Loans

Love Funding Arranges $15M Construction Loan for 90-Unit Seniors Housing Community in Arizona

by Nellie Day March 29, 2016

PEORIA, ARIZ. — Love Funding, a lender based in Washington, D.C., has arranged a $15 million FHA bridge loan for the construction and financing of Agua Fria Senior Living, a 90-unit assisted living and memory care community in the Phoenix suburb of Peoria. The private-pay community will feature 32 units of assisted living and 58 units of memory care. Robyn Cunningham, senior director, and Adrian Hartman, director, arranged the financing. Love Funding’s parent company, Midland States Bank, provided the capital. The closing of the Agua Fria loan caps the first year for Love Funding’s bridge-loan program, which saw the company finance nearly $60 million in bridge loans.

March 29, 2016

Loans Multifamily Texas

Dougherty Mortgage Brokers $25M HUD Loan for New Apartment Complex in Fort Worth

by Haisten Willis March 29, 2016

FORT WORTH, TEXAS — Dougherty Mortgage LLC has closed a $25 million HUD 221(d)(4) loan for the construction of Reserve at Quebec, a 296-unit multifamily affordable housing property located in Fort Worth. The property will include 12 three-story buildings. The 40-year term loan was arranged for the borrower, Reserve at Quebec LLC, through Dougherty’s Dallas office.

March 29, 2016

Loans Office Oregon Western

George Smith Partners Arranges $19.9M Loan for Under Armour Office Build-to-Suit in Downtown Portland

by Nellie Day March 28, 2016

PORTLAND, ORE. — George Smith Partners has arranged a $19.9 million bridge loan for the construction of a build-to-suit creative office campus in downtown Portland for sportswear supplier Under Armour. The 68,698-square-foot, special-purpose, single-tenant building formerly housed the local YMCA. It will be transformed into a 108,698-square-foot campus environment. Under Armour signed a 15-year lease at the property. The borrower and landlord were not disclosed. Malcolm Davies, Kyle Henrickson and Teddy Stutz of George Smith Partners secured the financing.

March 28, 2016

Loans Multifamily Texas

BMC Capital Provides $10.1M in Financing for Six Multifamily Properties in Houston

by Haisten Willis March 28, 2016

HOUSTON — Tony Talamas of BMC Capital’s Houston office has arranged $10.1 million in financing for the cash-out refinance of six multifamily properties in Houston. The properties were built between 1958 and 1980. The five-year loan includes a fixed interest rate of 3.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent life company relationships.

March 28, 2016

Connecticut Industrial Loans Northeast

CBRE/NE Secures $7.8M in Financing for 207,878 SF Industrial Building in Connecticut

by Amy Works March 28, 2016

KILLINGLY, CONN. — CBRE/New England has secured $7.8 million in permanent financing for affiliates of The Grossman Companies for an industrial building located at 349 Lake Road in Killingly. The long-term, fixed-rate loan was provided by HarborOne Bank. Situated on 20.7 acres, the 207,878-square-foot industrial facility is fully leased to C&M Corp. and Superwinch with a long-term parking lease to Rite Aid. Kyle Juszczyszyn and Chris Coutts of CBRE/NE arranged the financing for the borrower.

March 28, 2016

Loans Mixed-Use Multifamily Northeast Office Retail Rhode Island

Kennedy Funding Financial Secures $1.8M Loan for Development Site in Rhode Island

by Amy Works March 28, 2016

NORTH KINGSTOWN, R.I. — Kennedy Funding Financial has completed a $1.8 million loan secured by a development site in North Kingstown. The borrower was property owner CIOE A34 LLC. Located on Ten Rod Road, the 5.3-acre parcel is currently zoned for approximately 200,000 square feet of mixed-use development. Kevin Wolfer of Kennedy Funding Financing arranged the financing for the borrower.

March 28, 2016

Industrial Loans North Carolina Southeast

Revere Capital Provides $4.8M Loan for Future Port of Wilmington Cold Storage Facility

by John Nelson March 28, 2016

WILMINGTON, N.C. — Dallas-based Revere Capital has provided $4.8 million in financing for a new industrial cold storage facility that will be situated on land owned by the state of North Carolina at the Port of Wilmington. Construction is underway on the 101,000-square-foot project, which is the newest cold storage facility in the area and is the first phase of a potential two-phase warehouse operation. The Port of Wilmington is a full-service deep-water port and marine terminal handling more than 400 vessels annually with an annual import/export cargo tonnage of more than 3 million tons. Owned and operated by the North Carolina State Ports Authority, the port offers facilities serving container, bulk and break-bulk operations and is 26 miles from the open sea on the Cape Fear River. CSX Transportation provides direct rail access to the port, which is one of only two ports in North Carolina.

March 28, 2016

Illinois Loans Midwest Retail

Associated Bank Provides $4.6M Acquisition and Construction Loan for Retail Center in Metro Chicago

by Christina Cannon March 28, 2016

GURNEE, ILL. — Associated Bank has provided a $4.6 million loan to Gurnee Investment Partners LLC to acquire land and construct a 14,800-square-foot retail center in the Chicago suburb of Gurnee. The new center — located across the street from the Gurnee Mills Mall — is already 91 percent pre-leased to Mattress Firm, Vitamin Shoppe, Navy Federal Credit Union and MOD Pizza. Developer Shai Wolkowicki, who specializes in ownership and development of retail and mixed-use properties, owns Gurnee Investment Partners LLC.

March 28, 2016

California Loans Retail Western

JLL Secures $55M Refinancing for 213,655 SF Retail Asset in San Luis Obispo

by Nellie Day March 25, 2016

SAN LUIS OBISPO, CALIF. — JLL has secured a $55 million loan for Jamestown LP to refinance The San Luis Obispo Collection, a 213,655-square-foot retail asset located in San Luis Obispo. The collection totals eight buildings: two multi-tenanted retail properties and six standalone historical buildings. Additionally, the asset is nearly fully leased to a credit tenant roster. John Manning, Alex Witt, Pavan Malhotra and Sarah Bernhisel of JLL arranged the financing for the borrower.

March 25, 2016

California Loans Retail Western

Meridian Capital Arranges $17.8M Acquisition Loan for Marina, Mixed-Use Portfolio

by Nellie Day March 25, 2016

NEWPORT BEACH, CALIF. — Meridian Capital Group has negotiated $17.8 million in bridge financing for the purchase of a marina and mixed-use portfolio located at 2751 and 2801 Coast Highway and 2620 Avon St. in Newport Beach. The three-year, non-recourse loan features floating-rate, interest-only payments for the full term and two one-year extension options. A bridge lender provided the capital. The portfolio consists of three retail-oriented properties, a 24-slip marina and an off-site parking lot. The properties total 29,350 square feet and house Billy’s at the Beach and The Ritz restaurant. Brandon Harris of Meridian Capital Group negotiated the financing for the undisclosed borrower.

March 25, 2016

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