CLEVELAND —Cleveland, Ohio-based KeyBank Real Estate Capital has provided a total of $11.7 million in first mortgage loans for multiple parking garages in Indiana and Missouri. MVP REIT sponsors the properties. KeyBank provided an $8.2 million loan for a portfolio consisting of City Park Garage and Surface Parking Lot, both located in the central business district of Indianapolis. KeyBank also provided an additional $3.5 million loan for three surface parking lots, two in St. Louis and one in Kansas City. Randy Martin of KeyBank arranged the CMBS, non-recourse loans.
MAYNARD, MASS. — Mesa West Capital has provided Artemis Saracen Investments, a joint venture between Saracen Properties and Artemis Real Estate Partners, with $40.8 million in first mortgage financing to reposition a 1 million-square-foot office campus in Maynard. Loan proceeds will be used to implement an extensive capital improvement and leasing plan that will reposition the property to appeal to a wide variety of users. Formerly known as Clock Tower Place, the newly rebranded Mill & Main is a mixed-use development located 25 miles west of Boston. Planned improvements to the property include updated building systems, pedestrian plazas, a waterfront boardwalk, fitness facilities, boutique retail and gallery venues. Situated on 50 acres, the property includes 12 vintage brick-and-beam-style buildings overlooking a 14-acre mill pond. Constructed in 1847, the site originally served as a woolen mill until 1950 when it was converted to an office park. The property is currently 37 percent leased, including a recently signed lease with Stratus Technologies for 102,000 square feet, which is slated to open this spring. Jay Marshall of HFF arranged the financing.
WOODSTOCK, GA. — BMC Capital has arranged a $1 million cash-out refinance of a McDonald’s and Verizon Wireless store in Woodstock, a northern suburb of Atlanta. Brian Gramlich of BMC Capital’s Dallas office arranged the five-year loan through an unnamed bank of behalf of the borrower. The loan was structured with a fixed 3.63 percent interest rate and a 25-year amortization schedule.
NEW YORK CITY — SL Green Realty Corp (NYSE: SLG) has received $296 million in financing for three of the REIT’s New York-based assets. The assets include a Class A office building at 800 Third Ave. in Manhattan; Jericho Plaza, a 662,000-square-foot, two-property complex in Jericho on Long Island; and 719 Seventh Ave. in Times Square, which will eventually serve as a prime retail flagship location. The office building received a new 10-year, $177 million refinancing of its mortgage loan. The property is situated in the Grand Central submarket. It is currently 96 percent occupied. Jericho Plaza received a two-year, floating-rate mortgage to recapitalize the property. The initial funding was about $75 million, with a total expected funding of $100 million. Proceeds will partially be used for a capital improvement plan that includes lobby and elevator cab renovations, the addition of a conference facility and landscaping upgrades. The Times Square project received a two-year, $44 million loan. The proceeds will be used for construction of 10,000 square feet of retail space, as well as extensive LED signage. SL Green expects that construction will be completed before the 2016 holiday season. “The successful completion of these transactions provides evidence that liquidity …
NORTHERN AND CENTRAL NEW JERSEY — Cronheim Mortgage has arranged $55 million in refinancing for four multifamily properties in Northern and Central New Jersey. The garden-style properties feature a total of 748 units. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the non-recourse loan, which features a 3.4 percent fixed rate, for the undisclosed borrower.
CHICAGO — National Cooperative Bank (NCB) has provided a $17.9 million loan for capital improvements to Gill Park Cooperative, an affordable housing cooperative. The 260-unit limited equity housing cooperative has operated as a 100 percent Section 8 project. Planned improvements at the co-op include a new plumbing and HVAC system, a redesigned lobby and laundry facilities, as well as a number of exterior improvements. All interior units will also be renovated with new kitchens, floors and wall finishes. Larry Mathe of NCB arranged the financing, in collaboration with the co-op board of directors and managing agent.
BROOKLYN PARK, MINN. — Dougherty Mortgage LLC has provided a $1.6 million Fannie Mae supplemental loan for a 96-unit multifamily property in Brooklyn Park, approximately 11 miles northwest of Minneapolis. The loan features a 4.5-year term and a 30-year amortization schedule. The Fountains in the Park LLC was the borrower. The capital will be used to fund capital improvements and a partnership recapitalization.
LOS ANGELES AND LAS VEGAS — Ready Capital Structured Finance has closed three loans throughout California and Nevada for a total of $15.9 million. Properties that received financing include a 24-unit multifamily community in Beverly Hills that will use the funds for renovation and stabilization; a 499-unit self-storage facility in Corona that will use the funds for refinancing and stabilization; and a 32,800-square-foot retail center in Las Vegas that will use the funds for the development and stabilization of the property.
LOUISVILLE, KY. — NorthMarq Capital has arranged a $10.5 million loan for the refinancing of Crossings Center Six, a 500,000-square-foot bulk distribution warehouse located at 4500 Commerce Crossings Drive in Louisville. Randall Waddell of NorthMarq Capital’s Louisville office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.
DURHAM, N.C. — Raleigh-based Q10 Professional Mortgage of North Carolina has arranged a $9.5 million acquisition loan for a Class A office building in Durham. The 104,400-square-foot property is located at 2530 Meridian Parkway within Meridian Business Park. The office building was 80 percent leased at the time of financing to tenants such as Regus Executive Suites and the RTP offices of Womble Carlyle Sandridge & Rice. Spencer Wilson of Q10 Professional Mortgage arranged the loan through RGA Reinsurance Group on behalf of the buyer, Rochester, N.Y.-based JPB Holdings. Jimmy Barnes and Whit Brown of NAI Carolantic represented the buyer in the acquisition. Ben Kilgore of CBRE represented the seller, Meridian Operating Associates LLC.