REBusinessOnline

Innovo Property Group Receives $155M Construction Loan for Queens Industrial Project

NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has received a $155 million construction loan for a 900,000-square-foot industrial project in the Long Island City area of Queens. The site previously housed the warehouse of online grocer FreshDirect. Innovo will redevelop the property to function as a last-mile distribution facility with elevated truck courts and a vertical parking structure. An affiliate of Starwood Property Trust provided the …

JLL Arranges $60M Loan for Refinancing of Hackensack Apartment Building

HACKENSACK, N.J. — JLL has arranged a $60 million loan for the refinancing of Excelsior II, a 267-unit apartment building located just outside of New York City in Hackensack. According to Apartments.com, the property was built in 1999, features one-, two- and three-bedroom units and offers amenities such as a pool, spa and a fitness center. Greg Nalbandian and Michael Lachs of JLL arranged the 30-year, fixed-rate loan through John Hancock Investment Management on behalf of the borrower, …

Parkview Financial Provides $100M Loan for Conversion of Harrah’s Hotel Casino to Mixed-Use Project in Downtown Reno

RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity.Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and …

Gantry Arranges $364M in Refinancing for Ezralow’s 15-Property Self-Storage, Industrial Portfolio in California

CALABASAS, CALIF. — Gantry has arranged a total of $364 million in long-term refinancing for Calabasas-based The Ezralow Co. for 15 separate self-storage and industrial assets in California.Paige Serden, Peter Welsh, Braden Turnbull and Josh Natker of Gantry’s Los Angeles production office structured the loans, which were sourced from four separate life insurance companies, three of which are Gantry’s correspondent lenders.Totaling 1.75 million square feet, the 12 Price Self …

Berkadia Originates HUD Refinancing for Three Multifamily Properties in Virginia Totaling $81.7M

RICHMOND, VA. — Berkadia has originated $81.7 million in financing for three multifamily properties in Virginia known as Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Steve Murden of Berkadia’s Richmond office secured the permanent refinancing in three separate transactions on behalf of the borrower, Virginia-based The Breeden Co. All three loans were fully amortizing, long-term HUD 223(a)(7) MF products. Eagle Harbor West is located at 13420 …

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule.Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor …

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley Seniors Housing in Oregon

HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley.Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland.Aron Will, Austin Sacco and …

Panoramic Interest Receives $104M in Refinancing for City Gardens Apartments in San Francisco

SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco.Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged.City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living …

American Street Capital Arranges $8M Acquisition Loan for Multifamily Portfolio in Kenosha, Wisconsin

KENOSHA, WIS. — American Street Capital (ASC) has arranged an $8 million loan for the acquisition of a two-property, 108-unit multifamily portfolio in Kenosha. Built in the early 1970s, the portfolio features a mix of one-, two- and three-bedroom units. Both complexes were more than 95 percent leased at closing. Igor Zhizhin of ASC originated the seven-year agency loan. It features a fixed interest rate with two years of interest-only payments and a 30-year amortization

KeyBank Secures $18.6M for Construction of Affordable Housing Property in Cleveland

CLEVELAND — KeyBank has secured $18.6 million in financing for the construction of Slavic Village Gateway, an 88-unit affordable housing property in Cleveland. The two-building project will feature 21,000 square feet of ground-floor retail space as well as 10 townhomes. The property will feature 23 units for renters that earn at or below 30 percent of area median income (AMI) and 65 units for those who earn at or below 60 percent of AMI.KeyBank Community Development Lending and Investment …

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