CEDAR FALLS, IOWA — Cohen Financial has closed a $17 million refinancing loan for a 136,956-square-foot retail center located in Cedar Falls for a subsidiary of Midland Atlantic. East Viking Plaza is anchored by Scheels, a sporting goods store, and is shadow anchored by Target. Dan Rosenberg of Cohen Financial arranged the 10-year CMBS loan with Goldman Sachs Commercial Mortgage Capital.
PHILADELPHIA — Square Mile Credit Partners, an investment fund managed by Square Mile Capital Management, has originated a $26.8 million first mortgage loan for Penrose Plaza in Philadelphia’s southwest submarket. The loan funds the recent acquisition of the 261,000-square-foot, grocery-anchored retail center, along with planned capital expenditures and tenant improvements. A joint venture between Onyx Properties, Abrams Realty & Development and Siguler Guff acquired the property, which is located at 2900-3000 Island Ave., in July 2015. The property is currently 51.5 percent leased to 17 tenants, including ShopRite supermarket, which signed a 20-year lease extension signed at the time of acquisition.
CHESTER TOWNSHIP, N.J. — HFF has arranged $14 million in refinancing for The Streets of Chester Shopping Center, a lifestyle retail center in Chester Township. The firm worked on behalf of the borrower, CPP Streets of Chester, to place the 10-year fixed-rate loan with Natixis Real Estate Capital Inc. The borrower plans to use the loan proceeds to retire existing debt previously arranged by HFF. Completed in 2006, the 104,682-square-foot property is tenanted by J.Crew, White House/Black Market, Chicos, Talbots, Ann Taylor, J.Jill, Jos. A. Bank, Charming Charlie, Olympia Sports, Country Casuals and Plow and Hearth. Jon Mikula of HFF arranged the financing.
TAMPA, FLA. — KeyBank Real Estate Capital has secured a $33.6 million non-recourse, CMBS first mortgage loan for CIO Intellicenter. The class A, multitenant office building spans four stories and totals 203,509 square feet of rentable space. The property is located in Tampa and is 100 percent occupied. Randy Martin of Key’s commercial mortgage group secured the financing.
HOOVER, ALA. — Meridian Capital Group has negotiated $35 million in acquisition financing for the purchase of the Meadowbrook North Office Park located in Hoover on behalf of The Matrix Group. The two-year loan, provided by Rialto Mortgage Finance, features a LIBOR-based floating-rate, interest-only payments for the full term and a one-year extension option. Tal Bar-Or, Judah Neuman and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction. Meadowbrook North Office Park, located at 100, 300, 500 and 1200 Corporate Drive on U.S. Highway 280, includes four Class A office buildings totaling 509,000 square feet. Developer Daniel Corp. built the property. Amenities include a 13-acre lake, 1.3-mile walking trail, three daycare facilities and a post office. The Hoover submarket contains Birmingham’s highest concentration of Class A office stock, totaling 4.7 million square feet.
OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged $7 million in permanent financing for Aksarben Village 2, a Class A office property in Omaha. The loan features a 10-year, fixed-rate term with a 25-year amortization schedule. The non-recourse loan also features no holdbacks for tenant improvements or reserves. Steve Ruff and Eric Petersen of Q10 | Daisley Ruff Financial arranged the financing.
EAGLEVILLE, PA. — Greystone has provided a $46 million bridge loan for the acquisition of Riverview Landing at Valley Forge in Eagleville. Nathan Schuss of Greystone originated the loan on behalf of Liss Property Group. Greystone presented the financing opportunity with an introduction to a joint venture equity partner, Azure Investments. This opportunity enabled Liss Property Group to acquire the 310-unit multifamily property, which features a resort-style pool and clubhouse, fitness center and business center.
JACKSONVILLE, FLA. — Aileron Investment Management has arranged a $13.8 million loan for the construction of a 122-room Residence Inn by Marriott hotel located in Jacksonville. The transaction was structured as an SBA 504 loan, with Aileron providing an $8.7 million first mortgage loan, and a $5.1 million interim second mortgage loan. Upon completion of the construction, the loan will convert to long-term permanent financing. Florida Business Development Corp. was the CDC on the transaction.
EAU CLAIRE, WIS. — Dougherty Funding LLC has closed a $15.3 million construction loan for Hotel Lismore, a DoubleTree Hotel by Hilton. Dougherty provided the financing to ECHL LLC. The construction involves redeveloping an existing hotel property located in downtown Eau Claire. The new full-service hotel will feature 112 rooms and a 14,406-square-foot convention center. The property will also include a fine dining restaurant, coffee shop, bar/lounge, fitness center and a business center. The convention center renovation is complete and the space is available for use. The entire project is slated for completion by April 2016. Dougherty Funding was the lead lender in the transaction and will also service the loan.
CINCINNATI, OHIO — NorthMarq Capital has arranged $7.2 million in acquisition financing for Kemper Point in Cincinnati. Kemper Point is a 96,418-square-foot office building located at 7870 Kemper Road. An affiliate of Smith/Hallemann Partners was the borrower. The transaction was structured with a 10-year term and 25-year amortization schedule. Susan Branscome of NorthMarq arranged the financing. Tenants in the office building include Comey & Shepherd Relators, Hazen and Sawer P.C. and Kiwiplan Inc.