loans

Revere Capital Provides $4.8M Loan for Future Port of Wilmington Cold Storage Facility

by John Nelson March 28, 2016

WILMINGTON, N.C. — Dallas-based Revere Capital has provided $4.8 million in financing for a new industrial cold storage facility that will be situated on land owned by the state of North Carolina at the Port of Wilmington. Construction is underway on the 101,000-square-foot project, which is the newest cold storage facility in the area and is the first phase of a potential two-phase warehouse operation. The Port of Wilmington is a full-service deep-water port and marine terminal handling more than 400 vessels annually with an annual import/export cargo tonnage of more than 3 million tons. Owned and operated by the North Carolina State Ports Authority, the port offers facilities serving container, bulk and break-bulk operations and is 26 miles from the open sea on the Cape Fear River. CSX Transportation provides direct rail access to the port, which is one of only two ports in North Carolina.

March 28, 2016

Illinois Loans Midwest Retail

Associated Bank Provides $4.6M Acquisition and Construction Loan for Retail Center in Metro Chicago

by Christina Cannon March 28, 2016

GURNEE, ILL. — Associated Bank has provided a $4.6 million loan to Gurnee Investment Partners LLC to acquire land and construct a 14,800-square-foot retail center in the Chicago suburb of Gurnee. The new center — located across the street from the Gurnee Mills Mall — is already 91 percent pre-leased to Mattress Firm, Vitamin Shoppe, Navy Federal Credit Union and MOD Pizza. Developer Shai Wolkowicki, who specializes in ownership and development of retail and mixed-use properties, owns Gurnee Investment Partners LLC.

March 28, 2016

California Loans Retail Western

JLL Secures $55M Refinancing for 213,655 SF Retail Asset in San Luis Obispo

by Nellie Day March 25, 2016

SAN LUIS OBISPO, CALIF. — JLL has secured a $55 million loan for Jamestown LP to refinance The San Luis Obispo Collection, a 213,655-square-foot retail asset located in San Luis Obispo. The collection totals eight buildings: two multi-tenanted retail properties and six standalone historical buildings. Additionally, the asset is nearly fully leased to a credit tenant roster. John Manning, Alex Witt, Pavan Malhotra and Sarah Bernhisel of JLL arranged the financing for the borrower.

March 25, 2016

California Loans Retail Western

Meridian Capital Arranges $17.8M Acquisition Loan for Marina, Mixed-Use Portfolio

by Nellie Day March 25, 2016

NEWPORT BEACH, CALIF. — Meridian Capital Group has negotiated $17.8 million in bridge financing for the purchase of a marina and mixed-use portfolio located at 2751 and 2801 Coast Highway and 2620 Avon St. in Newport Beach. The three-year, non-recourse loan features floating-rate, interest-only payments for the full term and two one-year extension options. A bridge lender provided the capital. The portfolio consists of three retail-oriented properties, a 24-slip marina and an off-site parking lot. The properties total 29,350 square feet and house Billy’s at the Beach and The Ritz restaurant. Brandon Harris of Meridian Capital Group negotiated the financing for the undisclosed borrower.

March 25, 2016

Loans Massachusetts Northeast Office

Colliers Arranges $87M Refinancing for 542,000 SF R&D Facility in Massachusetts

by Amy Works March 25, 2016

MARLBOROUGH, MASS. — Colliers International has arranged $87 million in refinancing for the research and development facility located at 200 Forest St. in Marlborough. The borrower was Atlantic Management Corp. The recently rehabbed 542,000-square-foot facility is occupied by Quest Diagnostics and GE Healthcare. Atlantic Management redeveloped the facility, which was formerly part of the Hewlett Packard campus. Thomas Welch and John Poole of Colliers arranged the financing with Benefit Street Partners.

March 25, 2016

Loans New York Northeast Office Retail

SKW Funding Closing $12M Loan for Two Manhattan Properties

by Amy Works March 25, 2016

NEW YORK CITY — SKW Funding has closed a $12 million first lien mortgage loan for the refinance and cross-collateralization of two Manhattan properties. Located between Houston and East First streets in East Village, the first site is a predominantly vacant land site that contains the foundation from a prior structure that was demolished in 2000. The second asset is located between Third and Second avenues in East Harlem. Daniel Wrublin and Menelik Tefera of SKW Funding arranged the financing for the undisclosed borrower.

March 25, 2016

Kentucky Loans Multifamily Southeast

KeyBank Arranges $6.3M Refinancing of Apartment Community in Louisville

by John Nelson March 25, 2016

LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged the $6.3 million refinancing of King George Apartments, a 208-unit multifamily community in Louisville. The property was constructed in 1976, and the borrower purchased it in June 2015 utilizing a bridge loan. Erik Storz of KeyBank arranged the 10-year, fixed-rate Freddie Mac loan with 12 months of interest-only payments.

March 25, 2016

California Hospitality Loans Western

R.D. Olson Receives $49.8M Loan to Build Residence Inn Silicon Valley

by Nellie Day March 24, 2016

SAN FRANCISCO — R.D. Olson Development has received a $49.8 million construction loan to build the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos. The new hotel will be situated at Industrial Road and East San Carlos Avenue, halfway between San Francisco and San Jose. The four-story, select-service hotel will feature 1,500 square feet of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit. The hotel is slated for completion in 2017. The three-year, floating-rate loan features two one-year extensions through a diversified financial services company. HFF’s James Fowler secured the financing on behalf of the developer.

March 24, 2016

Georgia Hospitality Loans Southeast

Alpha Alternatives Secures $13M Loan for New Cambria Suites Hotel in Downtown Atlanta

by John Nelson March 24, 2016

ATLANTA — Alpha Alternatives LLC has arranged a $13 million bridge loan for a new 141-room Cambria Suites hotel. The property, currently a vacant office building, is located at 110 Mitchell St. in downtown Atlanta. Alpha Alternatives arranged the loan on behalf of the unnamed borrower, which plans to break ground on the hotel conversion in the near future. Cambria Hotels, a Choice Hotels International brand, invested more than $3 million in equity for the project.

March 24, 2016

Loans Multifamily Texas

BMC Capital Provides $1.2M Acquisition Loan for Apartment Property in Temple

by Haisten Willis March 23, 2016

TEMPLE, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.2 million loan for the purchase of Silver Park Apartments, a 48-unit multifamily property located in Temple. The loan features a seven-year term with a 4.6 percent fixed interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding agency relationships.

March 23, 2016

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