loans

Meridian Capital Arranges $14.4M in Financing for Mixed-Use Property in SoHo

by Amy Works July 1, 2016

NEW YORK CITY — Meridian Capital Group has arranged $14.4 million in permanent financing for the refinance of a mixed-use property located at 156 Prince St. in SoHo. The five-year loan, provided by a balance sheet lender, features a fixed rate, 18 months of interest-only payments and a five-year extension option. Scott Assouline and Isaac Lifshitz of Meridian Capital arranged the financing for the borrower. The six-story property features 22 apartment units and two retail spaces totaling 1,100 square feet. The retail spaces are currently occupied by Techno Solutions Group Inc. and Juice Press.

July 1, 2016

California Loans Multifamily Western

Universe Holdings Receives $124.7M to Refinance Southern California Multifamily Portfolio

by Nellie Day June 30, 2016

LOS ANGELES — Universe Holdings has received $124.7 million to refinance a seven-property multifamily portfolio in Southern California. The properties contain a total of 559 units. The refinancing program generated $15 million in proceeds for new acquisitions and asset improvement programs. Universe is targeting up to $100 million in new acquisitions this year, according to the firm’s CEO. Properties in the portfolio are the 50-unit Isles of Charm in Los Feliz; the 172-unit Nantucket Creek in Chatsworth; the 53-unit Chateau Lakeside; the 82-unit Chateau Woodley Hart in Van Nuys; the 52-unit Chateau Regent in North Hollywood; the 56-unit Chateau Spring Terrace in La Mesa; and the 94-unit Chateau Spring Hill in La Mesa. HFF’s Charles Halladay arranged the loans through HFF’s Freddie Mac Program Plus® Seller/Servicer Program and Sabal Financial’s Freddie Mac Small Balance Program.

June 30, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $65.2M in Acquisition Financing for New York Multifamily Property

by Amy Works June 30, 2016

CENTRAL ISLIP, N.Y. — Meridian Capital Group has arranged $65.2 million in acquisition financing for the purchase of Hawthorne Court, a multifamily property located in Central Islip. The borrowers were Spruce Capital Partners and Post Road Properties. The seven-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed rate and three years of interest-only payments. Abe Hirsch and Zev Karpel of Meridian negotiated the transaction. Located at 111-211 Hawthorne Ave., the 20-building property features 434 apartments, 682 parking spaces and a swimming pool.

June 30, 2016

Loans Multifamily Northeast Pennsylvania Student Housing

Colliers Closes $9.1M Loan for Student Housing Property in Philadelphia

by Amy Works June 30, 2016

PHILADELPHIA — Colliers International has arranged $9.1 million in financing for Wister Court, a student housing property located in Philadelphia. The seven-year loan features a fixed rate and a 30-year amortization schedule. Serving students at La Salle University, the newly-built property features 49 apartments totaling 206 beds. At the time of closing, the property was 50 percent occupied. Kris Wood, John Banas, Chad Levitt, Tim Hoyt and Martin Duval of Colliers arranged the financing. The name of the borrower was not released.

June 30, 2016

Loans Midwest Minnesota

Grandbridge Arranges $41.1M in Financing for Properties Across Minnesota

by Christina Cannon June 30, 2016

CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has arranged $41.1 million in loans for five properties in Minnesota. The transactions include: A $1.8 million refinancing loan for a 25,000-square-foot office property in Minneapolis, which includes a 15-year term and 15-year amortization schedule. A $3 million loan used to refinance a 39,466-square-foot retail property in Lake Elmo that features a five-year term and 20-year amortization schedule. A $30 million, 15-year loan to refinance a 191-unit multifamily property in Eden Prairie. A $4.8 million refinancing loan for a 68,554-square-foot office property in Eagan. The loan consists of a 10-year term and 25-year amortization schedule. A $1.5 million loan for the acquisition of a 30,147-square-foot industrial property in Apple Valley. The financing features a 10-year term and 25-year amortization schedule.

June 30, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges $25M Loan for 304-Unit Apartment Property in Chicago Suburb

by Christina Cannon June 29, 2016

WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.

June 29, 2016

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Fantini & Gorga Secures $16.4M in Financing for Mixed-Use Development in Massachusetts

by Amy Works June 29, 2016

MANSFIELD, MASS. — Fantini & Gorga has arranged $16.4 million in financing for the development of North Common Estates, a transit-oriented mixed-use development in Mansfield. The borrower is North Common Residences LLC, an affiliate of Curgnale Properties. Casimir Groblewski of Fantini & Gorga arranged both the debt and equity portions of the capital stack for the project. The debt was placed with a major Massachusetts-based financial institution and the equity with a group of private investors. Slated for completion in fall 2017, North Common Estates will feature two four-story buildings offering a total of 37 one-bedroom and 44 two-bedroom apartments, ranging in size from 700 to 1,500 square feet, and 7,689 square feet of commercial space. RESKON Group is the project manager and Annino Inc. is serving as architect for the project.

June 29, 2016

Loans Maryland Seniors Housing Southeast

Capital One Closes $61M Loan, $12M Facility for Acquisition of Nine Skilled Nursing Facilities

by John Nelson June 29, 2016

BETHESDA, MD. — Capital One has served as lead arranger and administrative agent for a $61 million syndicated loan and $12 million syndicated credit facility to affiliates of CommuniCare Health Services, a Cincinnati-based provider of post-acute care. CommuniCare will use the financing to purchase nine skilled nursing facilities in Ohio and Maryland from a publicly traded REIT.

June 29, 2016

Loans Maryland Multifamily Southeast

M&T Realty Capital Provides $26M Acquisition Loan for Apartment Community in Maryland

by John Nelson June 29, 2016

LAUREL, MD. — M&T Realty Capital Corp. has provided a $26 million acquisition loan for Horizon Square Apartments, a 254-unit apartment community located in Laurel, roughly 20 miles from both Baltimore and Washington, D.C. About 53 percent of Horizon Square’s units comprise one-bedroom layouts, with the remaining units comprising two- and three-bedroom residences. Amenities include a fitness center, clubroom, swimming pool and a playground. Tim Weldon of M&T Realty Capital’s Washington, D.C., office originated the Freddie Mac loan on behalf of the borrower, ROSS Cos., which plans to upgrade the property’s lighting fixtures, entryways and unit interiors, as well as install new windows.

June 29, 2016

Loans Louisiana Seniors Housing Southeast

KeyBank Arranges $16.7M Acquisition Loan for Seniors Housing Community in Louisiana

by John Nelson June 29, 2016

COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.

June 29, 2016

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