DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $15.4 million in financing for a 60,159-square-foot industrial property in Dallas. The address was not disclosed, but the property is leased to PREP, an operator of shared commercial kitchen spaces. Frank Montalto and Ethan Splan of IPA arranged the five-year loan, which carried a 75 percent loan-to-value ratio, through an undisclosed local credit union. The borrower was also not disclosed.
NEW YORK CITY — M&T Realty Capital Corp. has provided a $141.4 million bridge loan for the refinancing of Anagram Turtle Bay, a 194-unit apartment building located at 300 E. 50th St. in Manhattan. Designed by BKSK Architects, the 23-story building houses studio, one-, two- and three-bedroom units, as well as street-level retail space. Amenities include a fitness center, library, coworking lounge, landscaped garden spaces, media lounge and a rooftop terrace. The three-year loan includes an extension option and retires a $95 million construction loan provided by Bank OZK. The borrower is local owner-operator Global Holdings.
SAN DIEGO — Breakthrough Properties and Tishman Speyer have provided a $90 million mezzanine bridge loan for Aperture Del Mar, a Class A life sciences campus in San Diego. The borrower, Gemdale USA, will use the proceeds to refinance an existing loan. Totaling 538,000 square feet, the four-building lab and office campus is fully occupied by Neurocrine Biosciences, a biopharmaceutical company. The campus features a standalone fitness center with a yoga studio and juice bar, outdoor event lawn, private patios, courtyard and a 1,500-stall parking garage. Aperture Del Mar serves as Neurocrine’s mission-critical global headquarters as part of a lease that funds through 2036. Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, develops and owns life sciences real estate in San Diego and other markets around the world. Tishman Speyer directly participated in the financing through its recently established debt platform.
LOS ANGELES — Walker & Dunlop has arranged a $28.9 million loan for the refinancing of Billy G. Mills Manor, an affordable housing complex next to the University of Southern California in Los Angeles. Jeff Kearns and Laura Woltanski of Walker & Dunlop secured the refinancing through HUD/FHA’s Section 223(f) loan program on behalf of Watt Capital Developers. Billy G. Mills Manor features 102 affordable housing units supported by a Project-Base Section 8 Housing Assistance Payment (HAP) contract covering 100 percent of the residences. The refinancing will also fund approximately $30,000 per unit for planned renovations, including roof replacement, new windows and sliding doors throughout the property. The transaction closed simultaneously with a 20-year renewal of the property’s Project-Base Section 8 contract, preserving long-term affordability.
ABILENE, TEXAS — New York City-based Dwight Capital has provided a $66 million HUD-insured construction loan for The Lariat at Abilene, a 312-unit multifamily project in West Texas. Situated on 13 acres, the garden-style property will comprise 13 three-story buildings that will house 186 one-bedroom units and 126 two-bedroom units, as well as a clubhouse building. Amenities will include a pool, fitness center, pickleball court and outdoor grilling and dining areas. Brandon Baksh and Tommy Ng of Dwight originated the financing through HUD’s 221 (d)(4) program on behalf of the borrower, Martin Inderman Development.
BISMARCK, N.D. — Berkadia has arranged the equity placement and financing for the development of Vibra Hospital of the Central Dakotas, a 50-bed inpatient rehabilitation facility and long-term acute care hospital (LTACH) in Bismarck. The build-to-suit facility will be fully leased to Vibra Hospital of the Central Dakotas and will serve as a centrally located replacement hospital for the existing 41-bed Vibra LTACH. Sabrina Solomiany, Vasili Davos, Chris Lashmet, Eric Lee, Gordon Reynolds, Conner Adkins and Brian Myers of Berkadia led the equity placement on behalf of Birmingham, Ala.-based Development Solutions. Mike Rogers of Berkadia secured the development financing through First Horizon Bank on behalf of Development Solutions.
BALTIMORE — JLL has secured a $621 million loan for the refinancing of a 58-property, 6.3 million-square-foot industrial portfolio in Maryland owned by Merritt Properties, a Baltimore-based industrial developer and operator. Pete Pittroff, Anthony Fertitta, Travis Anderson, Evan Parker and Christopher Pratt of JLL arranged the seven-year balance sheet loan through M&T Bank on behalf of Merritt Properties. The portfolio comprises light industrial buildings in the Baltimore-Washington Corridor, northwest Baltimore, I-95 Corridor and Hagerstown.
GILBERT, ARIZ. — PCCP has provided a $51.8 million senior loan to a joint venture between Phoenix Capital Management and P.B. Bell for the cash-neutral refinancing of Everly at Morrison Ranch, a apartment community located in Gilbert. Built in 2025, the Class A, garden-style community features 236 apartments that were 97 percent occupied at the time of financing. Everly at Morrison Ranch, located at 4353 E. Elliot Road, includes 36 two-story buildings with an average unit size of 986 square feet. The unit mix includes one-, two- and three-bedroom floor plans with interiors featuring stainless steel appliances, quartz countertops, smart home technology, nine-foot ceilings and plank-style flooring. Community amenities include a resort-style pool and spa, private workspaces, EV charging stations, tot lot and a dog park. Select floor plans include attached or detached garages with additional detached garages available for rent. The property is self-managed by P.B. Bell.
GAINESVILLE, FLA. — JLL Capital Markets has secured a $24 million refinancing for The Row, a 182-bed student housing property located at 407 S.W. 13th St. near the University of Florida campus in Gainesville. Melissa Rose, Mike Brady and Christian Johnston of JLL represented the borrower, The Ardent Cos., in arranging the three-year, floating-rate loan through GID. The seven-story community offers shared amenities including a resort-style deck and reflective pool, fitness center and collaborative and independent study areas on each floor. The property also features 4,315 square feet of ground-floor retail space.
NEW YORK CITY — Cushman & Wakefield has arranged a $26.3 million loan for the refinancing of The Bridgeline, a 91-unit apartment building in The Bronx. The 12-story building was completed in 2018 and offers amenities such as a fitness center, a resident lounge and a rooftop terrace. Brad Domenico, Frank Stanislaski and Ethan Thompson of Cushman & Wakefield arranged the two-year, fixed-rate loan through Webster Bank on behalf of the borrower, JCAL Development.
Newer Posts