loans

Pillar Originates $5.7M Refinance of Apartment Complex in Lexington

by John Nelson August 8, 2016

LEXINGTON, KY. — Pillar has originated a $5.7 million Fannie Mae loan for the refinancing of The Creeks on Tates Creek, a 117-unit apartment complex adjacent to New Circle Road in Lexington. Built in 1968, The Creeks on Tates Creek features one-, two- and three-bedroom units. Joe Markech and Brooke Jackson of Pillar’s Chicago office originated the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, an entity that owns three multifamily assets in the greater Lexington area. The borrower is using the loan to refinance an acquisition loan, which the borrower used in 2012 to fund the purchase and renovation of the apartment community. The renovation included new roofs, new doors, a remodeled clubhouse, upgraded swimming pool and community room and a new HVAC system.

August 8, 2016

Loans Multifamily New Jersey Northeast

HFF Secures $155.8M Construction Loan for 539-Unit Apartment Tower in Jersey City

by Amy Works August 8, 2016

JERSEY CITY, N.J. — HFF has secured $155.8 million in financing for the development of 90 Columbus, a 50-story apartment tower in Jersey City. Thomas Didio of HFF arranged the financing for the borrowers, Ironstate Development and Panepinto Properties Inc., through a national commercial bank. As part of a multi-phase development, 90 Columbus will feature 539 apartment units in a mix of studio, one-, two- and three-bedroom layouts; a swimming pool; grilling areas; indoor and outdoor children’s play areas; a dog run; sport court; table tennis room; library; and wifi lounges. The overall development includes 50 Columbus, a 400-unit multifamily property; 70 Columbus, a 50-story luxury residential tower; an under construction 152-room Marriott Residence Inn at 80 Columbus; and on-site shared parking. Designed by Gwathmey, Siegel, Kaufman and Associates, 90 Columbus is slated for completion in 18 months.

August 8, 2016

Loans New York Northeast Office Restaurant Retail

Equicap Arranges $7.5M Loan for Restaurant/Office Building in Union Square

by Amy Works August 8, 2016

NEW YORK CITY — Equicap has secured a $7.5 million permanent loan for a six-story commercial property located in the Union Square section of New York City. Daniel Hilpert arranged the five-year refinancing loan for the undisclosed borrower. The property is occupied by a restaurant chain and various office tenants.

August 8, 2016

Illinois Industrial Loans Midwest

Mission Capital Advisors Arranges $19.3M in Financing for Eight Industrial Properties in Chicago

by Christina Cannon August 8, 2016

CHICAGO — Mission Capital Advisors has arranged $19.3 million in non-recource financing for eight industrial properties in Chicago. The financing consists of a $14.4 million bridge loan for six industrial properties and a $4.9 million acquisition loan for two additional properties. Hackman Capital Partners is the borrower. The portfolio of six properties totals 906,984 square feet and is 89 percent leased. The two additional properties, which total 195,436 square feet, were acquired in a sale-leaseback deal with Cenveo Corp. Gregg Applefield, Alex Draganiuk and Lexington Henn of Mission Capital Advisors arranged the loans.

August 8, 2016

Colorado Loans Multifamily Seniors Housing Western

Spectrum Retirement Communities Receives $24.3M to Refinance Denver Care Facility

by Nellie Day August 5, 2016

DENVER — Greystone, an investment firm, has provided a $24.3 million loan to Spectrum Retirement Communities to refinance HighPointe Assisted Living and Memory Care, a 97-unit assisted living and memory care community in Denver. The loan carries a seven-year term and three years of interest-only payments. Greystone’s Scott Kavel and Cary Tremper originated the loan.

August 5, 2016

Georgia Industrial Loans North Carolina Retail Southeast

AloStar Funds Three Acquisition Loans Totaling $20.5M for Industrial, Retail Assets

by John Nelson August 5, 2016

ATLANTA — AloStar has provided three loans totaling $20.5 million for the acquisition of industrial and retail assets in North Carolina and Georgia. AloStar funded a $9 million loan to ColumbusNova for the purchase of a 159,810-square-foot manufacturing facility in Mooresville, N.C. The property will be leased to a specialty beverage producer. AloStar also funded a $7.3 million loan to a joint venture for the purchase and renovation of a 272,396-square-foot industrial asset in Durham. The joint venture was between Trinity Capital Advisors and SilverCap Partners. AloStar also provided a $4.2 million loan to SunCap Opportunity Fund for the purchase of Uptown Square, a 72,277-square-foot shopping center in Fayetteville, Ga. The asset is anchored by Goodwill and Harbor Freights Tools. AloStar is headquartered in Birmingham, Ala., and its commercial office is located in Atlanta.

August 5, 2016

Loans Multifamily Seniors Housing Texas

KeyBank Secures $85M Loan for Seniors Housing Facility in Dallas

by Haisten Willis August 5, 2016

DALLAS — KeyBank Real Estate Capital has secured an $85 million permanent loan for Tradition Senior Living, a Dallas-based owner and operator of seniors housing facilities in Texas. Tradition Senior Living plans to refinance Tradition Lovers Lane, a 311-unit seniors housing community located in Dallas. The property, which includes 202 independent living units, 85 assisted living units and 24 memory care units, opened in November 2014. Monique Bimler of KeyBank’s healthcare mortgage banking group arranged the 10-year, fixed-rate loan through a life insurance company. Grant Saunders and Peter Trazzera of KeyBank’s healthcare group originated the initial construction loan and agented the syndication of the loan with three other banks.

August 5, 2016

Loans Multifamily New Hampshire Northeast

Berkadia Arranges $37.5M in Financing for Multifamily Property in New Hampshire

by Amy Works August 4, 2016

MANCHESTER, N.H. — Berkadia has arranged $37.5 million in financing for Countryside Village, a multifamily property located at 60 Village Circle Way in Manchester. Jeff Heath of Berkadia originated the loan through Fannie Mae for the borrower, Merion Realty Partners. The permanent acquisition loan features an 80 percent loan-to-value ratio and a 4 percent interest rate. Situated on 40 acres, the 448-unit property features resort-style amenities.

August 4, 2016

Loans New Jersey Northeast Office

FM Capital Acquires $6.2M Loan Secured by Century Office Park in New Jersey

by Amy Works August 4, 2016

MANALAPAN, N.J. — FM Capital has acquired the non-performing loan for the Century Office park in Manalapan. The property has an unpaid principal balance of roughly $6.2 million, and the debt is secured by a 77,706 square feet of office space. Situated on 6.7 acres, the three-building office park was built in 1976, 1978 and 1979. Additional terms of the transaction were not disclosed.

August 4, 2016

Loans Mixed-Use Southeast Tennessee

JPMorgan Chase Bank Provides $75M Loan for One Hundred Oaks in Nashville

by John Nelson August 3, 2016

NASHVILLE, TENN. — JPMorgan Chase Bank NA has provided a $75 million loan for the refinancing of One Hundred Oaks, an 892,886-square-foot retail, entertainment and medical office center in south Nashville. The property is anchored by Vanderbilt University Medical Center and was 99 percent leased at the time of financing to tenants such as Regal Cinemas, Burlington Coat Factory, Ross Dress for Less, T.J. Maxx, H.H. Gregg Appliances, PetSmart, Michael’s, K&G Men’s Co., Guitar Center, Ulta Beauty, Kirkland’s Home, Electronics Express, Chipotle Mexican Grill, Regions Bank, Logan’s Roadhouse, Panera Bread and Panda Express. One Hundred Oaks is situated on 53.6 acres at 719 Thompson Lane near I-65 and I-440. John W. Rose and Campbell Roche of HFF arranged the seven-year, floating-rate loan through JPMorgan Chase on behalf of the borrower, LaSalle Investment Management.

August 3, 2016

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