loans

SunTrust Provides $18M Construction Loan for Seniors Housing Expansion in Culpeper, Virginia

by Camren Skelton September 20, 2017

CULPEPER, VA. — SunTrust Bank has provided an $18 million construction loan for the 125,000-square-foot expansion of The Culpeper, a retirement community in Culpeper, a town situated equidistant from Richmond, Va., and Washington, D.C. LifeSpire of Virginia, a provider of continuing care retirement communities, will build 133 new units in the community and offer additional care services to current and future residents. The updated Culpeper community will replace the previous building, originally built in 1951, with 54 assisted living, 32 memory care and 47 skilled nursing units. Other enhancements to the community will include an outdoor courtyard, cook-to-order dining options, an on-site clinic, chapel, on-site physical therapy, wellness gym and a health and beauty spa.

September 20, 2017

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Cornerstone Realty Capital Arranges $38.5M in Financing for Mixed-Use Development in Boston

by Amy Works September 20, 2017

BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces totaling 4,578 square feet; residential amenity space, including a rooftop multipurpose room and fitness center; storage for 132 bicycles; 115 market-rate apartments; and 17 affordable apartments. The unit mix includes 53 studios, 43 one-bedroom/one-bath units, 16 one-bedroom/one-bath units with a den and 20 two-bedroom/two-bath units. Ranging from 520 square feet to 906 square feet, the units will feature vinyl plank and tile flooring, Silestone countertops, tile backsplashes, stainless steel appliances and in-unit washers and dryers.

September 20, 2017

Loans Northeast Office Pennsylvania

Faros Properties Receives $127.5M in Financing for Two Office Properties in Pittsburgh

by Amy Works September 19, 2017

PITTSBURGH — Faros Properties has received $127.5 million in financing for Nova Place and 106 Isabella in Pittsburgh. Gerard Sansosti and Nick Matt of HFF secured the five-year, floating-rate loan through Wells Fargo for the borrower. Nova Place is a former urban mall that was converted into office use in the early 1990s. The complex now offers 1.3 million square feet of office space and is 86 percent occupied by a variety of tenants, including PNC Bank, Microbac, Continental Broadband, Confluence, Union Fitness, United Healthcare and Alloy 26. 106 Isabella features 87,050 square feet is a located adjacent to the Warhol.

September 19, 2017

Loans New Jersey Northeast Office

Cushman & Wakefield Arranges $80.7M in Financing for Office Building in Warren, New Jersey

by Amy Works September 19, 2017

WARREN, N.J. — Cushman & Wakefield has arranged $80.7 million in financing for Normandy Real Estate Partners and Greenfield Partners. The financing is secured by Center 78, an office building located at 184 Liberty Corner Road in Warren. The 10-year, fixed-rate financing was provided by Natixis Real Estate Capital. Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site in Somerset County. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented Normandy in the financing.

September 19, 2017

Loans Multifamily South Carolina Southeast

NXT Provides $33M Acquisition Loan for Apartment Community in Metro Charlotte

by Camren Skelton September 19, 2017

ROCK HILL, S.C. — NXT Capital has provided a $33 million first mortgage loan for the acquisition of Gateway at Rock Hill Apartments, a 312-unit multifamily community located in downtown Rock Hill, located five miles from Winthrop University and roughly 20 miles south of Charlotte in South Carolina. Michael Ortlip and Joshua Davis of Grandbridge Real Estate Capital arranged the transaction. The borrower was not disclosed. Gateway at Rock Hill’s community amenities include a business center, fitness center, movie theater, grill and a picnic area.

September 19, 2017

Loans Office Texas

HFF Arranges Refinancing of 1.2 MSF Office Tower in Houston

by Taylor Williams September 19, 2017

HOUSTON — HFF has arranged an undisclosed amount of refinancing for 700 Louisiana, a 56-story, a 1.2 million-square-foot office tower in Houston’s CBD. Cameron Cureton and John Brownlee of HFF arranged the funds on behalf of the borrower, a joint venture between Houston-based investment firm M-M Properties and an institutional capital partner. The property was 90 percent leased at the time of the loan closing. The borrower will use the funds to reconfigure the lobby and incorporate an on-site restaurant.

September 19, 2017

Loans Multifamily Texas

Hunt Mortage Secures $20.5M Refinancing for Two Multifamily Assets in Metro Austin

by Taylor Williams September 19, 2017

ROUND ROCK AND SAN MARCOS, TEXAS — Hunt Mortgage Group has secured $20.5 million in refinancing for two garden-style multifamily properties totaling 324 units in metro Austin. The company secured a $13.8 million loan for the 168-unit Red Hills Villas in Round Rock and a $6.7 million loan for the 156-unit Champion’s Crossing Apartments in San Marcos. Both Freddie Mac loans feature seven-year terms, 24 months of interest-only payments and 30-year amortization schedules. Hunt Mortgage secured the funds on behalf of an undisclosed management firm with a portfolio of roughly 30,000 multifamily units.

September 19, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

Stellar Management Refinances 13-Property Portfolio in New York City with $105M Loan Package

by Amy Works September 18, 2017

NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the properties for more than 20 years. Loan proceeds will be used to fund upgrades to the properties, including lobby and elevator cab renovations, amenity space upgrades and landscaping improvements.

September 18, 2017

Industrial Loans Massachusetts Northeast

Valencia Realty Capital Arranges $4.5M in Acquisition Financing for Warehouse Facility in Newburyport, Massachusetts

by Amy Works September 15, 2017

NEWBURYPORT, MASS. — Valencia Realty Capital has arranged $4.5 million in acquisition financing for a cold-storage warehouse facility in Newburyport. The financing covers nearly 100 percent of the acquisition cost. The undisclosed borrower acquired the vacant 89,000-square-foot facility, located at 2 Opportunity Way, from a national REIT. Built in 1994 and expanded in 2008, the property features 26-foot clearance heights and approximately 14 percent of the building is office space. Stephen Smeke of Valencia secured the financing from a commercial lender for the borrower.

September 15, 2017

Residences-Fairmont-Station-Hyde-Park-Boston

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $2.1M in Financing for Affordable Housing Community in Boston

by Amy Works September 15, 2017

BOSTON — Massachusetts Housing Finance Agency (MassHousing) has provided $2.1 million in financing to Traggorth Cos. and Southwest Boston Community Development for the construction of Residences at Fairmont Station in Boston’s Hyde Park. Located at 11 Nott St., the community will feature 27 apartments for low- and moderate-income households. MassHousing is providing a $1.8 million permanent loan and $300,000 through the agency’s $100 million Workforce Housing Initiative. The community will feature one studio unit, three one-bedroom units, 18 two-bedroom units and five three-bedroom units, as well as a community room, green space and an outdoor play area. Of the 27 units, six will be for low-income households earning at or below 30 percent of the area median income (AMI) supported by a federal Section 8 Housing Assistance Payment Contract, five will be for households with incomes at or below 50 percent of AMI, 13 will be for households with incomes at or below 60 percent AMI, and three will be workforce housing units for households earning at or below 80 percent AMI. The project is also receiving financing from the city of Boston, and the Massachusetts Department of Housing and Community Development as well as an allocation of Low-Income Housing Tax …

September 15, 2017

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