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LoansMultifamilyTexas

Walker & Dunlop Arranges $110M Refinancing of Two Apartment Communities in Stafford, Texas

by Taylor Williams

STAFFORD, TEXAS — Walker & Dunloper has arranged a $110 million loan for the refinancing of 1879 at the Grid and Arc at the Grid, two apartment communities totaling 731 units in the southwestern Houston suburb of Stafford. Built in 2019 and 2020, respectively, within a 192-acre mixed-use development, 1879 at the Grid and Arc at the Grid both offer studio, one-, two- and three-bedroom units. Amenities include pools, fitness and wellness centers, resident lounges, coworking spaces, pet parks, courtyards, package lockers and outdoor grilling and dining stations. Dustin Stolly, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Michael Ianno and Edward Leboyer of Walker & Dunlop arranged the floating-rate, interest-only loan through TPG Real Estate Credit. The borrower is Lone Star Funds.

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LoansNew YorkNortheastOffice

Sapir Organization Receives $105M Loan for Refinancing of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Local owner-operator The Sapir Organization has received a $105 million loan for the refinancing of 261 Madison Avenue, a 398,000-square-foot office building in Midtown Manhattan. The 28-story building was constructed in 1954 and is home to tenants such as printing company RR Donnelley, coworking concept Industrious, labor union SAG-AFTRA and Japanese restaurant Zuma. The Sapir Organization also houses its headquarters within the building. Anthony Orso, Ari Schwartzbard and Clifford Welden of Newmark arranged the loan through Genesis Credit, a New York-based private real estate credit and investment firm, on behalf of ownership.

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JLL Arranges $210M Refinancing for Grand Hyatt Indian Wells Resort & Villas in California

by Amy Works

INDIAN WELLS, CALIF. — JLL has arranged $210 million in refinancing for the Grand Hyatt Indian Wells Resort & Villas, a luxury resort situated on 45 acres at 44600 Indian Wells Lane in Indian Wells. Mike Huth, Jade Lewin and Kevin Davis of JLL Capital Markets secured the five-year, floating-rate SASB CMBS loan through Citi for the borrower, Trinity Investments. Situated in Coachella Valley, Grand Hyatt Indian Wells Resort & Villas features 531 accommodations, including 449 guest rooms, 39 suites and 43 villas, and more than 88,000 square feet of indoor and outdoor meeting and event space. Additionally, the villa collection provides outdoor living areas and dedicated guest services. Resort amenities include nine pools, a destination water park with waterslides and a lazy river, a 30,000-square-foot Agua Serena Spa & Wellness center, six food-and-beverage venues, tennis and pickleball courts, a fitness center and preferred access to the adjacent Indian Wells Gold Resort. Grant Hyatt Indian Wells Resort & Villas recently underwent a $62 million renovation and conversion to the Grand Hyatt flag. The property is a AAA Four Diamond resort.

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CaliforniaDevelopmentLoansMixed-UseMultifamilyRetailWestern

Lincoln Property Co., McCourt Partners Receive $132.7M Construction Loan for Culver City Multifamily Project

by Amy Works

CULVER CITY, CALIF. — Lincoln Property Co. and McCourt Partners have received $132.7 million in construction financing from Bank OZK for ElevenOneEleven, a multifamily development in Culver City. Lou Friedel and Keith Rosso of Berkadia arranged financing on behalf of Lincoln and McCourt. Situated on 3.4 acres at 11111 Jefferson Blvd., ElevenOneEleven will feature a six-story development comprising 344 residences, including 52 affordable units, along with 2,000 square feet of retail space and 17,520 square feet of publicly accessible outdoor space. Additionally, ElevenOneEleven will include two full floors of residential amenities and 500 parking spaces. The project team includes KFA Architecture as architect and Kimley-Horn as civil engineer. Construction is slated to commence in the fourth quarter of 2026.

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LoansRetailTexas

MMCC Arranges $23.4M in Acquisition Financing for Travel Center in Mercedes, Texas

by Taylor Williams

MERCEDES, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged $23.4 million in acquisition financing for a 2,920-square-foot travel center in Mercedes, located in South Texas’ Hidalgo County. The address was not disclosed, but the facility is located off East I-2. Ron Balys of MMCC arranged the 10-year loan, which carried a 6.75 percent interest rate and a 70 percent loan-to-value ratio, through an undisclosed national credit union. The borrower was also not disclosed.

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DevelopmentLoansMultifamilyNew YorkNortheast

Walker & Dunlop Arranges $203M Construction Loan for Manhattan Multifamily Project

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $203 million construction loan for 50 Third Avenue, a 184-unit multifamily project that will be located in Manhattan’s East Village. The 17-story building will include 37 affordable housing units that will be reserved for households earning 80 percent or less of the area median income, as well as 12,529 square feet of ground-floor retail space. Amenities will include a fitness center with a yoga studio, sauna and cold plunge, a golf simulator, coworking space, resident lounge and multiple terraces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Sean Bastian of Walker & Dunlop arranged the floating-rate, interest-only loan through Ironsand. The borrower is a joint venture between SK Development and Kinsmen Property Group.

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Northmarq Provides $24.7M Refinancing for Chicago Apartment Community

by Kristin Harlow

CHICAGO — Northmarq has provided $24.7 million in refinancing for Reside on Jackson, a 93-unit apartment community in Chicago. Kevin McCarthy of Northmarq arranged the Fannie Mae financing on behalf of the borrower, Newcastle Investors. Built in 2016, the property offers a mix of one- and two-bedroom units. Amenities include a resident rooftop with grills, bicycle storage, a 24-hour concierge and 24-hour emergency maintenance.

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LoansMultifamilyNew YorkNortheast

CrownGuard Capital Provides $15.5M in Financing for Multifamily Repositioning Project in Rochester

by Taylor Williams

ROCHESTER, N.Y. — CrownGuard Capital, a Los Angeles-based commercial lender, has provided $15.5 million in bridge and construction financing for a 95-unit multifamily repositioning project in Rochester. The address of the property was not disclosed, but the redevelopment will cover unit interiors, utility and mechanical systems, building exteriors and common areas. Larkin Cody and Robert Miller of CrownGuard originated the financing, which included an $8 million Commercial Property Assessed Clean Energy (C-PACE) component. The sponsor was also not disclosed.

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JLL Arranges $463M in Bridge Financing for Thompson Thrift’s Eight-Property Multifamily Portfolio

by Kristin Harlow

CHICAGO — Chicago-based JLL Capital Markets has arranged $463 million in bridge financing for Thompson Thrift’s eight-property multifamily portfolio comprising 2,412 Class A apartment units across Florida, Georgia and Arizona. JLL secured the floating-rate construction take-out loan through Barings. The portfolio includes: Floor plans average 1,023 square feet. Unit interiors feature gourmet kitchens with stainless steel appliances, quartz or granite countertops, smart home technology, full-size washers and dryers, and private balconies or patios. Examples of amenities include fitness centers, resort-style pools, resident social hubs with coffee bars, pickleball courts, dog parks with pet spas, business centers and outdoor spaces.  Danny Kaufman, Medina Spiodic, Mark Gibson and Matthew Lawton of JLL arranged the loan on behalf of Thompson Thrift. Daniel Hedgepeth of Barings originated the financing. With offices in Indianapolis and Terre Haute, Ind., Denver, Houston and Phoenix, Thompson Thrift develops, constructs, leases and manages multifamily communities. The firm has developed more than $7.9 billion in ground-up real estate projects across 25 states. — Kristin Harlow

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Anderson Real Estate Completes $550M Refinancing for Two Office Towers in Los Angeles

by John Nelson

LOS ANGELES — Anderson Real Estate, a private, family-owned real estate development and management firm, has completed the $550 million refinancing of Anderson Towers, the company’s two-building office campus in Los Angeles’ Century City neighborhood. Eastdil Secured Savills arranged the financing on behalf of Anderson. Wells Fargo served as primary lender and servicer, while JPMorgan Chase was secondary lender in the refinancing. Legal counsel for the transaction included Allen Matkins for Anderson Real Estate and Hogan Lovells Cadwalader for the lenders. Since 2021, Anderson Real Estate has invested more than $300 million into renovations at Anderson Towers, which is located at 1800 and 1900 Avenue of the Stars. “We’ve invested in Anderson Towers because we believe deeply in the long-term strength of Century City and in creating office environments that will continue to attract leading companies to Los Angeles,” says Matt Lavin, executive chairman of Anderson Real Estate. “This financing represents another important milestone for Anderson Towers and underscores our long-term commitment to these properties and the broader Los Angeles community.” Anderson Real Estate completed its comprehensive renovations at Anderson Towers last year. David Montalba of Montalba Architects and Dillon Diers of OJB Landscape Architecture led the redesign, which included modernized …

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