NEW YORK CITY — Berkadia has provided a $219 million Fannie Mae permanent loan for the rehabilitation and preservation of Rangel Houses, a 984-unit affordable housing community in Upper Manhattan. Rangel Houses was originally built on 11 acres in 1951 as Colonial Park Houses and was renamed in 1977 in honor of tenant association president Ralph Rangel. Today, the community comprises eight high-rise buildings that are home to roughly 1,800 people. All units are reserved for households earning 80 percent or less of the area median income, with the majority (954 units) designated for “very low-income” residents. Rangel Houses also features playgrounds and open space, commercial space and specialized centers for seniors and children of varying ages. Matthew Baptiste and Heather Olson of Berkadia originated the financing in partnership with the New York City Housing Authority, the New York City Housing Development Corp. and Goldman Sachs on behalf of the owner, Genesis Cos. The loan was structured with a 15-year term, five years of interest-only payments and a 40-year amortization schedule.
PHOENIX — RED Development has obtained $69.3 million in refinancing for The Offices at The Grove, a Class AA office building in Phoenix. Kevin Mackenzie, Jason Carlos and Frank Chums of JLL Debt Advisory team arranged the five-year, fixed-rate loan with PGIM’s real estate investment group for the borrower. The financing collateral consisted of the office building, Pyro restaurant, two retail spaces and an underground parking facility. Completed in fourth-quarter 2022, The Offices at The Grove features 185,536 square feet of fully leased office space. Current tenants include JPMorgan Chase, Clayco, First Solar, JLL, PwC, Caterpillar and Aon. The property offers best-in-class amenities, including a rooftop pickleball court and pavilion, first-floor dining with Pyro (a Japanese izakaya bistro by Flagship Restaurant Group), views of Camelback Mountain and 631 parking spaces in shared structured parking.
ANNISTON, ALA. — Arrow Real Estate Advisors has arranged $16.9 million in acquisition financing for a 559,900-square-foot industrial facility located in the eastern-central Alabama city of Anniston. Morris Betesh, Omar Ferreira, Jonah Schultz and Zac Cornell of Arrow Real Estate secured the loan through Wells Fargo on behalf of the borrower, Tampa-based BlueLedge Group. Situated at 100 National Drive along the I-20 corridor, the industrial facility includes 41 dock-high and 18 drive-in loading doors and was fully leased at the time of sale to an undisclosed third-party logistics operator.
STEVENS POINT, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged $34 million in financing for North Side Yard, a newly developed multifamily property with 213 units in Stevens Point. Robert Bhat of MMCC secured the loan through a national bank on behalf of a private client. The five-year, nonrecourse loan features a 75 percent loan-to-value ratio, five years of interest-only payments and a 6.8 percent interest rate. North Side Yard is a three-building complex with ground-floor retail and office suites. The property offers studio, one- and two-bedroom units.
NORTHLAKE, TEXAS — Newmark has provided a $53.9 million Fannie Mae acquisition loan for Dry Creek Ranch, a 456-unit multifamily property in Northlake, located north of the metroplex in Denton County. Built on 29 acres between 2014 and 2017, Dry Creek Ranch features one-, two- and three-bedroom units and amenities such as multiple pools, a fitness center, clubhouse, business center, basketball court and a car wash station. Adam Randall, John Westby-Gibson and Drake Blodgett of Newmark originated the five-year, fixed-rate loan on behalf of the buyer, Denver-based Bow River Capital. Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Shelby Vosburg of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Western Securities, in the transaction and procured Bow River as the buyer.
NEW YORK CITY — Affinius Capital has provided a $226 million loan for the refinancing of 55 House, a 43-story apartment tower in downtown Brooklyn. The building houses 295 residences — 206 market-rate apartments and 89 affordable housing units — as well as 3,500 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a fitness center, rooftop terrace, lounge, media room and coworking space. The project was announced in June 2023, and leasing launched earlier this year. The borrower is a joint venture between locally based developer Lonicera Partners and New York-based investment firm Rabina.
REVERE BEACH, MASS. — JLL has arranged a $67.3 million loan for the refinancing of Eliot on Ocean, a 194-unit apartment building in Revere Beach, located northeast of Boston. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units and amenities such as a fitness center, entertainment lounge, game room, outdoor grilling and dining stations and multiple outdoor terraces. Scott Aiese, Tom Sullivan and Alex Staikos of JLL arranged the three-year, floating-rate loan through Bridge Investment Group on behalf of the owner, Invictus Real Estate Partners.
TEMPE, ARIZ. — CrossHarbor Capital Partners has received $78.5 million in construction take-out financing for The Alyssa, a Class A apartment property in Tempe. Brad Miner, Drew Lydon, Jack Kurchat and Henry Smith-Hastie of JLL Capital Markets Debt Advisory secured the loan form Corten Real Estate through its senior credit platform. Delivered in 2024, the four-story The Alyssa features 335 studio, one-, two- and three-bedroom floor plans ranging from 504 square feet to 1,658 square feet with an average unit size of 881 square feet. Unit interiors include natural stone countertops, Shaker-style cabinetry, wood-style flooring, custom pendant and under-cabinet lighting, stainless steel appliances, 10-foot ceilings in living rooms and full-size in-unit washers/dryers. The community features a resort-style amenity package, including a swimming pool with fountain features and sundeck, an outdoor lounge with fireplace and private dining spaces, Peloton-equipped fitness center with cardio and strength equipment, coworking lounges with coffee bar, 605-space controlled-access parking garage with EV charging stations and a community pet wash station.
WEST PALM BEACH, FLA. — Hernandez Development & Construction and PTM Partners have received a $17.3 million construction loan for the development of Palm Beach Commerce Center, a planned 93,556-square-foot industrial building in West Palm Beach. Pinnacle Financial Partners provided financing for the project on behalf of the borrowers. The joint venture purchased the 8.1-acre site for $11.5 million in April 2026, and site work began in October. Completion of the development is expected for the third quarter of 2027. The dock-high, tilt-up building will feature 84,200 square feet of warehouse space and 9,356 square feet of office space, with 32-foot clear heights and 54-foot column spacing. The project team includes Hernandez Construction (general contractor), Hernandez Development Services (developer) and CBRE (leasing).
NORTH CHARLESTON, S.C. — Redline Property Partners and Walker & Dunlop Investment Partners (WDIP) have secured an undisclosed amount of capital for the refinancing of Port 26, an 87,380-square-foot creative office property located in North Charleston. Patterson Real Estate Advisory Group arranged the loan on behalf of the borrowers through United Bank. Further details of the transaction were not disclosed. Redline acquired the vacant former Department of Defense building in December 2021 and completed a comprehensive renovation in 2023. The property was fully leased at the time of financing to six tenants: RXO, KBR Engineering, Beazer Homes, Ryan Homes, Integrated Controls and Information and Prometric, with a weighted average lease term (WALT) of 5.5 years. Port 26, which is situated within a federal HUBZone, is also in proximity to Boeing’s 787 campus, the Naval Information Warfare Center and the Port of Charleston.
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