Monday, June 30, 2014

Capital One Bank Closes $14.6 Million FHA Loan to Refinance Palm Beach-Area Assisted Living Facility

Carolyn Whatley
BETHESDA, MD, JUNE 30, 2014 – Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, announced today that it has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living facility in Tequesta, Florida. 

The transaction was originated by Carolyn Whatley, Senior Vice President of originations, headquartered in the company’s Palm Beach office.  Tequesta Terrace is owned by Terrace Communities, which  also owns assisted living communities in Vermont, New Hampshire, Maine, and Florida.

“At Capital One, we first develop an  insightful understanding of our borrowers’ business objectives and goals for their properties,” Whatley says. 

“We then develop financing alternatives that meet their requirements in different ways.  Whenever possible, we want to offer alternatives.”  In this case, Whatley and her team presented the borrowers with various structures.

“After weighing the options, the partners chose HUD’s refinance program because it fits well with their strategy as long-term holders of the property.

" At the same time, the loan is assumable and can be prepaid, so it provides flexibility in the event their goals change.

“We are a Fannie Mae DUS® lender, a Freddie Mac Program Plus® lender and a MAP- and LEAN-approved HUD lender,” Whatley adds. 

“These programs, together with the bank products, make it possible for us to offer clients a broad array of  alternatives.”  

The transaction was financed under the HUD 232/223(f) program and was underwritten under the LEAN process.

Tequesta Terrace, Tequesta, FL
In addition to Tequesta Terrace, Capital One Multifamily is refinancing two other properties owned by Terrace Communities, both located in New Hampshire.

  Kate Heaton,  a partner of Tequesta Terrace, praised the group for the ease with which they handled all three transactions simultaneously. 

“The members of the Capital One team are consummate professionals, responsive and always accessible.  During the process, it seemed as though they are always working at most any time, day or night,” she says.  “At every turn, they went the extra mile to ensure our requests were met, providing for a most positive experience.”
For a complete copy of the company’s news release, please contact:

Courtney Lewis at 240-507-1948 or Jenifer Bernardi at 240-507-1946. 

Loews Hotels & Resorts Purchases The InterContinental Chicago O’Hare Hotel

InterContinental Chicago O'Hare Hotel
NEW YORK, NY (June 30, 2014) – Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L), today announced that the company has entered into an agreement to purchase the 556-room InterContinental Chicago O’Hare Hotel.  The acquisition is expected to close in late July.

 The InterContinental Chicago O’Hare will be the second hotel for Loews in the Chicago area and the third new hotel in the Midwest. 

Earlier this month, the company announced an agreement to purchase the Graves 601 Hotel in Minneapolis. Loews Chicago, a 400-room new build hotel, located downtown, will debut in February 2015. 

This is all part of Loews Hotels’ goal to add substantially to its portfolio of hotels over the next few years. The company continues to add properties in gateway cities and resort destinations.

Jonathan Tisch
 “The Midwest is an area where we were looking to increase our presence,” said Jonathan Tisch, Chairman, Loews Hotels & Resorts.  

“Adding the Loews Chicago O’Hare to our portfolio allows us to offer two Loews experiences in the Chicago area, one in the booming area of Rosemont, IL, and one downtown with the new Loews Chicago Hotel opening in early 2015.”

 Located less than two miles from O’Hare Airport and just 13 miles from downtown Chicago, the InterContinental Chicago O’Hare is across the street from the Donald E. Stephen’s Convention Center, adjacent to the newly opened Fashion Outlets of Chicago and a couple blocks from the Rosemont Entertainment district. 

The hotel features three restaurants and bars, more than 53,000 square feet of meeting and event space, and a curated art gallery.

“Loews Hotels has a strong reputation in the group meetings and conventions market and is known for delivering excellent customer service to our hotels,” said Paul Whetsell, President & CEO, Loews Hotels & Resorts.  “We look forward to bringing that expertise and stellar service to guests and meeting attendees visiting this hotel.”

For a complete copy of the company’s news release, please contact:

Sarah Murov
Loews Hotels & Resorts                                                                   
(212) 521-2495                                                                          

MBA Releases Commercial/Multifamily Quarterly DataBook for Q1 2014


 WASHINGTON, DC -- The Mortgage Bankers Association (MBA) released its first quarter 2014 Commercial Real Estate/Multifamily Finance Quarterly DataBook.

To download a free copy, click here.

The report includes a summary of major trends and detailed charts and tables that provide current and historical information on the economy and commercial/multifamily real estate markets.  

Among the findings covered in the DataBook:

Commercial and multifamily mortgage originations started 2014 at the same pace they started 2013.

The level of commercial/multifamily mortgage debt outstanding reached a new high in the first quarter – increasing $11.1 billion, or 0.4 percent, over the previous quarter.

The fourth quarter of 2013 and first quarter of 2014 marked the largest percentage point declines on record in CMBS delinquency rates. 

We also see continued improvement in the performance of commercial mortgages held by banks and very low delinquencies in loans held by life insurance companies and the GSEs.

MBA’s Quarterly DataBook compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry professionals, including trends in the economy, property sales, originations, delinquencies, and mortgage debt outstanding.

For a complete copy of the company’s news release, please contact:

Shawn Ryan
(202) 557-2727

Meridian Capital Group Arranges $9.9 Million in Acquisition Financing for a Multifamily Property Located in Jacksonville, FL

San Pablo Apartments, 14401 Jose Vedra Boulevard
Jacksonville, FL
Boca Raton, FL, June 30, 2014  – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $9.9 million loan for the purchase of a multifamily property located in Jacksonville, FL.

 The ten-year Fannie Mae loan, provided by an agency lender, features a loan-to-value ratio of 80%, a competitive fixed-rate of 4.69% and interest-only payments for a portion of the loan term.

 This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown, and Senior Underwriter, Noam Kaminetzky, who are both based in the Company’s Boca Raton, FL office.

 The San Pablo Apartments is a two-story multifamily property totaling 200 units located at 14401 Jose Vedra Boulevard in Jacksonville, FL.

 “Meridian leveraged its strong agency lender relationships to secure a mortgage at 80% loan-to-cost with an interest-only feature in a Fannie Mae pre-review market,” said Mr. Brown. 

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.

Jonathan Stern
 Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.

 For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group, LLC