HOUSTON — Q10 Kinghorn, Driver, Hough & Co.’s Emily Zarcaro and Matt Franke have secured permanent financing for The Centre at Greatwood, a fully occupied, single-story retail center in Sugar Land. Q10 KDH arranged the loan through Symetra on behalf of the undisclosed borrower.
SEATTLE — HFF has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot office development in Seattle. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story boutique office building featuring 284,357 square feet of office space, 6,725 square feet of ground-floor retail space and a 392-space subterranean parking garage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be divided into smaller meeting spaces. The development is scheduled for completion in March 2016. The developer is Schnitzer West. HFF’s Michael Tepedino, Jennifer Keller and Tom Wilson arranged the loan through Blackstone Real Estate Debt Strategies and Bank of the Ozarks.
VANCOUVER, WASH. — Holliday Fenoglio Fowler (HFF) has arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center located in Vancouver, Washington. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Commercial Realty LLC, to place the five-year, floating-rate loan with East West Bank. Tenants at the 84 percent leased center include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.
BEAUMONT & HUMBLE, TEXAS — Deason Financial Group has arranged financing for the acquisition of two self-storage properties. In the first transaction, Deason secured financing for the acquisition and expansion of a 42,475-square-foot facility in Humble. The $2.6 million acquisition loan was structured at a 75 percent loan-to-value ratio, with a five-year term and 25-year amortization schedule. Deason also arranged a $2 million construction loan for the 70,000-square-foot expansion of the facility. The loan featured two years of interest-only payments, converting to principal and interest payments for months for the third year. Built in 2005, 68 percent of the facility’s units are climate controlled. In the second deal, Deason arranged $4.5 million in financing for the acquisition of an 82,390-square-foot facility in Beaumont. The loan included a 75 percent loan-to-value ratio, with a 10-year term, 30-year amortization schedule and three years of interest-only payments. Built in 2010, the facility has a total of 632 units and 83 percent are climate controlled. Todd Kelsey of Deason Financial Group handled each transaction.
GRANBURY AND PLANO, TEXAS — BMC Capital’s Dallas office has arranged a trio of loans in the metro Dallas cities of Granbury and Plano. Brian Gramlich of BMC arranged all three transactions, and all were arranged through one of BMC Capital’s correspondent banking relationships. In the first transaction, BMC arranged a $662,500 purchase loan for an apartment property located in Granbury. The loan featured a five-year fixed term with a 4.5 percent fixed interest rate and a 30-year amortization schedule. In the second transaction, BMC arranged a $6.1 million purchase loan for an apartment property in Plano. The loan featured a six-year fixed term with a fixed 4 percent interest rate and a 30-year amortization schedule. In the third transaction, BMC arranged a $1.9 million purchase loan for a Sherwin Williams multi-tenant property in Plano. The loan featured a five-year fixed term with a fixed 4 percent interest rate and a 25-year amortization schedule.
LAS VEGAS — NorthMarq Capital has arranged a $29 million refinancing loan for The Resort at the Lakes, a 427-unit apartment community in Las Vegas. The community is located at 9999 W. Katie Ave. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq’s Scott Monroe arranged financing for the borrower through its correspondent relationship with a life insurance company.
IRVING, TEXAS — RealtyMogul.com has helped finance the acquisition of the Villa France Apartments, a 134-unit apartment property in Irving. RealtyMogul.com raised $1.5 million of the $3.4 million financing in equity. A joint venture between Paladin Preferred Capital and Steve Bram served as the sponsors of the transaction. Villa France, which is located between Dallas and Fort Worth, features amenities including a playground area, swimming pool and community barbecues. While 35 percent of the units at the property have been upgraded, the sponsor plans to complete renovations on the additional 87 units to optimize rental rates.
AVON, COLO. — Greystone has provided a $36 million CMBS loan for Chapel Square and Benchmark Shopping Center, two adjoining mixed-use properties comprising 200,000-square feet of retail and office space in the resort community of Avon. The property, located at the base of Beaver Creek ski resort, is currently 99.7 percent leased to 44 tenants. Ted Nasca of Greystone originated the 10-year loan with interest-only payments for the first three years and a 30-year amortization schedule.
CLEARFIELD, UTAH — RED Mortgage Capital, the proprietary mortgage banking arm of RED Capital Group LLC, has closed an $11.1M Fannie Mae loan for MBK Senior Living to refinance Chancellor Gardens of Clearfield, an assisted living and memory care community in Clearfield about 25 miles north of Salt Lake City. Chancellor Gardens is a 130-unit community constructed in 1999 and expanded in 2009. Founded in 1986, MBK owns and operates 13 communities across California, Utah, Arizona, Colorado and Washington.
DALLAS — CBRE Capital Markets’ debt and structured finance team has arranged a loan for the refinancing of Gables Park 17, a 25-story, 292-unit apartment building in Dallas. CBRE worked on behalf of Clarion Gables Multifamily Trust to secure a 10-year, fixed-rate, non-recourse loan. The amount was not disclosed. The MetLife Inc. provided financing. The loan includes a four-year interest-only period and is open to prepayment without penalty during the last three years. Mark Fisher of CBRE’s Midtown Manhattan office, along with Jay Wagley of CBRE’s Dallas office, facilitated the financing on behalf of the borrower. Located at 1700 Cedar Springs Road, Gables Park 17 is in Dallas’ Uptown neighborhood. Unit features include wood floors, granite counters, stainless steel appliances, dishwashers, in-unit washer and dryer and large bathrooms with granite vanities and stand-alone showers. Building amenities include a pool, fitness center, business center, game room and 24-hour concierge. The property apartment tower is part of a mixed-use complex that contains an office tower and parking garage.