Property Type

Sonnenblick-Eichner Co. Arranges $36.3M Acquisition Loan for Silicon Valley Hotel

by Amy Works April 8, 2019

CAMPBELL, CALIF. — Sonnenblick-Eichner Co. has secured $36.3 million in first mortgage financing for the acquisition of DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room full-service hotel in downtown Campbell. The undisclosed borrower used the long-term, fixed-rate loan to facilitate the purchase of the hotel and provide funds for a $5.8 million renovation. The 12-year loan, which a life insurance company provided, features a 4.5 percent interest rate with four years of interest-only payments and a 30-year amortization schedule.

April 8, 2019

Acquisitions California Retail Western

Colliers Brokers $13.6M Sale of Harbor Club Retail Condos in San Diego’s Marina District

by Amy Works April 8, 2019

SAN DIEGO — Colliers International San Diego has arranged the sale of the retail spaces at Harbor Club, a residential and retail building located in downtown San Diego. One Harbor sold the assets to Tower Investments for $13.6 million. Located at 285 J St., 100 J St., 200 Harbor Drive and 330 Third Ave., the property features 42,810 square feet of retail space. Current tenants include Morton’s The Steakhouse, Striders Clubhouse, Robert Cromeans Salon, San Diego Wine & Culinary Event Center, and the Luxe Lounge and Spa. Bill Shrader of Colliers’ Urban Property Team represented the seller and buyer in the deal.

April 8, 2019

New York Northeast Office

HFF Secures $32M Refinancing for Office Tower in Manhattan

by David Cohen April 8, 2019

NEW YORK CITY — HFF has secured a $32 million loan to refinance a 12-story office tower in the Garment District of Manhattan. Located at 35 W. 36th St., the 77,880-square-foot office building was built in 1911. The building’s renovated lobby includes two high-speed elevators as well as building amenities such as a doorman, 24/7 key card access, an onsite café and a kickboxing gym. Steven Klein, Scott Findlay and Jackie Ferrer of HFF secured financing on behalf of the borrower, Hidrock Properties. The lender was Ladder Capital Finance. Terms of the financing included a three-year, floating-rate loan.

April 8, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

KeyBank Originates $12.2M Fannie Mae Loan for 70-Unit Seniors Housing Community in Massachusetts

by David Cohen April 8, 2019

LEOMINSTER, MASS. — KeyBank Real Estate Capital has originated a $12.2 million Fannie Mae, first mortgage loan for Sunrise of Leominster in Leominster, approximately 40 miles west of Boston. Built in 1996, the three-story property features 70 units on a five-acre plot. The property originally comprised 48 assisted living units, with 23 memory care units added in 1999. In 2013, 10 existing assisted living units were converted into nine memory care units. During that renovation, a new common room and dining room were added. Carolyn Nazdin of KeyBank’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with a 10-year interest-only term. The loan was used to refinance existing debt.

April 8, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $1M Sale of Mixed-Use Building in Long Island City

by David Cohen April 8, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $1 million sale of a mixed-use building in Long Island City. Located at 5105 34th St., the three-story, 2,360-square-foot property is fully renovated and consists of one commercial unit on the ground floor and two residential units on the upper floors. Stephen Preuss of Cushman & Wakefieldrepresented the undisclosed seller in the transaction. The buyer was Latino 2000 USA Inc.

April 8, 2019

Affordable Housing Development Loans Multifamily New Jersey Northeast

TD Bank Provides $6.9M Construction Loan for Affordable Housing Community in Camden, New Jersey

by David Cohen April 8, 2019

CAMDEN, N.J. — TD Bank has provided a $6.9 million construction loan for Cooper Plaza Townhomes, an affordable housing community in the Cooper Plaza historic district of Camden. All 64 townhomes will remain affordable, serving households earning less than 80 percent of the area median income. The loan will fund part of a $14 million renovation that will modernize the interiors and exteriors of the homes including new HVAC and mechanical systems, replacement of roofs, new windows and porch improvements.Additional funding includes a $3.1 million permanent mortgage provided by Berkadia. TD Bank provided the financing to borrower, The Michaels Organization. Terms of the financing were not disclosed.

April 8, 2019

Leasing Activity Retail Top Stories

Parent Company of Kay, Zales, Jared to Close 150 Jewelry Stores

by Taylor Williams April 8, 2019

HAMILTON, BERMUDA — Signet Jewelers (NYSE: SIG), which owns jewelry retailers Kay, Zales and Jared, will close approximately 150 North American stores after the 2019 holiday shopping season, the company said in its latest earnings report. These store closings follow Signet’s previous shuttering of 262 stores, most of them in North America, and are part of a larger downsizing program that will reduce the Bermuda-based retailer’s total store count by 13 percent over a three-year period. According to the earnings report, Signet’s same-store sales declined by 2 percent during the fourth quarter of the most recent fiscal year, which ended on Feb. 2, 2019. Same-store sales were projected to drop by another 2.5 percent during the current fiscal year. In a statement, Signet CEO Virginia Drosos pointed to several factors behind the company’s struggles, including increased competition in the jewelry space and weak demand from the United Kingdom market. Drosos also noted that sales of select merchandise for the holiday season fell below projections. A Signet spokesperson also told Business Insider that the broader struggles of American malls, in which many Signet stores are housed, contributed to the decision to close this wave of stores. “Signet is too highly exposed …

April 8, 2019

Market Reports Office Southeast Southeast Market Reports Tennessee

Corporate Relocations, Coworking Concepts Reshape Nashville’s Office Market

by Alex Tostado April 8, 2019

The Nashville office market continues to have positive momentum coming into 2019, following three years of record-setting leasing that brought several big name corporate tenants to the market — plus a recent surprise announcement that Amazon will soon be adding 5,000 employees to Nashville’s central business district (CBD) within the Nashville Yards development. The bulk of the activity is concentrated in CBD Class A office space, as tenants focus on real estate decisions that emphasize recruiting and employee retention. This trend mirrors activity occurring in many major markets across the country. Companies continue to seek the coveted urban work-live-play environments designed to attract the millennial population. Avison Young research shows that the CBD recorded 255,330 square feet of positive net absorption at year-end 2018. Among the large companies that signed notable leases in the urban core in 2018 are Philips, AllianceBernstein and Asurion, which is adding 400 tech employees and consolidating several locations into a new 550,000-square-foot headquarters at 11th Avenue North and Church Street in the Gulch. Construction is scheduled to begin this year on that headquarters, with completion slated by the end of 2021. Nashville’s strong business climate and robust office leasing activity have caught the attention of …

April 8, 2019

Georgia Loans Multifamily Southeast

Arbor Provides $47M Refinancing Loan for Multifamily Complex in Metro Atlanta

by Alex Tostado April 5, 2019

STONE MOUNTAIN, GA. — Arbor Realty Trust Inc. has provided a $47 million refinancing loan for 13Ten Apartment Homes, a 977-unit multifamily complex in Stone Mountain. The 12-year, fixed-rate Fannie Mae loan includes six years of interest-only payments. Stephen York of Arbor originated the loan on behalf of the undisclosed borrower. The asset, which is situated about 15 miles east of downtown Atlanta, was built in 1988 and renovated earlier this year. Community amenities include a fitness center, indoor and outdoor pools, business center, dog park, car-care center and a gazebo with a fishing pier. Local media outlets reported in April 2018 that there was a fire that destroyed 12 units within the apartment community. No details were provided if the refinancing is connected with the fire damage.

April 5, 2019

Acquisitions Florida Mixed-Use Retail Southeast

Mast Capital Acquires Mixed-Use Shopping Center in Fort Lauderdale for $43M

by Alex Tostado April 5, 2019

FORT LAUDERDALE, FLA. — Mast Capital has acquired The Quay, a 73,000-square-foot mixed-use shopping center in Fort Lauderdale. The Quay sits on seven acres along South 17th Street near the Stranahan River, three miles south of downtown Fort Lauderdale. The asset was fully leased at the time of the sale to tenants including Boatyard Restaurant, the United States Postal Service and Chipotle Mexican Grill. The property also includes a two-story office building and Boathouse of Fort Lauderdale marina. Hudson Capital Group Inc. sold The Quay. CIT Bank provided acquisition financing, and Roberto Susi of Axiom Capital Advisors arranged the sale.

April 5, 2019

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