Prudential Mortgage Capital Co. provided $180 million in acquisition financing for the purchaser of two buildings in the Riverside South section of Manhattan. The broker on the transaction was HFF and the borrower is an affiliate of GID, Boston.
Terms of the loan were not disclosed.
“The multifamily sector in New York City, which has one of the lowest vacancy rates in the country, has always been highly desirable thanks to high demand and limited supply,” said Sarah Teunis, a director with Prudential Mortgage Capital’s New York office. “Those factors, combined with the high quality of these properties and the strength and expertise of the borrower, made this an extremely attractive investment.”
Separately, HFF’s Los Angeles office recently was involved in arranging financing for three
It arranged $11 million in financing for a two-building medical office portfolio totaling 120,253 square feet in Southern California.
HFF worked on behalf of the borrower, joint venture partners Pacific Prime Properties and Hager Pacific, to secure the 20-year, fully amortizing, fixed-rate financing through ING Investment Management. Loan proceeds were used to refinance existing debt on the property and return capital to the borrower. No other terms were disclosed.
The press release for the deal noted the borrowers self-fund their property purchases and don’t use outside capital.
HFF also arranged $8.4 million in financing for Scottsdale (Ariz.) Design District, a 109,652-square-foot showroom/flex property.
The borrower, Wilshire Capital Partners, LLC, received a five-year, 3.86%, fixed-rate loan through CIBC World Markets. Loan proceeds were used to acquire the property from a joint venture between Andell Inc. and Fenway Properties.
Finally, the HFF Los Angeles office arranged an $11.29 million senior loan plus $7.2 million in preferred equity for a 697,500-square-foot distribution center located in West Chester, Ohio.
The borrower is Cohen Asset Management Inc. The loan has a four year term with a 3.25% fixed-rate and was obtained from an undisclosed life insurance company. The $7.2 million in preferred equity came from Terra Capital Partners LLC.
The Boston office of HFF secured $23 million in construction/permanent financing for The Wyeth, a three-building, 63-unit multihousing development in Cambridge, Mass.
Working on behalf of Broder Properties, HFF placed the 15-year, fixed-rate financing with Eastern Bank. The loan will fund construction of the property and convert to a permanent loan thereafter.
