Property Type

HFF Arranges $114.7M Development Financing for High-Rise Seniors Community in Seattle

by Nellie Day March 7, 2018

SEATTLE — HFF has arranged $114.7 million in development financing for 620 Terry, a 243-unit high-rise seniors housing community in Seattle’s First Hill neighborhood. HCP Inc. provided the capital to the developer, Columbia Pacific Advisors. The community will feature 194 independent living units, 21 assisted living units and 28 memory care units. The 24-story property is scheduled for completion in 2019. Ankrom Moisian designed the property, which is situated within a five-block radius of three major area hospital systems: Harborview Medical Center, Swedish Medical Center/First Hill and Virginia Mason Medical Center. It is less than one mile from an array of lifestyle and entertainment amenities in downtown Seattle. The HFF team representing the borrower included David Fasano, Sarah Anderson, Casey Davidson, Ryan Maconachy and Chad Lavender.

March 7, 2018

California Multifamily Western

HCP to Transition Operations of 24 Seniors Communities from Brookdale to Atria

by Nellie Day March 7, 2018

IRVINE, CALIF. — Irvine-based REIT HCP (NYSE: HCP) and Louisville-based operator Atria Senior Living have agreed to transfer operations of 24 HCP-owned seniors housing properties to Atria. Brookdale Senior Living currently operates the properties. The transitions will begin this month and are expected to be completed by September, as the required regulatory approvals are obtained.

March 7, 2018

California Multifamily Student Housing Western

Campus Advantage Awarded Management of Two Student Housing Communities in California

by Nellie Day March 7, 2018

DAVIS AND FULLERTON, CALIF. — Campus Advantage has been awarded management of two student housing communities in California.bThe properties include College Square, a 448-bed community located within walking distance of the University of California, Davis; and University Village, a 305-bed community located near California State University, Fullerton. Both properties are garden-style. College Square offers shared amenities including three swimming pools, a fitness center, grilling and picnic area, 24-hour laundry facilities, study lounge and business center. Shared amenities at University Village include onsite food service, a swimming pool, fitness center, laundry facilities, bicycle storage, package lockers, Wi-Fi hotspots throughout common areas and a recreational room with billiards, foosball, a big screen TV and lounge areas. Renovations are planned for common areas and units, and Catalyst is set to perform full rebrands at both properties.

March 7, 2018

California Industrial Loans Western

Bellwether Enterprise Closes $15.5M Refinancing for Two Industrial Buildings in Metro Los Angeles

by Nellie Day March 7, 2018

REDONDO BEACH AND HAWTHORNE, CALIF. — Bellwether Enterprise has closed $15.5 million in refinance loans for two industrial properties in metro Los Angeles. The refinancing included a 10-year, $10.3 million loan for the Northrop Grumman industrial building in Redondo Beach and an 11-year, $5.2 million loan for the Van Ness Commerce Center in Hawthorne. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loans, which both featured fixed interest rates in the upper 3 percent range and life insurance company lenders. The 112,000 square-foot Northrop Grumman industrial building is occupied by a single tenant that has more than five years remaining on its lease. Van Ness Commerce Center features 63,000 square feet of warehouse space with a 24-foot minimum clear height. The building was 100 percent leased to two tenants when the financing was arranged, and both tenants had near-term rollover risk.

March 7, 2018

Loans Multifamily New Mexico Seniors Housing Western

Capital One Provides $11.3M HUD Refinancing for Assisted Living Community in New Mexico

by Nellie Day March 7, 2018

CLOVIS, N.M. — Capital One has provided a $11.3 million HUD refinancing for Wheatfields Senior Living Community, a 101-bed assisted living facility in Clovis, near the Texas border. Wheatfields opened in 2008 as five detached independent living cottages. The assisted living building was added in 2011. The transaction allows the borrower to replace bank debt with long-term financing and recoup capital expenditures on the property. Joshua Rosen of Capital One originated the fixed-rate loan, which has a term of 35 years.

March 7, 2018

Industrial New York Northeast

Triangle Equities Acquires Site for Industrial, Air Cargo Facility Near New York’s JFK Airport

by David Cohen March 7, 2018

NEW YORK CITY — Triangle Equities has acquired a development site, located at 130-120 S. Conduit Ave. in South Ozone Park near John F. Kennedy International Airport in Queens, for $25.4 million. The developer plans to construct a multi-level, multi-tenant air cargo and distribution facility at the site. The 300,000-square-foot building will feature first- and second-floor loading docks and clear heights ranging from 23 feet to 26 feet. The project team includes March Associates, Craft Architects and GF55 Partners. Construction is slated to break ground in winter 2019 with tenant occupancy expected in summer 2020. Additionally, HFF has secured $32.1 million in land acquisition and pre-development financing for the project. Andrew Scandalios, Rob Hinckley, Rob Rizzi and Tyler Peck of HFF arranged an initial $10.1 million in the form of joint venture capital with L&B Realty Advisors for the borrower, Triangle Equities. Additionally, L&B has committed to the vertical capitalization of the project. Geoff Goldstein, also of HFF, placed a $19 million floating-rate loan with Citizens Bank for the development. Loan proceeds will be used for land acquisition and pre-development costs. The remainder of the capitalization came from Triangle Equities.

March 7, 2018

Loans Multifamily New York Northeast

Greystone Provides $17M Loan for Newly Constructed Multifamily Property in Brooklyn

by David Cohen March 7, 2018

NEW YORK CITY — Greystone has provided a $17 million Fannie Mae DUS loan to exit construction for a newly built multifamily property located at 152 Manhattan Ave. in Brooklyn’s Williamsburg neighborhood. The sponsor, Meserole Hub LLC, completed the 24-unit asset in July 2017, and the property was stabilized in November 2017. The sponsor maintains a significant equity stake in the project, and at 65 percent loan-to-value, the 10-year Fannie Mae DUS loan carries a fixed rate and has a number of years of interest-only payments with a 30-year amortization period. Avrom Forman of Greystone originated the transaction.

March 7, 2018

North Carolina Office Southeast

90 North Sells Office Portfolio in Research Triangle Park to Sentinel for $135.3M

by Camren Skelton March 7, 2018

MORRISVILLE, N.C. — London-based 90 North Real Estate Partners has sold Lenovo Enterprise Campus, a three-building office campus in Morrisville, for $135.3 million. Seth Wiener of Capital One originated a three-year, $81.2 million acquisition loan on behalf of the buyer, a joint venture between New York-based Sentinel Real Estate and Bahrain Mumtalakat Holding Co. Capital One will hold $44.3 million of the loan and has syndicated the remainder to Regions Bank. The campus is located within Research Triangle Park and is fully leased by Lenovo, a computer manufacturing and technology company with headquarters in Beijing and North Carolina. The properties include 7001 Development Drive, a four-story, 193,353-square-foot building completed in 1995; 8001 Development Drive, a four-story, 252,232-square-foot building completed in 1998; and 7501 Development Drive, a two-story, 39,952-square-foot building completed in 2017. The site can accommodate an additional 100,000-square-foot building that could be used for further expansion by Lenovo or to accommodate a complementary user. The Lenovo Enterprise Campus features a cafeteria and food service operations, fitness center, outdoor patios, new conference facility and employee break rooms. A pedestrian bridge links the three buildings. Outdoor amenities include a sand volleyball court, basketball court, five-acre lake and a 16-acre nature preserve. The …

March 7, 2018

North Carolina Office Southeast

HFF Brokers $62.5M Sale of Office Portfolio in Metro Charlotte

by Camren Skelton March 7, 2018

HUNTERSVILLE, N.C. — HFF has brokered the $62.5 million sale of The Park-Huntersville, a five-building office portfolio totaling 395,586 square feet in Huntersville, roughly 15 miles north of Charlotte. The buildings are part of a master-planned mixed-use community with more than 3 million square feet of office, industrial, flex, retail, medical and hospitality space. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, U.S. Trust – Bank of America N.A., and procured the buyer, Atlanta-based OA Development. Patterson Real Estate Advisory Group arranged acquisition financing through Principal Real Estate Investors on behalf of OA. The portfolio includes The Alexander Building at 13620 Reese Blvd. E.; The Kemp Building at 13801 Reese Blvd. W.; The Latta Building at 9930 Kincey Ave.; The Reed Building at 9920 Kincey Ave.; and The Storrs Building at 10115 Kincey Ave. At the time of sale, the portfolio was 91 percent leased to tenants such as Stanley Black & Decker, Amerock, Apex Tool, Ensemble Health Partners and Kellogg’s. The Spectrum Cos. was retained to lease and manage the properties.

March 7, 2018

Loans Multifamily New Jersey Northeast

Progress Capital Secures $9M Acquisition Loan for Development Site in Long Branch, New Jersey

by David Cohen March 7, 2018

LONG BRANCH, N.J. — Progress Capital Advisors has arranged $9 million in financing for the acquisition of a commercial structure located at 231 Third Ave. in Long Branch and an approved development project for the site. The name of the borrower was not released. The borrower plans to develop The Transit Village at the site. The development will be a five-story, 46-unit multifamily building that will be added to the existing commercial retail asset on the site. Construction is slated to be completed by the end of 2019. Brad Domenico of Progress Capital secured the construction-to-permanent mortgage loan with 24 months of interest-only at a floating rate of LIBOR plus 3.5 percent. The borrower has the option to convert the loan to a permanent mortgage upon stabilization of the project.

March 7, 2018

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