LOS ANGELES — NorthMarq Capital has arranged a $48 million refinancing for Olympic Plaza, a 244,448-square-foot office property in Los Angeles. The property is located at 11500 West Olympic Blvd. The loan features a 10-year term and 25-year amortization schedule. Blake Melstrom of NorthMarq Capital’s Los Angeles office arranged the financing through a life insurance company.
MIDDLETON, WIS. — Walker & Dunlop Inc. has completed a $32.3 million refinancing loan for an office property in Middleton, approximately six miles west of Madison. Spectrum Brands, a global consumer products company that includes brands such as George Foreman and Black + Decker, is using the capital to refinance the construction loan for its headquarters, which was built in 2013. The 222,000-square-foot building is four stories. The loan was structured with a five-year term, a 79 percent loan-to-value and a debt service coverage ratio of 1.44.
WOODLAND HILLS, CALIF. — Newmark Realty Capital Inc. has arranged $43.5 million in permanent financing for a 122,523-square-foot grocery-anchored shopping center located in the Woodland Hills submarket of Los Angeles. The center is anchored by Ralphs and located adjacent to Warner Center. George Mitsanas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing on behalf of the borrower. The 10-year loan was placed with a life insurance company and provides interest-only payments during the first five years, followed by a 30-year amortization.
GLENWOOD SPRINGS, COLO. — NorthMarq has arranged the $28 million refinance of Glenwood Meadows, a 145,000-square-foot shopping center located in Glenwood Springs, approximately 150 miles west of Denver. Tenants at the center include Chili’s, Petco, Vitamin Cottage, Bed Bath & Beyond and Ulta Beauty. Target and Lowe’s anchor the center, neither of which are part of the subject collateral. Paul Bruder and Conor McCahill of NorthMarq arranged the refinancing for the borrower through a life insurance company.
PLAINVIEW, TEXAS — Q10 KDH’s Larry Peters has arranged $2 million in permanent financing for Plainview Apartments in Plainview. The property consists of 15 one-bedroom units, 97 two-bedroom units and 18 three-bedroom units with an average unit size of 924 square feet. The units are situated throughout 49 one- and two-story buildings spanning 120,132 square feet. The fully occupied property is situated on 9.3 acres at 2504 W. 16th St.
MUNDELEIN, ILL. — Associated Bank has provided a $6.7 million construction loan to Metro Storage Mundelein LLC for a self-storage facility in Mundelein, approximately 40 miles northwest of Chicago. Metro Self Storage, located at 1340 Butterfield Road, will be a 78,662-square-foot facility that features 828 climate-controlled units. Metro Self Storage, established in 1973, operates storage facilities in 12 states. Edward Notz of Associated Bank managed the loan.
LAKE WORTH, FLA. — Walker & Dunlop Inc. has arranged a $68.2 million loan for the construction of Atria Villages of Windsor, a luxury independent living, assisted living and memory care community to be built in the Palm Beach County town of Lake Worth. Big Rock Partners, the borrower, is developing the community on a 22.5-acre site. When completed, the property will comprise 186 independent living units, 78 assisted living units and 54 memory care units. Big Rock, an investment firm with offices in Beverly Hills, Calif., and Delray Beach, Fla., plans to open the community in 2017.
CHICAGO — Mesa West Capital has provided a $210 million short-term first mortgage for the refinancing of the office and parking components of the John Hancock Center in Chicago. A partnership led by Chicago-based real estate investment firm Hearn Company received the financing that included $35 million of mezzanine debt placed with an institutional investor at closing. Hearn acquired the 894,000-square-foot office building and 710-car parking garage, located at 875 N. Michigan Ave., in 2013. Since acquiring the building, Hearn has invested in improvements such as a complete replacement of the mechanical systems, a full renovation of the entries and lobbies on Chestnut and Delaware streets, a new 13th floor lounge, fitness center and conference facility. The common areas and bathrooms on each floor were also upgraded. Mesa West’s five-year, non-recourse loan will be used to refinance the existing debt and for ongoing leasing and capital costs to stabilize the asset. The office component is currently 85 percent leased and anchored by Interpublic Group, a leading global marketing firm. John Parrett and Bill Howe of CBRE arranged the financing.
FARMINGTON, CONN. — EagleBridge Capital has arranged $2.5 million in permanent mortgage financing for an industrial property located at 21 Hyde Road in Farmington. The 113,425-square-foot property features 6,500 square feet of office space, 106,925 square feet of warehouse and distribution space, clear heights ranging from 24 feet to 30 feet, 10 loading docks and parking for 190 vehicles. The property is currently leased to Dealer Tire, a national tire, maintenance and light repair product distribution company. Brian Sheehan and Ted Sidel of EagleBridge arranged the loan for the undisclosed borrower.
TAMPA, FLA. — Cushman & Wakefield’s Equity, Debt & Structured Finance group has arranged a $28.7 million acquisition and redevelopment loan for Renaissance Senior Living, a 226-unit seniors housing community in Tampa. The borrower was The Carlyle Group, which will acquire the property and perform significant renovations. Changes include putting the levels of care offered — independent living, assisted living and memory care — into separate buildings, as well as enhancements to community amenities. Jay Wagner and Timothy Hosmer of Cushman & Wakefield’s National Senior Housing Capital Markets team arranged the financing through an unnamed regional bank.
