NEW CITY, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $33.2 million in financing for a 128,801-square-foot shopping center in New City, located about 40 miles north of New York City. Anchored by grocer ShopRite, New City Center is a recently renovated property that is also home to tenants such as Sakura Japan, Bank of America and Smoothie King. Dev Morris, Allison Villamagna, Brandon Szwalbenest and Andrew Stewart of Cronheim arranged the loan, which carries a three-year term with two one-year extension options, through Voya Investment Management. The borrower was a joint venture between KABR Group and BTF Capital Fund.
GAINESVILLE, VA. — Newmark has arranged $975 million in financing for Project Helios, a newly delivered data center development in Northern Virginia. According to national media reports, the data center project is situated within the Gainesville Data Center campus in Prince William County. Jordan Roeschlaub, Christopher Kramer, Chris Lozinak, John Caraviello, Ryan Bub, Andrew Warin and Phil O’Bannon of Newmark arranged the financing through Blue Owl Capital on behalf of the borrower, a joint venture between Affinius Capital and Corscale Data Centers. Project Helios was fully leased at the time of financing to an unnamed cloud service provider under a long-term lease, according to Newmark.
CARY, N.C. — Mesa West Capital has provided a $29.7 million acquisition loan for The Ellery of Cary, a 194-unit apartment community located at 100 Hempstead Court in Cary, a suburb of Raleigh. Trevor Brotman, Tricia Linden and Kara Profitt of Walker & Dunlop’s Irvine, Calif., office arranged the five-year, non-recourse loan on behalf of the borrower, McDowell Properties. The seller and sales price were not disclosed. Built in 1988 on nearly 19 acres, The Ellery of Cary offers a mix of one- and two-bedroom floorplans averaging 875 square feet in size. Amenities include a swimming pool with a sundeck, 24-hour fitness center, dog park, outdoor courtyard with fire pits and grills and walking trails with direct access to the Black Creek Greenway.
WOODBURY, MINN. — Gantry has arranged a $39.5 million permanent loan as construction takeout financing for the Edison at Woodbury, an apartment complex located in the Twin Cities suburb of Woodbury. The property features 207 units spread across a podium-style, mid-rise apartment building, satellite townhomes and carriage houses with attached parking garages. Floor plans range from one- to three-bedroom units, and all units contain in-unit washer and dryers, walk-in closets, patios and stainless steel appliances. Amenities include a fitness center, pool and clubhouse facilities. Joe Monteleone and Bonnie Monteleone of Gantry arranged the 10-year, fixed-rate Freddie Mac loan, which features five years of interest-only payments that transitions to 35-year amortization.
SHEPHERDSVILLE, KY. — JLL Income Property Trust has received a $49 million mortgage loan for Louisville Logistics Center, a 1 million-square-foot distribution facility located in Shepherdsville, a southern suburb of Louisville. The facility was fully leased at the time of financing to UPS Supply Chain Solutions. The loan features a five-year term with a 5.28 percent interest rate. The lender was not disclosed. JLL Income Property Trust acquired Louisville Logistics Center in 2023. The property features 40-foot clear heights and 110 dock-high doors.
LANSING, MICH. — Lansing-based Cinnaire has closed a $307 million Low-Income Housing Tax Credit (LIHTC) equity fund, Fund for Housing LP 45, which will finance the creation and preservation of 2,259 affordable housing units across 27 properties in 10 states. Fund 45 will support multifamily development in Delaware, Illinois, Indiana, Maryland, Maine, Michigan, Minnesota, Pennsylvania, Virginia and Wisconsin. Specific projects include 3rd Avenue Flats in Dilworth, Minn., and The Argus Apartments in Verona, Wis. A new-construction development, 3rd Avenue Flats will bring 44 affordable housing units, five of which will be reserved for people with disabilities and four of which will be designated for households experiencing high-priority homelessness. The developer, Commonwealth Holdings IV, will partner with Lakes & Prairies Community Action Partnership to provide access to the state’s community coordinated entry system CARES, which provides access to all homeless housing programs as well as emergency resources to prevent households from falling into homelessness. The Argus Apartments is also a new development that will provide 60 affordable housing units, including nine reserved for individuals with developmental, physical or mental disabilities. Social services provider Lutheran Social Services will provide onsite services to the nine Permanent Supportive Housing units. The project developers are …
BURLINGAME, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $123 million in debt financing for Anson, a multifamily property in Burlingame. Situated less than four miles from San Francisco International Airport, the property features 268 one-, two- and three-bedroom floor plans with in-unit laundry facilities, stainless steel appliances and private patios or balconies. Community amenities include two courtyards with barbecue grills and hammocks, a fitness center, clubhouse, resort-style pool, pet spa and a coworking lounge. The loan features a interest rate of 5.09 percent, a DSCR of 1.10x and interest-only payments for the term. The financing structure also included $26 million in preferred equity from Tokyu Land US Corp. Brian Eisendrath, Cameron Chalfant, Anita Paryani-Rice and Jesse Zarouk of IPA Capital Markets in Los Angeles secured a five-year loan on behalf of a national multifamily owner, operator and investment firm.
NEW YORK CITY — New York City-based Catalyst Investment Partners has received $281 million in acquisition financing for a national portfolio of 77 industrial outdoor storage (IOS) properties. The properties are scattered across 12 markets, including locations in Northern New Jersey, Miami and Washington, D.C. The financing comprises separate loans provided by Blackstone Real Estate Debt Strategies and institutional investors advised by J.P. Morgan Asset Management. Justin Horowitz of New York City-based mortgage broker Cooper-Horowitz arranged the financing on behalf of Catalyst Investment Partners. The seller was not disclosed. The exact occupancy rate of the portfolio at the time of the loan closing was not disclosed, but the properties are leased to “a variety of tenants representing a diverse cross-section of industries,” according to Catalyst. These industries include equipment rental, infrastructure and e-commerce. “Our early entry into the IOS sector and proprietary data has enabled us to identify a deep opportunity set of small, flexible, low-coverage IOS properties that are situated in dense urban areas where the supply of IOS is fixed or declining, creating irreplaceable assets for occupiers and investors,” says Max Heiden, co-founder and partner at Catalyst. Heiden co-founded Catalyst in 2021 with Dan Haroun. The company currently …
BETHESDA, MD. — Walker & Dunlop has arranged $223 million in bridge financing for five multifamily properties in North Carolina, South Carolina and Florida totaling 1,345 units. Walker Layne, Austin Sneed and Tyler Evenson of Walker & Dunlop secured the loans through multiple undisclosed debt funds. The borrower was Madison Capital Group. The portfolio includes:
WASHINGTON, D.C. — Berkadia has secured $37.6 million in C-PACE (Commercial Property-Assessed Clean Energy) financing for 1201 Sycamore, a trophy outpatient medical and community services facility located in Washington, D.C.’s Congress Heights neighborhood. The 117,075-square-foot medical facility was completed in 2023 and is leased to firms including Whitman-Walker Health and Whitman-Walker Clinic. J Street Cos. manages the property. Brian Gould, Natalie Hershey, Patrick McGlohn, Patrick Cunningham and Hunter Wood of Berkadia arranged the 28-year loan through Nuveen Green Capital on behalf of the locally based borrowers, Redbrick LMD and Gragg Cardona Souadi. The financing supports the property’s energy efficiency, water conservation and resiliency components. DC Green Bank is the administrator of the DC PACE program.
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