loans

American Street Capital Arranges $5.5M Refinancing Loan for 18-Unit Apartment Building in Chicago

by Christina Cannon April 22, 2016

CHICAGO — American Street Capital has arranged a $5.5 million cash-out refinancing loan for an 18-unit multifamily property in Chicago. Amenities at the property include a heated indoor parking garage, elevator, fitness center, party room and rooftop deck. The building is comprised of nine three-bedroom/2.5-bathroom units and nine two-bedroom/two-bathroom units. The non-recourse loan features a five-year adjustable-rate mortgage, a 20-year term and 30-year amortization schedule. The loan was funded through the Freddie Mac Small Balance Program. Igor Zhizhin of American Street Capital originated the loan.

April 22, 2016

Affordable Housing Midwest Multifamily Wisconsin

Boston Capital Invests $4M in Construction of 32-Unit Affordable Housing Community in Milwaukee Suburb

by Christina Cannon April 22, 2016

BURLINGTON, WIS. — Boston Capital has invested approximately $4 million in the construction of a 32-unit apartment community in Burlington, 40 miles southwest of Milwaukee. Boston Capital is teaming up with Bear Development to deliver Fox Crossing II, which will utilize the Low-Income Housing Tax Credit (LIHTC) program. The property will consist of three market-rate units, 29 units for tenants earning less than 60 percent of the area’s median income and eight units for tenants earning 30 percent less. Units will feature dishwashers, washer and dryer hookups, walk-in closets and patios or balconies. Community amenities will include a 635-square-foot community room with a kitchen, fitness center, laundry facility, interior storage units and secure entry.

April 22, 2016

California Loans Multifamily Western

The Richman Group Receives JV Equity for $100M San Diego Residential Tower

by Nellie Day April 22, 2016

SAN DIEGO — The Richman Group has received joint venture equity for its $100 million, 221-unit residential tower project in the downtown San Diego submarket of East Village. The newly approved project will be located at its namesake, 330 Thirteenth. The Class A+ building, also known as Library Tower, will stand 23 stories tall. It is scheduled for completion in 2018. The project is situated adjacent to the new $184 million San Diego Central Library. It will also feature 7,521 square feet of ground-floor retail and six floors of subterranean and above-ground parking. DesignARC and Rob Wellington Quigley are designing the building. HFF’s Aldon Cole, Tim Wright and Hunter Combs arranged the joint venture equity partnership with American Realty Advisors.

April 22, 2016

Hospitality Loans New York Northeast

Mission Capital Arranges $35.9M Loan for Office to Hotel Conversion in Manhattan

by Amy Works April 22, 2016

NEW YORK CITY — Mission Capital Advisors has arranged $35.9 million in financing for the renovation and conversion of 396 Broadway, a 10-story commercial property in Lower Manhattan. The borrower, Bridgeton Hotels, is converting the office property into the Walker Hotel Tribeca, a 171-key boutique hotel. The hotel will include nine floors of guestrooms and suites and ground-floor and rooftop space dedicated to food and beverage vendors. Bridgeton, an owner, developer and manager of commercial and residential real estate, acquired the property in an all-cash transaction in 2014.

April 22, 2016

California Loans Retail Western

Cushman & Wakefield Closes $46M in Refinancing for Montecito Plaza in San Rafael

by Nellie Day April 21, 2016

SAN RAFAEL, CALIF. — Cushman & Wakefield’s Mortgage Services has closed a $46 million refinancing for Montecito Plaza in San Rafael. Located at Third and Grand streets, the shopping center is occupied by Trader Joe’s, Petco, Pier 1 Imports and Rite Aid, among others. Kurt Scheidt and Terry Daly of Cushman & Wakefield arranged the 10-year loan for the borrower, longtime owner/developer Seagate Properties.

April 21, 2016

Florida Loans Multifamily Retail Seniors Housing Southeast

NorthMarq Capital Secures $40.7M in Financing for Three Properties in Florida

by John Nelson April 21, 2016

TAMPA, FLA. — NorthMarq Capital has arranged $40.7 million in financing for a seniors housing property, apartment community and a shopping center in Florida. The properties include Twin Creeks Assisted Living, a 96-bed seniors housing property under construction in Riverview; Lakehouse Luxury Apartments, a 125-unit apartment property located at 3003 S. Frontage Road in Plant City; and Publix at Summerfield Crossings, a 69,917-square-foot shopping center located at 13146 U.S. Highway 301 South in Riverview. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the loans. The financing included a three-year, $14.2 million, interest-only construction loan for the Twin Creeks property on behalf of the borrower, Lithia Assisted Living LLC; a 10-year, $12.5 million, Fannie Mae loan with a 30-year amortization schedule for the refinancing of Lakehouse Luxury Apartments on behalf of Lakeside Gardens of Plant City LLC; and a 10-year, $14 million loan with a 30-year amortization schedule for the refinancing of Publix at Summerfield Crossings on behalf of the borrower, Big Bend Group LLC.

April 21, 2016

Illinois Loans Midwest Office

HFF Arranges $99.5M Loan for 573,276 SF Office Building in Chicago

by Christina Cannon April 21, 2016

CHICAGO — HFF has arranged a $99.5 million loan for a 573,276-square-foot office building in Chicago. Borrowers Blue Star Properties and the Wolcott Group LLC will use the loan proceeds to payoff existing financing and complete building renovations. The building, located at 125 S. Clark St., was constructed in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago. The property is currently undergoing a renovation and rebranding as The National. The 20-story, steel and concrete building will feature loft office space, an outdoor terrace, an artisanal marketplace and lounge, record shop and fitness center. HFF arranged the floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. Christopher Carroll, Michael Kavanau and Christopher Knight of HFF represented the borrower.

April 21, 2016

Loans Midwest Minnesota Multifamily

New York Life Real Estate Investors Provides $30M Loan for 191-Unit Multifamily Property in Minneapolis Suburb

by Christina Cannon April 21, 2016

EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has provided a $30 million mortgage loan for a 191-unit luxury multifamily community in Eden Prairie, approximately 17 miles southwest of Minneapolis. The recently constructed Martin Blu is a Class-A property that includes a fitness center, clubroom, coffee bar and outdoor plaza with fire pit and kitchen. The loan features a 15-year term with two years of interest-only payments. Ben Fazendin of Grandbridge Real Estate Capital acted as the mortgage broker in the transaction. Bader Development was the project developer, and Steven-Scott Management is managing the property.

April 21, 2016

Loans Multifamily Texas

Old Capital Secures Loan for Apartment Complex in Arlington

by Haisten Willis April 21, 2016

ARLINGTON, TEXAS — Old Capital has secured a loan for Medlin Square Apartments, a 47-unit complex located in Arlington. A local investor purchased the asset, which was built in 2003. Old Capital provided the non-recourse Fannie Mae financing. The 10-year, 4.5 percent fixed-rate loan features a 30-year amortization schedule and 12 months of interest-only payments.

April 21, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $128M Acquisition Financing for Multifamily Property in New York

by Amy Works April 21, 2016

HAUPPAUGE, N.Y. — Meridian Capital Group has arranged $128 million in acquisition financing for the purchase of Devonshire Hills, a multifamily property located in Hauppauge. Bainbridge Cos. and China Orient Asset Management, through its U.S. affiliated entity, acquired the 43-building, 656-unit multifamily property located at 1717 Devonshire Road. The garden-style apartment community includes a swimming pool, tennis court, fitness court and shared outdoor space. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate, two years of interest-only payments and a 75 percent loan-to-cost ratio. Jacob Katz, Abe Hirsch and Zev Karpel of Meridian Capital Group arranged the financing for the borrower.

April 21, 2016

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