NEW YORK CITY — ACRES Capital has provided a $42.5 million loan for the refinancing of The Congress, a 74-unit apartment building located on West 54th Street in Midtown Manhattan. According to StreetEasy, the building was originally constructed in 1923. The Congress also includes two office spaces and five retail spaces. The undisclosed sponsor will use a portion of the proceeds to fund upgrades of existing residences and common areas and convert former professional office suites into additional residential units.
PHOENIX — A joint venture between Harrison Street Asset Management, LCS and Ryan Cos. US Inc. has received refinancing for Clarendale Arcadia, a senior living community located in the Arcadia neighborhood of Phoenix. Ryan Stoll and Taylor Mokris of BWE arranged the financing — which features full-term interest-only payments, an initial 36-month term and two one-year extension options — on behalf of the joint venture. Completed in 2023, Clarendale Arcadia totals 248 residences, with 240 independent living units, 68 assisted living units and 40 memory care units. Amenities at the property include a bistro, fitness center, heated swimming pool, jacuzzi spa, putting greens, a movie theater, salon and spa, landscaped outdoor spaces and a full-service bar.
CHULA VISTA, CALIF. — UTEX Storage Partners has obtained $23.4 million in nonrecourse construction financing for Chula Vista Storage, a to-be-built self-storage facility in Chula Vista. Brian Somoza led the JLL team in arranging the four-year, floating-rate loan through a life insurance company. Upon delivery in 2016, Chula Vista Storage will offer 123,582 square feet of storage space within two three-story buildings. The facility will feature an on-site office, security, a 24-hour surveillance system, controlled access, climate-controlled units and boat/RV storage. The property is located on 9.3 acres near the intersection of South Bay Expressway and Eastlake Drive, approximately 12 miles southeast of downtown San Diego. A REIT third-party management platform will operate and manage the property.
OAK CREEK, WIS. — BWE has secured $33.6 million in permanent financing for Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. Dan Rosenberg, Tim Caffrey and Logan Petersmeyer of BWE arranged the Fannie Mae loan on behalf of Heyday, a Chicago-based developer specializing in build-to-rent communities. The financing paid off the construction loan and closed immediately upon the conclusion of the property’s initial lease-up. The recently built property includes 22 ranch-style buildings with a mix of one-, two- and three-bedroom homes.
DALLAS — JLL has arranged the $1.2 billion refinancing of NorthPark Center, a 1.9 million-square-foot enclosed mall in North Dallas. NorthPark Center originally opened in 1965 and has subsequently undergone multiple renovations and expansions. Today, the mall is home to nearly 200 tenants, with Neiman Marcus, Nordstrom, Macy’s, Dillard’s, Eataly and AMC Theatres serving as the anchors. A consortium of lenders led by Wells Fargo, Morgan Stanley and Goldman Sachs provided the financing to the owner, NorthPark Management Co., an entity that is owned and controlled by the Nasher/Haemisegger family. Timothy Joyce, Trey Morsbach and Matt Maksymec of JLL led the debt placement efforts. NorthPark Center was 98.6 percent leased at the time of the loan closing. The financing will retire the existing mortgage, and ownership will use excess proceeds used to redeem equity interests in the property and return full ownership back to the family.
SAN JOSE, CALIF. — Sonnenblick-Eichner Co. has arranged $50 million in first mortgage leasehold financing for Valencia Hotel Collection to refinance its Hotel Valencia Santana Row in San Jose. The nonrecourse, fixed-rate loan features interest-only payments for the five-year term and is priced at less than 7 percent. An international money center commercial bank provided the loan. Hotel Valencia Santana Row features 216 guest rooms, 11,188 square feet of indoor/outdoor meeting and event space, a fitness center, rooftop pool and hot tub and an open-air interior courtyard.
NEBRASKA — Casino operator WarHorse Gaming LLC has secured refinancing of $300 million in startup loans for a five-year deal that will launch the next phase of casino expansions and construction of a new casino in Nebraska. U.S. Bank organized the deal, which includes Capital One, KeyBank, The Huntington National Bank, BOK Financial and Comerica Bank. WarHorse is expanding its casinos at horse racetracks in Omaha and Lincoln. The $70 million expansion of the Lincoln casino will include larger gaming areas for machines, more table games, a new steakhouse and a high-end sports bar. The Omaha expansion was completed in April. New construction of a third casino in South Sioux City is scheduled to begin next summer.
ST. PETERS, MO. — Berkadia has arranged a $15.4 million Freddie Mac loan for the refinancing of Pure St. Peters, a 143-unit multifamily community in the northwest St. Louis suburb of St. Peters. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia arranged the financing on behalf of the borrower, Tilden Legacy Pure St. Peters Apartments LLC. The loan features a five-year term and a fixed interest rate. The property was 94 percent occupied at the time of the loan closing. The three-story community was built in 2019. Amenities include a pool with sundeck, fitness center, package receiving area, business center and outdoor lounge.
ABILENE, TEXAS — JLL has arranged a $14.1 million acquisition loan for The Arch at Abilene, a 192-unit multifamily property located in the West Texas city of Abilene. The property features 72 two-bedroom units and 120 three-bedroom units and amenities such as a pool, clubhouse, business center, fitness center, volleyball court and multiple lounges. Scott Aiese and Alex Staikos of JLL arranged the loan on behalf of the borrower, Eastman Residential. The direct lender was not disclosed.
DARTMOUTH, MASS. — Pennsylvania Real Estate Investment Trust (PREIT) has received $56 million in financing for Dartmouth Mall, a 671,000-square-foot regional shopping and dining destination in southeastern Massachusetts. Tenants that recently committed to Dartmouth Mall include Boot Barn, Locker Room by Lids and Chick-fil-A. Macy’s and J.C. Penney are the mall’s anchor tenants, and other major retailers include Burlington, ALDI, ULTA Beauty, AMC Theatres, H&M, Five Below and Old Navy. The 10-year loan carries a 7.1 percent interest rate for the first five years and matures in October 2035.
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