loans

Caribbean Villas Apartment Homes West Palm Beach

KeyBank Provides $12.1M Fannie Mae Loan for Apartment Complex in West Palm Beach

by John Nelson May 25, 2016

WEST PALM BEACH, FLA. — KeyBank Real Estate Capital has provided a $12.1 million Fannie Mae loan for Caribbean Villas Apartment Homes, a 206-unit garden-style complex located at 5865 Haverhill Road N. in West Palm Beach. Built in 1991, the property features on-site management and maintenance staff, a swimming pool, private patios, tennis court, playground and a clubhouse. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which was used to refinance an existing Freddie Mac loan KeyBank had originated in 2014.

May 25, 2016

Loans Midwest Multifamily Ohio

Pillar Originates $15.4M Fannie Mae Acquisition Loan for Apartment Complex in Dayton

by Christina Cannon May 24, 2016

DAYTON, OHIO — Pillar has originated a $15.4 million Fannie Mae loan for the acquisition of a 256-unit apartment complex in Dayton. Chesapeake Landing, built in 1986, features 148 one-bedroom units and 108 two-bedroom units. The property is fully occupied. The fixed-rate loan features a 12-year term and 30-year amortization schedule. Joe Markech and Brooke Jackson of Pillar originated the financing. David Ross of Crossroads Realty Advisors was the broker of record.

May 24, 2016

Loans Massachusetts Northeast Retail

NorthMarq Arranges $50M in Refinancing for 303,096 SF Mixed-Use Property in Massachusetts

by Amy Works May 23, 2016

FRANKLIN, MASS. — NorthMarq Capital has arranged $50 million for the refinancing of Franklin Village, a grocery-anchored mixed-use property located at 250 Franklin Village Drive in Franklin. The 10-year loan features a 30-year amortization schedule. Greg Nalbandian and Doug Nickerson of NorthMarq arranged the financing through NorthMarq’s correspondent relationship with Sun Life of Canada for the undisclosed borrower. Major tenants at the 303,096-square-foot property are Stop & Shop, Dress Barn and Marshalls.

May 23, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges Three Loans Totaling $35.9M for Multifamily Properties Near Chicago

by Christina Cannon May 23, 2016

PARK FOREST AND UNIVERSITY PARK, ILL. — Cohen Financial has arranged three acquisition loans totaling $35.9 million for multifamily properties in the suburbs of Chicago. The Ferndale Realty Group LLC is the borrower. In the first deal, Dan Rosenberg of Cohen Financial secured a $4.7 million loan for Governors House Apartments, a 96-unit property in University Park. Rosenberg also arranged an $11.4 million loan for the 220-unit Central Park Apartments and a $19.8 million loan for Autumn Ridge Apartments, a 384-unit property. Both Central Park Apartments and Autumn Ridge Apartments are located in Park Forest. All three fixed-rate loans featured a 10-year term with 30-year amortization schedule and were financed through Morgan Stanley’s CMBS program.

May 23, 2016

Illinois Industrial Loans Midwest

Wool Finance Partners Secures $3.8M Loan for 36,730 SF Industrial Property in Chicago

by Christina Cannon May 23, 2016

CHICAGO — Wool Finance Partners has arranged a $3.8 million refinancing loan for a 36,730-square-foot industrial property in the Fulton Market district of Chicago. The single-tenant, net-leased building is situated on a nearly one-acre site. Matt Lebenson of Wool Finance Partners originated the floating-rate, three-year loan through an undisclosed regional bank.

May 23, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Springhouse Partners Receives $37M Acquisition, Renovation Financing for NYC Mixed-Use Property

by Amy Works May 20, 2016

NEW YORK CITY — Springhouse Partners has received $37 million in acquisition and renovation financing for the purchase and renovation of a mixed-use property located at 51-55 Irving Place between New York City’s Gramercy and Union Square neighborhoods. Ronnie Levine and Jeff Berkes of Meridian Capital Group negotiated the three-year loan, provided by Mesa West Capital, for the buyer. The loan features full-term interest-only payments and two one-year extension options. The seven-story property totals 56 residential units, five retail spaces and one office space, as well as unused air rights. Springhouse Partners is an investment firm founded by Adam Verner in 2010.

May 20, 2016

Illinois Loans Midwest Multifamily

Grandbridge Arranges $26.2M Refinancing Loan for 308-Unit Apartment Community in Chicago Suburb

by Christina Cannon May 20, 2016

LISLE, ILL. — Grandbridge Real Estate Capital has arranged a $26.2 million refinancing loan for a 308-unit multifamily property in Lisle, approximately 30 miles west of Chicago. Arboretum Village Apartments features amenities such as an outdoor pool, playground, Internet café and 24-hour fitness center. The fixed-rate, non-recourse loan features a 10-year term. Ben Fazendin of Grandbridge Real Estate Capital originated the Fannie Mae financing for the undisclosed borrower.

May 20, 2016

Loans Michigan Midwest Mixed-Use

Bernard Financial Secures $15.5M Loan for Detroit’s Broderick Tower

by Christina Cannon May 20, 2016

DETROIT — Bernard Financial Group has arranged a $15.5 million refinancing loan for Broderick Tower, a 34-story mixed-use building in Detroit. The high-rise, located at the southeastern corner of Woodward Avenue and Grand Circus Park, features office space on floors 2-4, apartment units on floors 5-34, with floors 25-34 consisting of penthouses. Motown Construction Partners LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the financing through Fifth Third Bank.

May 20, 2016

Loans New York Northeast Office

SL Green, Vornado Complete $900M Refinancing of 280 Park Avenue

by Amy Works May 19, 2016

NEW YORK CITY — SL Green Realty Corp. and Vornado Realty Trust have closed on the $900 million refinancing of 280 Park Avenue, a 1.2 million-square-foot office building in Manhattan that is jointly held by the companies. The new three-year loan features four one-year extension options and a floating interest rate of LIBOR plus 2 percent. The loan replaces the previous $721 million indebtedness that carried an interest rate of 6.35 percent. The office building recently under went a $150 million redesign and renovation of the building’s façade and interior. Renovations included the creation of an expansion world-class lobby, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades, including new elevator cabs and bathrooms, new thin line perimeter induction units, new electrical distribution and state-of-the-art security.

May 19, 2016

Loans Midwest Minnesota Multifamily Seniors Housing

Grandbridge Arranges $17.9M Construction Loan for 120-Unit Seniors Housing Community in Minnesota

by Christina Cannon May 19, 2016

LITTLE CANADA, MINN. — Grandbridge Real Estate Capital has closed a $17.9 million loan for the construction of Cardigan Ridge, a 120-unit independent living, assisted living and memory care community in the Twin Cities suburb of Little Canada. Hearth Development is building the project, which is already under construction. Grandbridge estimates total development costs will exceed $20 million. Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolis office, originated the loan. A local bank is providing the capital. The non-recourse loan featured a five-year term, 25-year amortization and an interest rate near 3.5 percent.

May 19, 2016

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