NEW YORK CITY — Largo Capital, a financial intermediary based in upstate New York, has arranged a $26 million loan for the refinancing of a 99,897-square-foot shopping center in the Great Kills neighborhood of Staten Island. Regional grocer ShopRite anchors the center under a long-term lease. Kevin Coscia of Largo Capital arranged the financing through an undisclosed life insurance company. The borrower was also not disclosed.
MIAMI — New York City based-Fisher Brothers has received a $117.5 million bridge loan for the refinancing of Joule House at Calle Collective, a 308-unit multifamily community located in the Wynwood neighborhood of Miami. Bain Capital provided the floating-rate, interest-only loan. “The successful refinancing of Joule House is a strong reflection of both the property’s performance since opening last summer and the market’s confidence in well-executed, design-driven residential communities in Wynwood,” says Winston Fisher, partner at Fisher Brothers. Situated at 2200 N.W. 1st Ave., Joule House spans eight stories and features studio, one- and two-bedroom floorplans, with select two- and three-bedroom penthouses ranging in size from 985 to 1,400 square feet. Monthly rental rates begin at $2,512. Approximately 23,000 square feet of amenities are available for residents, including a swimming pool, cabana, spa, clubhouse, business center, fitness center, lounge, bicycle storage, a game room, conference rooms and electric vehicle charging stations. In December of last year, Fisher Brothers signed a new retail lease with SunLife Organics, a smoothie, juice and açai bowl bar that will open on the ground floor of Joule House in the third quarter. The Calle Collective, which is located within the Joule House development, serves as a retail, …
CORAL GABLES, FLA. — JLL has arranged a $24.7 million loan for the refinancing of 2000 Ponce, a 109,745-square-foot office building in Coral Gables, about five miles west of Miami. Jesse Wright, Matt McCormack, Joshua Odessky and Patrick Salata of JLL arranged the five-year loan through Crestline Investors on behalf of the borrower, Westside Capital Group, a private equity firm that purchased the property in 2022. 2000 Ponce features ground-level retail space leased to tenants including Bachour Marketplace, D’Cassa and Zativa Life Health and Wellness Spa. Office tenants include Westside Capital Group and Hejl Foundation. The property also includes a 105-space parking garage.
HILLSBORO, ORE. — Gantry has secured a $12 million permanent loan to refinance maturing debt for a pair of industrial warehouse buildings located at 5640 N.E. Wagon Drive Blvd. in Hillsboro. The 10-acre site features two buildings offering a total of 192,000 rentable square feet, including a single-tenant asset with 152,000 rentable square feet and an adjacent 40,000-square-foot multi-tenant flex building. Blake Hering, Kristin Lapinskas and Abi Hunter of Gantry’s Portland, Ore., office represented the borrower, a private real estate investor. The 10-year, fixed-rate nonrecourse loan set at a 25-year amortization was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender.
SPARTANBURG, S.C. — Nashville-based Longleaf Capital Partners has obtained an undisclosed amount of acquisition financing for 185 Littlejohn Street, a two-building industrial property in Spartanburg. The 247,000-square-foot property sits on 24.1 acres in close proximity to interstates 26 and 85, as well as Inland Port Greer and BMW’s U.S. manufacturing headquarters. Patterson Real Estate Advisory Group arranged the senior loan through Georgia Banking Co. Longleaf plans to overhaul the property’s building systems, address deferred maintenance and market the 114,000 square feet of available Class B space to prospective tenants.
NEW YORK CITY — JLL has arranged a $370 million bridge loan for the refinancing of Society Brooklyn, a 517-unit apartment complex in the borough’s Gowanus neighborhood. Society Brooklyn comprises 385 market-rate units and 132 affordable housing units, as well as 57,288 square feet of retail and commercial space, across two buildings. Residences are furnished with stainless steel appliances, Caesarstone countertops and individual washers and dryers. Amenities include fitness centers, yoga studios, screening rooms, coworking spaces, rooftop terraces and pool decks with barbecue areas. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL arranged the three-year loan through Brookfield Asset Management. The borrower is a partnership between Property Markets Group and The Carlyle Group.
SAN ANTONIO — Walker & Dunlop has arranged a $46.5 million loan for the refinancing of Park at Westover Hills, a 372-unit apartment community located in the Far West submarket of San Antonio. Park at Westover Hills is a garden-style community that consists of 14 buildings that house studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, conference rooms, coffee bar, outdoor grilling and dining areas and two dog parks. Walker & Dunlop Investment Partners provided the loan to GenCap Partners, which developed the property in partnership with International Development.
MIAMI BEACH, FLA. — Atlanta-based Peachtree Group has originated a $103 million bridge loan for the recapitalization and completion of the 289-room Hilton Miami Beach Convention Center Hotel. The development team behind the hotel was not released. The property is a redevelopment of the historic Collins Park Hotel, which is designated by the City of Miami Beach Historic Preservation Board. The hotel is set for completion in May and will sit steps from the Miami Beach Convention Center and two blocks from the Atlantic Ocean. According to the property website, the hotel will offer complimentary Wi-Fi, an onsite concierge, restaurant, bar, outdoor swimming pool and a fitness center. Also adjacent to Miami Beach Convention Center is Grand Hyatt Miami Beach, a 17-story hotel by Terra and Turnberry that will span 800 rooms upon completion.
NEW YORK CITY — Local owner-operator GFP Real Estate has received an $86.5 million loan for the refinancing of 515 Madison Avenue, a 42-story office building in Midtown Manhattan. Originally constructed in 1932, the 350,000-square-foot structure is known locally as the DuMont Building, a name that references the building’s role in the first television broadcasts of Allen DuMont’s experimental station W2XWV in 1938. Today, the building is home to tenants such as Encore Physical Therapy, Longacre Asset Management and GFP Real Estate itself. Paul Talbot of Newmark arranged the 10-year, floating-rate loan, which retires a $120 million loan that was originated in 2012 and had a balance of $81 million, through Apple Bank.
CUPERTINO, CALIF. — Northmarq has arranged $145 million in refinancing for The Towers at Cupertino City Center, a two-building office campus in Cupertino. Prometheus Real Estate Group owns and operates the Class A property. Nathan Prouty, Andrew Slaton and John Holt of Northmarq secured the financing for the borrower through Wells Fargo. Located at 20400 and 20450 Stevens Creek Blvd., the campus offers 357,502 square feet of office space on a 3.2-acre site at the intersection of Stevens Creek and De Anza boulevards. Originally constructed by Prometheus in 1989, the property underwent significant renovations in 2022.
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