NEWARK, N.J. — Drew Capital, a New Jersey-based mortgage banking firm, has arranged a $16.2 million construction loan for Central Pointe, a 77-unit multifamily project that will be located in Newark’s University Heights neighborhood. Designed by INOA Architecture, Central Pointe will have six studios, 29 one-bedroom units and 42 two-bedroom residences, with 16 apartments designated as affordable housing. Amenities will include a fitness center, coworking lounge, communal spaces and a rooftop garden. Trevian Capital provided the loan to the developer, Newark-based Giga Holdings, which expects to complete the project next summer. Akiva Drew led the debt placement effort for Drew Capital
SCOTTSDALE, ARIZ. — CBRE has arranged a $45.8 million loan for the refinancing of Scottsdale Towne Center, a retail center located at 15444 N. Frank Lloyd Wright Blvd. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo with CBRE Capital Markets’ Debt and Structured Finance secured the five-year interest-only, fixed-rate loan on behalf of the undisclosed owner. The 168,090-square-foot retail center was nearly 100 percent leased at the time of the loan closing, with current tenants including T.J. Maxx, Ross Dress for Less and Mountainside Fitness. Additionally, the property is shadow-anchored by Target. The sponsor acquired Scottsdale Towne Center in 2021 and subsequently leased a previously vacant 50,000-square-foot space to Mountainside Fitness’ for a flagship location.
BLACK CREEK, GA. — JLL Capital Markets has secured $30.5 million in joint venture equity and $39.9 million in construction financing for Black Creek Commerce Center, a three-building industrial development underway in Black Creek, roughly 23 miles northwest of Savannah. Bobby Norwood, Mark Sixour, Britton Burdette, Jim Freeman, Kelsey Bawcombe and Austin Smith of JLL arranged the construction loan through Seacoast Bank on behalf of the developer, Xebec, and placed the joint venture equity with a unnamed, private investment group. Scheduled to deliver in the third quarter of 2027, the 687,890-square-foot development will include three rear-load buildings that feature 36-foot clear heights, 50-foot loading bays with 60-foot speed bays, 130-foot truck courts, ESFR fire suppression systems and TPO roofing. The site sits nearly seven miles from Hyundai’s $7.6 billion Metaplant America facility underway and 28 miles from the Port of Savannah’s Garden City Terminal. Xebec will continue to hold a right of first refusal on Phase II of the project, an adjacent 77-acre parcel, through April 2027.
POTOMAC, MD. — Northmarq has arranged a $50.8 million permanent, fixed-rate loan for the refinancing of Potomac Place Shopping Center, an 80,040-square-foot retail center located in Potomac, roughly 15 miles northwest of downtown Washington, D.C. Originally constructed in 1967, Potomac Place is anchored by Safeway and features a tenant mix including Chipotle Mexican Grill, Starbucks Coffee, Mathnasium, Rose Home Services, Walgreens, PNC Bank and East West Tae Kwon Do. Jason Smith and Kenneth Gentzel of Northmarq arranged the loan through Nationwide Life Insurance Co. on behalf of the borrower, Zuckerman Gravely.
JACKSONVILLE, FLA. — Nashville-based Bluecrest Capital Advisors has acquired Cypress Point Business Park, a 226,500-square-foot industrial flex development in Jacksonville, for $28 million. Philip Rachels of CBRE secured debt financing through First Horizon Bank on behalf of Bluecrest Capital. Robbie McEwan and Jesse Jones of JLL Capital Markets represented the seller, an entity doing business as Viking Partners Cypress LLC, in the transaction. Constructed between 1999 and 2004, the six-building park features four office buildings totaling 146,500 square feet and two light industrial buildings totaling 80,000 square feet. The property was 62 percent leased at the time of sale to five regional and national tenants including US Assure Insurance and ADT. Bluecrest Capital plans to convert 85,000 square feet of vacant space to small-bay light industrial infill space (SBLI). Within three years, the company says it expects to have converted approximately 76 percent of the gross leasable area converted to SBLI through lease rollovers and strategic build-outs. The remaining 24 percent is expected to be converted following year three. Bluecrest Capital also plans upgrades and renovations to subdivide larger suites into smaller units.
SAN CLEMENTE, CALIF. — Newmark has provided a $58 million Fannie Mae loan for Everleigh San Clemente, an active adult community in Southern California in San Clemente. Lee Redmond, Alec Newman and Nick Schroeder of Newmark originated the loan on behalf of an institutional level joint venture. Designed for residents age 55 and older, Everleigh features 150 residences with convenient access to San Clemente’s beaches, coastal trails, golf courses and retail and dining destinations. The Class A property was delivered in 2023.
BOSTON — National developer Millennium Partners has received $281 million in Property Assessed Clean Energy (PACE) financing for the residential component of Winthrop Center, a 62-story mixed-use tower in downtown Boston. Nuveen Green Capital provided the financing, which will be administered under the PACE Massachusetts program by MassDevelopment, the Commonwealth’s development finance agency and land bank. Located at 115 Federal St. in downtown Boston, Winthrop Center comprises 317 luxury condominium residences that are known as The Millennium Residences at Winthrop Center, as well as approximately 800,000 square feet of office space and a multi-level public gathering space known as The Connector. Winthrop Center, which was first capitalized in fall 2020, carries LEED Platinum and WELL Gold certifications. The financing allows Millennium Partners to build on these sustainability investments and reinforces Winthrop Center’s position as an environmentally advanced mixed-use development, according to the team that worked on the deal. “MassDevelopment is excited to see The Millennium Residences at Winthrop Center recapitalized through PACE Massachusetts, representing the largest commercial PACE financing in the region to date,” says Navjeet Bal, president and CEO of MassDevelopment, which is administering the loan in consultation with the Massachusetts Department of Energy Resource. “We encourage developers and …
NEW YORK CITY — Affinius Capital has provided an $89 million acquisition loan for CitySpire, a 371,000-square-foot office building in Midtown Manhattan. Built in 1987 and renovated in 2004 and 2022, CitySpire features upgraded elevator systems, wellness lounges, conferencing facilities and coworking space. Christopher Kramer of Newmark arranged the loan. The borrower is a joint venture between A.M. Property Holding Corp., Delshah Capital and REALM.
LOS ANGELES — Walker & Dunlop has provided a $33.2 million Freddie Mac acquisition loan for Palm Court Apartments in Los Angeles’ Miracle Mile neighborhood. Bryan Frazier, Blake Hockenbury, Steven Paskover, Sheri Blackburn and Dillon Hoffman of Walker & Dunlop Capital Markets Real Estate Financing secured the fixed-rate, full-term interest-only loan. Located at 740 S. Burnside Ave., Palm Court Apartments features 132 apartments within a four-story building. The property offers convenient access to downtown Los Angeles, Beverly Hills and the Wilshire Corridor.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged $19.9 million in acquisition financing for Edwards Professional Park I & II in Scottsdale. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Markets team arranged the debt through an undisclosed regional bank on behalf of the borrower, Albany Road, a Boston-based private equity real estate investment firm. Located at 10752 N. 89th Place and 8952 E. Desert Cove Ave., Edwards Professional Park I & II features 91,469 square feet spread across two buildings. At the time of the loan closing, the buildings were 91 percent leased to 47 medical and healthcare-related tenants in fields such as dentistry, orthopedics, gastroenterology, dermatology, behavioral health, physical medicine, infusion therapy and aesthetic medicine practice.
Newer Posts