loans

NGKF Capital Markets Arranges $59M Financing for 827-831 Broadway in NYC

by Haisten Willis May 12, 2017

NEW YORK CITY — NGKF Capital Markets, serving as advisor to Quality Capital, has arranged a $59 million loan for 827-831 Broadway in Manhattan’s Greenwich Village neighborhood from LoanCore Capital. The loan will be used to recapitalize the multifamily property by retiring existing debt. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets brokered the loan for Quality Capital. 827-831 Broadway consists of three interconnected buildings located at 827 Broadway, 831 Broadway and 47 E. 12th St. The property contains 75 feet of frontage on Broadway, with an additional 28 feet on East 12th Street. The owner purchased the property for $60 million in 2016. The residential units have since been vacated and the owner is completing renovations. The owner plans to hold on to the asset for the foreseeable future.

May 12, 2017

Loans Office Southeast Virginia

CBRE | Hampton Roads Arranges $35.3M Loan for Office Building in Downtown Norfolk

by John Nelson May 12, 2017

NORFOLK, VA. — CBRE | Hampton Roads has arranged a $35.3 million loan for the SunTrust Building, a 225,286-square-foot office building located at 150 W. Main St. in downtown Norfolk. John Richards Jr. of CBRE | Hampton Roads arranged the long-term, fixed-rate loan on behalf of the borrower, 150 Owner LLC, which will use the financing to refinance existing debt on the property.

May 12, 2017

Alabama Loans Multifamily Southeast

Financial Federal Bank Arranges $31.8M in Acquisition Financing for Two Birmingham Multifamily Communities

by John Nelson May 12, 2017

BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged $31.8 million in acquisition financing for two multifamily communities in suburban Birmingham. The financing includes a $13.5 million loan for Mountain Lodge Apartments, a 254-unit community built in 1973, and a $18.3 million loan for Madison at Shoal Run Apartments, a 276-unit property built in 1986. Both communities were more than 90 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 10-year, fixed-rate loans, which both feature four years of interest-only payments and 30-year amortization schedules. Financial Federal arranged the financing through an agency lender’s green program, which allowed for the financing of energy- and water-saving improvements.

May 12, 2017

Loans Multifamily Oregon Seniors Housing Western

Grandbridge Facilitates $24.3M in Acquisition Financing for Two Seniors Housing Communities in Portland

by Nellie Day May 11, 2017

PORTLAND, ORE. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged a total of $24.3 million in financing for the acquisition of Hawthorne Gardens and Pacific Pointe Retirement Inn, both seniors housing communities located in Portland. The two nonrecourse bridge loans included $12 million for the 58-unit Hawthorne Gardens and $12.3 million for the 114-unit Pacific Pointe. The buyer and seller were not disclosed. Grandbridge’s Richard Thomas and Meredith Davis negotiated the financing. The company’s proprietary lending platform, BB&T Real Estate Funding’s structured loan product. Hawthorne Gardens was most recently sold in September 2015 for $10.8 million.

May 11, 2017

California Loans Multifamily Seniors Housing Western

Meridian Arranges $39M Refinancing for Two Skilled Nursing Facilities in Southern California

by Nellie Day May 11, 2017

SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.

May 11, 2017

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Provides $5.1M in Financing for Development of Independent Living Community in Arizona

by Nellie Day May 11, 2017

GLENDALE, ARIZ. — Investment bank HJ Sims has provided $5.1 million in financing for the construction of an independent living community in the Phoenix suburb of Glendale. An affiliate of Sante Partners is developing the property, which has not yet been named. Once completed, a large, national operator will manage the community. This will be Sante’s sixth development. The financing is structured as a mezzanine loan and preferred equity investment.

May 11, 2017

Loans Retail Texas

Vestar Secures $8.6M in Financing for Sprouts-Anchored Retail Center in Allen, Texas

by Taylor Williams May 11, 2017

ALLEN, TEXAS — Private equity firm Vestar has secured $8.6 million in financing for Twin Creeks Marketplace, a 43,134-square-foot retail center located at 1265 W. Exchange Parkway in the Dallas-Fort Worth metro of Allen. The property, which was developed in 2016, was 100 percent leased at the time of loan closing to anchor Sprouts Farmers Market, as well as tenants such as Verizon Wireless, Starbucks Coffee and Advancial Credit Union. Vestar secured the 15-year loan through Lincoln National Life Insurance Co.

May 11, 2017

Hospitality Loans Mixed-Use Multifamily New York Northeast

HFZ Capital Secures Construction Financing for The Eleventh in NYC

by Haisten Willis May 11, 2017

NEW YORK CITY — HFZ Capital Group, a Manhattan-based real estate development and investment company, has secured construction financing for The Eleventh, a mixed-use development located at 76 11th Ave. between 17th and 18th streets. A British financial institution provided HFZ Capital with construction financing for the development. HFZ’s John Shannon directed the firm’s negotiations to secure the financing. Situated on the Far West Side of Chelsea, The Eleventh is slated to open in 2019 featuring two towers between the High Line and the Hudson River. Bjarke Ingels Group designed the project. In addition to residences, Six Senses Hotels Resorts Spas will open its flagship North American hotel inside the project. HFZ originally secured $870 million in acquisition and pre-development financing in May 2015 from a consortium of lenders, including JPMorgan, BlackRock and SL Green Realty. Construction of The Eleventh has already begun, and sales of condominium residences will begin later this year.

May 11, 2017

Arizona Loans Multifamily Seniors Housing Western

Harborview Arranges Sale, $37.4M HUD Financing for Three-Property Seniors Housing Portfolio Near Phoenix

by Nellie Day May 10, 2017

PHOENIX — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged the sale of three seniors housing properties near Phoenix. The portfolio includes two skilled nursing facilities and an independent and assisted living facility. The names of the properties, buyer and seller were not disclosed. In connection with the transaction, Harborview arranged $37.4 million in HUD financing for the buyer. The loan features a 35-year term at a fixed rate. Eli Kutner originated the loan, along with the firm’s principals Ephraim Kutner and Jonathan Kutner.

May 10, 2017

Loans Multifamily Texas

Ready Capital Closes $5.7M Loan for 72-Unit Multifamily Property in Austin

by Taylor Williams May 10, 2017

AUSTIN, TEXAS — Ready Capital Structured Finance, a New York-based lender, has closed a $5.7 million loan for the acquisition, renovation and stabilization of a 72-unit multifamily property located at 2201 W. William Cannon Drive in Austin. The Class B, garden-style property consists of seven two-story buildings. The non-recourse, interest-only loan has a 36-month term with one extension option.

May 10, 2017

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