TODAY’S DEALS: Portland Development Lands Financing Via HFF
Portland, Ore.—TMT Development has landed construction financing for a new 30-story, mixed-use tower in Portland. HFF arranged the financing, placing the loan with PCCP LLC. Known as Park Avenue West, the project will consist of six levels of sub-grade parking, two levels of ground-floor retail, and 211 luxury units on the next 15 floors. The asset is topped off by 13 floors of Class A office space, which is partially leased to Stoel Rives.
Due for completion in summer 2016, the tower is pre-certified LEED Platinum and will be located at 750 SW 9th Ave., one block west of Pioneer Square and adjacent to Nordstrom in downtown Portland. The HFF team representing TMT Development was led by managing director Casey Davidson and senior real estate analyst Erica Christensen along with senior managing director Lloyd Minten.
NorthMarq arranges $16.2M for Miami apartments
Miami—David Woida, vice president and managing director of NorthMarq’s Milwaukee regional office, arranged first mortgage refinancing of $16.2 million for Pepper Cove Apartments, a 208 unit conventional market multifamily structure located at 9300 SW 137th Ave. in Miami, Fla.
Financing was based on a 12-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its affiliate, AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
BMC Capital arranges cash-out refinance for large loan in tertiary market
Dallas—BMC Capital arranged an $18.5M cash out refinance loan on a five-property multifamily portfolio located in San Angelo. The loan represented a 70 percent LTV cash out refinance, 5 percent-five year fixed rate and a 30 year amortization. Keith Van Arsdale, president and CEO of BMC, says, “We successfully secured competitive debt for a large loan in a tertiary market, which sometimes can be challenging.” BMC arranged the loan thru a bank correspondent.
BMC Capital is the leading lender for small-balance multifamily and commercial loans in the country anticipates originating at least 150 such transactions in 2013.