December – Briefs/Finance
NYC Condo Moves Forward with $860M Construction Loan; HFF Arranges $130M for 2.9 MSF IDI Portfolio; Landesbank Provides $110M for Queens M-F Project; Freddie Mac Closes $195M M-F Bulk Loan Sale; Prudential Provides $48M for Two M-F Assets; Meridian Arranges $150M for Manufactured Housing Portfolio; Tysons Corner Center Lands $850M; Hudson Team Places $72M in Financing to Refi Retail Centers in Washington, California.
NYC Condo Moves Forward with $860M Construction Loan
Now backed by $860 million in construction financing from a consortium of Asian bankers, a high-profile luxury condominium project planned for 53 W. 53rd St., next to the Museum of Modern Art in Manhattan, is moving forward after stalling during the recession.
The project has been in the planning stages since 2007, when Hines and Goldman Sachs bought the site for $125 million. The dormant project got back on track with a reported $300 million infusion from new partner Pontiac Land Group of Singapore, which also secured the $860 million in construction financing from unnamed Asian banks.
HFF Arranges $130M for 2.9 MSF IDI Portfolio
IDI has refinanced a 2.9 million-square-foot industrial portfolio with the help of HFF, which placed a $99.8 million, three-year floating-rate first mortgage loan with Wells Fargo. In addition, a $30.2 million mezzanine loan was sourced through AEW Capital Management. The 11 Class A logistics and bulk distribution industrial facilities are 79 percent occupied and located in Texas, Florida, Illinois, New Jersey, Kentucky and Ohio.
Landesbank Provides $110M for Queens M-F Project
World-Wide Group has obtained $110 million in construction financing for a 421-unit luxury multi-family tower in Long Island City in the New York City borough of Queens. The real estate development company’s project attracted the attention of Germany’s Landesbank Hessen-Thüringen Girozentrale, which came through with the loan for the $157 million endeavor. The 21-story high-rise will feature premier residences and 8,700 square feet of ground-level retail space at 41-42 24th St., a site that had been home to another developer’s shelved project before World-Wide acquired the property in 2012. World-Wide is partnering with Rabina Properties and Cammeby’s International Group on the development.
Freddie Mac Closes $195M M-F Bulk Loan Sale
Freddie Mac has entered into new territory. The government-sponsored enterprise recently wrapped up its first multi-family bulk loan disposition, selling 27 performing mortgage loans with a total unpaid principal balance of $195 million. With Mission Capital Advisors spearheading the effort, Freddie Mac sold the multi-family, student housing and assisted living loans to Colony Capital. Mission Capital had its hands full of bids, receiving 23 offers on the loan portfolio and ultimately conducting multiple bid rounds.
Prudential Provides $48M for Two M-F Assets
Milestone Apartment REIT has landed $47.6 million via Prudential Mortgage Capital Co. for two multi-family assets located in Colorado and Georgia. In Colorado, Prudential’s general account provided a $22.3 million seven-year, fixed-rate loan for Canyon Chase, a 358-unit community in the Denver/Boulder suburb of Westminster. In the Atlanta suburb of Cumming, Prudential provided a $25.3 million seven-year, fixed-rate Fannie Mae loan for Preston Point at Windermere, a 346-unit asset.
Meridian Arranges $150M for Manufactured Housing Portfolio
Meridian Capital Group L.LC. has negotiated $150 million in acquisition and permanent financing for a manufactured housing portfolio located in Michigan and Alabama on behalf of Matrix Realty Group. The five-year financing package features one year of interest-only payments, followed by a 30-year amortization period. The portfolio consists of 11 manufactured housing communities with 5,347 pad sites. Financing was structured in a 27-day period from start to closing.
Tysons Corner Center Lands $850M
Northwestern Mutual, Prudential Mortgage Capital Co. and TIAA-CREF have each provided $283.3 million, for a total of $850 million in financing for Tysons Corner Center, a 1.9 million-square-foot super-regional mall in Tysons Corner, Va. The 10.3-year loan with a 4.1 percent interest rate refinances the asset, which is located at the intersection of Chain Bridge Route 123 and the Capital Beltway/I-495. Not included in the collateral but key to the property’s investment appeal is a 22-story Class A office tower; a 429-unit, 30-story apartment tower; and a 17-story hotel currently being developed on the property. They will be connected by a 55,000-square-foot pedestrian plaza, which will also link to a newly constructed mall entrance and a newly developed Metrorail station and bus station expected to deliver more than 5,000 passengers per day to Tysons Corner Center.
Hudson Team Places $72M in Financing to Refi Retail Centers in Washington, California
The Hudson team of George Elkins Mortgage Banking Co. arranged financing for two CMBS loans totaling $71.7 million, secured by two neighborhood retail centers: in Fullerton, Calif., and Lacey, Wash. The firm provided Orangefair L.L.C. with a $44.8 million permanent fixed-rate loan to refinance the Orangefair Marketplace, a 324,806-square-foot retail center located at East Orangethorpe and South Harbor Boulevard in Fullerton. In a separate financing, the Hudson team arranged a $26.9 million loan for The Landing at Hawks Prairie L.L.C. to refinance The Landing at Hawks Prairie, a neighborhood retail center in the Olympia suburb of Lacey and comprising 117,000 square feet of pad and in-line space.
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