Finance

HFF Secures Refinancing for D.C. Suburb Shopping Center

Mark Remington.

Principal Real Estate Investors has provided a $33.8 million refinancing for a northern Virginia shopping center, Commercial Observer can exclusively report.

HFF arranged the financing on behalf of Virginia-based developer Rappaport, which owns the 152,400-square-foot David Ford Crossing in Manassas, Va.—about 37 miles from the heart of Washington, D.C. The 10-year debt, which closed June 19, is at a fixed rate of 4.34 percent, according to HFF. Read More

Sales Beat

Prospects-Lefferts Building Sells for $14.2M

2217 Caton Avenue.

Vancouver-based Second City Real Estate has sold a mixed-use building in Brooklyn for $14.2 million, according to brokers in the sale.

Second City sold 2217 Caton Avenue in Prospect-Lefferts Gardens to Caton Acquisition Partners, according to HFF, which represented both sides in the sale. Caton Acquisition Partners is a New Jersey-based LLC affiliated with Portman Property Group, records filed with the Department of State show. Read More

Refinance

HFF Arranges $45M Freddie Mac Loan for Denver Apartment Complex

The Parc at Cherry Creek.

HFF secured a $45 million fixed-rate loan through Freddie Mac’s Capital Markets Execution program to refinance a 408-unit, garden-style apartment community in Denver, Commercial Observer has learned.

The 10-year securitized loan on the Parc at Cherry Creek replaces existing debt that carries a remaining term of three years and no interest-only period, according to an HFF spokesperson. Read More

Finance

HFF Secures Mercantil Commercebank Loan for Florida Office Plaza

Aventura Optima Plaza.

Mercantil Commercebank provided $31 million in debt to Mexican developer Inmobiliaria Brom to finance Aventura Optima Plaza, a two-building office property in Aventura, Fla., Commercial Observer has learned.

HFF arranged the 10-year fixed-rate loan, which closed last week, according to the national brokerage. Proceeds from the debt will return a portion of the borrower’s equity used in the all-cash construction of the asset, and fund future tenant improvements and leasing commissions. Read More

Mortgage Observer

HFF Sources HSBC Loan for Historic Boston Property Upgrade

185 Dartmouth Street.

Historic properties have become an increasingly attractive opportunity for lenders and debt brokers alike as of late.

In the latest such deal, HSBC Bank provided a $55 million first mortgage to Boston-based Synergy Investments to finance an Art Deco office and retail building at 185 Dartmouth Street in Boston’s Back Bay neighborhood, Mortgage Observer has learned.

HFF arranged the long-term, fixed-rate loan, which closed on March 9, a spokesperson for the brokerage said. Read More

Mortgage Observer

Historic Florida Hotel Gets Construction Loan for Redevelopment

Park Central Hotel.

Chicago-based BB&T Real Estate Funding provided a $40 million construction loan for the redevelopment of a 1939 Miami Beach hotel in a deal brokered by HFF, Mortgage Observer has first learned.

The three-year, senior loan, which was provided to a subsidiary of Daphne, Ala.-based Optimum Asset Management, will be used to take three existing Art Deco buildings—the historic Park Central Hotel, the Imperial Hotel and Heathcoat Apartments—along with a 0.15-acre development site and convert them into a modern hotel property. The completed structure will be known as the new Park Central Hotel. Read More

Mortgage Observer

Arlington Hyatt Hotel Gets Construction and Mezz Financing

Rendering of Hyatt Place Arlington.

HFF secured combined financing totaling $42.2 million for the development of a 161-key, select-service Hyatt Place hotel in Arlington, Va., Mortgage Observer can first report.

The brokerage worked on behalf of a partnership between Schupp Companies and LodgeWorks Partners to secure a $32 million, five-year senior construction loan through Bethesda, Md.-based EagleBank and $10.2 million in mezzanine debt through Austin-based Endeavor Real Estate Group. The combined financing makes up 85 percent of the capital stack, according to HFF. Read More

Mortgage Observer

Helaba Finances 1035 Third Avenue Condo Buy

1035 Third Avenue.

The German bank Helaba provided a $42 million loan to Acadia Realty Trust for the purchase of retail, office and parking condominium space on Manhattan’s Upper East Side, Mortgage Observer has learned.

Acadia, based in White Plains, N.Y., acquired the mixed-use property at 1035 Third Avenue for $51 million through its Strategic Opportunity Fund IV platform, according to the REIT’s latest earnings report. The seller is listed as O’Connor Capital Partners led by the former Cushman & Wakefield CEO Glenn Rufrano. Read More

Mortgage Observer

HFF Brokers $110M Hotel Portfolio Financing Led by CCRE

Sheraton Orlando North.

New York-based CCRE led the financing on a $110 million loan for a 2,566-key, full-service hotel portfolio with seven properties in Florida, California, Virginia, Ohio and New Mexico, Mortgage Observer has learned.

HFF worked on behalf of the borrower—a joint-venture partnership between the $9 billion global alternative investment firm Värde Partners, the privately held investment group Waramaug Hospitality Management and the New York-based global hotel management company Interstate Hotels & Resorts—to secure the five-year, floating-rate loan from a group of lenders. Read More

Refinance

Normandy Refinances New Jersey Office Park

Park Place.

Normandy Real Estate Partners took out a $65.5 million loan from First Niagara Bank and Principal Real Estate Investors for a four-building office park in Florham Park, N.J., totaling 351,684 square feet, Mortgage Observer has learned.

The three-year, floating-rate loan arranged by HFF will be used to retire existing debt and upgrade amenities at the property, known as Park Place, to meet “best-in-class” standards and fund leasing costs for new tenants, according to the brokerage firm. Read More

Mortgage Observer

AIG Finances LargaVista’s 300 Lafayette

Rendering of 300 Lafayette.

American International Group provided a $40 million mortgage to Brooklyn-based LargaVista Companies for the fee simple interest in a development site on Lafayette Street in Soho, Mortgage Observer has learned.

The 20-year, fixed-rate loan was brokered by an HFF team led by Senior Managing Director Michael Tepedino and Managing Director Michael Gigliotti. HFF will also service the loan, according to the firm. The broker and borrower declined to name the lender. Read More

Mortgage Observer

Blackstone Lends $85M On Tavros’ Meatpacking Buy

44 Ninth Avenue

A joint venture between Tavros Capital and Arel Capital bought three Meatpacking District properties—including one with the potential to become a global flagship store—with $85 million from Blackstone Mortgage Trust.

The three properties, on 14th Street, 15th Street and Ninth Avenue, cost a total of $105 million, confirmed Nicholas Silvers, a co-founder of New York-based Tavros, a developer and real estate investment manager. His firm also nabbed development rights along 15th Street, though it is not clear what, if anything, the firm will build with them.  Read More

Mortgage Observer

Brokers and Lenders on the Rise

25 Photos

25 under 35 MO26

What is an industry without a promising crop of rising stars? While commercial real estate lending is often cast as a rigid establishment of older gentlemen, a number of dynamic young brokers are making their name across the East Coast—and giving their more senior counterparts a run for their money. Read More

Mortgage Observer

Bancorp Bank Provides Bridge Loan on Denholtz Jersey Office Property

Metro Park South.

The Bancorp Bank, a 14-year-old domestic Internet bank, provided floating-rate bridge financing to Denholtz Associates to recapitalize a 132,721-square-foot office property the firm owns in Matawan, N.J., Mortgage Observer has first learned.

HFF worked on behalf of the private development and management firm to secure the three-year $14.5 million loan on Metro Park South, which is located at 100 Matawan Road, off of the Garden State Parkway. Read More