FREEHOLD, N.J. — Deerwood Real Estate Capital has closed a $12.4 million non-recourse acquisition loan with a national bridge lender and a $6.6 million refinancing with a local bank for two properties in Freehold. The properties include a 200,000-square-foot multi-tenant office park and a 60,000-square-foot multi-tenant office building. The proceeds of the refinance were used for the acquisition. Yaakov Leiser of Deerwood negotiated the loans for the undisclosed borrower.
PLANO, TEXAS — Houston-based Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged the $8.4 million cash-out refinancing for Republic Office Building located in Plano. Goldman Sachs provided the funding, which features a 10-year term and a 30-year amortization schedule. Travis Fite of Q10 KDH arranged the financing for the undisclosed borrower.
HOUSTON — NorthMarq Capital has secured refinancing for Beechnut Tiendas, a retail center located in Houston. Warren Hitchcock of NorthMarq Capital arranged the financing through a life insurance company for the undisclosed borrower. Pollo Campero, Supermercado Teloloapan, T-Mobile and Shipley Do-Nuts occupy the 18,995-square-foot property.
ARLINGTON, TENN. — The Memphis office of Financial Federal Bank has arranged a $16.1 million permanent loan for Hall Creek Apartments, a newly built garden-style multifamily community in Arlington, a suburb of Memphis. Constructed in 2015 and 2016 by the Memphis-based borrower, Hall Creek features 164 units with community amenities including a parking garage, resort-style swimming pool, pool deck with private cabanas, grilling area and a fitness center. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 20-year loan with a fixed 3.87 percent interest rate and a 30-year amortization schedule through an unnamed national life insurance company.
JACKSONVILLE, FLA. — Eastern Union Funding arranged a $10.6 million acquisition loan for Southwind Townhomes, a 184-unit apartment community in Jacksonville. Ira Zlotowitz and Marc Belsky of Eastern Union Funding arranged the two-year loan with an 85 percent loan-to-cost ratio through Ladder Capital on behalf of the borrower, Blue Rock Partners LLC. The loan features an interest rate of 5.25 percent over LIBOR.
SAN ANTONIO — Dougherty Mortgage has closed a $9.3 million Fannie Mae loan for the acquisition of Ridge at Southcross, a 212-unit multifamily property located in San Antonio. The borrower was 4700 Stringfellow LLC. The 12-year loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va., office. The loan features a 30-year amortization schedule and three years of interest-only payments.
HOUSTON — NorthMarq Capital has arranged refinancing for Northville Plaza, a retail property located in Houston. Mattress One, Tile Max and Allstate occupy the 14,400-square-foot property. Warren Hitchcock of NorthMarq Capital’s Houston office arranged the non-recourse, 15-year fixed-rate loan on behalf of the undisclosed borrower.
DALLAS — HFF has secured the $120 million refinancing for Cityplace Tower, a 1.35 million-square-foot office tower in Uptown Dallas. The borrowers were Parmenter and Angelo, Gordon & Co. Starwood Property Trust provided the loan, which is interest-only for the full term. Proceeds of the loan were used to refinance the existing debt and provide capital for future tenant improvements, leasing commissions and capital expenditures. Situated along North Haskell Avenue, the 42-story Cityplace Tower was built in 1988 and underwent a $15 million renovation and rebranding last year. The property features eight levels of subterranean parking, 51,434 square feet of conference facilities, a 300-seat amphitheater, a 34,000-square-foot spa and fitness center, six patio sunrooms, a carwash, concierge service, convenience store and cafeteria. Ed Coco, John Brownlee, Jim Curtain and Matt Casey of HFF arranged the loan.
HOUSTON — JLL has arranged $9.8 million in acquisition financing for Cypress Ridge Apartments, a multifamily property located in Houston. The borrower is The PPA Group LLC. Mark Brandenburg and CW Sheehan of JLL arranged the seven-year loan through JLL’s Fannie Mae DUS lending program. Situated on 8 acres, the property features 252 apartment units in a mix of one-, two- and three-bedroom floor plans. Community amenities including a swimming pool with a gazebo, a playground and three central laundry rooms.
PANORAMA CITY, CALIF.— Meridian Capital Group has secured a $40 million refinancing for The Plant, a 219,922-square-foot retail power center located in Panorama City. Seth Grossman and Jackie Tran of Meridian arranged the five-year balance sheet loan featuring full-term, interest-only payments on behalf of the borrower, Decron Properties. Citibank provided the capital. Tenants at The Plant include Regency Theatres, Ross Dress for Less, Old Navy, Forever 21, PetSmart, Party City, Home Depot and In-N-Out Burger.