Property Type

Eagle Lake Landing Apartments Speedway Indiana

Tikijian Associates Brokers Sale of Indiana Apartment Community to Steadfast Apartment REIT

by John Nelson April 1, 2015

SPEEDWAY, IND. — Tikijian Associates has arranged the sale of Eagle Lake Landing Apartments, a 277-unit apartment community located in Speedway. Eagle Lake Landing was built in 1976 and was renovated in 2011. The $6.3 million renovation included upgrades to unit interiors with the addition of new kitchens and bathrooms, the addition of washers and dryers to each unit, new entry and interior doors, new light fixtures and all new floor coverings. The exterior of the property also received improvements including new roofs, windows and patio doors, full exterior painting, new signage and exterior lighting. A new clubhouse with fitness/health center, business center and leasing office was also constructed in 2011. Tikijian Associates represented the seller, Indianapolis-based Van Rooy Properties. Steadfast Apartment REIT purchased the property. Steadfast Apartment REIT is sponsored by California-based Steadfast REIT Investments LLC, an affiliate of Steadfast Cos.

April 1, 2015

Illinois Loans Midwest Office

Thorofare Funds $5.3M Bridge Loan for 1144 W. Fulton Market in Chicago

by John Nelson April 1, 2015

CHICAGO — Thorofare has funded a $5.3 million bridge loan for 1144 W. Fulton Market in Chicago. The Class A office property is 78.5 percent occupied. Thorofare will advance a capital expenditure and leasing cost earn-out facility in order to capitalize the sponsor’s business plan of converting the ground floor from office to retail to improve the profitability of the property and fill the retail void in the neighborhood. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of institutional investors.

April 1, 2015

Retail Southeast Virginia

Vornado Completes $465M Sale of Virginia Mall to PREIT

by John Nelson April 1, 2015

SPRINGFIELD, VA. — Vornado Realty Trust has completed the previously announced $465 million sale of the redeveloped Springfield Town Center in Springfield to Pennsylvania Real Estate Investment Trust (PREIT). The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The sales price comprises $340 million in cash and 6.25 million operating partnership units of PREIT, granted at $20 per unit. Vornado’s 8.07 percent ownership interest in PREIT will be accounted for under the equity method. Vornado has treated the $19 million of tenant improvements and allowances as a closing adjustment.

April 1, 2015

Residences on the Avenue Washington, D.C.

District of Columbia Loans Multifamily Southeast

Prudential Mortgage Provides $110M Acquisition Loan for D.C. Apartment Community

by John Nelson April 1, 2015

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided a $110 million Fannie Mae loan to acquire Residences on the Avenue, a 335-unit apartment community in Washington, D.C.’s Foggy Bottom neighborhood. The property is the only high-rise residential building between Georgetown and the central business district. Completed in 2011, the community’s amenity package includes a fitness and wellness center with a spa, rooftop deck with a pool and grilling areas and 24-hour concierge services. Residences on the Avenue also includes 50,000 square feet of retail space split into five units. Whole Foods Market is the anchor in a long-term lease. Prudential provided the acquisition loan to an unnamed real estate investment manager.

April 1, 2015

Loans Seniors Housing Southeast Tennessee

NHI Obtains $78M in Fannie Mae Financing

by John Nelson April 1, 2015

MURFREESBORO, TENN. — National Health Investors Inc. (NYSE:NHI) has obtained $78 million in Fannie Mae financing through KeyBank National Association. The debt financing consists of interest-only payments at 3.79 percent and a 10-year maturity. The mortgages are secured by 13 properties in NHI’s joint venture with Bickford Senior Living. Proceeds were used to reduce borrowings on NHI’s unsecured bank credit facility. NHI is a real estate investment trust (REIT) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of seniors housing and medical investments. NHI’s portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

April 1, 2015

The Addison at Tampa Oaks Temple Terrace

Florida Multifamily Southeast

ContraVest Breaks Ground on Luxury Apartment Community in Metro Tampa

by John Nelson April 1, 2015

TEMPLE TERRACE, FLA. — ContraVest has broken ground on The Addison at Tampa Oaks, a 262-unit luxury apartment community in Temple Terrace, roughly 10 miles northeast of Tampa. Located on the southwest corner of Fletcher Avenue and I-75, the property’s floor plans will span from studio units to three-bedroom apartments. The community’s amenities will include a clubhouse, fitness center, cyber café, yoga room and resort-style pool. ContraVest will be providing general contracting and property management services for the project. Leasing is scheduled to begin in March 2016 and move-ins will begin in May 2016.

April 1, 2015

Loans North Carolina Office Southeast

HFF Arranges $7.6M Acquisition Loan for Office Building in Charlotte

by John Nelson April 1, 2015

CHARLOTTE, N.C. — HFF has arranged $7.6 million in acquisition financing for Quail Plaza, an 86,979-square-foot office building located at 7621 Little Ave. in south Charlotte. Travis Anderson, Jim Curtin, Cory Fowler and Ryan O’Dwyer of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, TriGate Capital. The five-story office building was 84 percent leased at the time of financing to tenants such as The Steritech Group, FedEx, American Realty Capital, Landworks Design Group PA, Union Security and Mutual of Omaha.

April 1, 2015

California Multifamily Seniors Housing Western

Senior Realty Trust Receives $635.6M Credit Facility

by Nellie Day April 1, 2015

LOS ANGELES – Subsidiaries of Senior Housing Realty Trust (SHRT) have received a $635.6-million Fannie Mae credit facility. The new credit facility refinanced a 12-property senior care community portfolio throughout California, Arizona, Oregon and Georgia. The new structure provides a 10-year, fixed-rate, interest-only loan with releases, additions and substitutions. It also has the capacity to expand with additional fixed or floating debt. The facility was closed by Keybank Real Estate Capital. SHRT is a Maryland REIT that is owned by an affiliate of Senior Resource Group LLC (SRG). It received the new credit facility with its institutional partners. The firm also led an $84-million syndicated credit facility secured by a senior housing community in Los Angeles in 2013 that was owned by a predecessor SRG joint venture. When SHRT acquired the senior housing community in late 2014, that credit facility was expanded to $86 million. The $86-million Keybank credit facility was then refinanced by this new Fannie Mae credit facility.

April 1, 2015

New Hampshire Northeast Retail

HFF Brokers $46.1M Sale of New Hampshire Shopping Center

by Amy Works April 1, 2015

BEDFORD, N.H. — HFF has brokered the sale of The Shoppes at Bedford Mall, a shopping center located at 73 South River Road in Bedford. Emmes Asset Management Co. sold the 277,289-square-foot center to an undisclosed buyer for $46.1 million. HFF represented the seller, and placed a 10-year, fixed-rate $30 million loan with Guggenheim Commercial Real Estate Finance LLC for the buyer. Renovated in 2012, the property is 98.6 percent leased to a variety of tenants, including Kohl’s, The Fresh Market, Marshalls, Staples, Weight Watchers, Pet Supplies Plus, Bob’s Store, Starbucks Coffee, Chipotle and Outback Steakhouse. James Koury and Xave Jacoby of HFF represented the seller, and Porter Terry, also of HFF, placed the financing for the buyer in the transaction.

April 1, 2015

Multifamily New York Northeast

25-Unit Apartment Community Sells for $7.7M in Upper Manhattan

by Amy Works April 1, 2015

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-building apartment community located at 1345-1349 Amsterdam Ave. in Manhattanville for $7.7 million. The five-story buildings feature 25 apartments and six storefronts. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the seller, Brooklyn-based 1345 Amsterdam Avenue Owner LLC, and the buyer, Manhattan-based 1345 Amsterdam Avenue LLC, in the transaction.

April 1, 2015

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