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Modera-Lofts-Jersey-City
LoansMultifamilyNew JerseyNortheast

Cushman & Wakefield Arranges $136M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams

JERSEY CITY, N.J. — Cushman & Wakefield has arranged a $136 million loan for the refinancing of Modera Lofts, a 366-unit apartment building located in the Powerhouse Arts District in Jersey City. Completed in 2016, Modera Lofts offers studio, one- and two-bedroom floor plans. Amenities include a fitness center, a rooftop deck, indoor  lounge, 24-hour concierge services and a pet spa, and the building also houses about 13,000 square feet of retail space and unique rentable artist studios. John Alascio, Alex Hernandez, Chris Moyer, Chuck Kohaut, Alex Lapidus and Meredith Donovan of Cushman & Wakefield arranged the loan through J.P. Morgan on behalf of the borrower, Harrison Street Asset Management.

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CaliforniaLoansMultifamilyWestern

BWE Secures $82.9M in Financing for Multifamily Community in Simi Valley, California

by Amy Works

SIMI VALLEY, CALIF. — BWE has secured an $82.9 million loan for River Ranch Apartments, a garden-style multifamily property in Simi Valley. Jake Roberts and Mike Guterman of BWE originated the financing from Fannie Mae on behalf of Decron Properties. The five-year, fixed-rate loan will allow Decron to pay off existing bank debt while getting cash out that will allow the owners to continue to operate River Ranch. Built in 1985 and renovated in 2016, River Ranch features 398 one-, two- and three-bedroom apartments with stainless steel appliances, energy-efficient kitchens with granite countertops and private patios and balconies. Community amenities include a pool, dog park, fitness center and resident clubhouse.

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LoansMidwestMultifamilyOhioSeniors Housing

Greystone Provides $46M Refinancing for Seniors Housing Portfolio in Ohio

by Kristin Harlow

OHIO — Greystone has provided a $46 million bridge-to-HUD loan for the refinancing of a two-property seniors housing portfolio in Ohio. Christopher Clare, David Young, Ben Rubin, Ryan Harkins, Parker Nielsen and Liam Gallagher of Greystone originated the financing. The portfolio includes 118 skilled nursing units, 16 memory care units, 232 assisted living units and 10 independent living units. The bridge loan enables the borrower to refinance the properties and position the assets for long-term, HUD-insured permanent financing.

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The-Worthington
AcquisitionsLoansMarylandMultifamilySoutheast

Quest Management Obtains $75M in Acquisition Financing for Multifamily Community in Metro Baltimore

by Abby Cox

PIKESVILLE, MD. — Stevenson, Md.-based Quest Management Group has obtained a $75 million agency loan to finance the acquisition of The Worthington Apartments, a 612-unit multifamily community located in Pikesville, roughly 15 miles northwest of Baltimore. Jonathan Zilber and Joel Chetner of Walker & Dunlop arranged the 10-year, fixed-rate, nonrecourse loan. Situated at 7900 Brookford Circle, The Worthington comprises 21 three-story residential buildings across nearly 37.5 acres. The garden-style complex features one-, two- and three-bedroom floorplans ranging in size from 750 to 1,188 square feet, according to Apartments.com. Amenities include a swimming pool, playground, clubhouse, business center and a courtyard, as well as four garages.

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TownePlace-SpringhillSuites-hotel
DevelopmentGeorgiaHospitalityLoansSoutheast

Greysteel Arranges Construction Financing for Dual-Branded, 146-Room Hotel in Savannah

by Abby Cox

SAVANNAH, GA — Bethesda, Md.-based Greysteel has arranged construction financing for a dual-branded, 146-room SpringHill Suites and TownePlace Suites Marriott hotel in Savannah. Greysteel secured the loan on behalf of Arya Hospitality, a Savannah-based developer. An Atlanta-based regional bank provided financing for the project. Further details of the transaction were not disclosed, but a source familiar with the transaction said the loan amount was north of $15 million.

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LoansNew YorkNortheastRetail

Largo Capital Arranges $26M Loan for Refinancing of Staten Island Shopping Center

by Taylor Williams

NEW YORK CITY — Largo Capital, a financial intermediary based in upstate New York, has arranged a $26 million loan for the refinancing of a 99,897-square-foot shopping center in the Great Kills neighborhood of Staten Island. Regional grocer ShopRite anchors the center under a long-term lease. Kevin Coscia of Largo Capital arranged the financing through an undisclosed life insurance company. The borrower was also not disclosed. 

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Joule-House-Miami
FloridaLoansMultifamilySoutheastTop Stories

Fisher Brothers Receives $117.5M Loan for Refinancing of Miami Multifamily Community

by Abby Cox

MIAMI — New York City based-Fisher Brothers has received a $117.5 million bridge loan for the refinancing of Joule House at Calle Collective, a 308-unit multifamily community located in the Wynwood neighborhood of Miami. Bain Capital provided the floating-rate, interest-only loan. “The successful refinancing of Joule House is a strong reflection of both the property’s performance since opening last summer and the market’s confidence in well-executed, design-driven residential communities in Wynwood,” says Winston Fisher, partner at Fisher Brothers. Situated at 2200 N.W. 1st Ave., Joule House spans eight stories and features studio, one- and two-bedroom floorplans, with select two- and three-bedroom penthouses ranging in size from 985 to 1,400 square feet. Monthly rental rates begin at $2,512. Approximately 23,000 square feet of amenities are available for residents, including a swimming pool, cabana, spa, clubhouse, business center, fitness center, lounge, bicycle storage, a game room, conference rooms and electric vehicle charging stations. In December of last year, Fisher Brothers signed a new retail lease with SunLife Organics, a smoothie, juice and açai bowl bar that will open on the ground floor of Joule House in the third quarter. The Calle Collective, which is located within the Joule House development, serves as a retail, …

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FloridaLoansOfficeSoutheast

JLL Arranges $24.7M Refinancing for Office Building in Coral Gables, Florida

by John Nelson

CORAL GABLES, FLA. — JLL has arranged a $24.7 million loan for the refinancing of 2000 Ponce, a 109,745-square-foot office building in Coral Gables, about five miles west of Miami. Jesse Wright, Matt McCormack, Joshua Odessky and Patrick Salata of JLL arranged the five-year loan through Crestline Investors on behalf of the borrower, Westside Capital Group, a private equity firm that purchased the property in 2022. 2000 Ponce features ground-level retail space leased to tenants including Bachour Marketplace, D’Cassa and Zativa Life Health and Wellness Spa. Office tenants include Westside Capital Group and Hejl Foundation. The property also includes a 105-space parking garage.

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5640-NE-Wagon-Drive-Blvd-Hillsboro-OR
IndustrialLoansOregonWestern

Gantry Secures $12M Refinancing for Two-Building Industrial Asset in Hillsboro, Oregon

by Amy Works

HILLSBORO, ORE. — Gantry has secured a $12 million permanent loan to refinance maturing debt for a pair of industrial warehouse buildings located at 5640 N.E. Wagon Drive Blvd. in Hillsboro. The 10-acre site features two buildings offering a total of 192,000 rentable square feet, including a single-tenant asset with 152,000 rentable square feet and an adjacent 40,000-square-foot multi-tenant flex building. Blake Hering, Kristin Lapinskas and Abi Hunter of Gantry’s Portland, Ore., office represented the borrower, a private real estate investor. The 10-year, fixed-rate nonrecourse loan set at a 25-year amortization was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender.

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