TODAY'S DEALS: HFF Arranges $31.9M Construction Loan
HFF arranges a construction loan for an asset near Seattle; Beech Street Capital provides $11.3 million for a Baltimore acquisition; and Lucent arranges a $12 million loan for the acquisition of fractured condo.
Kirkland, Wash.—Holliday Fenoglio Fowler has arranged a $31.9 million construction loan for the development of Juanita Village, a 196-unit community located in Kirkland, Washington. The three-year loan was secured through Bank on the Ozarks on behalf of M-M Properties and BayNorth.
The Class A community is located at 11801 97th Street in Kirkland, a Seattle suburb on the east side of Lake Washington. The podium-style luxury apartments are due for completion in 2013. The asset will feature 8,700 square feet of ground floor retail as well.
HFF senior managing director John Brownlee and managing director Tom Wilson represented the borrower in the transaction.
Beech Street Capital provides $11.3M in acquisition financing
Baltimore—Beech Street Capital has provided an $11.3 million Fannie Mae conventional loan for the acquisition of Henderson House, a 120-unit property located in Baltimore. Jacob Katz of Meridian Capital Group originated the transaction, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
Henderson House consists of two contiguous buildings: a nine-story building containing 64 units and a 10-story building with 56 units and 7,021 square feet of grade-level and basement commercial space. The asset was originally constructed in 1886 as the Mount Royal Hotel and Apartments and was converted into its current 120-units in 1980. Amenities include surface and garage parking, a fitness center, community room, and conference and party rooms.
Lucent arranges $12M loan for acquisition of fractured condo
Las Vegas—Lucent Capital closed on a $12 Million note financing on a fractured 378-unit condo complex in Las Vegas.
The non-recourse note acquisition financing is secured by the debt on 209 out of 378 newly built condominium units located on the South Strip of Las Vegas. Lucent Capital said it surveyed the debt market and identified a non-traditional capital source that understood the complexities of financing a non-performing loan secured by fractured condominiums located in the Las Vegas market.
“The financing provided a creative, flexible structure that allows the borrower to effectuate their business plan,” accoording to Lucent. Lucent procured the financing commitment in less than two weeks from engagement.
