HOUSTON — Grandbridge Real Estate Capital has arranged $7.8 million in refinancing for a 138,633-square-foot office building located at 2224 Bay Area Blvd. in the Clearlake area of Houston. Adam Lipkin of Grandbridge arranged the refinancing for the six-story property on behalf of a sovereign wealth fund operated by the Republic of Nauru, a South Pacific island nation. The property is primarily leased to a subsidiary of Jacobs Engineering Group, a publicly traded NASA contractor.
DENVER — New York Life Real Estate Investors has originated a $51.8 million loan for the 306-unit Alta Cherry Hills apartment complex in Denver. The community is located at 3650 S. Broadway. The mortgage has a seven-year term. The funds were used to purchase the property. Michael Ortlip of Grandbridge Real Estate Capital acted as the mortgage broker. The borrower was Bell Partners. The seller was not disclosed
BOSTON — Capital One has provided a $60 million leasehold mortgage to The Davis Cos. (TDC) for the acquisition of 88 Black Falcon Ave., a pair of office/industrial buildings totaling 376,000 square feet in Boston’s Seaport District. TDC plans to make improvements including upgrades to the building’s common areas, bathrooms, elevator lobbies, entrances and restaurant/café, as well as the addition of a fitness center. Lisa Greeley of Capital One’s Boston office originated the transaction. The property is 94 percent leased, with 17 office tenants and 18 industrial tenants.
CAMBRIDGE, MASS. — Fantini & Gorga has secured a $25.5 million first mortgage for a 61-unit multifamily property with ground-floor retail and underground parking. The property is located at 603 Concord Ave. in the Fresh Pond/Alewife neighborhood of Cambridge. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga arranged the financing. The six-story property is comprised of a mix of studios, one- and two-bedroom units. It is 100 percent leased including 5,511 square feet of retail space. Retail tenants include an orthodontist, an eye clinic and an urgent care center.
NORTHRIDGE, CALIF. — Universe Holdings has obtained $23.4 million in financing for the 148-unit Lodge at Porter Ranch in the Los Angeles submarket of Northridge. The community is located at 10631 Lindley Ave. The Lodge was built in 1979 and renovated in 2013. Universe Holdings purchased the property in 2004. The 10-year loan features interest-only payments for the first five years. HFF secured the financing through Freddie Mac. The planned use of the funds was not disclosed.
CHAPPAQUA, N.Y. — On behalf of a joint venture partnership between The Grossman Co. and Summit Development, CBRE has secured financing for a $68 million venture for Chappaqua Crossing, a soon-to-be-constructed retail center in Chappaqua. The 120,000-square-foot retail center will be anchored by a Whole Foods. CBRE’s Kyle Juszczyszyn, Chris Coutts, Lenny Pierce, Jeffrey Dunne and David Gavin procured the institutional joint venture equity partner in addition to securing construction financing of $44 million with M&T Bank. Along with Whole Foods, tenants will include Life Time Fitness, Pet Valu, Chase Bank, AT&T and GoHealth Urgent Care.
BROOKFIELD, CONN. — HKS Capital Partners has arranged $26.5 million in permanent refinancing for Barnbeck Place, a 165-unit apartment complex in Brookfield. The property sits on nine acres. John Harrington of HKS Capital Partners negotiated the financing for the owner/ borrower, the BRT Organization and the DiMarco Group. David Garcia of OritaniBank provided the seven-year, fixed-rate loan.
TUCKER, GA. — Eastern Union Funding has arranged a $39.1 million acquisition loan for Landmark at Mountain View, a 989-unit apartment community located at 110 Wood Bend Drive in Tucker, a suburb of Atlanta in DeKalb County. Marc Belsky and Jonathan Singer of Eastern Union Funding arranged the three-year loan through Arbor Commercial Mortgage on behalf of the borrower, a private investment group based in New York that purchased the property for $38 million. Built in 1986, Landmark at Mountain View was 92 percent occupied at the time of sale. Berkadia Real Estate Advisors represented the seller in the sale.
HAMMOND, LA. — Arbor Realty Trust Inc. has funded a $13.5 million Fannie Mae loan for the refinancing of Tangi Lakes Townhomes, a 185-unit apartment community located in Hammond, roughly 45 miles east of Baton Rouge. Austin Walker of Arbor’s New York office originated the 10-year loan with a 30-year amortization schedule. Built in 1999, the property features barbeque grills, controlled access gates, a fitness center, laundry facility, on-site security, park/play area and a swimming pool.
SEATTLE — PSRS has provided a $57 million loan for a 285,186-square-foot office building in the South Lake Union area of downtown Seattle. The building was constructed in 1929 and renovated in 1965. The asset has a mix of tenants, including a local newspaper as the anchor. The space also includes a data storage business. The 10-year, interest-only, cash-out loan was financed through a leading CMBS lender. The borrower is a large data center and office investor. PSRS’ Michael Thorp and Ryan Frankman secured the financing. The planned use of the capital was not disclosed.
