NEW YORK CITY — Himmel + Meringoff Properties and The Swig Company have received a $200 million mortgage loan for the refinancing of 8 Times Square, a 220,000-square-foot office and retail property located at 1460 Broadway in New York City. The loan was provided by Citigroup. The 16-story property offers 185,000 square feet of office space and 35,000 square feet of retail space. Current tenants of the property include WeWork and Foot Locker. Robert Sorin, Julianne Befeler, Chad Sandler and Jason Robinson of Fried Frank acted as counsel to the companies in the transaction.
NEW YORK CITY — Equicap has arranged $18 million in construction financing for a condominium development on Manhattan’s Upper East Side. Daniel Hilpert secured the bank financing for the borrower, a foreign developer, at a competitive interest rate.
CARROLLTON, GA. — NorthMarq Capital has secured the $22.2 million refinancing of Flats at 316, a 240-unit student housing community located near the University of West Georgia in Carrollton. The transaction was structured with a three-year, interest-only term. Will James of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through a bridge lender. Flats at 316’s community amenities include a basketball court; cyber café; dog park; a lounge with a flat screen, pool table, ping pong, poker and other games; a resort-style swimming pool; sand volleyball court; coffee bar; fitness center; and shuttle service to and from campus.
BOSTON — EagleBridge Capital has arranged $9.5 million in permanent mortgage financing for an apartment complex located at 8-12-16 Harvard Terrace in Boston’s Allston neighborhood. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, which was provided by a major commercial bank, for the undisclosed borrower. The fully occupied three-building apartment complex features 18 three-bedroom/two-bath units and six two-bedroom/one-bath units. Apartments feature hardwood floors, fully equipped designer kitchens with stainless steel appliances, granite countertops, contemporary cabinetry and a private balcony or patio.
ATLANTA — Natixis has provided a $43 million loan to refinance the Crowne Plaza Midtown and Staybridge Suites Atlanta Midtown, a dual-branded hotel development in Midtown Atlanta totaling 462 rooms. The borrower, AWH Partners, is using the floating-rate financing to refinance an existing renovation loan following the property’s multimillion-dollar renovation. The property features 31,000 square feet of meeting and banquet space, an outdoor pool and sundeck, fitness center, locker rooms, business center, on-site dining options and a Thrive coffee bar. Peter Dannemiller of Hodges Ward Elliott arranged the loan.
PHILADELPHIA — HFF has arranged the sale of Lennox Apartments, a mid-rise apartment building located at 232-242 W. Walnut Lane in Philadelphia’s Mount Airy neighborhood. Premier Properties sold the 156-unit property to a New York-based private group for $12.7 million. At the time of sale, the studio, one-, and two-bedroom property was 94 percent leased. Carl Fieberg and Mark Thomson of HFF represented the seller in the deal. Additionally, James Conley of HFF secured $9.5 million in acquisition financing for the buyer, which purchased the property free and clear of existing debt.
ATLANTA — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged $125 million in financing for the acquisition of four independent living communities in four states. Details on the buyer, seller and specific communities were not disclosed. The financing was arranged as $25 million in supplemental loans and $100 million in assumption loans, which replace existing loans Grandbridge previously arranged for the seller. All the loans are through Fannie Mae. Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance Group offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.
SILVER SPRING, MD. — Capital One has provided a $50.5 million loan to repay an existing construction loan on Fenwick Apartments, a Class A, six-story apartment community in Silver Spring, a little over six miles north of Washington, D.C. Capital One provided the three-year, floating-rate loan to the borrower, Insight Property Group. The loan’s initial term is interest-only. Two optional one-year extensions have amortization on a 30-year schedule utilizing a 3 percent interest rate. Built in 2014, Fenwick Apartments consists of 310 units, including 39 affordable units, and is located within walking distance to the Washington Metropolitan Area Transit Authority’s Silver Spring station. Community amenities include a pool deck with cabanas, clubroom, billiards, TV gaming area and an outdoor living room with a fire pit. The community was 94 percent occupied as of July.
FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.
WEST LINN, ORE. — Lancaster Pollard has arranged two refinancings totaling $33.5 million for seniors housing communities in the Portland suburb of West Linn and an undisclosed town in Northern California. In the first transaction, Lancaster Pollard arranged $19 million for Sterling Senior Communities to refinance Tanner Springs, a 115-bed assisted living and memory care community in West Linn. The transaction refinanced an existing HUD loan of $10.5 million and included a reimbursement of $8.2 million for previously incurred capital expenditures. Jason Dopoulos led the transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard arranged $14.5 million for Cornerstone Assisted Living Communities. The loan will refinance an undisclosed, 110-bed assisted living community in Northern California. The transaction refinances $9.6 million of existing debt and reimburses $4 million for previously incurred capital expenditures. The remaining capital paid the transaction costs. Grant Goodman led the transaction for Lancaster Pollard. Both financings are through Lancaster Pollard’s Fannie Mae program. Doug Harper and Casey Moore of Lancaster Pollard assisted on both deals.