Loans

Continental Funding Arranges $9.4M Acquisition Loan for Shopping Center in California

by Nellie Day December 11, 2015

PALMDALE, CALIF. — Continental Funding Group has arranged $9.4 million in acquisition financing for the purchase of 10 West Plaza, an unanchored shopping center in Palmdale. The 10-year, fixed-rate non-recourse loan, which was 75 percent of the purchase price, was provided by a conduit lender and includes two years of interest-only payments. Built in 2008, the 54,988-square-foot property was fully occupied at the time of sale. J.M. Grimaldi and Zalmi Klyne of Continental Funding Group represented the undisclosed borrower in the financing transaction.

December 11, 2015

Illinois Loans Midwest Office

HFF Brokers $168.2M Sale of Office Building in Chicago

by Christina Cannon December 11, 2015

CHICAGO — Holliday Fenoglio Fowler (HFF) has arranged the $168.2 million sale of an office building in Chicago’s West Loop. 200 West Adams is a 32-story, LEED Gold-certified building that spans 683,730 square feet. Sterling Equities and Lincoln Property Co. sold the asset to Gerding Edlen. The buyer also secured a $133.9 million acquisition loan through AEW Capital Management LP. The floating-rate loan is for a period of three years. 200 West Adams is located at the northwest corner of Adams and Wells Streets and was built in 1985. The building is 91 percent occupied by tenants such as the Government Services Administration, BMO Harris Bank and law firm Lowis & Gellen. The retail space on the lobby level is leased to Starbucks, Walgreens and Au Bon Pain. Jeff Bramson and Jaime Fink of HFF represented the seller in the transaction. Tim Joyce of HFF originated the loan.

December 11, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $15.1M Loan for Apartment Conversion Project in Minneapolis

by Christina Cannon December 11, 2015

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $15.1 million HUD 221(d)(4) loan for the rehabilitation of two conjoined warehouses in Minneapolis. The property, 700 Central, will be converted into 80 market-rate housing units. The apartment buildings will also feature 5,600 square feet of ground-floor retail. The project has been placed on the National Register of Historic Places, and the borrower, 700 Central Owner LLC, was able to utilize equity from the sale of historic tax credits for the project.

December 11, 2015

Loans Multifamily Texas

Dougherty Mortgage Closes $7.3M Loan for Apartment Complex in Arlington

by Haisten Willis December 10, 2015

ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $7.3 million Fannie Mae loan for the refinancing of Park Row East Apartments, a 205-unit market rate multifamily property in Arlington. The 10-year loan was arranged on behalf of the borrower, DCP 3201 East Park Row Drive LLC, through a partnership with Old Capital Lending and Dougherty’s Minneapolis office. The loan was structured with a 30-year amortization schedule.

December 10, 2015

Loans Multifamily Texas

Old Capital Provides Loan for Apartment Complex in Houston

by Haisten Willis December 10, 2015

HOUSTON — Old Capital has provided a loan for the 38-unit Magnum Oaks Apartments in Houston. The transaction includes a cash-out refinance after 15 months for a local owner, who is a foreign national. Old Capital provided the Freddie Mac, non-recourse loan with a 30-year amortization schedule at a 4.75 percent interest rate and 75 percent loan-to-value ratio. The loan term is 10 years with a declining pre-payment penalty and three years of interest-only payments.

December 10, 2015

Loans Northeast Office Pennsylvania

Cronheim Mortgage Secures $26.3M Loan for Office Building in Pennsylvania

by Amy Works December 10, 2015

HARRISBURG, PA. — Cronheim Mortgage has secured $26.3 million in permanent financing for Market Square Plaza, a 172,629-square-foot office building and 275-space parking facility in downtown Harrisburg. The loan features a 10-year term and a 30-year amortization schedule. The property has maintained 100 percent occupancy since its development in 2005. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the financing for the borrower.

December 10, 2015

Affordable Housing Loans Multifamily Northeast Vermont

KeyBank Provides $6.8M in Financing for Vermont Affordable Housing Properties

by Amy Works December 10, 2015

HARTFORD, VT. — KeyBank has provided a $6.8 million construction loan to Twin Pines Housing Trust & Housing Vermont for the development and rehabilitation of historic affordable housing properties. The properties are part of Hartford Scattered Sites LP, which is located in downtown White River Junction in Hartford. Lynne Callis-Wilson of Key Community Development Lending arranged the financing.

December 10, 2015

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $7.4M Bridge Loan for Acquisition of Affordable Housing Property in Cleveland

by Christina Cannon December 10, 2015

CLEVELAND — KeyBank Real Estate Capital has provided a $7.4 million bridge loan for the acquisition for a multifamily property in Cleveland. The Community Builders Inc. is the borrower. Commodore Place Apartments is a 198-unit, mixed-income apartment complex that was built in 1924. The property is located in the University Circle neighborhood of Cleveland. Kelly Frank of KeyBank Real Estate Capital arranged the financing.

December 10, 2015

District of Columbia Loans Mixed-Use Southeast

NorthMarq Capital Arranges $8.3M Loan for The Conway Center in D.C.

by John Nelson December 9, 2015

WASHINGTON, D.C. — NorthMarq Capital has arranged an $8.3 million FHA 221(d)(4) construction-to-permanent loan for The Conway Center, a $90 million, 320,000-square-foot mixed-use project in Washington, D.C. The project will be occupied by SOME (So Others Might Eat), an interfaith, community-based, tax-exempt organization. The property will occupy a full city block on Benning Road and will combine affordable housing, job training and healthcare services. The Conway Center is capitalized with public funding, tax credits, tax-exempt bonds and low-interest loans. The Conway Center will annually provide 172 homeless and low-income men and women with affordable housing and 15,000 underserved men, women and children with comprehensive care at the Medical and Dental Health Center operated by Unity Health Care. An estimated 300 adult students will receive job training at SOME’s Center for Employment Training, and 30 homeless and low-income families will be provided with affordable housing. Frank Relihan and Brendan Scanlon of NorthMarq Capital’s Washington, D.C., office arranged the loan, which contributed to the $86.7 million that has been raised for the project thus far. SOME is currently seeking the final $3.3 million to complete the development. Construction for SOME’s facility, which features staff offices and retail space, began Nov. 15 with …

December 9, 2015

Loans Midwest Ohio

Cohen Financial Arranges $14.5M Bridge Loan for Parking Structure in Cleveland

by Christina Cannon December 9, 2015

CLEVELAND — Cohen Financial has arranged a $14.5 million bridge loan for a parking structure in Cleveland. Huntington Garage is a 1,100-stall structure that is located at 999 Chester Ave. in downtown Cleveland. Dan Rosenberg of Cohen Financial secured the bridge loan with Prime Finance Partners for the undisclosed borrower.

December 9, 2015

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