DETROIT — Pillar has originated an $11.8 million Fannie Mae DUS loan for Detroit Savings Bank Apartments in downtown Detroit. The 10-year term loan features a 30-year amortization schedule. David Wilkins of Pillar originated the financing for Capitol Park Partnership. Built in 1895, the 12-story building features 56 market-rate apartment units on the top seven floors and The Archdiocese of Detroit on the first five floors.
PLEASANT HILL, IOWA — NorthMarq Capital has closed a $6.2 million refinancing for Golf View Apartments, a multifamily property located in Pleasant Hill near Des Moines. Jason Kinnison of NorthMarq’s Omaha office arranged the financing for the undisclosed borrower. The multifamily property features 84 apartment units.
RIVERSIDE, CALIF. — Meridian Capital Group has arranged $12.5 million in CMBS financing for the refinance of Tyler Gateway Shopping Center in Riverside. The borrower was The Festival Companies, a Los Angeles-based developer and operator of retail and mixed-use properties. The 10-year loan, provided by a CMBS lender, features five years of interest-only payments and a fixed interest rate. Seth Grossman and Andy Strauss of Meridian negotiated the financing. Tyler Gateway Shopping Center consists of two retail buildings located at 3502 Tyler St. in Riverside. Totaling 25,000 square feet, the buildings are occupied by Ulta Beauty, AT&T, Habit Grill, Panera Bread, Chipotle Mexican Grill and Yogurtland.
TERRE HAUTE, IND. — AMS Health Care Mortgage Corp., Piper Jaffray & Co. and JLL Capital Markets have closed on the funding of a $266.6 million FHA/GNMA-insured mortgage loan for Union Hospital in Terre Haute. Founded in 1892, Union Health provides care for the 277,657 residents of west central Indiana and eastern Illinois. The regional healthcare system is comprised of the flagship Union Hospital (Terre Haute), a 347-bed acute care hospital; Union Hospital Clinton, a 25-bed critical access hospital; and two rural health clinics (Clay City, Ind., and Marshall, Ill.), employing a total of 2,878 physicians and staff. The loan refinancing, insured under HUD’s Section 242 Mortgage Insurance for Hospitals program, significantly reduces the system’s annual debt service, saving Union Health and its patients approximately $148 million over the life of the loan. AMS is an FHA-approved mortgage lender that specializes in obtaining financing for hospitals. Piper Jaffray, an investment bank specializing in healthcare finance, worked closely with AMS in structuring the transaction, assisting Union Health in defeasing its existing tax-exempt debt and placing the GNMA securities with end investors. JLL, working closely with AMS and Piper Jaffray, is the FHA mortgagee of record and will service the loan over …
ELIZABETH, N.J. — Cronheim Mortgage has closed $24.7 million in permanent bank financing upon the completion and stabilization of an apartment building located in Elizabeth. The six-story building features 100 rental units, grade-level retail, indoor parking and immediate access to the Elizabeth Transit Rail Station. The name of the borrower was not released.
GLENDALE AND CHANDLER, ARIZ. — Meridian Capital Group has arranged $116.4 million to refinance four multifamily properties in Arizona. The four properties were financed in two separate loans. The first loan was for Tela Verde and Tuscany Palms in Glendale. The assets contain a total of 778 units. The properties in the second loan include Alante at the Islands and Laguna Village in Chandler. These assets contain a total of 780 units. Meridian originally financed these four properties as part of a seven-property portfolio acquisition loan on behalf of PB Bell Companies in July 2014. The firm sold the other three properties while repositioning the four assets included in this refinancing. Meridian’s Seth Grossman, Sarah Kuebler and Ryan Gandell arranged the two fixed-rate, non-recourse financing packages.
DENVER – HFF has arranged $30.6 million in financing for Tuscany Plaza, a 260,000-square-foot office property in the southeastern Denver suburb of Greenwood Village. The Class A plaza is located at 6312 S. Fiddlers Green Circle. The asset sits adjacent to the Arapahoe at Village Center light rail station. Tuscany Plaza is 90 percent leased to tenants like Red Robin and Xanterra Parks and Resorts. HFF’s Jim Curtin and Eric Tupler arranged the seven-year, 3.45 percent, fixed-rate loan through a correspondent life insurance company. The borrower was Crescent Real Estate LLC.
HANOVER, N.J. — Bellwether Enterprise Real Estate Capital has closed a $68.9 million loan for the acquisition of One MetLife Way, the global headquarters for MetLife Investments located in Hanover Township. C. Cooper Willis of Bellwether arranged the loan, which was provided by Morgan Stanley, to the borrower, Salus Government Properties. The Class A building features 185,000 square feet of office space and an extensive park-like exterior with seating and lounge area, amphitheater, waterfall and fire pit.
KEY WEST, FLA. — Berkadia has arranged a $70 million loan for the refinancing of Ocean Walk, a 296-unit multifamily property in Key West. The recently renovated community features one-, two- and three-bedroom units with upgraded cabinetry and finishes, stainless steel appliances and plank flooring. Community amenities include a swimming pool, basketball court, tennis court and a nearby jogging trail. Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia arranged the Fannie Mae loan on behalf of the borrower, a joint venture between Mast Capital and Rockpoint Group.
LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $12.1 million CMBS loan for SpringHill Suites Louisville Airport, a 75,000-square-foot hotel situated directly north of Louisville International Airport. Located at 820 Phillips Lane, the hotel features a market, meeting room, coffee station, business center, breakfast buffet, fitness center and an indoor swimming pool. Jake Proctor of KeyBank arranged the fixed-rate, non-recourse loan.
