ATLANTA — Atlanta-based MDH Partners has closed a $946.8 million refinancing for Project Interstellar, a 59-property, 13.5 million-square-foot industrial real estate portfolio that spans 15 states. The names and locations of the properties were not released. The refinancing package involved restructuring nine existing mortgages into seven new loans, with Wells Fargo Bank NA providing $786.8 million as the sole bookrunner, joint lead arranger and administrative agent on six of the loan portfolios. ACORE Capital provided $160 million as the administrative agent on the seventh loan portfolio. Matthew Ludwig of MDH Partners worked with Melissa Frawley and Steve Hinkle at Wells Fargo and Scott Swisher at ACORE Capital to secure the loans. MDH Partners currently manages three investment vehicles that owns 38.5 million square feet of industrial space across 19 states. The firm is currently investing in Fund III, which has closed more than $591 million in acquisitions and another $160 million in properties under contract in the past six months.
NEW YORK CITY — Affinius Capital has provided a $400 million loan for the refinancing of 102 Fleet, a 30-story multifamily project in downtown Brooklyn. Upon completion, the 495-unit building will house 108 studios, 97 one-bedroom units, 262 two-bedroom residences and 28 three-bedroom apartments. Amenities include a rooftop pool, fitness center with a spa, coworking space and conference rooms, multiple resident lounges, an indoor game room, pet spa, indoor climbing wall and pickleball courts. Henry Bodek of Galaxy Capital arranged the loan on behalf of the owner, The Jay Group, which will use the proceeds to complete construction and lease the property to stabilization.
SEATTLE — Gantry has secured a $14.8 million permanent loan to refinance maturing debt for the Latitude Queen Anne, a multifamily property located in Seattle’s Queen Anne neighborhood. Located at 500 3rd Ave. W., the Class A, mid-rise property offers 76 apartments in urban one-bedroom layouts and traditional one- and two-bedroom floor plans, as well as a rooftop deck. Mike Wood and Tim Brown of Gantry represented the borrower, a private real estate investor, in the financing. The 10-year, fixed-rate, nonrecourse loan was secured from one of Gantry’s correspondent life company lenders and features full-term interest-only payments. Gantry will service the loan for its correspondent.
CHICAGO AND CINCINNATI — JLL Capital Markets has arranged a $59 million loan for the refinancing of a three-building industrial portfolio totaling 647,717 square feet across the Chicago and Cincinnati metropolitan areas. The Midwest Industrial 3-Pack comprises two facilities in Fairfield, Ohio, and one property in Hoffman Estates, Ill. All three buildings were completed in 2023 and feature a clear height of 32 feet, LED lighting with motion sensors, ESFR sprinkler systems and concrete tilt-wall construction. The portfolio is fully leased to a mix of tenants serving the logistics, distribution, manufacturing, packaging and thermal processing industries. The Ohio properties are known as Seward Pointe Commerce Park, while the Chicago asset is known as The Ninety Logistics Center and totals 201,676 square feet. Matthew Schoenfeldt, Lucas Borges, Brian Walsh, Michael Gurwin and Christian Johnston of JLL arranged the loan on behalf of the borrower, Brennan Investment Group and Reinsurance Group of America Inc. A regional bank provided the five-year loan.
DOWNERS GROVE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has secured $4 million in financing for a 19,000-square-foot office and retail property located at 5100 Main St. in Downers Grove. Dean Giannakopoulos of MMCC secured the financing with a regional lender on behalf of the private client. The loan features high leverage, flexible prepayment and a 5.95 percent interest rate. The property’s ground floor is home to Peet’s Coffee and Duly Health. There is additional office space on the building’s upper floors.
HAWTHORNE, CALIF. — Avatar Financial Group has provided a $16.1 million bridge loan for the acquisition of The Yukon, an industrial campus in Hawthorne. The two-year loan carries a 62 percent loan-to-value ratio and financed the undisclosed sponsor’s purchase of the property through a bankruptcy sale. Additionally, the loan provided capital to improve one of the buildings that is vacant and execute a lease-up strategy. Situated on 2.3 acres at 13100-13130 Yukon Ave., the 52,074-square-foot campus features three single-story flex office/light industrial buildings built between 1960 and 1966. The buildings offer 16- to 19-foot ceilings, a secured gated yard, approximately 100 surface parking spaces, six roll-up garage-style doors and 1,600 to 3,000 amps of power. Two of the three buildings, totaling 25,707 square feet, are fully occupied under long-term net leases. The remaining 26,367-square-foot building is currently vacant and will be built out and marketed for lease.
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.
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.
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.
BIRMINGHAM, MICH. — Bernard Financial Group (BFG) has arranged a $29.5 million construction loan for a new mixed-use office property in Birmingham. Joshua Bernard of BFG arranged the loan on behalf of the borrower, 320 Investments LLC. A life insurance company provided the loan.
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