ALPHARETTA, GA. — NorthMarq Capital has arranged a $4.2 million acquisition loan for Windward Forest, a 67,000-square-foot office building located at 960 North Point Parkway in Alpharetta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq’s Atlanta office arranged the five-year, fixed-rate loan with a 25-year amortization schedule through a local bank. The borrower used the proceeds to purchase Windward Forest in a 1031 exchange.
DAVENPORT, FLA. — Dougherty Mortgage LLC has closed an $18 million HUD 221(d)(4) loan for the construction of The Portofino at Champions Gate, a 120-unit apartment community in Davenport. The property will be built within the Champions Gate area of the city. The community will include one-, two- and three-bedroom units with attached garages. Community amenities will include a clubhouse with a fitness center, pool area with hot tub, a business center, volleyball court and a car wash. Dougherty Mortgage’s Minneapolis office arranged the loan on behalf of the borrower, Portofino at Champions Gate LLC.
RIVERDALE, N.Y. — Meridian Capital Group has arranged a $36 million underlying cooperative loan and a $5 million line of credit for The Whitehall, a cooperative property located at 3333 Henry Hudson Blvd. in Riverdale, for Whitehall Tenants Corp. The 15-year loan, provided by a New York-based commercial bank, features a 3.7 percent fixed rate and interest-only payments for the initial 10-year term. Constructed in 1970, the 22-story property features 432 residential units, 21 office spaces, a health club and spa, indoor swimming pool, 496-car garage and 24-hour concierge. Allan Lieberman of Meridian Capital negotiated the transaction.
CARSON, CALIF. — HFF has secured $83.2 million in first lien financing for South Bay Pavilion, a 1.2 million-square-foot super regional mall in the Los Angeles suburb of Carson. James Fowler of HFF worked on behalf of the borrower, Vintage Real Estate, to secure the three-year, floating-rate loan through PCCP. The loan will be used to continue the borrower’s redevelopment, repositioning and expansion of the mall. The 95 percent leased center is home to more than 60 tenants including Cinemark Theatre, Ikea, Old Navy, Olive Garden, Buffalo Wild Wings, Big 5 Sporting Goods, Panera Bread, 24 Hour Fitness, Chili’s Grill & Bar and The Children’s Place. The current expansion plan includes adding several new fashion and restaurant tenants.
MOUNT PROSPECT, ILL. — NorthMarq Capital has arranged a $42.2 million refinancing loan for a multifamily property in Mount Prospect, approximately 24 miles northwest of Chicago. The Residences at 1550 is a 509-unit apartment complex that includes amenities such as a fitness center, laundry facility, swimming pools, pet waste stations, copy and fax service and access to public transportation. Unit amenities include kitchen appliances, walk-in closets, faux granite countertops and private balconies or patios. NorthMarq arranged the adjustable rate loan through Freddie Mac. The financing features a seven-year term with two years of interest-only payments and a 30-year amortization schedule.
ORLANDO, FLA. — Meridian Capital Group has arranged $18 million in CMBS financing for the refinancing of Deerfield Plaza, a 106,292-square-foot shopping center located at 12700 S. Orange Blossom Trail in Orlando. The property is anchored by LA Fitness, which has 10 years remaining on its lease, and a Wendy’s outparcel. The shopping center was 95 percent leased at the time of financing. Tal Bar-Or of Meridian Capital’s New York City office arranged the 10-year, fixed-rate loan through an unnamed CMBS lender on behalf of the borrower, Blue Sphere. The loan features four years of interest-only payments.
WEST CONSHOHOCKEN, PA. — PCCP has provided a $43.4 million senior loan to Arden Group for the refinancing of an office building located at 100 and 200 Four Falls Corporate Center in West Conshohocken, a suburb of Philadelphia. Arden Group acquired the 253,985-square-foot asset in late 2013 and has since invested $2.5 million in renovations, including upgrades to the lobby, corridors and terraces, as well as a new conference center and other projects. The office building features two distinct six-story wings linked by a recently renovated six-story atrium lobby. Additionally, the building features 22,000-square-foot floor plates, a third-party managed conference facility, a full-service café, a substantial lobby and a multi-level subterranean parking garage. The building is currently 69 percent occupied by 27 tenants.
POMPANO BEACH, FLA. — Walker & Dunlop Inc. has arranged the $3.5 million refinancing of Fort Knox Self Storage, a single-story, 833-unit self storage facility in Pompano Beach. Built in 1975, the property features an onsite U-Haul truck rental, electronic gate access and moving and packing supplies. The borrower has owned the property since 2002 and changed management in 2012. The facility was 87 percent occupied at the time of sale. Paul Ahmed led Walker & Dunlop’s team in arranging the five-year loan with a 30-year amortization schedule.
SIOUX FALLS, S.D. — Cain Brothers has arranged $40 million in taxable bank direct-purchase bonds for The Evangelical Lutheran Good Samaritan Society, a nonprofit operator of seniors housing based in Sioux Falls. Founded in 1922, the society operates skilled nursing facilities, senior apartments, home health services and affordable housing in over 230 locations in the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to fund the purchase of a home health agency that provides services in New Mexico and Arizona. The acquisition more than doubled the society’s existing home health business. Cain Brothers arranged the financing through an undisclosed bank.
American Street Capital Arranges $4M in Financing for 81-Unit Multifamily Property in Chicago Suburb
OAK LAWN, ILL. — American Street Capital has arranged a $4 million acquisition loan for an 81-unit apartment property in Oak Lawn, approximately 16 miles southwest of Chicago. The three-building property, Oak Lawn Gardens, was constructed in 1963 and is 97 percent occupied. The asset features on-site laundry facilities and 67 parking spaces. The non-recourse loan features a 10-year fixed rate and 25-year amortization schedule. The financing was placed with a CMBS lender. Igor Zhizhin of American Street Capital arranged the financing.