CROTON-ON-HUDSON, N.Y. — JLL has arranged a $19.5 million loan for the refinancing of a 118,991-square-foot industrial building in Croton-on-Hudson, located north of New York City in Westchester County. The single-tenant building at 1 Half Moon Bay Drive, which was fully leased at the time of the loan closing, was purpose-built for tire distribution in 1995 and features a clear height of 29 feet, 10 dock doors and two drive-in doors. Jillian Mariutti led the JLL team that placed the loan with Webster Bank on behalf of the owner, a partnership between Monday Properties and KPR Centers.
SANTA CRUZ, CALIF. — Sonnenblick-Eichner Co., on behalf of Ensemble Investments, has arranged $115 million in first mortgage debt to refinance La Bahia Hotel & Spa, a newly opened waterfront hotel in Santa Cruz. Madison Realty Capital, working with Newbond Holdings, provided the five-year, floating-rate, nonrecourse loan. Opened in September 2025, La Bahia Hotel & Spa features 155 guestrooms, an indoor-outdoor spa, fitness center, outdoor pool and hot tub, three distinct dining concepts, the Pearl Champagne lobby bar and 13,720 square feet of meeting and event space.
DENVER — Opus Development Co., along with an Ares Real Estate fund, has received a $67 million, three-year construction take-out loan from a national balance sheet lender for the refinancing of Kalaco, a 280-unit apartment property in Denver. Kristian Lichtenfels, Eric Tupler and Ellie Savage of JLL Capital Market’s Debt Advisory team secured the financing for the borrower. Delivered in August 2024, the six-story building features studio, one-, two- and three-bedroom apartments averaging 752 square feet. Units offer stainless steel appliances, luxe plank flooring, quartz countertops, walk-in closets, full-size washers and dryers, private patios and balconies. Community amenities include a 233-space parking garage, resort-style sundeck with pool and spa, fire pits and grilling stations, courtyard with lawns games, pet spa, outdoor dog run, two-level fitness center with yoga studio, coworking lounge, social lounge, game area, top-floor lounge/speakeasy, EV charging stations and bicycle storage/repair spaces. Kalaco is situated on 1.9 acres at 1010 W. Colfax Ave.
ATLANTA — Newmark has arranged a $53 million loan for the refinancing of The American Hotel Atlanta Downtown, a 315-room hotel located at 160 Ted Turner Drive NW in downtown Atlanta. The property dates back to 1962 as downtown Atlanta’s first integrated hotel and today is affiliated with Hilton’s Tapestry Collection. Chris Kramer, Tyler Dumon, Tate Keir and Jordan Roeschlaub of Newmark arranged the loan through Structured Hotel Capital on behalf of the borrower, locally based The RADCO Cos. The owner recently executed an $11.3 million renovation for The American Hotel Atlanta Downtown’s guestrooms, public spaces, food-and-beverage options and amenities, which includes a fitness center, outdoor pool and 13,300 square feet of event space. The hotel is situated within close proximity to the Georgia World Congress Center, Centennial Olympic Park, Mercedes-Benz Stadium, State Farm Arena, the Georgia Aquarium, College Football Hall of Fame and the World of Coca-Cola.
BALTIMORE — Bayview PACE has closed $15.7 million in C-PACE financing for Plaza Baltimore, an adaptive reuse project located at 1 S. Calvert in downtown Baltimore. The borrower, Philadelphia-based MIRA Properties, is leading the $57 million repositioning of the former bank headquarters building into 157 Class A apartments, as well as 8,162 square feet of commercial space on the ground level. Morgan State University recently announced that it will fully lease the building and operate the property for student housing. Amenities will include a rooftop deck, resident lounge, billiards, movie room and bike storage. The design-build team includes MIRA Construction, an affiliate of MIRA Properties, and locally based SETO Architects.
DAYTON, OHIO — Red Oak Capital Holdings LLC has provided $11.1 million in financing for the acquisition and capital improvements of Cottages of Clayton, a 90-unit assisted living community in Dayton. The bridge loan features an 18-month initial term and a loan-to-stabilized value of 69 percent. Stratos Athanassiades of Red Oak originated the loan, which was underwritten by Thomas Gorski and administered by James Myatt. The borrower, Clayton Realco LLC, is a private investor group that owns and operates 12 senior living communities. Built in 1999, Cottages of Clayton features seven cottage-style buildings with 90 studio units. Each building contains its own kitchen, laundry facilities and resident lounge areas. Amenities include a dining room, activity room, salon and outdoor spaces.
MONTGOMERY TOWNSHIP, N.J. — CBRE has arranged a $31 million permanent loan for The Somerset at Montgomery, a 115-unit apartment complex in Central New Jersey. Completed in 2024, the two-building complex houses 92 market-rate units and 23 affordable apartments that are furnished with in-unit washers and dryers and private balconies. Amenities include a fitness center, business center and outdoor grilling and dining stations. Matthew Pizzolato, Josh Stein, Jason Gaccione, Shawn Rosenthal and Jake Salkovitz of CBRE arranged the loan through New York Life on behalf of the developer, County Classics.
MIAMI — A partnership between 13th Floor Investments and Barings has received a $134 million construction loan for the development of Crescendo, the fourth and final residential tower located within the Link at Douglas mixed-use project in Miami. Santander Bank, TD Bank and First Horizon Bank provided financing. The first phase of Link at Douglas, which opened in 2023, included the 312-unit Core and 421-unit Cascade residential buildings, along with more than 30,000 square feet of retail space anchored by Milam’s Market. The project’s third residential tower, known as Cadence, is slated for completion in 2028 and will feature 432 apartments. With the addition of the 392-unit Crescendo in 2029, Link at Douglas will comprise approximately 1,500 residential units across four buildings. 13th Floor and Barings first broke ground on Link at Douglas in 2019. 13th Floor has multiple projects underway in South Florida, including Link at Boca in Boca Raton and Link at SoMi in South Miami.
GRAFTON, WIS. — Associated Bank has provided an $8.8 million construction loan for The Carillon at Grafton, a build-to-rent community in Grafton, about 22 miles north of downtown Milwaukee. Cirrus Property Group was the borrower. The project site is a 5.2-acre vacant lot at the intersection of Hunters and Mountain lanes, just west of Port Washington Road. The development will consist of 34 units across 10 buildings with 28 two-bedroom units and six three-bedroom residences. All homes will feature open floor plans, first-floor primary suites and a private fenced-in backyard with a one- or two-car attached garage. Construction is underway, and the first units are slated for occupancy in early 2027. Danielle Maletzke of Associated Bank managed the loan arrangements and closing.
The mass of multifamily loan maturities that has peaked over the past few years remains elevated and is destined to impact the industry in 2026. Coupled with current elevated interest rates, and what accompanies them, these loans pose challenges to owners faced with the need to refinance. These hurdles are proving too difficult for some owners who secured their current property loans during the record low-interest rate period several years ago and who are now over-levered. While the maturity wall did subside a bit in 2025, that doesn’t mean the 2026 volume of maturities isn’t sizable. According to the Mortgage Bankers Association 2025 Commercial Real Estate Survey of Loan Maturity Volumes, 13 percent of mortgages backed by multifamily properties will mature in 2026 — a wave that will inarguably lead to a surge in transaction activity, whether successful refinances or forced sales. How We Got Here Interest rates in the United States reached an all-time record low during the 2020 – 2021 period. Many apartment owners capitalized on the inexpensive cost of debt and financed their properties for extremely low rates. However, in the years since, the country has battled serious bouts of inflation which, in turn, have caused the …
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