PORTLAND, ORE. — Ready Capital has closed a $7.5 million acquisition loan for a 26,000-square-foot creative office property in Portland. The asset is situated in the Pearl District. The non-recourse, floating-rate bridge loan will fund the acquisition, renovation and stabilization of the asset. Further details were not disclosed.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty has secured a $13 million first mortgage for an office property located at 400 Westchester Ave. in White Plains. The loan was placed for a period of 20 years and self-liquidating basis at a rate of 4.06 percent. Fordham University occupies the property with a net lease through 2038. Christie Houlihan, Bryan Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors and GHP Office Realty arranged the loan. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower and the title was ensured by The Great American Title Agency in White Plains.
LOS ANGELES — G.H. Palmer has received $233.6 million in cash-out refinancing for two Los Angeles multifamily assets. Those assets include The Medici at 725 S. Bixel St. and Orsini I at 505 N. Figueroa St. The Medici features studio to three-bedroom floor plans with a 24-hour doorman, complimentary tanning salon, private one-acre park, jogging track, two tennis courts, a putting green, golf driving cages, and several pools and spas. Orsini I features studio to two-bedroom apartments with complimentary yoga classes, a regulation-size indoor basketball court, a movie theatre, karaoke lounge, virtual bowling and golf, a heated swimming pool and spa, private dry saunas and steam rooms, and a rooftop pool and spa overlooking skyline views. The 10-year, non-recourse loan closed at 4.02 percent and was sized at 60 percent of value. Gary M. Tenzer of George Smith Partners was able to arrange the loan with interest-only payments for the entire 10-year term.
EMERYVILLE, CALIF. — HFF has arranged an $83.5 million loan for Emeryville Public Market, a 141,420-square-foot shopping center in the San Francisco Bay Area community of Emeryville. Peter Smyslowski of HFF arranged the five-year, floating-rate loan through ACORE Capital on behalf of the borrower, a partnership between City Center Realty Partners LLC and Angelo, Gordon & Co. Proceeds of the loan will be used to retire an existing Bank of America loan, complete construction of an additional 26,350 square feet of retail space, add a 300-stall parking structure and expand an on-site public park. Emeryville Public Market is home to tenants including Guitar Center, Urban Outfitters and a food hall. The property was originally constructed in 1920, but underwent expansions and renovations in 1988 and 2017.
LOS ANGELES — Ready Capital has closed an $8.8 million loan for the purchase of a 43-unit multifamily property in Hollywood. The community is situated in the Larchmont/East Hollywood neighborhood. The non-recourse, senior, floating-rate bridge loan will be used to acquire, renovate and stabilize the asset.
NEW YORK CITY — Madison Realty Capital has provided $45.5 million in financing to a New York-based developer to complete the construction of 22 Bond Street, a mixed-use condominium development in the Noho neighborhood of Manhattan. The 11-story, 34,035-square-foot development features a 4,245-square-foot commercial condominium on the cellar and grade levels and six residential condominiums on the upper floors. The residential condominiums are three-bedroom, 3.5-bath duplex units with private elevator access and terraces. On-site amenities include an outdoor garden, storage and a resident lounge. Completion is slated for spring 2018.
NEW YORK CITY — KeyBank Community Development Lending & Investment has provided $5.2 million acquisition financing for Grand Crossing, an affordable housing property located in Central Harlem. Built in 1910, the five-story property features five studio units, 35 two-bedroom units and 15 three-bedroom units. The undisclosed borrower plans to invest in unit upgrades, including green renovations. Tom Peloquin and John Gilmore of KeyBank arranged the financing through Freddie Mac. Paul McCormick and Matt Dzbanek of Ariel Property Advisors represented the borrower in the financing.
OKLAHOMA — Lawrence, N.Y.-based Harborview Capital Partners has arranged the $16 million refinancing of a multifamily property in Oklahoma that comprises more than 300 units. The non-recourse loan was financed through HUD’s MAP 223(f) program and features an 80 percent loan-to-value (LTV) ratio and a 35-year fixed-rate term. Jeffrey Fuchs of Harborview secured the loan on behalf of a California-based borrower, which purchased the property two years ago and implemented a $4 million capital improvement plan.
SAN DIEGO — CBRE has arranged $56.9 million in acquisition financing for three apartment communities located in South Carolina, North Carolina and Kentucky. Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the floating-rate loans through Freddie Mac on behalf of the buyer, San Diego-based Strata Equity Group. The properties included in the transaction are the 183-unit Veridian Spartanburg in Spartanburg, S.C.; the 180-unit Icon on the Greenway in Gastonia, N.C.; and The Racquet Club, a 474-unit community in Lexington, Ky. All three properties were renovated in the last two years and feature granite countertops, stainless steel appliances, fireplaces, plank or hardwood-style flooring, walk-in closets and vaulted ceilings. Community amenities include resort-style swimming pools, fitness centers, pet parks and playgrounds. The Racquet Club features a massage therapist on-site, restaurant, cyber café and a private lake and gazebo.
BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.