loans

The-Lawrence-Buffalo

BUFFALO — San Francisco-based mortgage banking firm Gantry has arranged a $38.1 million construction loan for The Lawrence, a 132-unit multifamily project that will be located adjacent to the Niagara Medical Campus in Buffalo. Units will come in studio, one- and two-bedroom floor plans, and the project will include the construction of a 78-space parking garage. Daniel Monte of Gantry arranged the five-year, fixed-rate loan through an undisclosed regional bank. The borrower and developer, a private joint venture, also requested anonymity.

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Gemma-Gramercy-Manhattan

NEW YORK CITY — JLL has arranged a $70.6 million Fannie Mae loan for the refinancing of a 108-unit apartment building located at 200 E. 23rd St. in Manhattan’s Gramercy Park neighborhood. Known as Gemma Gramercy, the newly constructed building rises 20 stories and was 80 percent occupied at the time of the loan closing. Residences come in studio, one- and two-bedroom floor plans. Amenities include a fitness center, rooftop terrace, coworking space, lounge and entertainment room, media room and package handling services. Evan Pariser, Michael Shmuely, Michael Zaremski and John Flynn of JLL originated the 10-year, fixed-rate loan on behalf of the borrower and developer, SMA Equities.

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Doubletree-by-Hilton-Pittsburgh-GreenTree

PITTSBURGH — Seattle-based Avatar Financial Group has provided an $8.4 million bridge loan for the DoubleTree by Hilton Pittsburgh-Green Tree hotel on the city’s southwest side. The property consists of three buildings with a total of 460 rooms. Amenities include three food-and-beverage options, indoor and outdoor pools, a fitness center and 40,000 square feet of meeting and event space. The sponsor, a joint venture between New York City-based investment firms First Choice Investments and The Chetrit Group, acquired the asset in 2021. The financing carries a 24-month term and loan-to-value ratio of approximately 26.5 percent, and the proceeds will be used to complete renovations and pay off existing debt.

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DENTON, TEXAS — Colliers Mortgage has provided a $41.8 million HUD-insured loan for the refinancing of Village at Rayzor Ranch, a 300-unit multifamily property located in the North Texas city of Denton. The property offers studio, one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations, a dog park, fitness center, sports court, coworking space, coffee bar, lounge, fitness center and package handling services. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

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800-Salem-St.-Wilmington-Massachusetts

WILMINGTON, MASS. — JLL has arranged a $57 million construction loan for a 237,800-square-foot industrial project that will be located at 800 Salem St. in the northern Boston suburb of Wilmington. Building features will include a clear height of 36 feet, 47 dock positions and parking for 332 cars and 33 trailers. Steven Klein, Brett Paulsrud and Ryan Parker of JLL arranged the three-year loan through an undisclosed national bank on behalf of the borrower, a partnership between Connecticut-based Wheelock Street Capital and Boston-based Camber Development. Construction is underway and expected to be complete in the third quarter.

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NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $15.4 million loan for the refinancing of the Hampton Inn Manhattan/Downtown-Financial District. The pet-friendly, recently renovated hotel has 81 rooms and offers amenities such as a fitness center, business center and complimentary breakfast. David Turley led the Cronheim team that arranged the loan through an undisclosed national bank on behalf of the borrower, Virginia-based Shamin Hotels.

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SHERMAN, TEXAS — New York City-based Lument has provided an $11.3 million Freddie Mac loan for the refinancing of Easton Parc Apartments, a 232-unit multifamily property located in the North Texas city of Sherman. Built in 1986 and renovated in 2013, the garden-style property consists of 22 buildings on nearly nine acres. Amenities include a pool, clubhouse, dog park and onsite laundry facilities. Sloan Stevens of Lument originated the 10-year loan, which is structured with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

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ELMONT, N.Y. — The Feil Organization has refinanced Home Depot Shopping Center, a 269,490-square-foot property located at 600 Hempstead Turnpike in the Long Island community of Elmont. Feil has owned the property since 1992. At the time of the loan closing, the center was fully leased, with Marshalls and Target serving as the other anchor tenants. Estreich & Co. arranged the $23.5 million loan for the refinancing through Principal Asset Management on behalf of Feil.

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DALLAS — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided $16.8 million in Freddie Mac permanent financing for Estates at Ferguson, a 164-unit affordable seniors housing project in Dallas. The property will offer 99 one-bedroom units and 65 two-bedroom units, with the majority of residences (148) reserved for renters earning 60 percent or less of the area median income. John Killough and John Roberts of BWE originated the loan, which carries a 15-year term and a fixed interest rate. The City of Dallas HFC also issued tax-exempt bonds as part of the project’s capital stack, and The Texas Department of Housing & Community Affairs provided Low-Income Housing Tax Credit (LIHTC) equity. Construction is underway and expected to last about 15 months. The sponsor was not disclosed.

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The-Nell-Dunellen-New-Jersey

DUNELLEN, N.J. — Locally based developer Prism Capital Partners has received $53.9 million in financing for The Nell, a 252-unit multifamily property in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the transit-oriented, newly built property offers one- and two-bedroom units and includes 3,700 square feet of retail space. The amenity package comprises a pool, fitness center, resident lounge, community kitchen, meeting rooms, an outdoor bar with TVs and grilling and dining areas. Rodney Sherman and Greg Halvorson of KeyBank Real Estate Capital arranged the seven-year loan, which provides fixed-rate takeout financing, through New York Life Real Estate Investors on behalf of Prism Capital Partners.

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