Loans

Pillar Originates $9.1M in Fannie Mae Loans for Three Multifamily Properties in Ohio

by Christina Cannon December 9, 2015

LAKEWOOD, EUCLID AND WICKLIFFE, OHIO — Pillar has originated $9.1 million in Fannie Mae refinance loans for three apartment properties in Ohio. Joe Markech and Brooke Jackson of Pillar originated the three fixed-rate, 12-year loans that include a 30-year amortization schedule. Mayfair Apartments, a 144-unit building located in Lakewood, a western suburb of Cleveland, received $5 million in refinancing. Pillar also originated a $1.8 million loan at 65 percent loan-to-value for Euclid Terrace Apartments in Euclid, a northeastern suburb of Cleveland. The property consists of four two-story buildings totaling 91 units. The buildings were built in 1958 and 1964. Wickliffe Gardens & Manor also received a $2.2 million loan at 65 percent loan-to-value from Pillar. Located in Wickliffe, a northeast suburb of Cleveland, Wickliffe Gardens is a 55-unit building and Wickliffe Manor is a 26-unit apartment property.

December 9, 2015

California Loans Retail Western

NorthMarq Arranges $9.8M in Acquisition Financing for Los Alisos Village in Mission Viejo

by Nellie Day December 8, 2015

MISSION VIEJO, CALIF. — NorthMarq capital has arranged $9.8 million in acquisition financing for Los Alisos Village, a 31,401-square-foot retail center located in Mission Viejo. David Blum and Nathan Prouty of NorthMarq arranged the transaction, which was structured with a three-year, interest-only loan.

December 8, 2015

Loans Multifamily Texas

HFF Secures Financing for Class A Apartment Community in Houston

by John Nelson December 8, 2015

HOUSTON — HFF has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A apartment community in Houston’s Inner Loop. Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan through LStar Capital Finance Inc. Loan proceeds were used to replace existing construction financing. Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park. Situated on 1.5 acres, the asset provides access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Avenue and Highland Village. The four-story, podium-style building has units averaging 745 square feet and is built above a two-story, 268-space parking garage. Community amenities include a swimming pool with tanning ledge and spa, barbecue grills, fitness center, lounge with billiards, kitchen, business center, bike storage/repair station and access to nearby biking/jogging trails at Memorial Park. Cameron Cureton and Scott Galloway led the HFF debt placement team representing the borrower.

December 8, 2015

Loans Massachusetts Multifamily Northeast

Berkeley Point Capital Closes $19.7M Acquisition Loan for Multifamily Property in Massachusetts

by Amy Works December 8, 2015

SHREWSBURY, MASS. — Berkeley Point Capital has closed a $19.7 million fixed-rate loan for the acquisition and renovation of Ashford Crossing, a 180-unit multifamily development in Shrewsbury. The garden-style apartment complex comprises 15 three-story residential buildings, containing one- and two-bedroom units, as well as a clubhouse featuring a pool, tennis courts, playground and fitness center. The borrower, whose name was not released, plans to renovate the interior and exterior of the property, including upgrades to all kitchens and bathrooms as units turnover. The 12-year loan, which was secured through Fannie Mae, features a six-year interest-only period.

December 8, 2015

Loans New York Northeast Office

Newmark Holdings Receives $100M Refinancing for Manhattan Office Building

by Amy Works December 8, 2015

NEW YORK CITY — Newmark Holdings has received $100 million in refinancing for 560 Broadway, a six-floor, 122,454-square-foot office building in Manhattan’s Soho neighborhood. The funding will be used for a major capital improvement plan that will reposition and upgrade the property. The property, which Newmark Holdings purchased in 1986, is currently 100 percent occupied with a tenant roster that includes Converse, Dean & Deluca and Lerer Hippeau Ventures. The funding was provided by TD Bank and BNY Mellon.

December 8, 2015

Loans Mixed-Use Southeast Virginia

HFF Arranges $65M Refinancing Loan for Mixed-Use Development in Arlington

by John Nelson December 8, 2015

ARLINGTON, VA. — HFF has arranged $65 million in financing for Tellus, a 254-unit, 16-story mixed-use development in Arlington’s Courthouse neighborhood. Tellus is located at 2009 14th St. N. two blocks from the Courthouse Metro. Completed in 2014, the transit-oriented property offers views of downtown Washington, D.C., and has studio, one- and two-bedroom units averaging 789 square feet each. The LEED Gold-certified property features a rooftop swimming pool, indoor yoga studio, fitness center, business center, oversized courtyard, cyber café, 273-space parking garage and more than 13,300 square feet of street-level retail and office space. At closing, the residential portion of the property was 93 percent occupied. Sue Carras, Walter Coker and Brian Crivella of HFF worked on behalf of the developer, a joint venture between Jefferson Apartment Group and Erkiletian Development Co., to secure the 15-year, fixed-rate loan through TIAA-CREF. Loan proceeds were used to replace construction debt on the property, which is managed by JAG Management Co.

December 8, 2015

Arizona Loans Multifamily Student Housing Western

Berkadia Arranges $16.8M Sale of The Mark Near Arizona State University

by Nellie Day December 7, 2015

TEMPE, ARIZ. — Berkadia has arranged the $16.8 million sale of The Mark, a student housing community within walking distance of Arizona State University in Tempe. The Mark features 161 units with studio, one- and two-bedroom floor plans. Built in 1970, the property is currently 98 percent occupied and master-metered for HVAC. Community amenities include a swimming pool, sundeck, student lounge, fitness center, courtyard with barbecue grills and elevator access. Berkadia’s Dan Cheyne, vice president; Mark Forrester, senior managing director; Ric Holway, managing director; and Kevin Larimer, managing director — student housing, closed the sale. Nelson-Brothers of Aliso Viejo, Calif., is the buyer of the property. The seller, Sundance Bay of Salt Lake City, purchased the property as a distressed asset and completed a full renovation and rebranding. The purchase price reflects a per-unit price of $104,280.

December 7, 2015

Loans Multifamily Texas

BMC Secures $3.7M Refinancing of Apartment Property in Tyler

by Haisten Willis December 7, 2015

TYLER, TEXAS — BMC Capital has secured $3.7 million in cash-out refinancing for an apartment property in Tyler. The loan includes a 3.9 percent fixed interest rate and 30-year amortization schedule for the Class C property. BMC arranged the seven-year loan at a 75 percent loan-to-value ratio through a bank correspondent.

December 7, 2015

Healthcare Loans Mixed-Use New Jersey Northeast Retail

Procida Funding Closes Three Loans Totaling $6.3M in Central New Jersey

by Amy Works December 7, 2015

RANDOLPH, MIDDLESEX, LONG BEACH, ELIZABETH AND MARLBORO, N.J. — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, has closed three loans totaling $6.3 million for properties in Central New Jersey. In the first deal, Procida Fund secured a $1.3 million first mortgage for the acquisition and pre-construction work of a development site. The borrower, ER Real Estate Management LLC, plans to build a 12,500-square-foot medical office property on the site in Randolph. In the second transaction, the fund provided a $2.7 million bridge loan to Naval Crest Associates I & II LLC to pay off an existing mortgage loan and modify and amend a mortgage on two properties in Middlesex and Long Beach. In the final deal, Procida provided a $2.3 million bridge loan for the acquisition of three gas stations in Elizabeth and Marlboro. With these three transactions, Procida Funding has closed 19 debt investments totaling more than $100 million year-to-date.

December 7, 2015

Loans Michigan Midwest Multifamily

Pillar Originates $15.4M Construction Loan for 80-Unit Apartment Property in Downtown Detroit

by Christina Cannon December 7, 2015

DETROIT — Pillar has closed a $15.4 million HUD 221(d)(4) construction and permanent financing loan for a multifamily development in Detroit. The Griswold will be an 80-unit market-rate property located downtown. Roxbury Group is the project developer. The apartment building will sit on top of an existing 10-story parking structure that is adjacent to the Westin Book Cadillac Detroit. The Griswold will be the first newly contructed market-rate multifamily development in downtown Detroit in more than 20 years. The property will feature one-, two- and three-bedroom apartments that will range from 750 to 1,600 square feet. Mark Wiedelman of Pillar originated the loan. The construction loan will convert to a fixed-rate, 40-year fully amortizing loan. Leasing for The Griswold will begin at the end of 2016.

December 7, 2015

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