WESTMINSTER, CALIF. — NorthMarq Capital has secured $4.5 million in refinancing for Palm Court Plaza, a 29,000-square-foot retail property located in Westminster. The transaction was structured with a 20-year term and 25-year amortization schedule. Joe Giordani of NorthMarq arranged financing for the borrower through a life insurance company.
DENVER — Holliday Fenoglio Fowler (HFF) has arranged joint venture equity and financing for a recapitalization of Denver Pavilions, a 351,347-square-foot, open-air regional shopping mall located in downtown Denver. Mary Sullivan, John Jugl and Eric Tupler of HFF worked on behalf of the owner, Gart Properties, to arrange a joint venture equity partnership with MetLife Real Estate Investors, and to place a 10-year, fixed-rate loan for the partnership with Cornerstone Real Estate Advisers. The 95 percent leased center was renovated in 2010, and is home to tenants including H&M, United Artists theater, Lucky Strike Lanes, Hard Rock Café, Coyote Ugly Saloon, Barnes and Noble, Forever 21, Banana Republic and BareMinerals.
HOUSTON — Ziegler, a specialty investment bank, has arranged $109.4 million in fixed-rate bonds for The Buckingham, a 323-unit seniors housing complex. Nonprofit operator Senior Quality Lifestyles Corp. (SQLC) manages The Buckingham, which is located on a 23-acre plot in the Memorial/Tanglewood neighborhoods of Houston. The community includes 204 independent living apartments, 43 assisted living units, 16 memory support units and a health center with 60 nursing beds. The bonds will be used to expand The Buckingham to include a new tower featuring 106 additional independent living units, 27 additional assisted living units, 18 additional memory care units, 32 additional skilled nursing beds, an underground parking garage with 111 total spaces and an additional 292 surface level spaces. SQLC operates five communities in Texas totaling 1,586 units.
EMERYVILLE, CALIF. — HFF has arranged $38.5 million in financing for EmeryStation Greenway, a 100,000-square-foot medical office building in Emeryville. The building is located at 5800 Hollis St. in the East Bay biotechnology research and innovation corridor. The newly built space is situated near interstates 580, 880 and 980. HFF’s Bruce Ganong and Jordan Angel secured the fixed-rate loan on behalf of the borrower, Wareham Development. Thrivent Financial for Lutherans provided the capital.
WOODLAND HILLS, CALIF. — Venture West Funding Inc. has arranged a $10.2 million loan for the refinance of Pride Center, a 185,265-square-foot shopping center located in Woodland Hills. Albertsons anchors the center, with tenants including Bank of America, CVS/pharmacy, Pep Boys, Tuesday Morning, HomeGoods, Harbor Freight Tools and Jo-Ann Stores. Jean-Marc Herrouin of Venture West Funding arranged the financing through Farmers & Merchants Bank.
PLEASANTON, CALIF. — Britannia Business Center III, a 191,000-square-foot office and R&D portfolio in Pleasanton, has received $27.4 million in acquisition financing. The portfolio is located at 5870 Stoneridge Drive. The center contains about 125,000 square feet of office space and 66,000 square feet of research and development facilities. This space is situated in three non-contiguous buildings. The R&D portion is fully occupied by contact lens developer CooperVision. The non-recourse loan was secured by Steven Buchwald and Lexington Henn of Mission Capital Advisors’ Debt & Equity Finance Group on behalf of Ridge Capital Investors. The firm’s Will Sledge, Patrick Arnold and Gregg Applefield executed the $35.1 million sale.
CHICAGO — Associated Bank has provided a $17 million construction loan for a new mixed-use development at 2501 W. Armitage Ave. in Logan Square. The developer is a partnership between Mario Greco and Dimitri Nassis of Spearhead Properties LLC and Chris Fifield of Fifield Construction and Realty Inc. Michael McGovern of Associated Bank’s commercial real estate division originated the loan. The LEED-certified development will include two buildings comprised of 78 apartments and 6,500 square feet of retail space along Armitage. The project will feature a private courtyard and large landscaped second-floor terraces. Eight affordable units will be made available. Once completed, the new apartments will offer tenants sleek modern finishes and an amenity package that includes an automated package room, high-speed fiber Internet service, a workout area, 55 parking spaces, bicycle parking and a 1,300-square-foot amenity space overlooking a 6,000-square-foot landscaped courtyard. Demolition is scheduled to start in early August and construction will begin soon after.
EDEN PRAIRIE, MINN. — Mortgage banking firm Dougherty Mortgage LLC has closed a $10.6 million HUD 223(f) loan for the refinancing of Olympic Ridge Apartments, a 143-unit market-rate apartment property located in Eden Prairie. Dougherty Mortgage’s Minneapolis office arranged the fully amortizing 35-year loan for the borrower, Olympic Ridge Limited Partnership. Olympic Ridge Apartments, which is managed by Park Avenue of Wayzata Inc., offers nine three-story, wood-framed walk-up buildings with attached garages, some with individual entrances. Amenities include a whirlpool spa, exercise and party rooms, restrooms with showers, tot lot and volleyball net.
GIG HARBOR, WASH. — Ziegler, a specialty investment bank, has closed $145 million in bond financing for Heron’s Key, a nonprofit continuing care retirement community (CCRC) currently in development in Gig Harbor. Located on approximately 18 acres, Phase I of Heron’s Key’s development will include 194 independent living units, 36 assisted living units, and 45 skilled nursing units. The site, zoning and design allow for a future Phase II construction of an additional 88 independent living units and 32 memory care assisted living units.
TULSA, OKLA. — KeyBank Real Estate Capital has provided a $7.2 million non-recourse, CMBS first mortgage for Park Villas Apartments, an apartment community located in Tulsa. The Class B property was 95 percent occupied at the time of financing. John Loshbaugh of KeyBank’s Commercial Mortgage Group arranged the financing.
