loans

AloStar Provides Two Loans for Office, Retail Properties in Metro Atlanta Totaling $23.6M

by John Nelson May 12, 2016

ATLANTA — AloStar has provided two loans for an office building and shopping center in metro Atlanta totaling $23.6 million. The bank funded both loans through its commercial real estate platform, AloStar Real Estate Finance. The financing included a $19 million loan for 1100 Circle 75, a 16-story office building in Atlanta’s Cumberland/Galleria submarket, and a $4.6 million loan for Shoppes at Trickum, a 49,900-square-foot, Walmart-anchored shopping center in Woodstock that is also leased to Dollar Tree and rue21. AloStar provided the acquisition financing for Shoppes at Trickum to Shoppes at Trickum LLC, an affiliate of SunCap Real Estate Investments.

May 12, 2016

The Arbor Terrace at Burnt Hickory Marietta

Georgia Loans Seniors Housing Southeast

NorthMarq Arranges Construction Financing for Seniors Housing Property in Metro Atlanta

by John Nelson May 12, 2016

MARIETTA, GA. — NorthMarq Capital has arranged a credit enhancement and joint venture sponsor to finance the construction of The Arbor Terrace at Burnt Hickory, a 92-unit seniors housing community in the Atlanta suburb of Marietta. Developer and operator The Arbor Co. is developing the community, and the general contractor, Choate Construction, expects to deliver the property by March 2017. Will James of NorthMarq’s Atlanta office secured the financing for the landowner, Hollander Properties. Specific terms were not disclosed.

May 12, 2016

Healthcare Illinois Loans Midwest

FM Capital Acquires $5.7M Loan Secured by Medical Office Property in Chicago Suburb

by Christina Cannon May 12, 2016

DOWNERS GROVE, ILL. — FM Capital has acquired a $5.7 million non-performing loan that is secured by a 37,780-square-foot medical property in Downers Grove, approximately 22 miles west of Chicago. The loan went into default when the borrower failed to make payments last summer. The Greenbriar Medical Office Building was constructed in 1972 and renovated in 2006. The property also includes a 125-space parking lot, conference facility and recently renovated common area. The property is currently 70 percent vacant.

May 12, 2016

California Loans Office Western

Bridgeton Holdings Receives $45M in Acquisition Financing for Office Tower in San Francisco

by Nellie Day May 11, 2016

SAN FRANCISCO — Bridgeton Holdings has received a $45 million loan to acquire 995 Market St., a 15-story office tower in San Francisco. The company purchased the 91,300-square-foot tower for $62 million. The office portion of the tower is occupied by WeWork and a nonprofit group. It also includes ground-floor retail that is fully leased to CVS. The property is situated in the Mid-Market neighborhood, which is also home to Twitter, Uber and Spotify. Jordan Ray, Ari Hirt, Steven Buchwald and Alex Draganiuk of Mission Capital Advisors arranged the non-recourse loan.

May 11, 2016

California Loans Multifamily Western

Brooks Street Affiliate Receives $9.8M Loan to Purchase Koreatown Land

by Nellie Day May 11, 2016

LOS ANGELES — An affiliate of Brooks Street has obtained a total of $9.8 million in financing to acquire a 1.2-acre land parcel in Los Angeles’ Koreatown neighborhood. The Newport Beach-based developer obtained entitlements for 166 apartment units and 5,000 square feet of retail. West Bay Capital LLC arranged the financing. The funds consist of a $5 million loan secured by a second deed of trust, as well as a $4.8 million senior loan that was placed with a capital partner. Both loans fetaure six-month terms and six-month extension periods.

May 11, 2016

Loans New York Northeast Office Retail

Madison Realty Capital Debt Fund III Closes with $695M Committed

by Amy Works May 11, 2016

NEW YORK CITY — Madison Realty Capital has closed Madison Realty Capital Debt Fund III, the firm’s third institutional real estate debt investment vehicle. The discretionary private equity fund raised a total of $695 million in capital commitments, exceeding its original goal of $600 million. Capital was sourced from a diverse group of investors, including public pension funds, corporate pension funds, foundations and endowments, family offices and wealth managers. The fund originates commercial mortgage loans, mezzanine loans and preferred equity interests and acquires non-performing mortgages.

May 11, 2016

Indiana Loans Midwest Retail

Envoy Provides Construction Financing for American Mattress Store in Indiana

by Christina Cannon May 11, 2016

GREENWOOD, IND. — Envoy Net Lease Partners LLC has provided a construction loan for the development of a single-tenant retail building net leased to American Mattress in Greenwood. The deal marks Envoy’s fifth construction loan with developer Thomas English Retail Real Estate, a real estate investment and development firm based in Indianapolis. The retail development will be located at the southeast corner of West Main Street and State Route 135 near Meijer Supercenter.

May 11, 2016

dallas-international-airport-dfw-office-portfolio

Loans Office Texas

Ready Capital Secures $10.5M Loan for Dallas Office Portfolio

by Haisten Willis May 10, 2016

DALLAS — Ready Capital Structured Finance has secured a $10.5 million loan for the refinance and stabilization of an office portfolio located at Dallas/Fort Worth International Airport in Grapevine. The properties were recently acquired under a long-term ground lease from the DFW Airport Authority. The portfolio includes two office buildings totaling 188,600 square feet on 17.5 acres. The first is the DFW Business Center (north and south towers), two class B, four-story office buildings totaling 115,440 square feet with a 950-space garage deck located between the north and southbound lanes near Terminal B. The second is the airport’s 73,155-square-foot, two-story former executive office building located on 14.3 acres at 3200 E. Airfield Drive. The buildings had previously been used to accommodate the airport’s business operations and executive offices. Exterior renovations are planned for both properties, including improved landscaping and upgraded common areas. The non-recourse, three-year loan features release provisions and flexible pre-payment options with a one-year extension option.

May 10, 2016

Brook Highland Place Apartments Birmingham

Alabama Loans Multifamily Southeast

Financial Federal Arranges $25.5M Acquisition Loan for Apartment Community in Birmingham

by John Nelson May 10, 2016

BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged a $25.5 million acquisition loan for Brook Highland Place Apartments, a 400-unit garden-style community in Birmingham. Built in 1987, the property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating-rate loan through Freddie Mac. The loan features two years of interest-only payments and a 30-year amortization schedule.

May 10, 2016

Hospitality Loans Northeast Pennsylvania

PCCP Provides $30.8M Loan for Refinance of DoubleTree Suites Philadelphia West

by Amy Works May 9, 2016

PLYMOUTH MEETING, PA. — PCCP LLC has provided a $30.8 million senior loan to Arden Group for the refinancing of DoubleTree Suites Philadelphia, a full-service hotel located at 640 Fountain Road, 15 miles northwest of Philadelphia in Plymouth Meeting. Built in 1987 and situated on 7.9 acres, the 253-key hotel was recently renovated with upgrades to the lobby, restaurant, bar, guest suites and elevators. The property features 195 king suites, 53 double-double suites, two food and beverage locations, 8,100 square feet of meeting space, a fitness center and an indoor swimming pool. John Randall of PCCP arranged the financing for the borrower.

May 9, 2016

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