Birmingham, Ala. — Revere Capital has provided a $25 million refinancing loan for Brookwood Village, a 411,441-square-foot shopping center in Birmingham. The asset sits on 22 acres, about six miles south of downtown Birmingham. Tenants include Target, Verizon Wireless, DSW, Macy’s and The Fresh Market. The borrower was not disclosed, but the property is listed under management by CAPREF Manager, a subsidiary of Dallas-based Cypress Equities.
Strongsville, Ohio — Berkadia has arranged a $19 million loan for Royalton Collection, a 74,000-square-foot retail development in Strongsville. HomeGoods will anchor the property, along with Panera Bread and Outback Steakhouse outparcels. Dan Geuther of Berkadia arranged the loan with CIBC Bank on behalf of the borrower, New York-based Somera Road Inc. The three-year loan represents a 73 percent loan-to-cost ratio.
Miami — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the non-recourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.
Indianapolis — FM Capital has provided a $6 million bridge loan for the acquisition of Felbram Plaza North, a retail center in Indianapolis. The 182,056-square-foot property is comprised of two buildings and an outparcel. The asset is approximately 89 percent occupied. Tenants include Shoppers World, Dollar Tree and Dollar General. The borrower was not disclosed.
Costa Mesa, Calif. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in Costa Mesa, California. The asset features 36,630 square feet of Class B retail space and 17,210 square feet of office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.
Marlborough, Mass. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough, Massachusetts. Located in Middlesex County, the property currently houses four tenants with Starbucks Coffee as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.
La Habra, Calif. — George Smith Partners has arranged a 101.3 million bridge loan for La Habra Marketplace, a 375,000-square-foot retail center in La Habra, 22 miles east of downtown Los Angeles. Sprouts Farmers Market and Smart & Final anchor the 37-acre property. Steve Bram of George Smith Partners represented the borrower, DJM Capital Partners Inc., in the loan transaction. The loan, which includes $96.6 million in initial funding and $4.7 million in future funding, replaces senior and mezzanine loans on the property, and was negotiated at an interest rate of …
Boca Raton, Fla. — HFF has arranged a $125.7 million construction loan for Uptown Boca, a 38-acre mixed-use project in Boca Raton, Florida.
Fairfield County, Conn. — Worth Avenue Capital has provided a $3.5 million bridge loan for a 16-acre retail development in Fairfield County, Connecticut.
Manchester, Conn. — American Street Capital has secured a $12 million loan to refinance a triple-net leased, single-tenant retail property in Manchester, Connecticut.
