BOSSIER CITY, LA. — NorthMarq Capital has arranged a $16.3 million acquisition loan for Villaggio, a 239-unit apartment community located in Bossier City. Greg Duvall of NorthMarq Capital’s Kansas City office arranged the loan through Freddie Mac on behalf of the borrower. In addition to its apartment residences, Villaggio features retail and office space.
HILTON HEAD, S.C. — HFF has secured $13.4 million in acquisition financing for Fresh Market Shoppes, an 86,694-square-foot, grocery-anchored shopping center in Hilton Head. Redeveloped in 2004, the shopping center was 91.2 percent leased at the time of financing to 16 tenants, including anchor The Fresh Market, Bonefish Grill, Dollar Tree, Massage Envy and West Marine. Situated on 9.7 acres at 890 William Hilton Parkway, the shopping center is bounded by two golf courses: Long Cove Golf Club and Shipyard Plantation Golf Course. Travis Anderson and Cory Fowler led HFF’s debt placement team to arrange the loan through Synovus Bank on behalf of the borrower, Ferncroft Capital.
PHILADELPHIA — HFF has arranged $88 million in financing for The Left Bank, an apartment complex in Philadelphia. The firm placed the five-year, fixed-rate loan with a regional community bank for the borrower, Dranoff Properties. Located at 3131 Walnut St., The Left Bank features 282 apartment units in a mix of studio, one-, two- and three-bedroom layouts averaging 971 square feet. Community amenities include a lobby, sky deck, landscaped courtyard, fitness center, business center, community conference rooms, clubroom with catering kitchen, bike storage and 24-hour concierge service. The property also includes 98,707 square feet of office space and 22,605 square feet of retail, both of which are 100 percent occupied. Jim Cadranell and Ryan Ade of HFF arranged the financing for the borrower.
MONTCLAIR, N.J. — PMZ Realty Capital has arranged a $26.5 million construction loan for The MC Hotel, an Autograph by Marriott property, in Montclair. Situated within the CentroVerde development, the 150-room hotel will feature 7,500 square feet of office space, a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza. The hotel is slated to open in third quarter 2017.
WAYNE, N.J. — Morristown, N.J.-based G.S. Wilcox & Co. has arranged $11 million in financing for an undisclosed repeat borrower. The loan is secured by a 255,253-square-foot warehouse building located in Wayne. The five-year loan has a 30-year amortization schedule and was provided by Thrivent Financial. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. originated the loan for the borrower.
DENVER — HFF has arranged $23.7 million in financing for Market Center, a mixed-use office and retail property totaling 120,736 square feet in downtown Denver. Leon McBroom and Eric Tupler of HFF worked on behalf of the borrower, a joint venture between Urban Renaissance Group, Stars Investments and City Street Investors, to secure the floating-rate financing through First National Denver. The 36-month loan has two 12-month extension options and was used to acquire the asset.
ROLLING MEADOWS, ILL. — Alpha Alternative LLC has arranged an $18.3 million bridge and preferred equity loan for an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. 1600 Corporate Center is a 12-story, Class A multi-tenant office building that is located at 1600 Golf Road. The asset has 255,440 rentable square feet and was built in 1986. Bank of America recently signed a lease to occupy more than one-third of the building, which brought the total occupancy to 89 percent. Alpha Alternatives utilized a securitized lender and private equity lender to provide the interest-only financing for a combined rate of 500 basis points over LIBOR. Anthony Longo of Alpha Alternative arranged the 85 percent loan-to-cost financing.
PHOENIX — BH Properties has received a $97 million credit facility to refinance a multifamily portfolio in the Phoenix area. The portfolio contains 12 properties and about 3,000 apartment units. The Bank of America Merrill Lynch credit facility replaces multiple existing loans with various lenders. The properties average a 93 percent occupancy rate.
LOS ANGELES — BH Properties has received a $13 million refinancing for an office and retail portfolio it owns. The portfolio contains five office and retail properties for a total of about 231,000 square feet. The assets are situated in California, Tennessee and Florida. The semi-permanent bridge financing replaces short-term financing associated with the recent acquisition of these properties. The assets have a combined occupancy rate of 60 percent.
HOUSTON — HFF has arranged $60.7 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet, plus a standalone retail site across from the Galleria Mall in Houston. HFF arranged the loan on behalf of the borrower, LPC Realty Advisors I, an affiliate of Lincoln Property Co. LPC Realty Advisors closed the loan on behalf of a pension fund client. HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital. HFF also arranged the sale of the property earlier in 2015. Galleria Place consists of Galleria Place I, an 11-story, 217,006-square-foot office building; Galleria Place II, a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and IHS. The properties occupy six acres bounded by Sage and Westheimer roads and West Alabama Street directly across from the Houston Galleria shopping and dining district. Susan Hill led HFF’s debt placement team representing the borrower.
