ROCHESTER, MINN. — NorthMarq Capital has arranged a $3.5 million acquisition loan for a 72-unit multifamily property in Rochester, approximately 85 miles southeast of Minneapolis. Bear Creek Apartments is located at 1405, 1455 and 1505 Marion Road SE. The 10-year loan features a 25-year amortization schedule. Michael Padilla of NorthMarq placed the financing with a local bank on behalf of the undisclosed borrower.
NEW YORK CITY — Thorofare Capital has secured a $15.3 million fixed-rate bridge loan for a mixed-use property in Brooklyn’s Gowanus section. The property features 57,050 square feet of mixed-use space. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the recapitalization and tenant improvement/leasing commissions facility for the undisclosed borrower.
JERSEY CITY, N.J. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged a $2.5 million loan for a retail strip center located at 2825 Kennedy Blvd. in Jersey City’s Journal Square neighborhood. Provided by a major New York-based bank, the non-recourse, loan features a 10-year term with a fixed rate for the first seven years and then floating and open to prepayment without penalty the last three years. The fully occupied property features six retail stores. Jeanne Cronin of Q10 New York Realty Advisors arranged the loan for the borrowers. Elizabeth Smith, Aubrey Riccardi and Sarah Benji of Goldberg Weprin, Finkel & Goldstein represented the borrower in the lease transaction.
CARROLLTON, TEXAS — Dougherty Mortgage LLC has secured a $27.5 million Fannie Mae loan for the acquisition of Westbridge Apartments, a 284-unit market rate multifamily apartment property located in Carrollton. The pet-friendly, gated property is located near hiking/biking trails and includes a dog park, swimming pool, fitness center and complimentary yoga classes. Apartments feature nine-foot ceilings with crown molding, built-in bookshelves, ceiling fans, a patio or balcony, washer and dryer hookup and fireplaces. The 12-year Fannie Mae loan includes five years of interest-only payments and a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for borrower, Westbridge 2300 LLC.
CINCINNATI — NorthMarq Capital has arranged a $39.6 million loan to refinance the Omnicare Center, a 20-story, Class A office building in Cincinnati. Susan Branscome of NorthMarq placed the 10-year loan with a major life insurance company on behalf of the borrower, Smith Hallemann Partners. The building includes amenities such as a barbershop with shoe shine and repair services, a Starbucks, transportation services, a conference center, dry cleaning shop and restaurant.
NEW YORK CITY — Rubenstein Partners has secured a $197 million first mortgage construction loan for 25 Kent Avenue, a mixed-use property in the Williamsburg section of Brooklyn. Serving as co-lead arrangers and co-bookrunners, Wells Fargo Bank and Natixis Real Estate Capital committed $197 million for the project. The new loan provides for all future construction costs and fully capitalizes the project. Being developed by Rubenstein Partners and Heritage Equity Partners, the eight-story building will feature 500,000 square feet of office and industrial space tailored to the creative and tech sectors.
CHARLOTTESVILLE, VA. — SunTrust Bank has provided a $25.8 million construction loan to Carr City Centers for the development of a new hotel located at 1106 W. Main St. in downtown Charlottesville. The new 150-room, boutique hotel is set to be part of the Marriott Autograph Collection. The property will be located next to the University of Virginia’s main campus and adjacent to the University Medical Center. The hotel will feature an upscale restaurant, fitness center, business center and 3,000 square feet of meeting space. The general contractor, Donohoe Construction Co., plans to break ground in the third quarter with a scheduled opening in the fourth quarter of 2017. Donohoe Hospitality Services will manage the hotel’s day-to-day operations on behalf of the ownership, a joint venture between Carr City Centers and Donohoe.
CLEVELAND — BGL Real Estate Advisors LLC has arranged an $81 million construction loan for Weston Inc. The company plans to convert the Standard Building, which was originally built for Standard Bank in the 1920s, into a mixed-use building. The building is currently used as Class B office space and will be transformed into luxury apartments with ground-floor retail. Financing consisted of senior construction debt, subordinated bridge debt, municipal city and state agency debt, Federal and State Historic Tax Credit Equity, and Weston equity. Companies involved in the financing include The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank, and Cleveland Development Advisors, as well as multiple city and state agencies including the Ohio Water Development Authority and Ohio Development Services Agency.
DEERFIELD, ILL. — CIT Real Estate Finance has arranged $61.8 million in acquisition financing for three office properties totaling 480,000 square feet in Deerfield, approximately 30 miles northwest of Chicago. A joint venture between True North Management Group and Fulcrum Asset Advisors, TNREF III Parkway JV LLC, acquired the Class A buildings. The properties are 3 Parkway North, 6 Parkway North and 9 Parkway North, which are all located within the Parkway North Center Office Park, an 85.5-acre office complex consisting of six office buildings totaling approximately 1 million square feet, a daycare center, a 250-room hotel and a recently built luxury apartment complex. The buyer plans to make upgrades to the café and winter garden, as well as develop additional parking. The seller in the transactions was not disclosed.
BROOKLYN PARK, MINN. — NorthMarq Capital has arranged a $6 million acquisition loan for a 120,030-square-foot industrial property in Brooklyn Park, approximately 10 miles north of Minneapolis. The Stein Industries Building is located at 7500 Setzler Parkway N. Patrick Minea of NorthMarq Capital negotiated the loan for the undisclosed borrower through a life insurance company. The loan features a 20-year term and 20-year amortization schedule.
