GEORGETOWN, LEANDER AND AUBREY, TEXAS — Walker & Dunlop has arranged the $117.3 million refinancing across multiple loans for a portfolio of three apartment communities totaling 960 units in Texas. Two of the properties — the 312-unit Austin Avenue and the 312-unit Aven Ridge — are located in the northern Austin suburbs of Georgetown and Leander, respectively. The third property, the 336-unit Latitude Magnolia, is located just north of the metroplex in Aubrey. The Austin-area communities were built in 2021 and 2022, respectively, and both offer one-, two- and three-bedroom units, while Austin Avenue also offers studio apartments. Latitude Magnolia was completed in 2021 and offers one- and two-bedroom units. Jordan Casella, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Keith Kurland, Christopher de Raet and Nicholas Gilhooley of Walker & Dunlop arranged the floating-rate, interest-only loans through Benefit Street Partners. The borrower was an undisclosed institutional investment group.
COMMACK, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged a $70 million acquisition loan for the 221,000-square-foot Mayfair Shopping Center in Commack, located on Long Island. Built in 1958, the center was 99 percent leased at the time of sale. Lidl, Planet Fitness and PGA Tour Superstore are the anchors, and other tenants include Gap, Sephora, J.Crew Factory, H&R Block, Tropical Smoothie Café and MyGym. Allison Villamagna and Andrew Stewart of Cronheim represented the seller in the disposition of the center and simultaneously arranged the loan through Voya Investment Management on behalf of the buyer, New York-based REIT Brixmor Property Group.
OMAHA, NEB. — Eastham Capital and Bender Cos. have acquired Village at Grant Square Apartments, a 204-unit community in Omaha. South Florida-based Eastham utilized its fund, Eastham Capital Fund VII LP. To date, Eastham and Bender have co-invested in 16 projects. Village at Grant Square is currently 93 percent occupied and features average monthly rents of $1,025. The joint venture plans to make capital improvements, including renovations to select units, enhancements to the clubhouse and common areas, and targeted roof and exterior upgrades. Originally constructed in 1974, Village at Grant Square is an eight-building community with a mix of one- and two-bedroom floor plans averaging 946 square feet. Amenities include a pool, dog park, fitness center, business center, laundry facilities and detached garage parking. Anthony Martinez, Parker Stewart, Dominic Martinez and Alex Malzone of Northmarq brokered the $17.2 million sale of the property and represented the seller, a New York-based private investment group. Brett Hood of Northmarq originated $13.8 million in Fannie Mae DUS acquisition financing. The loan features a five-year term.
LAS VEGAS — The Bascom Group has obtained a $30.8 million loan for the refinancing of The Gateway Villas Apartments, a multifamily property in Las Vegas. Bascom acquired the garden-style property, which was built in 1984 and 1985, in an off-market transaction in December 2021. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors (IPA) Capital Markets arranged the financing, with Bridge Investment Group providing the $30.8 million loan. Apartment Management Consultants will continue providing property management services for the community. Gateway Villas features 200 one- and two-bedroom apartments with private patios or balconies. Community amenities include a fitness center, resident clubhouse, pool, barbecue area and a putting green.
RESTON, VA. — Comstock Holding Cos. Inc. has obtained $299.1 million for the refinancing of the first three office towers within Reston Station, a 90-acre mixed-use development that surrounds the Wiehle-Reston East Metro Station in Northern Virginia. The office towers — 1900, 1902 and 1906 Reston Metro Plaza — were fully leased at the time of loan closing to firms including Google, ICF, CARFAX, FM and Amentum. Eastdil Secured Savills arranged the financing on behalf of Comstock Partners LC, a privately held affiliate of Comstock. Bank of America served as lead manager and sole bookrunner for the refinancing, which was used to fully repay a $292.9 million loan provided by Blackstone Real Estate Debt Strategies.
PHILADELPHIA — Cushman & Wakefield has arranged $153 million in construction financing for Phase I of Airport Logistics Center, a roughly 1 million-square-foot industrial project that will be situated on a 66-acre site adjacent to Philadelphia International Airport. Building features will include 240 dock doors and parking for 704 cars and 209 trailers. Completion is slated for early 2028. The sponsor is a partnership between Ivy Realty and Lubert-Adler Real Estate Funds, and the package includes both debt and equity, though specific amounts of each piece were not disclosed. John Alascio, Chuck Kohaut, T.J. Sullivan, Aaron Graves, Andrew Merin, Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield arranged the floating-rate construction loan through TPG Real Estate Credit. The team also advised on the structuring of the equity for the project.
PASSAIC, N.J. — New York City-based Dwight Capital has provided a $23.5 million HUD-insured loan for the refinancing of Station at Passaic Phase II, a 104-unit apartment complex in Northern New Jersey. The property consists of two five-story buildings that house eight one-bedroom and 96 two-bedroom units. Jonathan Pomper and Noah Greenwald of Dwight originated the financing through HUD’s 223(f) program on behalf of the borrower, an entity doing business as South Street Properties Urban Renewal LLC.
CHARLOTTE, N.C. — CBRE has arranged an $81 million construction loan for Sutherland at Piper Glen, a 299-unit apartment development located at 9621 Elm Lane in Charlotte’s Piper Glen neighborhood. Nate Sittema, Kristen Reilley and Elliott Voreis of CBRE’s Debt & Structured Finance team arranged the financing through Western-Southern Life Insurance Co. on behalf of the borrower, a consortium of investors led by the developer, RK Investors. The community will feature four five-story apartment buildings atop structured parking. Planned amenities include a fitness center, bike storage, coworking spaces, golf simulator, game room, swimming pool, fire pit, grilling areas, pet wash station and a coffee bar. The development team plans to launch leasing for Sutherland at Piper Glen next fall, with first units scheduled for delivery in March 2028. The property will be the multifamily component of Greenway at Piper Glen, a master-planned development by RK Investors.
HOUSTON — Los Angeles-based Thorofare Capital has provided a $16.5 million acquisition loan for a 240-unit multifamily property in Houston. The undisclosed property is located on the city’s northwest side and offers one-, two- and three-bedroom units with an average size of 969 square feet. The borrower and direct lender were also not disclosed. A portion of the loan proceeds will be used to further both interior and exterior capital improvements at the property.
BERKELEY, CALIF. — Northmarq has arranged $24 million in construction financing for the development of 2372 Ellsworth Street, a 166-bed student housing community located at the corner of Ellsworth Street and Channing Way near the University of California, Berkeley campus. Briana DeHaan and Brandy Buttram of Northmarq secured the financing on behalf of an undisclosed borrower. The community will offer 49 units upon completion. Further details on the project were not announced.
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