loans

Genesis at Campus Point in San Diego to Undergo $96.4M Biotech Conversion

by Nellie Day November 10, 2015

SAN DIEGO — HFF has arranged a $96.4 million loan for Genesis at Campus Point, a vacant, four-building office complex in the UTC submarket of San Diego, which will fund the complex’s conversion into a biotech space. The 311,022-square-foot campus is located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive. The space is situated near the convergence of interstates 5 and 805 inside a life science cluster. Other notable tenants in the area include the University of California San Diego, Scripps medical campus, Illumina, Eli Lilly and Celgene. The buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking. HFF’s Tim Wright, Todd Sugimoto and Zack Holderman arranged the financing on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner. The 36-month, floating-rate loan was placed with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund the immediate repositioning costs of the asset.

November 10, 2015

California Loans Multifamily Western

Berkadia Arranges $130M Fannie Mae Financing for St. Moritz Apartments in Aliso Viejo

by Nellie Day November 10, 2015

ALISO VIEJO, CALIF. — Berkadia has arranged $130 million in financing for the 675-unit St. Moritz Apartments. The community is located at 23411 Summerfield in Aliso Viejo, southeast of Los Angeles. The property was about 95 percent occupied at the time of closing. The loan features a 10-year term, 3.51 percent interest rate and interest-only payments for the full term. Mitch Thurston and Andy Ahlers of Berkadia originated the loan through the firm’s Fannie Mae program.

November 10, 2015

Multifamily Oregon Seniors Housing Western

CBRE Arranges $40.1M Construction Financing for Seniors Housing Community in Oregon

by Nellie Day November 6, 2015

EUGENE, ORE. — CBRE National Senior Housing has arranged construction financing for The Springs at Greer Gardens, a 216-unit independent living, assisted living and memory care community in Eugene. The borrower is a joint venture between developer and owner/operator The Springs Living and institutional equity partner Harrison Street. The community will consist of 30 independent living cottages, 79 independent living apartments, 75 assisted living units and 32 memory care units. The 256,100-square-foot, three-story main building will house the apartments, while the 30 cottages will be located directly adjacent. The entire development is situated on a 13.4-acre parcel. CBRE secured a five-year, floating-rate loan with 48 months of interest-only payments. The loan was placed through a national bank with a regional bank participant. Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.

November 6, 2015

Loans Office Texas

BMC Capital Provides $6M Loan for Single-Tenant Property in Austin

by Haisten Willis November 5, 2015

AUSTIN, TEXAS — Tony Talamas of BMC Capital’s Houston office has arranged a $6 million loan for the cash-out refinancing of a single-tenant property leased to a credit tenant in Austin. The loan was placed with one of BMC Capital’s correspondent CMBS relationships. The non-recourse loan features a 10-year, fixed-rate term with a 4.96 percent interest rate and 30-year amortization schedule.

November 5, 2015

Loans Mississippi Multifamily Southeast

NorthMarq Arranges Financing for Apartment Complex in Mississippi

by Haisten Willis November 4, 2015

RIDGELAND, MISS. — Greg Duvall of NorthMarq Capital’s Kansas City regional office has arranged acquisition financing of $24.5 million for Arbors at Natchez Trace, a 328-unit multifamily property located at 715 Rice Road in Ridgeland, Miss. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Property amenities include a fitness center, pool, tennis court, walking/biking trails, picnic area, laundry facilities and wheelchair accessible rooms.

November 4, 2015

Industrial Loans Maryland Office Southeast

Berkadia Originates $12M Loan for Flex Property in Maryland

by Haisten Willis November 4, 2015

FREDERICK, MD. — Berkadia recently arranged a $12 million loan for Highland Technology Center, an office and industrial property located in Frederick, Md. Ben Van Horn of Berkadia’s Scottsdale, Ariz. office secured the fixed-rate financing through Bank of America Merrill Lynch. The borrower, Envision Highland LLC, will use the financing to acquire the property for $16 million. Loan terms include a 4.9 percent interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule. David Monassebian, Martinn Winters and Luke Reetz represented Envision Highland in the transaction. Highland Technology Center consists of 150,700 square feet of office and industrial warehouse space. Tenants include Fairchild Controls and Engage. The property is over 98 percent occupied. Located at 550 Highland St., the property offers access to I-70 and I-270. It is also located near the Frederick Municipal Airport and Frederick Fairgrounds.

November 4, 2015

Loans North Carolina Southeast

Capstone Capital Secures $25M Loan for Apartment Property in Fayetteville, N.C.

by Haisten Willis November 4, 2015

FAYETTEVILLE, N.C. — Capstone Capital has secured a $25 million financing loan for Phase I of Addison Ridge Apartments. The 211-unit community is located in Fayetteville, N.C. and was financed with a non-recourse, CMBS loan. The $25 million loan was secured for 10 years at a 75 percent loan-to-value ratio, with five years of interest-only payments. Jackson Howard represented the borrower through the completion of the financing.

November 4, 2015

Loans Multifamily Southeast Virginia

Pearlmark Closes $14.8M Mezzanine Loan on Apartment Complex in Virginia

by Haisten Willis November 4, 2015

WOODBRIDGE, VA. — Pearlmark has closed a $14.8 million mezzanine loan that provided financing for Penzance in the acquisition of Elan Potomac Heights, a recently constructed 288-unit, Class A apartment complex located in Woodbridge, Va. At the time of acquisition, the property was 93 percent leased. The investment was made on behalf of Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV), a fully discretionary investment fund. A major life insurance company provided fixed-rate senior financing. Mark Witt of Pearlmark arranged the transaction. Mezz Fund IV announced its initial closing in June. Mezz Fund IV serves as the firm’s exclusive mezzanine investment vehicle.

November 4, 2015

Florida Loans Southeast

KeyBank Secures $33.6M in CMBS Financing for Florida Office Building

by Haisten Willis November 3, 2015

TAMPA, FLA. — KeyBank Real Estate Capital has secured a $33.6 million non-recourse, CMBS first mortgage loan for CIO Intellicenter. The class A, multitenant office building spans four stories and totals 203,509 square feet of rentable space. The property is located in Tampa and is 100 percent occupied. Randy Martin of Key’s commercial mortgage group secured the financing.

November 3, 2015

Alabama Loans Office Southeast

Meridian Arranges $35M in Acquisition Financing for Office Park in Metro Birmingham

by Haisten Willis November 3, 2015

HOOVER, ALA. — Meridian Capital Group has negotiated $35 million in acquisition financing for the purchase of the Meadowbrook North Office Park located in Hoover on behalf of The Matrix Group. The two-year loan, provided by Rialto Mortgage Finance, features a LIBOR-based floating-rate, interest-only payments for the full term and a one-year extension option. Tal Bar-Or, Judah Neuman and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction. Meadowbrook North Office Park, located at 100, 300, 500 and 1200 Corporate Drive on U.S. Highway 280, includes four Class A office buildings totaling 509,000 square feet. Developer Daniel Corp. built the property. Amenities include a 13-acre lake, 1.3-mile walking trail, three daycare facilities and a post office. The Hoover submarket contains Birmingham’s highest concentration of Class A office stock, totaling 4.7 million square feet.

November 3, 2015

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