March – Briefs/Finance

Mesa West provides $130M to refinance a San Francisco hotel; The Morgan Group arranges $146M for multi-family projects; Cohen Financial forms equity placement practice; Walker & Dunlop provides $164M For Connecticut multi-family portfolio; HFF lands $52M for Texas assets; CBRE arranges $155.3M refinance for Seattle apartments; Johnson Capital closes $75M deal.

Mesa West Provides $130M to Refi San Francisco Hotel

Mesa West Capital has provided a partnership involving affiliates of Dune Real Estate Partners L.P. and DiNapoli Capital Partners L.L.C. with a $130 million first-mortgage loan for the refinancing of the 802-room Hyatt Regency San Francisco. The 19-story property was built in 1973 along the waterfront adjacent to 5 Embarcadero Center, part of the city’s Financial District.

Dune and DiNapoli bought the asset from a subsidiary of Strategic Hotel Capital L.L.C. in 2007, at which point the hotel underwent a major renovation. The asset is currently outperforming the market in both rate and occupancy. At the moment, there is no new construction planned for the hospitality sector in San Francisco, further bolstering the market’s strength.

The Morgan Group Arranges $146M for Multi-Family Projects

The Morgan Group has arranged financing of $146 million on behalf of its affiliated investment partnerships. Proceeds were obtained from bank, agency and insurance-company loans with terms ranging from five to 10 years, collateralized by five properties located in Texas, Florida and North Carolina.

Cohen Financial Forms Equity Placement Practice

Cohen Financial has formed a national equity placement practice that will focus primarily on direct limited-partnership participations. The firm forged an affiliation through Artis Advisors L.L.C. to co-market equity placement services. The new operation will be led by Cohen’s Kevin O’Grady.

Walker & Dunlop Provides $164M For Conn. Multi-Family Portfolio

Walker & Dunlop Inc. placed a $163.8 million loan for Principal Management Partners for the refinancing of a four-property, 1,170-unit apartment portfolio in Connecticut. Each asset received its own loan, with LTV ratios from 79.2 to 80 percent.

HFF Lands $52M for Texas Assets

Holliday Fenoglio Fowler L.P. has provided The Scion Group and Arch Street Capital Advisors with $52 million in financing that was used to acquire The Retreat at Denton and The Retreat at Lubbock, two student housing communities located in Denton and Lubbock, Texas. The two assets have a combined 1,345 beds.

CBRE Arranges $155.3M Refinance for Seattle Apts.

The Portland office of CBRE Capital Markets has arranged a $155.3 million refinancing through Freddie Mac’s CME program for Holland Partner Group and Invesco. The borrower used proceeds to finance the nine-property, 2,184-unit portfolio.
Johnson Capital Closes $75M Deal

Johnson Capital has closed a $75 million debt and equity financing deal for Focus Development, a California-based commercial and residential owner. The funds were used for a nine-property, 1,271-unit portfolio acquisition comprising Class B and C properties in Florida and Texas.

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