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.
CHESTERFIELD, MO. — Gantry has arranged a $22 million permanent loan to refinance maturing debt for Chesterfield Commons, a retail power center in Chesterfield, a western suburb of St. Louis. Anchor tenants at the 750,000-square-foot inline center include Walmart, Sam’s Club, Lowe’s, Best Buy and Ross. Additional tenants include a mix of 40 restaurant, fast food, beauty, fashion, professional service, sporting goods, banking, home goods and health and wellness. Joe Monteleone and Rulin Dai of Gantry represented the borrower, a private real estate investor. One of Gantry’s correspondent insurance company lenders provided the five-year, fixed-rate nonrecourse loan, which offers full-term interest-only payments. Gantry will service the loan for the lender.
HIGHLAND PARK, MICH. — PCCP has provided a $180.5 million senior loan to a joint venture between AEW Capital Management and Trident Capital Group for the refinancing of Oakland Park, a 10-building, 2.1 million-square-foot industrial park in Highland Park, about six miles north of downtown Detroit. Built between 1997 and 2020, the infill properties feature clear heights ranging from 24 to 32 feet, efficient loading ratios, ample truck parking and access to two major freeways. The park is located 10 miles away from Stellantis Detroit Assembly Complex and five miles from GM Factory Zero.
BENBROOK, TEXAS — New York City-based Affinius Capital has provided an acquisition loan of an undisclosed amount for Chisholm 20, a 917,374-square-foot industrial park in Benbrook, a southwestern suburb of Fort Worth. Developed in 2022-2023 by North Texas-based Jackson-Shaw, Chisholm 20 consists of three rear- and front-load buildings that range in size from 174,137 to 377,884 square feet. The buildings feature 32- to 36-foot clear heights, 185- to 190-foot truck court depths and a combined 162 dock doors, six drive-in doors and parking for 467 cars and 113 trailers. Tom Burns and Hunter Habash of CBRE arranged the loan on behalf of the buyer, Fort Worth-based Black Mountain Energy.
FAIRFIELD, ALA. — Red Oak Capital Holdings LLC has provided a $10.2 million bridge loan for the $3.5 million acquisition and $6.6 million repositioning of Chateau Glen Oaks Apartments, a 230-unit, garden-style community located in Fairfield, a suburb of Birmingham. Chris Litzler of Marcus & Millichap arranged the financing on behalf of the borrower, an entity doing business as Fairfax Holdings LLC. Stratos Athanassiades, Thomas Gorski and James Myatt of Red Oak originated the non-recourse loan, which features a two-year initial term, interest-only payments and a loan-to-stabilized value ratio of 70.8 percent. Built in 1972 on 13.5 acres, Chateau Glen Oaks was approximately 20 percent occupied at the time of financing. The sponsor’s renovation plans comprise extensive interior improvements, including new flooring, finishes, appliances, cabinets, drywall repairs, LED lighting, painting and limited window repairs and replacements. Exterior improvements are expected to include roof and parking lot repairs, landscaping, security cameras, masonry repairs, lighting upgrades, pool improvements and the addition of amenities such as a dog park, pickleball court, playground and a picnic area.
BELLEVUE, WASH. — Kemper Development Co. has secured $238 million for the refinancing of an office tower located in Bellevue, situated to the east of Seattle across Lake Washington. The property, Lincoln Square North, is part of The Bellevue Collection, a shopping and dining district featuring more than 200 retail tenants, 50 restaurant and entertainment venues and three luxury hotels. Bellevue-based Kemper, the master developer of The Bellevue Collection, originally built the tower in 2007. Totaling 561,466 square feet across 25 stories, the building was fully leased at the time of financing. Jonathan Firestone, Blake Thompson and Jack Condon of Newmark arranged the financing from Blackstone and New York Life on behalf of the owner. According to Newmark, more than 461,000 square feet in office leases were executed or commenced at the tower between November 2023 and March 2025, representing over 25 percent of the total office leasing activity in the Bellevue central business district (CBD) during that period. “This financing underscores the exceptional performance and institutional quality of Lincoln Square North and the strength of the Bellevue market,” says Firestone. “With near-full occupancy, premier amenities and unmatched connectivity to The Bellevue Collection, the property continues to attract top-tier tenants and support …
ATLANTA — Atlanta-based MDH Partners has closed a $946.8 million refinancing for Project Interstellar, a 59-property, 13.5 million-square-foot industrial real estate portfolio that spans 15 states. The names and locations of the properties were not released. The refinancing package involved restructuring nine existing mortgages into seven new loans, with Wells Fargo Bank NA providing $786.8 million as the sole bookrunner, joint lead arranger and administrative agent on six of the loan portfolios. ACORE Capital provided $160 million as the administrative agent on the seventh loan portfolio. Matthew Ludwig of MDH Partners worked with Melissa Frawley and Steve Hinkle at Wells Fargo and Scott Swisher at ACORE Capital to secure the loans. MDH Partners currently manages three investment vehicles that owns 38.5 million square feet of industrial space across 19 states. The firm is currently investing in Fund III, which has closed more than $591 million in acquisitions and another $160 million in properties under contract in the past six months.
NEW YORK CITY — Affinius Capital has provided a $300 million loan for the refinancing of 102 Fleet, a 30-story multifamily project in downtown Brooklyn. Upon completion, the 495-unit building will house 108 studios, 97 one-bedroom units, 262 two-bedroom residences and 28 three-bedroom apartments. Amenities include a rooftop pool, fitness center with a spa, coworking space and conference rooms, multiple resident lounges, an indoor game room, pet spa, indoor climbing wall and pickleball courts. Henry Bodek of Galaxy Capital arranged the loan on behalf of the owner, The Jay Group, which will use the proceeds to complete construction and lease the property to stabilization.
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