May – Briefs/Finance

Harbor Group lands $127M refi for Cleveland Tower; Bostonia Partners secures $72M for NOAA; WNC closes $100M affordable housing fund; Post Brothers lands $52M for Philly M-F; HFF arranges $400M M-F portfolio refinance; MRA arranges $45M refi for office campus; PCCP provides $73M to three properties.

Harbor Group Lands $127M Refi for Cleveland Tower

Harbor Group International has refinanced 200 Public Square to the tune of $127 million. An existing CMBS financing on the 1.3 million-square-foot, 45-story, Class A office building in downtown Cleveland was refinanced with a new 10-year CMBS loan provided by JPMorgan Chase. The refinancing was arranged by Meridian Capital Group L.L.C.

The 1985-built tower is described as “well leased,” though a specific figure was not released. 200 Public Square was known in the past as the BP Tower and the Sohio Building. Notable current tenants include the Cleveland office of the Benesch law firm; the international headquarters of Cliffs Natural Resources, an iron-ore mining and processing firm; and Huntington Bancshares, the nation’s 24th largest bank.

Bostonia Partners Secures $72M for NOAA

Bostonia Partners L.L.C has closed on nearly $72 million in lease-backed secured notes for the construction and permanent financing of a Government Services Administration credit tenant in Riverdale, Md. The deal will help complete construction on a new NOAA Center for Weather and Climate Prediction that was stalled for more than two years because the original developer went bankrupt.

WNC Closes $100M Affordable-Housing Fund

WNC & Associates Inc. has closed WNC Institutional Tax Credit Fund 35, a $100 million, multi-investor LIHTC fund. With the closing of the investment vehicle, 18 affordable housing communities encompassing an aggregate 1,134 residences will get financed. Comprising 12 properties for low-income families and six communities designated for seniors in 11 states, the portfolio’s assets are evenly split between new developments and rehab properties.

Post Brothers Lands $52M for Philly M-F

Residential developer Post Brothers has obtained a $52 million loan for Post Rittenhouse Hill L.P. to complete the redevelopment of the Rittenhouse Hill multi-family property in the Germantown section of Philadelphia. The loan was funded by an undisclosed bank and arranged by Ackman-Ziff Real Estate Group L.L.C. The redevelopment will bring the asset to 624 units and will add the largest green roof in Philadelphia.

HFF Arranges $400M M-F Portfolio Refinance

Holliday Fenoglio Fowler L.P. has arranged a $400 million refinancing for a five-property, 2,600-unit multi-family portfolio located in Washington, D.C., and Hoboken, N.J. The properties average 98 percent occupancy. HFF worked on behalf of Brookfield Real Estate Financial Partners to secure the loan.

MRA Arranges $45M Refi for Office Campus

Cedar Crest Professional Park, a 682,000-square-foot professional office campus in Salisbury Township, Pa., has been refinanced to the tune of $45 million. MRA Realty Advisors orchestrated the transaction on behalf of Cedar Crest Professional Park VII L.P., the owner of the seven-building property. The asset has an occupancy level in the 80 percent range and is home to 130 tenants, half of which are providers of medical and healthcare-related services.

PCCP Provides $73M To Three Properties

PCCP L.L.C. has provided a $46 million senior loan to KHP Fund II L.P., a real estate private equity fund sponsored by Kimpton Hotels & Restaurants, to finance the repositioning of the 202-room Hotel Monaco Baltimore and the 183-room Hotel Palomar San Diego. The firm also provided a $27.4 million senior loan to refinance Millbrae Paradise, a residential condo and retail development in Millbrae, Calif., owned by LF George Properties.