NEW YORK CITY AND WESTCHESTER COUNTY, N.Y. — Paradigm Commercial Real Estate has closed five loans totaling $30 million secured by 20 retail centers in the Bronx and Westchester County. A Connecticut-based private family owns the properties, many of which are occupied by small single-tenant users, including an on-site dry cleaner facility. The loans, which were provided by a regional bank, are fully non-recourse and feature a 30-year amortization schedule.
WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC have originated a $196 million first mortgage loan for Douglas Development Corp. The loan is secured by The Atlantic Building, a 280,000-square-foot trophy office building with ground-floor retail located in the east end of Washington D.C. The 10-year, fixed-rate loan includes a 65 percent loan-to-value ratio and refinances the existing debt on the property. KeyBank and Walton Street will provide servicing and advisory services for the life of the loan. The Atlantic Building is located at 950 F St. N.W. The property integrates seven historic buildings and facades with a 10-story office building next to Ford’s Theatre, the site where President Abraham Lincoln was assassinated in 1865. Built in 1887, the building was the city’s first privately constructed high-rise with elevator service. The historic exteriors have since been preserved and incorporated into the modern version of the property, which was redeveloped between 2004 and 2006. The Atlantic Building includes 283,512 rentable square feet, of which 29,172 square feet is retail and 35,340 square feet is office. In addition, there are 322 below-grade parking spaces and Metro access from the red, blue and …
COPPELL and ADDISON, TEXAS — Metropolitan Capital Advisors has arranged a $14.4 million loan for a portfolio of two office properties in metro Dallas. Rainier Asset Management Co., a subsidiary of Dallas-based Rainer Cos., owns the portfolio. The ownership is structured as a tenant-in-common. The five-year loan includes a 65 percent loan-to-value ratio and a fixed 4.95 percent interest rate. The portfolio includes Lakeview Center in Coppell and Sojourn Medical and Office Center in Addison. Lakeview Center is a 101,426-square-foot, single-story office building built in 1999. The property is 100 percent leased to six tenants, including Beacon Health Options, Circle K Stores and Caliber Home Loans. Sojourn Medical and Office Center was built in 2000 and is 87 percent leased to three tenants including the U.S. Oncology Center.
NEW YORK CITY — World Wide Group has secured $247 million in financing for three properties in New York City. The Singer & Bassuk Organization arranged the financing for the borrower. World Wide Group received $50 million in permanent financing for a six-story, 185,000-square-foot property located at 110 Green St. in Brooklyn’s Greenpoint neighborhood. The company acquired the 130-unit apartment building from Meadow Partners for $103 million. World Wide Group also received a $32 million acquisition loan for the $73 million purchase of Luna, a 124-unit residential building located at 42-15 Crescent St. in Long Island City, Queens. Additionally, World Wide secured $165 million in permanent financing for QLIC, a 421-unit apartment building that the company developed in Long Island City.
GREEN AND SYLVANIA, OHIO — Bellwether Enterprise Real Estate Capital LLC has closed two loans totaling $11.5 million for multifamily properties in Ohio. In the first transaction, Bellwether arranged a $9.3 million HUD loan to refinance Greenview Senior Assisted Living, a 99-unit seniors housing facility in Green, approximately 50 miles south of Cleveland. The facility, built in 2002, features a dining room, café, chapel, activity area, patio and lounges. The Inn at Green Limited LLC was the borrower. The non-recourse loan features a 35-year term. Barbara Sullivan and Jim Doyle of Bellwether arranged the financing. In the second deal, M&D McCord Road Holdings LLC refinanced The Colony, an apartment property approximately 15 miles west of Toledo. The Colony, built in 2015, consists of four single-story buildings and one two-story building, which contain a total of 34 units. All units are two-bedroom/two-bathroom. DJ Effler of Bellwether arranged the 15-year loan, which features five years of interest-only payments.
NASHVILLE, TENN. — Love Funding has closed a $19.7 million construction loan through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program for the construction of The Paddock at Grandview in Nashville. The new 240-unit affordable housing community will feature residences reserved for families earning 60 percent or less of area median income. Bruce Gerhart of Love Funding secured the non-recourse loan, which features a 40-year amortization schedule beginning when construction ends. Funding was also provided by 4 percent Low Income Housing Tax Credits (LIHTC) and HOME funds on behalf of the borrower, LDG Development.
MARGATE, FLA. — Ocean Bank has provided a $17.2 million loan for the renovation and repositioning of a 188,028-square-foot shopping center in Margate, a town in Broward County. The asset has been renamed Margate Centre and will house retail tenants and two charter schools — West Broward Academy and Ascend Career Academy. The borrower, Alliance XVI LLC, plans to wrap up construction by August in time for the 2016-2017 school year. Juan Carlos Barreto of Ocean Bank originated the loan.
ROWLETT, TEXAS — Metropolitan Capital Advisors has arranged a $5.1 million construction loan for First Choice Emergency Room, located in Rowlett. The 0.8-acre tract is located off the northwest corner of Rowlett Road and Highway 66. The three-year loan, funded by Happy State Bank, includes one year of interest-only payments, a 4.75 percent fixed interest rate and a 25-year amortization schedule. The nearest hospital is the Lake Pointe Medical Center 3.5 miles east of downtown Rowlett across Lake Ray Hubbard.
KETTERING, OHIO — Bernard Financial Group has arranged a $5.4 million loan to refinance Fox Hunt Apartments in Kettering, approximately six miles south of Dayton. The 250-unit complex consists of 17 two-story buildings. Fox Hunt Apartments was built in 1975 and is situated on 14.3 acres. Amenities at the property include a business center, fitness center, laundry facility, clubhouse, playground and swimming pool. Fox Hunt Owner LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender.
ONTARIO, CALIF. — Marcus & Millichap has arranged a $7 million refinancing for Ontario Village, a shopping center located in Ontario. The loan was structured with a five-year term amortized over 25 years with an adjustable interest rate of 4.75 percent. The 97,384-square-foot property is 75 percent occupied. Sharone Sabar of Marcus & Millichap’s Encino, Calif., office secured the debt placement for the undisclosed borrower.