NEW YORK CITY — NorthMarq Capital has negotiated the $47.5 million refinance of a 250,000-square-foot Macy’s, located at 136-32 Roosevelt Ave. and 131-52 41st Ave. in the Flushing area of Queens. The transaction was structured with a 25-year term and arranged through NorthMarq’s relationship with a life insurance company. Ernest DesRochers and Matthew Buttram of NorthMarq arranged the financing for the undisclosed borrower.
TOTOWA, N.J. — HFF has arranged $12.2 million in construction financing for the conversion of a light industrial building into a 1,246-unit self-storage facility in Totowa. The developer and borrower is a joint venture between Tulfra Real Estate and The Hampshire Cos. M&T Bank provided the loan. Located at 930 N. Riverview Drive, the renovated facility will feature 1,235 climate- and 11 non-climate controlled units. Jon Mikula and Michael Klein of HFF represented the borrower in the financing transaction.
YONKERS, N.Y. — CBRE has secured a $6 million loan for the acquisition of a multifamily portfolio of three residential properties in Yonkers. The five-year, interest-only, non-recourse fixed-rate loan was provided by Freddie Mac. Jared Sobel of CBRE arranged the loan for the undisclosed buyer. The three-building, 63-unit portfolio was sold by NuRealty Advisors. Michael Nukho and Lukasz Przybylek provided in-house representation for the seller.
HOUSTON — Ziegler, a specialty investment bank, has closed $67.6 million in bond financing for Brazos Presbyterian Homes (BPH), the operator of Brazos Towers at Bayou Manor and the Hallmark, two continuing care retirement communities (CCRCs) in Houston. Combined, the two communities feature 310 independent living units, 37 assisted living units, 18 memory care units and 69 skilled nursing beds. BPH will use the tax-exempt, fixed-rate financing to pay off bonds from 2013 and fund a debt service reserve fund. The move will save the company approximately $3.3 million in debt payments.
CLEVELAND, OHIO — Cleveland-based Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has closed a $125 million refinancing loan for a 10-property multifamily portfolio in Texas and Ohio. The entire portfolio comprises more than 3,000 units across 10 multifamily properties, with four properties in Texas and six properties in Ohio’s Greater Cincinnati/Dayton area. The Texas properties total 1,273 units and the Ohio properties total 2,065 units. Sara Behrman of Bellwether Enterprise’s Cincinnati office originated the interest-only loan on behalf of the borrower, Fath Properties.
SAN ANTONIO — KeyBank Real Estate Capital has secured a total of $33.5 million in construction financing for Acme Apartments, a 324-unit affordable housing development in San Antonio. The property will be constructed on more than 18 acres of currently vacant land and include four three-story buildings, a community center, leasing office and on-site management building. Additionally, all the units at the property will be designated for households earning at or below either 50 or 60 percent of the area median income. The financing consists of a $10.3 million equity bridge loan and a $23.2 million Freddie Mac tax-exempt loan. Jeffrey Rodman of KeyBank’s Commercial Mortgage Group and Kyle Kolesar of Key’s Community Development Lending and Investment Group arranged the financing.
VALLEJO, CALIF. — NorthMarq Capital has arranged $4.9 million in refinancing for a retail center located in Vallejo. Mark Dodson secured the loan, which features a five-year term, for the undisclosed borrower. Comcast, Domino’s Pizza, Subway and AT&T occupy the 23,347-square-foot retail property.
SPANISH FORT, ALA. — NorthMarq Capital has arranged a $24 million acquisition loan for Eastern Shore Plaza, a 270,105-square-foot shopping center located at 10200 Eastern Shore Blvd. in Spanish Fort. Chad Owens of NorthMarq Capital’s Houston office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. Owens arranged the loan through an undisclosed CMBS lender on behalf of the borrower, Eastern Shore Plaza LLC, an entity controlled by Azad Commercial Realty Services.
NEW PORT RICHEY, FLA. — KeyBank Real Estate Capital has secured a $13.7 million CMBS loan for Trinity Village Shopping Center, an unanchored, 71,233-square-foot retail property built in 2007 in New Port Richey, a town in the Tampa Bay metro area. The undisclosed borrower used the financing to facilitate the acquisition of the shopping center. Scott Bois of KeyBank Real Estate Capital arranged the 10-year, non-recourse loan with two years of interest-only payments and a 30-year amortization schedule.
RANCHO SANTA MARGARITA, CALIF. — Institutional Property Advisors Capital Markets (IPA), an affiliate of Marcus & Millichap, has arranged $19.6 million in financing for the acquisition of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County suburb of Rancho Santa Margarita. The borrower was purchasing the property through a 1031 exchange. The loan was structured at a fixed rate of 3.25 percent interest with interest-only payments for the first three years, then converting to a 30-year amortization. The term of the loan is 15 years with a 67 percent loan-to-value ratio.
