Loans

CBRE/NE Secures $23.5M in Refinancing for Cabot Crossing in Massachusetts

by Amy Works April 6, 2016

LOWELL, MASS. — CBRE/New England has secured a $23.5 million first mortgage loan to refinance the existing debt on Cabot Crossing, a multifamily property located in Lowell. The borrower is Taurus CD 165 Bowden Street MA LP, an affiliate of Taurus Investment Holdings and PhilMor Real Estate Investments. The owner originally acquired the property in 2013 and implemented a successful unit upgrade and capital improvement plan. Located at 130 Bowden St., the multifamily community features 252 apartment units in a mix of 28 studio units, 168 one-bedroom layouts and 56 two-bedroom units. On-site amenities include a clubhouse with multi-station exercise room, TV lounge, saunas, Jacuzzi, locker rooms, outdoor swimming pool and picnic areas. John Kelly and Sam Dylag of CBRE/NE Multifamily Debt & Structured Finance arranged the financing for the borrower.

April 6, 2016

Loans Multifamily Texas

NXT Capital Provides $17.6M Loan for Apartment Community in Metro Dallas

by Haisten Willis April 5, 2016

BEDFORD, TEXAS — NXT Capital has provided a $17.6 million first mortgage loan to finance the acquisition of a 272-unit, Class B apartment community in Bedford. Located 10 miles northeast of the Dallas/Fort Worth International Airport, amenities at the property include two swimming pools and picnic areas. Michael Cosby in the Dallas office of HFF arranged the loan through NXT Capital.

April 5, 2016

Loans Multifamily Northeast Vermont

BMC Capital Secures $1.1M Loan for Multifamily Property in Vermont

by Amy Works April 5, 2016

SOUTH BURLINGTON, VT. — BMC Capital has arranged a $1.1 million loan for the cash-out refinance of a multifamily property located in South Burlington. The non-recourse loan features a 4.51 percent fixed rate for seven years, two years of interest-only payments and a 30-year amortization schedule. Brian Gramlich of BMC Capital’s Dallas office arranged the loan through one of BMC Capital’s correspondent agency relationships for the undisclosed borrower.

April 5, 2016

Loans Multifamily Seniors Housing Southeast Tennessee

Berkadia Provides $68.8M Freddie Mac Financing for Seniors Housing Portfolio

by John Nelson April 5, 2016

CHATTANOOGA, TENN. — Berkadia has originated $68.8 million in financing for a portfolio of eight seniors housing communities operated by Morning Pointe, a Chattanooga-based developer and operator. The portfolio totals 474 units in Lexington and Frankfort, Ky.; Knoxville, Tenn.; and Johnson, Ind. Morning Pointe plans to use the funds to fund future development across the Southeast. Berkadia’s Marcus Lyons, director, and Chris Fenton and David Oakley, managing directors, managed the transaction through Freddie Mac. Berkadia is a New York City-based lender specializing in Fannie Mae, Freddie Mac and HUD loans in the commercial real estate sector.

April 5, 2016

Loans Michigan Multifamily

Cohen Financial Arranges $4.5M Refinancing Loan for 64-Unit Apartment Community

by Christina Cannon April 5, 2016

YPSILANTI, MICH. — Cohen Financial has arranged a $4.5 million non-recourse refinancing loan for Blue Heron Pointe Apartments. The 64-unit community is located at 6244 Trumpeter Lane in Ypsilanti, approximately 40 miles west of Detroit. The Class A property was built in 2014. Cathy Bronkema of Cohen Financial secured the 25-year, fixed-rate loan with a life insurance company. Unit amenities at Blue Heron Pointe Apartments include one-car garages, kitchen appliances, granite countertops, faux wood floors and washers and dryers.

April 5, 2016

California Hospitality Loans Western

Dougherty Funding Provides $22.8M Loan for Comfort Inn in San Francisco

by Nellie Day April 5, 2016

SAN FRANCISCO — Dougherty Funding LLC has provided $22.8 million in financing for a 169-room Comfort Inn & Suites Hotel in San Francisco. The hotel is situated in south San Francisco, about three miles north of San Francisco International Airport. It was built in 1986 and was renovated last in 2010. About $2.4 million of the loan proceeds will be used to renovate the hotel. Dougherty Funding served as lead lender and servicer for the loan.

April 5, 2016

Hospitality Loans Office Retail Top Stories Western

Developers Receive $225M Loan to Finance The Bloc Mixed-Use Project in Downtown Los Angeles

by Nellie Day April 5, 2016

LOS ANGELES — The developers of The Bloc, a 1.1 million-square-foot office, retail and hospitality redevelopment in downtown Los Angeles, have received a $225 million permanent loan to finance the project. The Bloc is located at 700 S. Flower Street. The site was originally built in 1973 as a traditional mall. The redevelopment will transform the space into an open-air urban complex. It will be the largest mixed-use property in Los Angeles, according to developers The Ratkovich Company, National Real Estate Advisors and Blue Vista Capital. The Bloc is scheduled to open this summer. A renovated flagship Macy’s will anchor the center. The Bloc will also offer a variety of artisanal retailers and restaurants, as well as creative-leaning office space and a newly renovated, 496-room Sheraton Los Angeles Downtown. The new loan replaces an existing CMBS loan inherited when the property was purchased in 2013, with a final payoff amount of about $121.6 million. It also provides additional proceeds to finalize the redevelopment and fund leasing costs at the property. “This financial commitment lends further credence to the vibrant revitalization underway in downtown and lays the foundation for continued growth in the decades ahead,” says Jeff Kanne, president of National …

April 5, 2016

Loans New York Northeast Office

Meridian Capital Secures $160M in Refinancing for Manhattan Office Building

by Amy Works April 4, 2016

NEW YORK CITY — Meridian Capital Group has arranged $160 million in permanent financing for the refinancing of an office building located at 245 Fifth Ave. in Manhattan. The borrower was 245 Fifth Owner LLC. The seven-year loan, which was provided by a life insurance company, features three years of interest-only payments and a 3.99 percent fixed rate. Built in 1926, the 26-story, 314,000-square-foot Class A office property features 12,652 square feet of retail space. Drew Anderman and Alan Blank of Meridian Capital Group arranged the financing.

April 4, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $60M Construction Loan for NYC Mixed-Use Development

by Amy Works April 4, 2016

NEW YORK CITY — Madison Realty Capital has provided $60 million in construction financing for the development of a mixed-use property located at 1399 Park Ave. in Manhattan. Being developed by Heritage Real Estate Partners, the 100,000-square-foot building will feature 72 condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors. The residential units will be a mix of studio, one-, two-, three-, and four-bedroom layouts, and on-site amenities will include a fitness center, lounge, children’s playroom and communal rooftop terrace.

April 4, 2016

Loans Multifamily Texas

Hunt Mortgage Refinances Multifamily Property in Metro Houston with $11M Loan

by Haisten Willis April 4, 2016

TEXAS CITY, TEXAS — Hunt Mortgage Group has provided an $11 million Fannie Mae loan to refinance Lakeview Apartments, a multifamily community in Texas City. The property is located in northwest Galveston County, 33 miles southeast of Houston’s Central Business District. Charles Nickson acquired the property in 1993. Lakeview Apartments is a 304-unit, garden-style multifamily facility comprising 22 two-story residential buildings and a one-story leasing office/clubhouse. The 10-year loan includes five years of interest-only payments, a 30-year amortization schedule and a 9.5-year yield maintenance period. Lakeview Apartments also offers parking via 82 metal carports and features an outdoor swimming pool, exercise/fitness room and three laundry facilities. All apartments have individual washer and dryer connections.

April 4, 2016

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