June – Briefs/Finance
- Jun 08, 2012
U.S. Bank Closes $248M Loan for California Development
U.S. Bank Commercial Real Estate Group has closed on a $284.7 million construction/bridge loan that will finance Moffett Towers Phase II, a Jay Paul Co. development in Sunnyvale, Calif. The deal represents the largest construction/bridge loan so far this year outside of New York. U.S. Bank served as the lead bank in the deal with participation coming from Bank of America, J.P. Morgan Chase and Wells Fargo.
Moffett Towers Phase II is a 1 million-square-foot mid-rise office project. The asset is scheduled to see completion in 2013. Jay Paul Co. was founded in 1975 and has since completed more than 6 million square feet of development.
HFF Arranges $75M for 506-Room Westin
Holliday Fenoglio Fowler L.P. has arranged a $75 million refinancing for the Westin DFW Airport, a 506-room hotel near Dallas/Fort Worth International Airport. The loan was sourced for Investcorp International Inc. and The Procaccianti Group, and provided by JPMorgan Chase & Co. The Westin DFW Airport was renovated in 2007. It has 29 meeting spaces totaling 38,000 square feet, the largest being a 10,541-square-foot ballroom.
Clarion Partners Nabs $60M Loan
Clarion Partners has landed a $60 million loan for Plaza at Walnut Creek, a 338,700-square-foot office complex located in the suburban San Francisco town of Walnut Creek. The permanent loan was sourced by Holliday Fenoglio Fowler L.P., and secured from Cornerstone Real Estate Advisers.
AREA Secures $58.5M Loan
AREA Property Partners has secured a $58.5 million mortgage loan on 200 W. Jackson, a 475,000-square-foot office tower located in Chicago. The firm acquired the 29-story property in 2007 for $73 million. MB Real Estate, the building’s former owner and current manager, also worked to secure the funds, which were arranged by CBRE Group Inc.’s capital markets debt-and-equity finance team.
Innisfree Lands $57M for Hotels
Innisfree Hotels has received $57 million in financing for three of its hotels along the Gulf Coast in Florida and Alabama. With assistance from Aries Capital, the firm obtained the CMBS loan just three weeks before maturity dates on loans for the three properties. Two of the hotels are located In Orange Beach, Ala., and the third is in Pensacola Beach, Fla.
PREI Raises $568M for Seniors Fund
Prudential Real Estate Investors has raised $568 million for its newest and largest seniors-housing fund. Senior Housing Partners IV, a closed-end fund, will target investments in independent-living, assisted-living and memory-care properties.
NorthMarq Arranges $58.5M for Chicago Asset
NorthMarq has arranged $58.5 million in acquisition and renovation financing for 400 S. Jefferson in Chicago. Sterling Bay Cos. is currently working on a complete building overhaul, after which the property will serve as the headquarters of Sara Lee Corp.’s meat business.