MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.
CHICAGO — Capital One has provided a $20.9 million fixed-rate HUD 232/223(f) loan to refinance a 318-bed skilled nursing facility in Chicago. The loan features a 35-year term. The facility was built in 1975 and offers on-site dialysis and can accommodate patients with a diagnosis of dementia. Joshua Rosen of Capital originated the transaction.
CHICAGO — Pembrook Capital Management LLC, through its third commercial real estate debt fund, has provided a $16.6 million loan to The NHP Foundation for the acquisition of 152 affordable housing units. The Mark Twain Hotel is a single-room occupancy property in the Gold Coast neighborhood of Chicago. The NHP Foundation will maintain the property, located at North Clark and West Division streets, as affordable units. The 58,000-square-foot Mark Twain Hotel was built in 1932 as a residential hotel and features over 9,000 square feet of ground-floor retail space. The NHP Foundation plans to add kitchens to each unit and community space to the property. The renovation is anticipated to begin in 2017. The property will be included in the National Register’s proposed Residential Hotels in Chicago, 1900–1930 group designation, which recognizes this class of accommodation from this era as historically significant. The Chicago Community Loan Fund, Bellwether Enterprise Real Estate Capital, US Bank and the City of Chicago Department of Planning and Development also contributed financial resources to the acquisition and renovation of the property.
HARTFORD, CONN. — Eastern Union Funding has arranged $4.5 million in acquisition financing on two neighboring multifamily properties in Hartford for borrower Aria Legacy Group, a privately held fully integrated real estate firm. The properties include a 70-unit building at 37 Charter Oak Place and a 10-unit building with two ground-floor retail spaces at 29 Charter Oak Ave. Joshua Novoseller and Adelle Ross of Eastern Union secured the loan through CBRE Capital Markets.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $4.3 million loan for the cash-out refinance of Andora Apartments, a multifamily property located in Dallas. The loan features a 3.6 percent fixed interest rate for five years, 75 percent loan-to-value ratio, no pre-payment penalty and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
LINCOLN, NEB. — Q10 | Daisley Ruff Financial has arranged a $6.2 million refinancing loan for South Ridge Shopping Center, a 100,000-square-foot shopping center in Lincoln. A Nebraska-based developer was the borrowing entity. The fully occupied South Ridge Shopping Center, which was built in 1999, includes tenants such as Super Saver, HuHot Mongolian Grill, Five Guys Burgers & Fries and Platos Closet. Steve Ruff and Eric Petersen arranged the fixed-rate, fully amortizing loan through a national life insurance company.
CUPERTINO, CALIF. — A joint venture between Sand Hill Property Company and its capital partner has received $120 million in financing for a pair of office buildings within the Main Street Cupertino mixed-use project in Silicon Valley. The buildings contain a total of 260,000 square feet. Main Street Cupertino will include a mix of office, retail, hotel and loft apartments. The office component was completed earlier this year. The retail component is scheduled for completion by the end of 2016, though seven retailers are already open for business. Stores include Dog, Lyfe Kitchen, TD Ameritrade, Eureka! Burger and Philz Coffee. The hotel is franchised to be a Marriott Residence Inn, and the loft apartments are set to open in 2017. Main Street Cupertino will also contain a one-acre town square and a half-acre park. The loan features a variable, LIBOR-based rate. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team arranged the financing. HSBC Bank USA, National Association provided the capital.
LEHI, UTAH — Thanksgiving Holdings has received a $52.6 million loan for two office buildings in Lehi. The buildings are known as Thanksgiving Park V and Thanksgiving Park VI. They contain a total of 291,040 square feet. Fred Dockweiler and Mike Keach of KeyBank’s Commercial Mortgage Group arranged the non-recourse, first-mortgage loan for the five-story, Class A office buildings through a correspondent life-company relationship. The loan was used to refinance two existing KeyBank construction loans
CHATTANOOGA, TENN. — Goldman Sachs Mortgage Co. has provided a $107 million loan to CBL & Associates Properties Inc. for Hamilton Place Mall, an enclosed regional mall located at 2100 Hamilton Place Blvd. in Chattanooga. Located off I-75, the mall features six department stores and roughly 200 stores and services, including Sephora, J Crew Factory, bareMinerals, Banana Republic, Barnes & Noble Booksellers, White House | Black Market and Pandora. The 10-year loan features a 4.36 percent interest rate. CBL used the loan proceeds to retire an existing $98.2 million loan maturing in August. CBL owns Hamilton Place in a 90/10 consolidated joint venture with an undisclosed partner. CBL owns, holds interests in or manages 148 properties, including 92 regional malls/open-air centers. The properties are located in 31 states and total 85.5 million square feet, including 8.6 million square feet of non-owned shopping centers managed for third parties.
NEW YORK — New York-based PMZ Realty Capital LLC has closed a $38 million loan to refinance a four-property hotel portfolio in Virginia. The properties include the 136-room Aloft Chesapeake, 148-room Fairfield Inn & Suites by Marriott Williamsburg, 131-room SpringHill Suites by Marriott and the 121-room Residence Inn by Marriott Chesapeake Greenbrier. The undisclosed borrower will use the proceeds to retire existing debt on the four hotels and help recapitalize the company for future development and acquisition opportunities.