loans

HFF Secures $17.7M Loan for 174,484 SF Retail Power Center in Plano

by Taylor Williams July 28, 2017

PLANO, TEXAS — HFF has secured $17.7 million in post-acquisition financing for Creekwalk Village, a 174,484-square-foot retail power center situated on 14.7 acres at 801 W. 15th St. in Plano. The center currently houses tenants such as Michaels, Bed Bath & Beyond, Barnes & Noble and Designer Shoe Warehouse. Chris Drew, Nat Scarmazzi and De’On Collins of HFF secured the financing on behalf of an affiliate of Sterling Organization, a Florida-based private equity firm. Southside Bank originated the loan.

July 28, 2017

Loans Multifamily Texas

AHC Funds Receives $11.4M Construction Loan for Multifamily Asset in Dallas

by Taylor Williams July 28, 2017

DALLAS — Chicago-based private equity firm AHC Funds has received an $11.4 million construction loan for East Dallas Townhomes, a Class A multifamily property in Dallas. Once completed, the property will feature 125 rentable units averaging 1,450 square feet per unit. Justin Laub of Metropolitan Capital Advisors sourced the loan from a regional bank on a limited recourse basis. A timetable for delivery of the property has not yet been established.

July 28, 2017

Loans Multifamily Southeast Virginia

NorthMarq Capital Arranges $30M Construction Loan for Multifamily Asset in Downtown Richmond

by Camren Skelton July 28, 2017

RICHMOND, VA. — NorthMarq Capital has secured a $30 million loan for Reynolds South Tower, a 10-story, 213-unit apartment community located at 505 Porter St. in downtown Richmond. Mike Lowry of NorthMarq Capital arranged the construction loan through Union Bank & Trust. The loan features a variable interest rate that will convert to a fixed-rate, permanent loan upon completion.

July 28, 2017

Arkansas Loans Multifamily Southeast Student Housing

KeyBank Structures $29.5M Loan for Student Housing Property Near University of Arkansas

by Camren Skelton July 28, 2017

FAYETTEVILLE, ARK. — KeyBank Real Estate Capital has secured a $29.5 million loan for Sterling District, a 198-unit student housing community in Fayetteville, less than a half mile from the University of Arkansas campus. Caleb Marten of KeyBank structured the fixed-rate, first-mortgage loan with seven years of interest-only payments through a correspondent life company relationship. Sterling District features a swimming pool, hot tub, fitness center, study rooms, game rooms, cyber café and an outdoor courtyard with barbeque grills.

July 28, 2017

California Loans Mixed-Use Western

Marcus & Millichap Capital Corp. Secures $4M Refinancing for Mixed-Use Building in Palo Alto

by Nellie Day July 28, 2017

PALO ALTO, CALIF. — Marcus & Millichap Capital Corp. has arranged $4 million in debt to refinance a 4,600-square-foot mixed-use building in Palo Alto. Behzad Boroumand of Marcus & Millichap arranged the debt placement for the undisclosed borrower. The financing, which equates to $869 per square foot, has a 10-year total term, five-year fixed-term and 30-year amortization schedule.

July 28, 2017

Hospitality Loans North Carolina Southeast

Avison Young Arranges $19.2M Construction Loan for Hotel on North Carolina Coast

by Camren Skelton July 27, 2017

BEAUFORT, N.C. — Avison Young has arranged a $19.2 million construction loan for the development of a 133-unit Ascend Collection hotel in Beaufort. The hotel will be situated within the Front Street Village development on the coast of North Carolina. Bruce Whipple, Justin Piasecki and Ethan Blum of Avison Young structured the 18-month construction loan with interest-only payments and an interest rate of 5.5 percent. Following construction completion, the loan will convert to a three-year, fixed-rate, mini-permanent loan. At the end of the term, the loan will remain in place with a 25-year amortization schedule and the same interest rate of approximately 5.5 percent. Front Street Village is a 31-acre mixed-use property developed by Charles Oliver II, founder of Jetcraft. The three-story Ascend Collection hotel will feature an adjacent conference and special events space, bistro structure on the Front Street Village development, waterfront suites and 30,000 square feet of meeting space.

July 27, 2017

Loans Retail Texas

N3 Receives $20M in Refinancing for Texas Retail Properties Shadow-Anchored by Walmart

by Taylor Williams July 27, 2017

SOUTHLAKE, TEXAS — Southlake-based N3 Real Estate has received $20 million in refinancing for a portfolio of eight retail centers totaling 172,152 square feet in various cities throughout Texas. All of the properties are shadow-anchored by Walmart locations and are 90 percent leased collectively. De’On Collins of HFF arranged the financing through Southside Bank.

July 27, 2017

Loans New York Northeast Office Retail

Houlihan-Parnes Realtors Secures $52.5M Loan for 285,000 SF Office, Retail Building in the Bronx

by Amy Works July 27, 2017

NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $52.5 million first mortgage loan for a 285,000-square-foot office and retail property located at 2501 Grand Concourse in the Bronx. The 10-year loan features interest-only payments. The former Alexander’s/Caldor’s department store was converted into a multi-tenant office and retail property in 2001. PC Richard & Son, Marshalls, Children’s Place, Capital One Bank, the City University of New York, the U.S. Social Security Administration and 1199 SEIU Health Care Training and Child Care Center are current tenants. Christie Houlihan, Bryan Houlihan and James Houlihan of Houlihan-Parnes Realtors arranged the loan for the borrowers, which include Samuel Jemal, members of the Jemal family, James Houlihan and members of Houlihan Partners.

July 27, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

HFF Arranges $28M in Refinancing for Mixed-Use Building in Brooklyn

by Amy Works July 27, 2017

NEW YORK CITY — HFF has arranged $28 million in refinancing for a mixed-use building located at 110 Fourth Ave. in Brooklyn’s Boerum Hill neighborhood. Scott Aiese of HFF secured the 10-year, fixed-rate, interest-only loan for the undisclosed borrower. The property features 49 residential units in a mix of studio, one- and two-bedroom layouts, and 5,197 square feet of retail and medical office space on the ground level. On-site amenities include a concierge, common room and fitness center. Additionally, most units feature balconies and/or in-unit washers and dryers. Built in 2007, the property was 100 percent leased at the time of financing.

July 27, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Secures $12.1M Loan for Mixed-Use Building in the Bronx

by Amy Works July 25, 2017

NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.

July 25, 2017

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