfolio located in Texas. Totaling 1,053 units, the Class A seniors housing communities were all built between 2005-2007 and house between 188-237 units each. Charlie Shoop and Carolyn Nazdin of Key’s Healthcare Mortgage Group worked in conjunction with Paul DiVito of Key’s Healthcare Real Estate Group to arrange the non-recourse, 10-year, adjustable rate financing, which was used to refinance an existing loan.

April 15, 2016

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