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Loans

LoansNew YorkNortheastOffice

Newmark Arranges $515M Refinancing of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Newmark has arranged the $515 million refinancing of 31 West 52nd Street, a 785,000-square-foot office building in Midtown Manhattan. A consortium of lenders that was led by Wells Fargo and included Bank of America, Barclays, Citi, Goldman Sachs and JP Morgan provided the debt, which consists of a $415 million senior mortgage loan, a $40 million B-note and a $60 million mezzanine loan. Jordan Roeschlaub, Adam Spies, Adam Doneger, Nick Scribani, Tim Polglase, Dan Axelson and Jack Fenton of Newmark arranged he fixed-rate debt package on behalf of the borrower, local investment firm Rithm Capital. Cushman & Wakefield’s Gideon Gil, Zach Kraft and Cecelia Galligan also advised on the transaction.

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Carrier-Woods-Scarborough-Maine
LoansMaineMultifamilyNortheast

JLL Provides $13.5M Agency Refinancing of Apartment Complex in Scarborough, Maine

by Taylor Williams

SCARBOROUGH, MAINE — JLL has provided a $13.5 million Fannie Mae loan for the refinancing of Carrier Woods, an 84-unit apartment complex in Scarborough, located just south of Portland. Built in 2018, Carrier Woods comprises seven buildings that house 80 market-rate units and four affordable units in one- and two-bedroom floor plans. Amenities include garden plots and a dog park. Henry Schaffer, Mike Shepard, Madeline Joyce and Hunter Cuthbertson of JLL originated the seven-year, fixed-rate loan on behalf of the borrower, Chestnut Realty Management.

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AcquisitionsKansasLoansMidwestMultifamily

Northmarq Arranges $14.3M Acquisition Loan for Kansas Multifamily Property

by Kristin Harlow

LEAVENWORTH, KAN. — Northmarq has arranged a $14.3 million acquisition loan for Station Lofts, a 148-unit multifamily community in Leavenworth. Daniel Trebil and Logan McCarthy of Northmarq arranged the Freddie Mac loan on behalf of the borrower, Partner Apartments. The 10-year loan features a fixed interest rate. Originally built in 1926, Station Lofts has been repositioned to serve today’s renters. The loft-style units come in one-, two- and three-bedroom layouts.

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CaliforniaLoansMultifamilyWestern

KIRE Group Receives $13.3M Loan for Refinancing of Multifamily Property Near San Diego

by Amy Works

NATIONAL CITY, CALIF. — KIRE Group has received $13.3 million in refinancing for Talas Apartments, a multifamily property located at 2114 E. 7th St. in National City, approximately five miles southeast of San Diego. Built in 2025, Talas Apartments features 48 studio, one- and two-bedroom units with “modern” finishes, in-unit washers and dryers and private balconies and patios. Aaron Beck and Bryce Quezada of Northmarq’s San Diego Debt + Equity team originated the financing for the borrower through Fannie Mae’s Delegatd Underwriting Services (DUS) platform. The fixed-rate loan is structured with a five-year term with full-term interest-only payments.

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CaliforniaLoansRetailWestern

PSRS Arranges $6.5M Loan for Refinancing of Shopping Center in Dana Point, California

by Amy Works

DANA POINT, CALIF. — Local financial intermediary PSRS has arranged a $6.5 million loan for the cash-out refinancing of a 31,801-square-foot shopping center in Dana Point, located in Orange County. Secured through a bank relationship, the nonrecourse loan features a sub-30 percent loan-to-value ratio and a three-year, full-term interest-only structure. Michael Presser of PSRS handled the debt placement on behalf of the undisclosed borrower.

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Creek-Bridge-Village-Salinas-CA
CaliforniaLoansRetailWestern

Gantry Arranges $15.4M in Financing for Two Retail Properties in Monterey Bay Region

by Amy Works

SALINAS AND CAPITOLA, CALIF. — Gantry has arranged $15.4 million in permanent loans to refinance two separately owned neighborhood retail properties located at different ends of the Monterey Bay region. Tom Dao and Jake Davis of Gantry represented the borrowers, both private real estate investors. The first property, Creek Bridge Village in Salinas, features 35,000 square feet of retail space and 17 apartments spread across five buildings. The 10-year, fixed-rate nonrecourse loan was secured from one of Gantry’s correspondent life company lenders and features a 30-year amortization. Gantry will service the loan for the lender. The second property, Brown Ranch Marketplace in Capitola, features 85,000 square feet of retail space that is anchored by Trader Joe’s. The property received a 10-year, fixed-rate loan from a regional bank. The loan features a 25-year amortization with prepayment flexibility.

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LoansMidwestMissouriMultifamily

Gantry Arranges $32.5M Permanent Loan for Kansas City Multifamily Property

by Kristin Harlow

KANSAS CITY, MO. — Gantry has arranged a $32.5 million permanent loan as construction takeout financing for the Edison at Tiffany Springs, a multifamily community delivered in 2022 in Kansas City’s Tiffany Springs/Northland area. The property features seven three-story buildings offering 243 units in a variety of floor plans. Amenities include a clubhouse, pool, pickleball court, golf simulator, walking paths and a mix of 72 garages and 337 surface parking spots. Joe Monteleone and Bonnie Monteleone of Gantry represented the borrower, a private real estate investor. The Freddie Mac loan features a 10-year, fixed interest rate with partial-term interest-only payments followed by a 35-year amortization.

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Parc-Riverside-East
District of ColumbiaLoansMultifamilySoutheast

PCCP Provides $61.3M Loan to Refinance 287-Unit Apartment Community in Washington, D.C.

by Abby Cox

WASHINGTON, D.C.  — PCCP has provided a $61.3 million loan to refinance Parc Riverside East, a 287-unit luxury apartment community located in the Navy Yard neighborhood of Washington, D.C. PGIM and Kennedy Wilson were the borrowers. Built in 2014, Parc Riverside East spans 13 stories and features a range of floorplans including studio, one-bedroom and two-bedroom configurations. Amenities at the property include a fitness center; rooftop swimming pool with sun decks and panoramic views; courtyard spaces with lounge seating; fire pits; grills; bocce courts; a clubroom with private dining and an entertainment kitchen; a pet salon; and a lobby.

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AcquisitionsIndustrialLoansMidwestMissouri

Northmarq Secures $13.7M Bridge Loan for Innerbelt Business Center in Metro St. Louis

by Kristin Harlow

OVERLAND, MO. — Northmarq has secured $13.7 million in acquisition financing for Innerbelt Business Center, a 191,925-square-foot flex/showroom property in Overland near St. Louis. Lucas Goring and Andy Finn of Northmarq arranged the financing on behalf of Fountain Real Estate Capital through a regional bank. The five-year loan features three years of interest-only payments along with future funding. The property is close to stabilization, but Fountain will look to push rents to market as leases reach expiration, according to Northmarq.

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