IRVING, TEXAS — BMC Capital has arranged a $3.2 million purchase loan for a multi-tenant retail property located in Irving. The seven-year loan includes a 4.3 percent interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. Brian Gramlich of BMC Capital’s Dallas office arranged the financing.
BARRINGTON, ILL. — Cohen Financial has arranged a $9 million acquisition loan for The Shops at Flint Creek, an upscale retail shopping center located at 500 N. Hough St. in Barrington. Heinen’s Grocery Store anchors the shopping center, which is fully leased. Dan Rosenberg of Cohen Financial’s Chicago office secured the fixed-rate CMBS loan, which is structured with a 10-year term and a 75 percent loan-to-value ratio. Rosenberg secured the loan with Citigroup Global Markets Inc. The borrower is a venture of Next Realty, a national owner of retail properties.
SAN ANTONIO — Mason Joseph Co. Inc., a San Antonio-based FHA multifamily lender, has secured a combination substantial rehab/construction and permanent loan for Western Hills Apartments. The property’s 41 single-story buildings include 148 units. The property, built in the 1960s, will undergo renovations to include the addition of new kitchens, appliances, bathrooms, electrical work, various external improvements and improvements to meet accessibility standards. MJC obtained an $8.2 million, 40-year construction and permanent loan using HUD’s 221(d)(4) mortgage insurance program. Financing was arranged for Alamo Community Group, a private nonprofit housing organization founded in 1990.
SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.
IRVINE, CALIF. — The Hoag Health Center – Irvine has received $41.2 million in a construction-to-permanent loan. The center will be located at the intersection of Alton Parkway and Sand Canyon Avenue, directly across from Hoag Hospital Irvine. The 150,000-square-foot medical office development contains three Class A, 50,000-square-foot ambulatory care centers with flexible floor plans. It is scheduled for completion in early 2016. The 12-year, fixed-rate loan is interest-only during the two-year construction period. The fixed rate was locked over eight months in advance of the loan closing. HFF’s Zach Koucos, Aldon Cole and Tim Wright secured the loan on behalf of Pacific Medical Buildings (PMB). The firm is also servicing the loan, which was secured through a correspondent life insurance company.
CHICAGO — Los Angeles-based Thorofare Capital has funded a $5.4 million bridge loan for Cedar Street Capital’s acquisition of 1144 W. Fulton Market Street in the Fulton Market district of Chicago. The financing included a $4.5 million A-note and an $804,000 B-note, which represents nearly 80 percent of the total capital stack. The office property is located at 351 N. May St. and includes 32 parking spaces. The 27,689-square-foot loft building was originally built in the mid-1920s. The property is 78.5 percent occupied.
SANTA ANA, CALIF. — A pair of Lyon Communities’ recently constructed multifamily properties in Southern California has received $166.6 million in financing. Financing was provided to The Marke at South Coast Metro, a 300-unit community in Santa Ana, and the 370-unit Palomar Station in the San Diego submarket of San Marcos. The Marke is located at 100 East MacArthur Blvd. It was built in 2014. Palomar Station is located at 1257 Armorlite Drive, about 35 miles north of San Diego, near Palomar College and the Sprinter Commuter Rail. This community was also completed last year. The communities were 63 and 55 percent occupied, respectively, at closing. Both properties received 10-year, 3.32 percent, fixed-rate loans, which were financed through Freddie Mac’s premiere lease-up program. Financing was arranged for Lyon by HFF’s Charles Halladay and Sebastian Trujillo.
DALLAS — KeyBank Real Estate Capital has secured $52.8 million in Freddie Mac CME financing for two multifamily communities located in Dallas. The first loan, for $28 million, was used to refinance Grand Estates at Kessler Park, a 338-unit, garden-style apartment community that was built in 2002. The second loan, for $24.7 million was used to refinance Grand Estates at Founders Park, a 336-unit, garden-style apartment community that was built in 2004. Alex Buecking of KeyBank’s Commercial Mortgage Group originated and closed the 10-year term financing for both properties within 65 days.
AUSTIN, TEXAS — HFF has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.6 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated on 23.8 acres at 9807 Ranch Road 620 N. Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and I-35. The 13 two- and three-story buildings are composed of one-, two- and three-bedroom units averaging 965 square feet. Eric Tupler, Josh Simon, Casey Wenzel, Leon McBroom and Bryan Harvey led the HFF debt placement team.
ALSIP, ILL. — Walker & Dunlop has arranged a $19 million loan to refinance a 575,000-square-foot light manufacturing warehouse facility in Alsip, 20 miles south of Chicago. The property includes two structures, a single-tenant 250,000-square-foot warehouse/light manufacturing space occupied by Crown Cork & Seal; and a multi-tenant 325,000-square-foot, two-story office building, which is occupied by Crown Cork & Seal Plastipak and GC America. The property was built in 1971. John Pantone led the Walker & Dunlop team that originated the CMBS loan for the borrower, Patriot Equities. The loan was structured on a 10-year term with a 4.8 percent interest rate. Walker & Dunlop Commercial Property Funding provided the loan.