Loans

Cronheim Mortgage Secures $19M Loan for 215,000 SF Shopping Mall

by Amy Works November 30, 2015

TRUMBULL, CONN. — Cronheim Mortgage has secured a $19 million loan for Hawley Lane Mall, a 215,000-square-foot shopping mall in Trumbull. The 15-year loan, which features a 30-year amortization schedule, was funded by the United States Life Insurance Co. and National Union Fire Insurance Co. In 2005, Purchase, N.Y.-based National Realty and Development Corp. redeveloped the property, which was built in 1971, into a two-level community shopping center. The center is anchored by Kohl’s, HomeGoods and Best Buy. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the financing for the borrower.

November 30, 2015

Loans Multifamily Washington Western

Lancaster Pollard Provides $10.4M Refinancing for Two Communities near Seattle

by Nellie Day November 25, 2015

PORT TOWNSEND and BUCKLEY, WASH. — Lancaster Pollard has secured two HUD loans totaling $10.4 million to refinance San Juan Villa, a 32-bed memory care community in Port Townsend, and Heritage House, a 76-unit assisted living and memory care community in Buckley. Both towns are suburbs of Seattle. Oregon-based operator Caring Places Management manages both communities. Each loan is nonrecourse and features a 35-year term. The loans will provide annual debt service savings and fund replacement reserves for ongoing repairs at each property. Matt Lindsay led the transactions for Lancaster Pollard.

November 25, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Love Funding Secures $11.3M Bridge Loan for Seniors Housing Community

by Christina Cannon November 25, 2015

CARBONDALE, ILL. — Love Funding, a lender specializing in HUD loans, has closed an $11.3 million bridge loan for Landings of Carbondale, a 92-unit assisted living and memory care community under development in the southern Illinois city of Carbondale. The loan will fund the transition from construction to permanent financing. Landings of Carbondale will be built on a 6.5-acre site on the northeast side of Carbondale. Fricke Management is developing the site, which The Landings of Carbondale LLC will own. Once completed, Revere Healthcare will operate the community. Love Funding’s Robyn Cunningham, senior director, and Adrian Hartman, director, secured the financing through Midland States Bank.

November 25, 2015

Loans Michigan Midwest Multifamily

Bernard Financial Originates $10M Loan for Two Multifamily Properties

by Christina Cannon November 25, 2015

BATTLE CREEK, MICH. — Bernard Financial Group has completed a $10 million loan for River Apartments and River Oaks Apartments located in Battle Creek. There are 288 units between the two properties. BC River Oaks Apartments LLC is the borrowing entity. Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender. River Apartments is a five-building, 120-unit property that was built in 1980. River Oaks Apartments is a seven-building, 168-unit complex that was built in 1976.

November 25, 2015

Loans Mixed-Use Multifamily New York Northeast Office Retail

Related Cos., Oxford Properties Close on $1.3B in Financing for 15 Hudson Yards

by Amy Works November 24, 2015

NEW YORK CITY — Related Companies and Oxford Properties Group have closed on $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre Hudson Yards mixed-use development on Manhattan’s West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 stories, as well as 106 rental units. The property will offer unobstructed views of the city and Hudson River. Hudson Yards is being developed by Related Cos. and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the …

November 24, 2015

Loans Multifamily New York Northeast

Ready Capital Closes $17.6M Loan for Multifamily Property in New York

by Amy Works November 24, 2015

PENFIELD, N.Y. — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed a $17.6 million value-add loan for a multifamily property in Penfield. The loan features a three-year term with a one-year extension and is structured in the stretch senior loan program up to 85 percent loan-to-cost. The property, Penbrooke Meadows, features 350 apartment units. Ready Capital originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

November 24, 2015

Hospitality Loans Texas

HFF Secures $28.2M Construction Financing for Embassy Suites in Amarillo

by Haisten Willis November 24, 2015

AMARILLO, TEXAS — HFF has secured $28.2 million in construction financing to develop a 225-room Embassy Suites hotel to anchor the Civic Center redevelopment in Amarillo. HFF worked on behalf of the developer, NewcrestImage, to secure the financing through Southwest Bank, the largest locally owned bank in Fort Worth. Located at the intersection of 6th Avenue and Buchanan Street, the 200,000-square-foot Embassy Suites hotel will be part of planned improvements in downtown Amarillo surrounding Amarillo’s Civic Center, a multi-purpose convention center that will also include retail, a parking garage and an entertainment venue/ballpark. Amarillo is the 14th-largest city in Texas and the largest city in the Texas Panhandle. The all-suite, Hilton-branded hotel will feature 30,000 square feet of meeting and function space, 300 parking spots in an adjacent garage, lounge and lobby bar, pool, fitness center and full-service restaurant for breakfast, lunch and dinner. The hotel is expected to be complete in 2017. Travis Anderson and Jim Curtin led the HFF debt placement team representing the borrower.

November 24, 2015

California Loans Retail Western

Newmark Realty Capital Arranges $40M Loan for Regional Power Center in South Gate

by Nellie Day November 24, 2015

SOUTH GATE, CALIF. — Newmark Realty Capital Inc. has arranged $40 million in permanent financing for a 370,000-square-foot regional power center in South Gate. The center was completed in 2014. George Mitsanas, Peter HIllakas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing for the borrower, a Los Angeles-based developer. The 10-year, interest-only loan was placed with one of Newmark’s correspondent life insurance lenders.

November 24, 2015

California Loans Retail Western

Ready Capital Closes $9.1M Loan for the Hangars at Playa Vista

by Nellie Day November 24, 2015

LOS ANGELES — Ready Capital Structured Finance has closed a $9.1 million loan for the Hangars at Playa Vista. The property contains four separate industrial/office buildings that total 22,675 square feet in the Los Angeles submarket of Playa Vista. The funds will be used to refinance and renovate the property. Hangars at Playa Vista will undergo a complete renovation that will convert it to a creative office space catering specifically to the Silicon Beach tech corridor. The loan features a two-year term with a one-year extension and an 80 percent loan-to-cost ratio. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

November 24, 2015

Loans Michigan Midwest Office

Bernard Financial Arranges $7.3M Refinancing Loan for Office Property North of Detroit

by Christina Cannon November 24, 2015

AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.3 million refinancing loan for Five Point Medical Office Building in Auburn Hills, approximately 33 miles northwest of Detroit, and is 53,000 square feet. Five Points Professional Office Building LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the CMBS loan.

November 24, 2015

Newer Posts

Older Posts