ING Real Estate Finance has provided a $148.6 million senior secured loan to finance the 328,024 square foot Sharon Green Apartments complex in Menlo Park in Silicon Valley, California.
The bank provided the loan to the Riverview Redevelopment Company and the Housing Partnership Development Corporation on the building at 1600 Sedgwick Avenue, property records show.
The regional balance sheet lender provided the five-year loan with a 3.13 percent fixed-rate, two years of interest-only payments and a 75 percent loan-to-cost ratio.
The financing replaces $70.1 million in existing debt that Arbor provided the group of borrowers in March 2014, and includes an additional $61.5 million mortgage.
The lenders provided the floating-rate loan to Blue Star Properties and the Wolcott Group LLC to use the loan proceeds to payoff existing financing, complete building renovations and fund leasing capital for the project, according to a prepared statement from HFF, who arranged the loan.
The Ohio-based financial services company provided the 10-year, floating rate loan to a joint venture between Kayne Anderson Real Estate Partners and Discovery Senior Living and to replace existing debt.
Wells Fargo has provided a $150 million financing on a 52-story Tribeca Tower apartment building in Manhattan. The bank provided the financing to the 105 Duane Street building’s owner Related Companies, property records show.
The global alternative asset firm provided the loan to a joint venture between Related Realty and GreenOak real estate firm to purchase the Paragon Building at 21-00 49th Avenue.
The New York branch of the Canadian Imperial Bank of Commerce (CIBC) has provided a $75 million financing on a 413,000 sq ft high-end multifamily residential project in the New York City borough of Queens.
Private investment firm Orangewood Partners has launched the Peaceable Street Capital (PSC) preferred equity platform in an effort to capitalize on the volatile CMBS markets.