NEW YORK CITY — Capital One has provided a $32 million, fixed-rate Freddie Mac loan for the refinancing of Turtle Bay Towers, a 27-story cooperative apartment complex located in Manhattan’s Turtle Bay neighborhood. The 15-year loan will be used to pay off existing debt on the property and to fund future capital improvements and repairs. Jonathan Smith of Capital One arranged the financing for the undisclosed borrower. Built in 1929 for commercial use and converted to residential use in the mid-1970s, the complex features 338 units in a mix of studio, one-, two- and three-bedroom apartments.
NEWARK, N.J. — Jonathan Rose Cos. has received $20 million in refinancing for Court Tower Apartments, a senior HUD Section 236 property in Newark. The loan will allow the undisclosed borrower to enhance the asset through an $8 million capital improvement program, while preserving and expanding affordability for residents. Located at 1 Court St., the property features 221 residential units. Jonathan Rose Cos. acquired the property through its Rose New Jersey Green Affordable Housing Preservation Fund, a joint venture with Goldman Sachs Urban Investment Group, in 2013. The refinancing was arranged through Prudential, a Fannie Mae DUS lender.
SAN FRANCISCO — Sidra Montgomery LLC has received $98 million in acquisition financing to purchase the Bank of the West building in San Francisco. The 25-story office property is located at 180 Montgomery St. in the Financial District. The property recently underwent a $9 million renovation and holds LEED-Gold Certification. Bank of the West occupies 40 percent of the space. JPMorgan Chase & Co. provided the 10-year loan. It features a fixed rate below 4 percent and full-term, interest-only payments. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian Capital Group negotiated the transaction.
IRVING, TEXAS — CBRE Group Inc. has arranged a $6.7 million refinancing loan for Rochelle Plaza, a 120-unit apartment complex in Irving, approximately 10 miles northwest of Dallas. The fixed-rate, non-recourse loan features a 35-year term and was placed with HUD’s section 223(f) program. The Class B Rochelle Plaza was built in 1978. The complex offers 40 one-bedroom units, 64 two-bedroom units and 16 three-bedroom units. Rochelle Plaza Associates Ltd. was the borrower and plans to use the funds to rehabilitate the property. Chad Ricks and Jeff Shaw of CBRE originated the loan.
ST. PAUL, MINN. — Dougherty Mortgage LLC has closed a $2 million Fannie Mae loan for the acquisition of Minnehaha Apartments. Located in St. Paul, Minnehaha Apartments features 39 units. The complex includes all three-story buildings and was constructed in 1962. The loan features a 15-year term and 30-year amortization schedule. Minnehaha Flats LLC is the borrower.
NEW YORK CITY — CIT Group Inc. served as sole lead arranger for a $65 million senior secured construction loan for MC 19 East Houston LLC, a joint venture between Madison Capital and Vornado Realty Trust. Proceeds of the loan will be used to finance the acquisition and construction of a six-story, 34,170-square-foot retail and office building located on the corner of Broadway and Houston Street in SoHo. The property will feature 11,419 square feet of retail space and 22,751 square feet of office space. Financing was provided by CIT Bank, the principal bank subsidiary of CIT. Additional terms of the transaction were not disclosed.
SIMPSONVILLE, S.C. — KeyBank Real Estate Capital has arranged a $10 million Fannie Mae loan for The Lexington Place Apartment Homes in Simpsonville. Built in 2000, the 144-unit apartment community is situated on 10.3 acres. Timothy DeWispelaere of KeyBank’s commercial mortgage group arranged the 10-year, non-recourse loan on behalf of the undisclosed borrower.
BLUEBELL, PA. — Delray Beach, Florida-based Dockerty Romer & Co. has arranged $29 million in permanent mortgage financing for two office buildings in Bluebell. Craig Romer and Chris Romer of Dockerty Romer & Co. secured the financing for the borrower, Keystone Property Group. IH Capital provided a five-year, fixed-rate mortgage at a competitive interest rate. Totaling 192,979 square feet, VEVA 16/18 comprises two four-story multi-tenant buildings located off East Township Line Road in the heart of the Plymouth Meeting/Bluebell office market.
WARNER ROBINS, GA. — The Colliers Philadelphia Capital Markets team has arranged a $19.6 million acquisition loan for Sandpiper Apartments, a 530-unit apartment complex in Warner Robins. The 30-year loan features an interest rate of LIBOR plus 2.44 percent. The Colliers team also arranged a joint venture equity partner to co-invest with the borrower, an investor new to the Warner Robins apartment market.
SHAKOPEE, MINN. — New York Life Real Estate Investors has arranged a $33.4 million acquisition loan for a 290-unit apartment property in Shakopee, approximately 25 miles southwest of Minneapolis. A joint venture between White Oak Partners and affiliates of The Hartford is the borrower. The Addison Apartments is a Class A property that features amenities such as a swimming pool, fitness center, business center, clubhouse, courtyard, dog park, walking trails and cyber café with coffee bar. Apartment amenities include in-unit washers and dryers, walk-in closets, kitchen appliances and patios or balconies. The property, built in 2005, offers one-, two- and three-bedroom units. Buildings at The Addison Apartments are three stories. The fixed-rate loan features a six-year term.