NEW YORK CITY — A joint venture between Broad Street Development, Los Angeles-based PCCP and One Investment Management has received a $175 million construction loan for an office-to-residential conversion project in Lower Manhattan. The joint venture will convert the 400,000-square-foot office building at 80 Broad St., which is known locally as The Maritime Building, into a 326-unit apartment complex. Jordan Roeschlaub, Nick Scribani, Holden Witkoff and Niv Shahmoon of Newmark arranged the financing through Derby Lane Partners on behalf of the joint venture. The development team, which includes Rawlings Architects, will utilize New York City’s 467-m office-to-residential tax incentive program as part of the project’s capitalization. A construction timeline was not announced.
SALT LAKE CITY — The Domain Cos., in partnership with Cottonwood Group, has closed on $102 million in financing for the development of hotel at 370 S. West Temple in downtown Salt Lake City. Completion is slated for first-quarter 2028. Slated to operate under IHG Hotels & Resorts’ Kimpton brand, the 10-story hotel will feature 216 guest rooms, food-and-beverage options, including upscale and casual dining and a rooftop bar. Additional hotel amenities will include a fitness center, 7,000 square feet of meeting space, valet parking and indoor and outdoor terraces for year-round social and corporate gatherings. The hotel will be within walking distance of major city landmarks, such as Delta Center, Salt Pace Convention Center, City Creek Center and Restaurant Row. The project team includes Solomon Cordwell Buenz as project architect, Goodrich and Studio Mainer as interior designer and Wadman as general contractor. Stonebridge Cos. will manage the project. Matt Weiner, Jay Morrow and Dustin Stolly of Walker & Dunlop handled the financing transaction.
DENVER — CBRE has arranged a $70 million refinancing for 24Fifty at University Park, a multifamily community in Denver. Brad Zampa, Mike Walker, Brady O’Donnell and Jill Haug of CBRE secured the five-year, floating-rate loan from a national debt fund for the borrower, DivcoWest. Located at 2450 S. University Blvd., 24Fifty features 252 studio, one- and two-bedroom units with modern finishes, stainless steel appliances, quartz countertops and in-unit washers/dryers. Community amenities include a rooftop pool and spa, an indoor lap pool, an outdoor terrace and grilling area, a fitness center, resident lounge and structured parking, as well as fully leased ground-floor retail space. The mid-rise community was built in 2019.
MINNESOTA — Greystone has provided a $46.7 million bridge-to-HUD loan for the refinancing of a five-property seniors housing portfolio totaling 153 beds in Minnesota. David Young of Greystone originated the financing with assistance from colleagues Chris Clare, Ryan Harkins, Ben Rubin, Parker Nielsen and Liam Gallagher. The properties, consisting of 97 assisted living and 56 memory care beds, are located throughout the metro Twin Cities and are managed by a regional seniors housing provider. Structured as a 24-month, interest-only bridge loan with two six-month extension options, the financing enables the borrower to refinance existing bond debt and positions the portfolio for permanent HUD financing, according to Greystone.
SHORELINE, WASH. — Evergreen Point Group has received $88 million in construction financing for Leeway, an apartment project in Shoreline. Steve Petrie, Seth Heikkila, Tom Wilson and Jake Davidson of JLL Capital Markets secured the loans through a regional bank on behalf of the borrower. Located at 142 N.E. 147th St., the seven-story property will feature 360 apartments and 3,371 square feet of ground-floor retail space. Community amenities will include a fitness center, rooftop lounge and deck, coworking spaces, a pet spa and secure parking spanning two stories of subterranean parking with 224 spaces and 49 electric vehicle charging stations. Designed as a transit-oriented development, Leeway will be connected to the Shoreline South Light Rail Station via a pedestrian bridge, being built by the city of Shoreline, across Interstate 5. Additionally, the property will participate in Shoreline’s 12-year Multifamily Tax Exemption program, with 20 percent of units restricted to affordable housing at 70 percent to 80 percent of area median income limits. The program includes a 12-year extension option.
CHARLOTTESVILLE, VA. — JLL Capital Markets has arranged a $74.5 million loan for the refinancing of the Shops at Stonefield, a 267,294-square-foot shopping center located in the Central Virginia city of Charlottesville, just two miles north of the University of Virginia. Brian Gaswirth, Evan Parker, Gus Caiola and Jude Carlon of JLL arranged the three-year loan through FS Credit Real Estate Income Trust on behalf of the borrower, O’Connor Capital Partners. Shops at Stonefield is anchored by Trader Joe’s and a 14-screen Regal Cinema. Other tenants include L.L. Bean, lululemon and Sephora. The center is currently 98 percent leased but only 92 percent occupied, according to JLL. Shops at Stonefield is part of a 43.5-acre master-planned community that includes a 137-room hotel, 455,000-square-foot manufacturing facility occupied by aerospace giant Northrop Grumman Corp. and three residential properties totaling 686 units, including a recently delivered, 227-unit luxury multifamily community.
STATE COLLEGE, PA. — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $40 million construction loan for a 70-room hotel and condo project in State College. The site is located at the gateway to Penn State University’s campus, and the building will include ground-floor retail space. Residences/hotel rooms will feature premium finishes, and residents will have access to 24/7 security, concierge and housekeeping services, as well as use of a fitness center. An undisclosed national lender provided the nonrecourse loan to the borrower, which also requested anonymity.
WOODBRIDGE, N.J. — The hotel division of local financial intermediary Cronheim Mortgage has arranged a $13.2 million loan for the refinancing of two hotels in the Northern New Jersey community of Woodbridge. The 101-room Comfort Suites was built in 1998, and the 90-room Fairfield Inn & Suites was built in 2003. David Turley led the Cronheim team that secured the five-year, fixed-rate loan through an undisclosed bank. The undisclosed borrower plans to use a portion of the proceeds to convert the Comfort Suites property into a 96-room TownePlace Suites hotel.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided financing to rehabilitate Henson Ridge II, a 178-unit affordable housing community located in the Douglass neighborhood of Ward 8 in Washington, D.C. DCHFA issued $40 million in tax exempt bonds, along with $37.5 million in federal Low Income Housing Tax Credit (LIHTC) equity and $9.3 million in District of Columbia LIHTC equity. Urban Atlantic Development LLC and Capitol Housing Partners LLC (a subsidiary of the DCHA) are the developers planning to rehabilitate Henson Ridge II. The proposed $103 million rehabilitation is made up of 64 LIHTC units and 114 project-based voucher (PBV) units. The scope of work for the rehabilitation includes replacement of roofs, windows, doors, kitchens and bathrooms, as well as improvements to modernize the HVAC/mechanical systems. The mix of units consists of 52 one-bedroom, 28 two-bedroom, 50 three-bedroom, 38 four-bedroom and 10 five-bedroom units. All units will be reserved for residents earning 30 and 60 percent or less of the area median income (AMI). The 30 percent AMI units will benefit from PBV operating subsidies.
TUCSON, ARIZ. — BWE has arranged $28.8 million to refinance Cabana Bridges, a garden-style apartment property in Tucson. The financing was arranged on behalf of Greenlight Communities, a Scottsdale, Ariz.-based developer, and Holualoa Cos., a Tucson-based real estate investor and developer. Matt Terpstra and Charlie Williams of BWE’s Phoenix office originated the seven-year Freddie Mac loan, which features a flexible prepayment option and a favorable interest rate. Located at 1102 E. 36th St., Cabana Bridges features 288 studio, one- and two-bedroom apartments with stainless steel appliances, wood-style plank flooring, in-unit washers/dryers, controlled access entries, pre-installed Wi-Fi and workstation desks in studio and one-bedroom units. Community amenities include outdoor courtyards with citrus trees, barbecue and seating areas, a two-story clubhouse with a coworking lounge and coffee bar, covered parking, a 24/7 fitness center and a swimming pool with lounge seating. Cabana Bridges was built in 2023.
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