loans

Courvoisier Centre Brickell Key Island Miami

KeyBank-Led JV Arranges $106.5M Loan for Courvoisier Centre in Miami

by John Nelson March 21, 2016

MIAMI — A joint venture between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC has closed a $106.5 million loan for the recapitalization of Courvoisier Centre in Miami. Built between 1986 and 1990, the two-building, Class A office complex spans 343,000 square feet and features an upscale retail arcade and attached structured parking. The property is situated at 501 and 601 Brickell Key Drive on the upscale Brickell Key Island, a 23-acre manmade island. The loan was arranged on behalf of the borrower, Orlando-based Parkway Properties Inc. KeyBank originated the 10-year loan, which carries a fixed interest-only rate of 4.6 percent through maturity and a 60 percent loan-to-value ratio. KeyBank will service the loan through maturity. Masaveu Corp., a Spanish investment company, bought an 80 percent stake in the asset from Parkway Properties for roughly $175 million, and Parkway Properties still retains a 20 percent interest in the property. Parkway Properties bought Courvoisier Centre in April 2014 from Tishman Speyer for $145.8 million.

March 21, 2016

Loans Multifamily New York Northeast Retail

Eastern Consolidated Arranges $83.8M in Financing for 65,700 SF Tribeca Development

by Amy Works March 18, 2016

NEW YORK CITY — Eastern Consolidated has arranged $83.8 million in total financing for Cape Advisors for the construction of a retail and residential condominium project in Tribeca. The financing package consists of a $19 million mezzanine loan from Terra Capital Partners behind a $64.8 million first mortgage from Bank of the Ozarks. Located at 30 Warren St., the 12-story, 65,700-square-foot property will feature 23 apartments in one-, two- and three-bedroom layouts, and 10,858 square feet of retail space. On-site residential amenities include a fitness center, attended lobby, children’s playroom and storage. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated represented the developer and borrower in the transaction.

March 18, 2016

Loans Multifamily New York Northeast

Meridian Capital Group Secures $46.5M in Acquisition Financing for 125-Unit Multifamily Portfolio in NYC

by Amy Works March 18, 2016

NEW YORK CITY — Meridian Capital Group has arranged $46.5 million in acquisition financing for Sugar Hill Capital Partners for the purchase of six contiguous multifamily properties located at 471-476 Central Park West in New York. The three-year loan, which was provided by a mortgage REIT, features a floating rate and interest-only payment for the full term. The semi-vacant multifamily properties total 125 units. Ronnie Levine and Shamir Seidman of Meridian Capital Group negotiated the financing for the borrower.

March 18, 2016

Colorado Loans Multifamily Seniors Housing Western

Zeigler Arranges $44.2M in Bond Financing for Seniors Housing Community in Colorado

by Nellie Day March 18, 2016

COLORADO SPRINGS, COLO. — Ziegler, a specialty investment bank, has arranged $44.2 million in fixed-rate bonds for Sunny Vista Living Center, a skilled nursing and independent living community in Colorado Springs. Sunny Vista features 110 skilled nursing beds and 50 one-bedroom independent living apartments using Section 8 subsidies through the U.S. Department of Housing and Urban Development (HUD). The bonds will fund the addition of 38 assisted living units and 28 memory care units on a 4.8-acre site. The expansion will comprise 55,500 square feet. In conjunction with the financing, Sunny Vista merged with The Villa at Sunny Vista. The two communities were separate entities previously, but were affiliated and shared a CEO. The two facilities will now be a single, consolidated campus. The financing is composed of $42.3 million of tax-exempt bonds and $1.9 million of taxable bonds.

March 18, 2016

Loans Retail Texas

Eastern Union Arranges $8.8M Refinancing of Tulsa Promenade Mall

by Haisten Willis March 18, 2016

TULSA, OKLA. — Eastern Union Funding has secured an $8.8 million loan for the refinancing of the Tulsa Promenade, a 424,633-square-foot enclosed regional mall in Tulsa, Okla. Abe Kolman of Eastern Union arranged the non-recourse, five-year loan on behalf of Tulsa Promenade Realty Management LLC, a New York-based borrower. Ready Capital Structured Finance was the lender. The loan includes future tenant improvements and leasing commissions that will be used to address lease rollover at the property, which was purchased in a short sale more than two years ago for $12.3 million. Situated on 22 acres, the mall is anchored by Dillard’s, Macy’s, JCPenney and Sky Fitness & Wellbeing. Regal Promenade Palace Stadium 12 is also located in the mall.

March 18, 2016

Loans Multifamily Texas

LMI Capital Secures Three Multifamily Loans Totaling $15M in Houston

by Haisten Willis March 17, 2016

HOUSTON — Jamie Safier of LMI Capital has procured financing of $15 million for the acquisition of three garden-style multifamily communities in Houston. The first transaction is a five-year, 75 percent leverage loan with a national bank for a 120-unit asset in east Houston. The terms of the first mortgage include a fixed interest rate of 3.7 percent and a flexible prepayment structure. Safier secured the note on behalf of a first-time buyer. The second transaction is a five-year, 5.5 percent loan for a 50-unit asset in the Greater Inwood submarket. The first mortgage includes a one-year interest-only period to facilitate the borrower’s capital improvements plan. The third transaction is a five-year loan for a 135-unit asset in the Clear Lake submarket. The non-recourse first lien features a 5 percent fixed interest rate, flexible prepayment and two years of interest-only payments. The proceeds included a significant rehab component for the borrower to draw upon for planned renovations. In addition, the borrower can obtain additional proceeds after closing in the form of an earnout, subject to specific performance thresholds.

March 17, 2016

Loans Multifamily Texas

BMC Capital Provides $2.6M Loan for Multifamily Property in Metro Houston

by Haisten Willis March 17, 2016

DICKINSON, TEXAS — Tony Talamas of BMC Capital’s Houston office has arranged a $2.6M loan for the purchase of Dickinson Arms, a 96-unit multifamily property in Dickinson. The loan features a two-year interest-only period allowing the buyer to implement a capital improvement plan over the first year. The loan was arranged through one of BMC Capital’s correspondent relationships.

March 17, 2016

Loans Midwest Multifamily Ohio

Lancaster Pollard Closes $5.5M in Refinancing Loans for Two Multifamily Properties in Ohio

by Christina Cannon March 17, 2016

COLUMBUS AND REYNOLDSBURG, OHIO — Lancaster Pollard has closed two refinancing loans totaling $5.5 million for multifamily properties in Ohio. Both properties were participating in the federal Low-Income Housing Tax Credit Program and have recently exited their initial 15-year credit period. Homeport Inc. was the borrower for both loans. In the first deal, Lancaster Pollard originated and underwrote a $3.5 million fixed-rate FHA loan for Pheasant Run Apartments, a 136-unit property located in Reynoldsburg. The FHA loan, which features a 35-year term, paid off existing debt and provided $1 million for repairs and renovations. In the second transaction, Lancaster Pollard originated and underwrote a $2 million fixed-rate Fannie Mae loan for Emerald Glen Apartments, a 130-unit complex in Columbus. The nine-year term financing paid off current debt and provided $350,000 for repairs and renovations. Both loans were paired with additional financing from the Ohio Housing Finance Agency.

March 17, 2016

Loans New York Northeast Office

Westbrook Partners, RXR Realty Receives $162M in Financing for Conversion of Hall Street Complex in Brooklyn

by Amy Works March 16, 2016

NEW YORK CITY — A partnership between Westbrook Partners and RXR Realty has received $162 million in first mortgage financing for the conversion of Hall Street Complex, a 10-building, 665,000-square-foot mixed-use complex in Brooklyn. Michael Tepedino, Steven Klein and Christopher Peck of HFF arranged the floating-rate loan through Starwood Property Trust Inc. for the borrower. The loan proceeds were used to acquire the property and will fund the repositioning of the asset into a creative loft office property. Located across the street from Brooklyn Navy Yard, Hall Street Complex features an exposed brick-and-mortar industrial design, 14-foot ceilings, expansive window lines, large and flexible 4,500-square-foot to 28,000-square-foot floor plates and Manhattan skyline views.

March 16, 2016

Loans New Jersey Northeast Retail

NorthMarq Capital Secures $11.3M Acquisition Financing for Retail Property in New Jersey

by Amy Works March 16, 2016

PARAMUS, N.J. — NorthMarq Capital has negotiated $11.3 million in refinancing for the acquisition of a retail property at 501 Route 17 in Paramus. The 10-year loan features a 25-year amortization schedule. The 38,729-square-foot property is anchored by Staples. Ed Riekstins of NorthMarq secured the financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

March 16, 2016

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