loans

Mesa West Capital Funds $40.8M Loan to Reposition Office Campus Near Boston

by Amy Works February 22, 2016

MAYNARD, MASS. — Mesa West Capital has provided Artemis Saracen Investments, a joint venture between Saracen Properties and Artemis Real Estate Partners, with $40.8 million in first mortgage financing to reposition a 1 million-square-foot office campus in Maynard. Loan proceeds will be used to implement an extensive capital improvement and leasing plan that will reposition the property to appeal to a wide variety of users. Formerly known as Clock Tower Place, the newly rebranded Mill & Main is a mixed-use development located 25 miles west of Boston. Planned improvements to the property include updated building systems, pedestrian plazas, a waterfront boardwalk, fitness facilities, boutique retail and gallery venues. Situated on 50 acres, the property includes 12 vintage brick-and-beam-style buildings overlooking a 14-acre mill pond. Constructed in 1847, the site originally served as a woolen mill until 1950 when it was converted to an office park. The property is currently 37 percent leased, including a recently signed lease with Stratus Technologies for 102,000 square feet, which is slated to open this spring. Jay Marshall of HFF arranged the financing.

February 22, 2016

Loans New York Northeast Office Top Stories

SL Green Closes $296M in Financing for New York Commercial Portfolio

by Nellie Day February 22, 2016

NEW YORK CITY — SL Green Realty Corp (NYSE: SLG) has received $296 million in financing for three of the REIT’s New York-based assets. The assets include a Class A office building at 800 Third Ave. in Manhattan; Jericho Plaza, a 662,000-square-foot, two-property complex in Jericho on Long Island; and 719 Seventh Ave. in Times Square, which will eventually serve as a prime retail flagship location. The office building received a new 10-year, $177 million refinancing of its mortgage loan. The property is situated in the Grand Central submarket. It is currently 96 percent occupied. Jericho Plaza received a two-year, floating-rate mortgage to recapitalize the property. The initial funding was about $75 million, with a total expected funding of $100 million. Proceeds will partially be used for a capital improvement plan that includes lobby and elevator cab renovations, the addition of a conference facility and landscaping upgrades. The Times Square project received a two-year, $44 million loan. The proceeds will be used for construction of 10,000 square feet of retail space, as well as extensive LED signage. SL Green expects that construction will be completed before the 2016 holiday season. “The successful completion of these transactions provides evidence that liquidity …

February 22, 2016

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Closes $55M Loan for Four New Jersey Multifamily Properties

by Amy Works February 19, 2016

NORTHERN AND CENTRAL NEW JERSEY — Cronheim Mortgage has arranged $55 million in refinancing for four multifamily properties in Northern and Central New Jersey. The garden-style properties feature a total of 748 units. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the non-recourse loan, which features a 3.4 percent fixed rate, for the undisclosed borrower.

February 19, 2016

Affordable Housing Illinois Loans Midwest Multifamily

National Cooperative Bank Provides $17.9M Loan for Renovations at Affordable Housing Cooperative in Chicago

by Christina Cannon February 19, 2016

CHICAGO — National Cooperative Bank (NCB) has provided a $17.9 million loan for capital improvements to Gill Park Cooperative, an affordable housing cooperative. The 260-unit limited equity housing cooperative has operated as a 100 percent Section 8 project. Planned improvements at the co-op include a new plumbing and HVAC system, a redesigned lobby and laundry facilities, as well as a number of exterior improvements. All interior units will also be renovated with new kitchens, floors and wall finishes. Larry Mathe of NCB arranged the financing, in collaboration with the co-op board of directors and managing agent.

February 19, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $1.6M Loan for Apartment Property in Minneapolis Suburb

by Christina Cannon February 19, 2016

BROOKLYN PARK, MINN. — Dougherty Mortgage LLC has provided a $1.6 million Fannie Mae supplemental loan for a 96-unit multifamily property in Brooklyn Park, approximately 11 miles northwest of Minneapolis. The loan features a 4.5-year term and a 30-year amortization schedule. The Fountains in the Park LLC was the borrower. The capital will be used to fund capital improvements and a partnership recapitalization.

February 19, 2016

California Loans Multifamily Nevada Retail Western

Ready Capital Closes Three Loans Totaling $15.9M in California, Nevada

by Nellie Day February 19, 2016

LOS ANGELES AND LAS VEGAS — Ready Capital Structured Finance has closed three loans throughout California and Nevada for a total of $15.9 million. Properties that received financing include a 24-unit multifamily community in Beverly Hills that will use the funds for renovation and stabilization; a 499-unit self-storage facility in Corona that will use the funds for refinancing and stabilization; and a 32,800-square-foot retail center in Las Vegas that will use the funds for the development and stabilization of the property.

February 19, 2016

Loans Nevada Retail Western

Meridian Arranges $20 Million in Acquisition Financing for Walgreens on Las Vegas Strip

by Nellie Day February 18, 2016

LAS VEGAS — Meridian Capital Group has arranged $20 million in financing for the acquisition of a single-tenant, 16,000-square-foot Walgreens located on the Las Vegas Strip. Steven Tessler of Meridian secured the 10-year, interest-only loan through a balance sheet lender. The property is located at 3025 S. Las Vegas Blvd. near the Wynn and Encore hotels. The buyer and seller were not disclosed.

February 18, 2016

Loans New York Northeast Office

Hodges Ward Elliott Arranges $69M in Refinancing for Manhattan Office Building

by Amy Works February 18, 2016

NEW YORK CITY — Hodges Ward Elliott has arranged a $69 million loan on behalf of an institutional real estate investment firm for the refinancing of an office building. The property is located at 31 W. 27th St. in Manhattan’s Midtown South neighborhood. The 12-story, loft-style building offers 144,000 square feet of office space. The funding, which was provided by TD Bank, will allow the owner to complete its strategic business plan for the property, which was recently repositioned.

February 18, 2016

Illinois Loans Midwest Multifamily

Associated Bank Provides $45.8M Construction Loan for Apartment Property in Chicago

by Christina Cannon February 17, 2016

CHICAGO — Associated Bank, serving as lead arranger, has provided a $45.8 million construction loan for the development of a multifamily property in the Logan Square neighborhood of Chicago. Henry Street Partners and 2293 NMA LLC were the borrowers. The transit-oriented development, to be located at 2293 N. Milwaukee Ave., will consist of two buildings that will be 11 and 12 stories. The 217-unit project will also include 8,373 square feet of ground floor retail. Krista Casper of Associated Bank arranged the loan.

February 17, 2016

Loans Mixed-Use Oregon Western

TMT Development Receives $130M in Financing for Park Avenue West Mixed-Use Tower in Portland

by Nellie Day February 17, 2016

PORTLAND, ORE. — TMT Development has received $130 million in permanent financing for Park Avenue West, a 391,795-square-foot, mixed-use tower in downtown Portland. The tower is located at SW Park Avenue and SW 9th Avenue. The development is situated one block west of Pioneer Square, directly across from Nordstrom in the city’s Central Business District. The tower sits atop a six-story subgrade parking garage. Park Avenue West will contain 24,233 square feet of first- and second-floor retail; 202 residential units on Floors 3 through 17; and 193,914 square feet of Class A office space on Floors 18 through 30. The office component is 92 percent leased to tenants like Stoel Rives, Washington Trust Bank, Morgan Stanley and Charles Schwab. TMT Development is developing the project. HFF’s Casey Davidson worked on behalf of the firm to secure the 20-year, fixed-rate, non-recourse loan through MetLife. Loan proceeds will be used to pay off an existing construction loan.

February 17, 2016

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