Loans

NorthMarq Arranges Two Apartment Loans Totaling Nearly $10M in Ohio

by Christina Cannon November 10, 2015

KETTERING AND CHILLICOTHE, OHIO — NorthMarq Capital has arranged nearly $10 million in refinancing for two multifamily properties in Ohio in separate transactions. In the first arrangement, PLK Communities LLC obtained a $7.7 million refinancing loan through Fannie Mae for Thirty43 by the Greene in Kettering, a southern suburb of Dayton. The 120-unit property is located at 3043 Fountain Circle. The loan features a 10-year term and 30-year amortization schedule. Susan Branscome of NorthMarq arranged the financing. In the second transaction, Noah Juran of NorthMarq arranged a $2.2 million refinancing loan for University Hilltop Apartments, an 84-unit property located at 590-600 W. Fifth St. in Chillicothe, approximately 45 miles south of Columbus. The non-recourse loan features a fixed rate and 20-year amortization schedule. NorthMarq arranged the financing for the undisclosed buyer through its correspondent relationship with a life insurance company.

November 10, 2015

Loans New York Northeast Office

First Niagara Provides $3.5M in Financing for New Bivona Child Advocacy Center in Rochester

by Amy Works November 6, 2015

ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided $3.5 million in financing to Bivona Child Advocacy Center in Rochester. The financing includes construction and permanent loans, as well as a historic tax credit investment in the rehabilitation of the non-profit’s new location at The Skalny Building, previously known as the Old Stone Warehouse. Located at 1 Mount Hope Ave., the 30,000-square-foot building will house many of the non-profit’s partner agencies, including law enforcement, Child Protective Services, prosecutors, medical professionals, social workers, therapists and advocates. NH Architecture provided architectural services and CP Kelly & Associates served as general contractor for the project, which opened in September.

November 6, 2015

Loans New York Northeast Office Retail

HFF Secures $89M in Refinancing for Retail, Office Building in NYC’s Meatpacking District

by Amy Works November 5, 2015

NEW YORK CITY — HFF has arranged $89 million in refinancing for a retail and office building located at 401 W. 14th St. in the Meatpacking District. MetLife provided the borrower, Taconic Investment Partners, with a 15-year, interest-only, fixed-rate loan. The four-story building is 100 percent leased to Hugo Boss, The Kooples, Apple Inc. and Raptor Capital Management. HFF secured the financing on behalf of the borrower.

November 5, 2015

Loans Multifamily New York Northeast Retail

NorthMarq Arranges $4.2M Construction Loan for Retail, Multifamily Property in Huntington, N.Y.

by Amy Works November 5, 2015

HUNTINGTON, N.Y. — NorthMarq Capital has arranged a $4.2 million construction loan for a 17,340-square-foot retail and apartment building located at 425 New York Ave. in Huntington. The 2.5-year loan features an interest-only payment period during the construction with an option to convert to a permanent loan. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower through NorthMarq’s relationship with a regional bank.

November 5, 2015

Loans Office Texas

BMC Capital Provides $6M Loan for Single-Tenant Property in Austin

by Haisten Willis November 5, 2015

AUSTIN, TEXAS — Tony Talamas of BMC Capital’s Houston office has arranged a $6 million loan for the cash-out refinancing of a single-tenant property leased to a credit tenant in Austin. The loan was placed with one of BMC Capital’s correspondent CMBS relationships. The non-recourse loan features a 10-year, fixed-rate term with a 4.96 percent interest rate and 30-year amortization schedule.

November 5, 2015

Indiana Loans Midwest Multifamily

Pillar Originates $36M Freddie Mac Loan for Acquisition of 632-Unit Property in Indianapolis

by Christina Cannon November 5, 2015

INDIANAPOLIS — Pillar, a Guggenheim Partners affiliate, has originated a $36 million Freddie Mac loan for the acquisition of an apartment complex in Indianapolis. Oaks of Eagle Creek Apartments, located on the north side of Indianapolis adjacent to Eagle Creek Park, is a 632-unit complex that was built in 1988. The loan features a fixed rate, 10-year term with a 30-year amortization schedule and 80 percent loan-to-value. Joe Markech and Brooke Jackson of Pillar originated the loan. The borrowing entity is an Indianapolis-based sponsor that is growing its multifamily portfolio. The sponsor is planning to invest $3,000 per unit in renovations. The property is currently 98 percent leased.

November 5, 2015

Loans Mississippi Multifamily Southeast

NorthMarq Arranges Financing for Apartment Complex in Mississippi

by Haisten Willis November 4, 2015

RIDGELAND, MISS. — Greg Duvall of NorthMarq Capital’s Kansas City regional office has arranged acquisition financing of $24.5 million for Arbors at Natchez Trace, a 328-unit multifamily property located at 715 Rice Road in Ridgeland, Miss. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Property amenities include a fitness center, pool, tennis court, walking/biking trails, picnic area, laundry facilities and wheelchair accessible rooms.

November 4, 2015

Industrial Loans Maryland Office Southeast

Berkadia Originates $12M Loan for Flex Property in Maryland

by Haisten Willis November 4, 2015

FREDERICK, MD. — Berkadia recently arranged a $12 million loan for Highland Technology Center, an office and industrial property located in Frederick, Md. Ben Van Horn of Berkadia’s Scottsdale, Ariz. office secured the fixed-rate financing through Bank of America Merrill Lynch. The borrower, Envision Highland LLC, will use the financing to acquire the property for $16 million. Loan terms include a 4.9 percent interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule. David Monassebian, Martinn Winters and Luke Reetz represented Envision Highland in the transaction. Highland Technology Center consists of 150,700 square feet of office and industrial warehouse space. Tenants include Fairchild Controls and Engage. The property is over 98 percent occupied. Located at 550 Highland St., the property offers access to I-70 and I-270. It is also located near the Frederick Municipal Airport and Frederick Fairgrounds.

November 4, 2015

Loans North Carolina Southeast

Capstone Capital Secures $25M Loan for Apartment Property in Fayetteville, N.C.

by Haisten Willis November 4, 2015

FAYETTEVILLE, N.C. — Capstone Capital has secured a $25 million financing loan for Phase I of Addison Ridge Apartments. The 211-unit community is located in Fayetteville, N.C. and was financed with a non-recourse, CMBS loan. The $25 million loan was secured for 10 years at a 75 percent loan-to-value ratio, with five years of interest-only payments. Jackson Howard represented the borrower through the completion of the financing.

November 4, 2015

Loans Multifamily Southeast Virginia

Pearlmark Closes $14.8M Mezzanine Loan on Apartment Complex in Virginia

by Haisten Willis November 4, 2015

WOODBRIDGE, VA. — Pearlmark has closed a $14.8 million mezzanine loan that provided financing for Penzance in the acquisition of Elan Potomac Heights, a recently constructed 288-unit, Class A apartment complex located in Woodbridge, Va. At the time of acquisition, the property was 93 percent leased. The investment was made on behalf of Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV), a fully discretionary investment fund. A major life insurance company provided fixed-rate senior financing. Mark Witt of Pearlmark arranged the transaction. Mezz Fund IV announced its initial closing in June. Mezz Fund IV serves as the firm’s exclusive mezzanine investment vehicle.

November 4, 2015

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