Plans for the Scottsdale project were formally rolled out in July, calling for 81,000 sf of retail space and 31,000 sf of offices on 14 acres. The undeveloped site served as the collateral.
"We were looking to close the transaction quickly to honor a purchasing contract on deadline and to move ahead with plans for putting up the buildings," says NRDP president Trent Schelkopf. "Completion is slated for next year."
In Los Angeles, meanwhile, locally based industrial developer MerueloMaddux picked up $8.8 million in funding from Kennedy "to take advantage of a commercial building opportunity," says a spokesman. The location of the property was not disclosed. Kennedy was brought to the borrower by Adam Petriella of Marcus & Millichap.
And in New York, locally based Bowntree LLC picked up just more than $7 million in financing to complete interior build-outs to apartments in five rental buildings in Flushing, Queens. The five low-rise buildings occupy an 8,800-sf parcel along that borough's 37th and 38th streets.
"The buildings represent solid value and a stable lending risk," Wolfer says. "All these borrowers are strong clients, and they represent an interesting diversity in geography as well as project concept."
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