{"id":1004087396,"date":"2013-11-25T07:04:03","date_gmt":"2013-11-25T15:04:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087396"},"modified":"2022-12-07T03:25:44","modified_gmt":"2022-12-07T11:25:44","slug":"december-briefsfinance-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/december-briefsfinance-2\/","title":{"rendered":"December &#8211; Briefs\/Finance"},"content":{"rendered":"<p><b>NYC Condo Moves Forward with $860M Construction Loan<\/b><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/1213_Briefs_Finance.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004087403\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/december-briefsfinance-2\/1213_briefs_finance\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/1213_Briefs_Finance.jpg\" data-orig-size=\"742,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"1213_Briefs_Finance\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/1213_Briefs_Finance.jpg?w=742\" class=\"alignright  wp-image-1004087403\" alt=\"1213_Briefs_Finance\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/1213_Briefs_Finance.jpg\" width=\"210\" height=\"169\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/1213_Briefs_Finance.jpg 742w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/1213_Briefs_Finance.jpg?resize=300,243 300w\" sizes=\"auto, (max-width: 210px) 100vw, 210px\" \/><\/a>Now backed by $860 million in construction financing from a consortium of Asian bankers, a high-profile luxury condominium project planned for 53 W. 53<sup>rd <\/sup>St., next to the Museum of Modern Art in Manhattan, is moving forward after stalling during the recession.<\/p>\n<p>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.<\/p>\n<p><b>HFF Arranges $130M for 2.9 MSF IDI Portfolio<\/b><\/p>\n<p>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.<\/p>\n<p><strong>Landesbank Provides $110M for Queens M-F Project<\/strong><\/p>\n<p>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\u2019s project attracted the attention of Germany\u2019s Landesbank Hessen-Th\u00fcringen 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\u2019s shelved project before World-Wide acquired the property in 2012. World-Wide is partnering with Rabina Properties and Cammeby\u2019s International Group on the development.<\/p>\n<p><strong>Freddie Mac Closes $195M M-F Bulk Loan Sale<\/strong><\/p>\n<p>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.<\/p>\n<p><b>Prudential Provides $48M for Two M-F Assets<\/b><\/p>\n<p>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\u2019s 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.<\/p>\n<p><b>Meridian Arranges $150M for Manufactured Housing Portfolio <\/b><\/p>\n<p>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.<\/p>\n<p><b>Tysons Corner Center Lands $850M <\/b><\/p>\n<p>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&#8217;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.<\/p>\n<p><strong>Hudson Team Places $72M in Financing to Refi Retail Centers in Washington, California<\/strong><\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1335,"featured_media":1004087403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743],"tags":[],"class_list":["post-1004087396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>December - Briefs\/Finance - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/december-briefsfinance-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"December - Briefs\/Finance\" \/>\n<meta property=\"og:description\" content=\"NYC Condo Moves Forward with $860M Construction Loan; 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