CARY, N.C. — BWE has secured a $22.3 million construction loan for Marigold Apartments, a mixed-income housing development located on Maynard Road in Cary, a suburb of Raleigh. The property will include a mix of one-, two- and three-bedroom apartments. Of the total 126 units, seven will be designated as accessible units, and three will be designated as hearing impaired accessible. Sixty-four units will be designated as affordable and workforce housing for residents earning at or below 30, 50 and 80 percent of the area median income, while the remaining 62 units are set to be available at market rates. Amenities will include elevators, EV charging stations, coworking spaces, an outdoor kitchen with gaming area, business center, clubhouse/community room, courtyard, exercise facility, onsite management, controlled access, video surveillance and onsite parking. Victor Agusta Jr. of BWE’s Raleigh office originated the HUD-insured loan on behalf of the borrower, Charlotte-based Laurel Street Residential. The City of Cary provided a ground lease for the Marigold development, and Wake County provided an additional $1.7 million in financing.
SALT LAKE CITY — Berkadia has secured a $31.5 million bridge loan on behalf of Midtown Capital to complete construction of The Astoria, a multifamily community in Salt Lake City. Slated for completion in third-quarter 2025, the 149-unit property is situated in the city’s Fairpark District. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing for the sponsor, a vertically integrated real estate development and management company with offices in Miami, West Palm Beach, Fla., and Madrid, Spain. New York-based lender RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion. Located at 11 N. 800 West, the seven-story Astoria will feature 372-square-foot micro units, 545-square-foot studios and one- and two-bedroom layouts up to 955 square feet each. The property is adjacent to the Jackson/Euclid light rail station, allowing for immediate access to SLC International Airport, the Delta Center and downtown Salt Lake City.
MONTAUK, N.Y. — JLL has arranged a $235 million loan for the refinancing of the 20-acre Gurney’s Montauk Resort & Seawater Spa, located on the eastern tip of the Long Island peninsula. The property’s hospitality component totals 158 units: 109 guestrooms, 35 suites, eight beachfront cottages and six residences. In addition to a 2,000-foot private beach, the resort features five onsite food-and-beverage venues, four pools, a salon, 25,000 square feet of meeting and event space, a 30,000-square-foot spa and a fitness center. In addition, the owner, a partnership between BLDG Management Co. Inc. and Metrovest Equities, recently completed a capital improvement program at the property that upgraded guestrooms, common areas and amenity spaces. Christopher Peck, Kevin Davis, Mark Fisher and Connor Medzigian of JLL arranged the debt through a joint venture between Smith Hill Capital and Bain Capital.
FERN PARK, FLA. — Berkadia has provided a $23.2 million Freddie Mac loan to refinance Advenir at Magnolia, a 272-unit multifamily community located in the Fern Park suburb of Orlando. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia’s Miami office originated the financing on behalf of the borrower, an entity doing business as Advenir@Magnolia LLC. The five-year, fixed-rate agency loan includes an extended interest-only period and a 60 percent loan-to-value ratio. Situated on 13 acres, Advenir at Magnolia is a two-story, garden-style property that comprises a mix of studio, one- and two-bedroom apartments averaging approximately 800 square feet in size. Amenities at the property include two resort-style pools, two basketball courts, three racquetball courts, a lighted tennis court, grilling stations, a 24/7 fitness center, business center and laundry facilities.
SAN MATEO, CALIF. — Stockbridge and Wilson Meany have received a $170 million first mortgage for Bay Meadows Apartment Collection, a four-property portfolio in San Mateo. The 390-unit portfolio offers a mix of studio, one-, two- and three-bedroom units, averaging 1,035 square feet, and 9,961 square feet of ground-floor retail space. The portfolio includes the 108-unit Field House, built in 2015; the 70-unit Quimby, built in 2017; the 158-unit Russell, built in 2017; and the 54-unit Hawthorne, built in 2024. The portfolio is located within the 83-acre Bay Meadows master-planned community. Bruce Ganong, Chris Handy, Elijah Lax and Tomie Vegą of JLL Capital Market’s Debt Advisory team arranged the five-year, fixed-rate loan through New York Life Real Estate Investors for the borrower.
ARLINGTON HEIGHTS, ELK GROVE VILLAGE, SCHAUMBURG AND NORTHBROOK, ILL. — JLL Capital Markets has arranged $22.5 million in financing for a four-property, shallow-bay industrial portfolio totaling 382,762 square feet in metro Chicago. The financing included proceeds for the refinance of three assets and the acquisition of a fourth property. The portfolio consists of: Arlington Center, a two-building, 213,963-square-foot complex in Arlington Heights; Stanley, a five-building, 56,416-square-foot asset in Elk Grove Village; Remington, a 51,662-square-foot property in Schaumburg; and Old Willow Industrial Complex, a 12-builidng, 60,721-square-foot asset in Northbrook (acquisition). The properties are all at least 90 percent leased. Jeff Sause, Chad Morgan, Brian Walsh and Lauren Sackler of JLL arranged the financing through a life insurance company on behalf of the borrower, Unilev Capital Corp. and an affiliate of Palladius Capital Management. Raymond Levy, Ian Konowitch and Peter Berges of JLL led the Unilev team.
NEWARK, N.J. — Miami-based lender BridgeInvest has provided $60 million in financing for Cosmo 440, a 216-unit multifamily redevelopment project in Newark that is nearing completion. Cosmo 440 was originally built in 1969 as Carmel Towers and is located adjacent to Weequahic Park. The redevelopment encompassed new infrastructure and elevators, as well as redesigned floor plans and upgraded common areas. The building now features 48 one-bedroom apartments, 120 two-bedroom units and 48 three-bedroom residences, and amenities include a fitness center, resident lounge, coworking space and an onsite bar. The borrower is YB Properties. Delivery is slated for the end of the month.
JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $331 million construction loan from global investment group CDPQ for a 40-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction in the coming weeks and deliver the building in 2028. The project is the sister building of 55 Hudson Street, a 58-story, 1,017-unit apartment building that is under construction and slated for an early 2027 completion. The riverfront site at 50 Hudson St. is located in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans for 50 Hudson Street call for 924 units in studio, one- and two-bedroom floor plans, as well as 10,000 square feet of street-level retail space. The two buildings will share roughly 75,000 square feet of indoor and outdoor amenity space, and the development as a whole will feature more than 60,000 square feet of retail, restaurant and entertainment space. In addition, the development will have a 32,000-square-foot waterfront plaza that will connect to Jersey City’s esplanade and will be available for community events. The design team for the project …
LOS ANGELES — SoLa Impact has received $29 million in New Markets Tax Credit (NMTC) financing to help supplement its funding of two initiatives at Crenshaw Lofts, a 190-unit mixed-use project at 4607 Crenshaw Blvd. in South Los Angeles. The project is a combination of Opportunity Zone financing coupled with NMTC financing and private equity. The NMTC financing will be utilized for the ground-floor commercial and retail space. The NMTCs will specifically fund the build-out and completion of: The NMTC allocations were provided by three mission-aligned Community Development Entities (CDEs): Border Communities Capital Co., Los Angeles Development Fund and Enterprise Financial CDE. Dudley Ventures/Valley Bank served as the tax credit investor. BHI, the U.S. division of Bank Hapoalim, provided the construction financing. SoLa Impact is a family of social impact real estate funds focused on preserving, refreshing and creating affordable housing in low-income communities.
SAN ANTONIO, FLA. — JLL Capital Markets has arranged $25.8 million in construction financing for Phase I of Park 52 Logistics North, a 299,030-square-foot speculative industrial project in the metro Tampa . Melissa Rose, Michael DiCosimo, Justin Ratcliffe and Nicole Barba of JLL arranged the three-year, floating-rate construction loan on behalf of the borrower, McCraney Property Co. Scheduled for completion in November, the 78-acre project will comprise three rear-load buildings ranging from 80,745 square feet to 130,865 square feet. Additionally, each building will feature four drive-in doors and car parking spaces and 24- to 30-foot clear heights, as well as suite sizes that can accommodate up to 46,000 square feet. Located with direct frontage along State Road 52 in San Antonio, Park 52 Logistics North is adjacent to the 965-acre Double Branch master-planned mixed-use community, which is expected to generate $600 million in economic impact, according to JLL.
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