loans

westpoint-at-scenic-vista-fort-worth

FORT WORTH, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Westpoint at Scenic Vista, a market rate apartment community located in Fort Worth. The $25,164,600 loan was funded through HUD’s Section 223(f), providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure. The loan will finance the rehabilitation of Westpoint at Scenic Vista, a 264-unit garden-style apartment complex with 132 one-bedroom units and 132 two-bedroom units constructed in 2008. The project is located on the east side of West Loop 820 South Frontage Road and Deerbrook Drive, 10 miles west of downtown Fort Worth with access to I-30 and I-820. Chad Ricks of CBRE originated the financing of Westpoint at Scenic Vista. CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.

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Hedwig-Village-Shopping-Center-Houston

HOUSTON — On behalf of Fidelis Realty Partners, JLL Capital Markets has completed recapitalization financing for Hedwig Village Shopping Center in Houston. John Hancock provided the 10-year, interest-only loan. Fidelis will continue to lease and manage the property. Tom Fish and Jimmy Board led the JLL team on the deal. Located on the south side of the Katy Freeway, Houston’s main east-west thoroughfare, Hedwig Village Shopping Center occupies one of the city’s most trafficked areas. The 226,933-square-foot shopping center also caters to the Hedwig Village and Piney Point neighborhoods. The fully leased asset includes anchor tenants such as Marshall’s Home Goods, Ross Dress For Less, DSW and Pier 1 Imports. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

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1955-2009-Black-Rock-Turnpike-Fairfield-CT

FAIRFIELD, CONN. — NorthMarq Capital has arranged $11 million in refinancing for Turnpike Shopping Center, a retail property located at 1955-2009 Black Rock Turnpike in Fairfield. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The 110,000-square-foot retail center is occupied by ShopRite Supermarket, Eastern Mountain Sports and Party City. Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower.

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WESTERLY, PROVIDENCE AND WARWICK, R.I. — Rhode Island Commerce Corp. Board of Directors and Rhode Island Governor Gina Raimondo have approved more than $7 million in state relocation and redevelopment credits. Funding three projects, the economic development tools include $362,055 in tax credits under the Qualified Jobs Incentive Tax Credit Program to support company relocation and growth, $3 million for the first Tax Increment Financing agreement to support hotel development and $3.6 million Rebuild Rhode Island tax credits to fund the redevelopment of a historic property. Ivory Ella, a socially-minded online retailer, will receive the $362,055 for the relocation of 40 of its current jobs, 19 of which qualify under the Qualified Jobs Incentive Tax Credit program, from Connecticut to Westerly. Homewood Suites Hotels – Exchange Street LLC will receive $3 million for the construction of a $24.5 million 120-room hotel with ground-floor retail in downtown Providence. The board approved $3.6 million in Rebuild Rhode Island tax credits to support the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The property will be redeveloped into a 200,000-square-foot mixed-use development, costing an estimated $34.6 million.

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HAWTHORNE, CALIF. — Quantum Capital Partners has secured $16.9 million in long-term debt to refinance Hawthorne Xchange, a neighborhood shopping center in Hawthorne. The 10-year loan features a 30-year amortization schedule and a 4 percent fixed rate. The borrower is local investor Howard Building LLC. Loan proceeds will be used to retire the maturing debt assumed when Howard acquired the center from Danros Inc. in March 2015 for $25 million. Located at 2831-2909 W. 120th St., the 63,837-square-foot property is fully occupied by a variety of tenants, including Sprint, Starbucks Coffee, Sears Appliance and 24 Hour Fitness. Mike Yim and Jonathan Hakakha of Quantum Capital arranged the financing.

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SAN FRANCISCO — CBRE Multifamily Capital has arranged a $17.1 million Fannie Mae loan for the acquisition of Eden Villa Assisted Living & Memory Care, a 54-unit assisted living and memory care community in San Francisco. A joint venture between Auctus Capital Partners and Och-Ziff Capital Management is purchasing the property from an undisclosed seller. The buyers will bring in Integral Senior Living to manage the property. Following the acquisition, the buyers plan to invest in adding additional units and cosmetic enhancements to the property. Aron Will, executive vice president of CBRE National Senior Housing, arranged the non-recourse, 10-year, fixed-rate loan with 60 months of interest-only payments.

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1030-Massachusetts-Ave-Cambridge-MA

CAMBRIDGE, MASS. — An affiliate of Longfellow Real Estate Partners has received $51 million in recapitalization financing for a laboratory/biotechnology building located at 1030 Massachusetts Ave. in Cambridge. Greg LaBine of HFF placed the five-year, fixed-rate loan with Capital One Healthcare for the borrower. The 77,805-square-foot property is fully leased to seven tenants: five biotech tenants, an indoor cycling studio and a restaurant, which is slated to open in early this summer.

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Longwater-Circle-Norwell-MA

NORWELL, MASS. — NorthMarq Capital has arranged $2.4 million in refinancing for Longwater Circle, an office property located in Norwell. The commercial mortgage transaction features a long-term fixed rate for more than 10 years with a 30-year amortization and a flexible prepayment schedule. Michael Chase of NorthMarq secured the financing through a regional bank for the undisclosed borrower.

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SIDNEY, OHIO — NorthMarq Capital has arranged a $2 million acquisition loan for a 72-unit apartment property in Sidney, approximately 30 miles north of Dayton. Northwood Village Apartments, which is located at 2345 Collins Drive, was built in 1971. The financing features a 10-year term and 20-year amortization schedule. Noah Juran of NorthMarq Capital placed the loan with a regional bank.

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CONROE, TEXAS — KeyBank Real Estate Capital has provided a $5.2 million bridge loan for Hollow Creek Apartments, a 120-unit affordable housing complex located in Conroe. Operating under the Section 42 Low Income Housing Tax Credit (LITHC), 75 percent of the units are restricted to providing affordable housing, while the remaining 25 percent are designated as market-rate apartments. John Gilmore of KeyBank arranged the financing. The project is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing affordable rental housing throughout the United States.

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