Loans

Montrose-Collective-Houston

HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of Montrose Collective, a shopping and dining destination in Houston’s Midtown neighborhood. Montrose Collective opened in 2022 and was 98 percent leased at the time of the loan closing to restaurants such as Marmo and Uchi, as well as tenants such as Live Nation and Reformation Brewery. Prime Finance provided the loan to the borrower, a partnership between Radom Capital and institutional investors advised by J.P. Morgan Global Alternatives. Colby Mueck, Michael Johnson and Jack Britton led the JLL team that placed the loan, which retires the original construction loan that JLL arranged for the development in 2020.

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MIAMI — JLL has arranged a $73.6 million acquisition loan for a four-property industrial portfolio. The assets are located in Fremont, Calif.; Houston; Gouldsboro, Pa.; and Tampa, Fla. Melissa Rose, Michael DiCosimo and Nicole Barba of JLL’s Miami office, along with JLL colleagues Colby Mueck (Houston), Michael Pagniucci (Philadelphia) and Taylor Gimian (San Francisco), arranged the financing on behalf of the borrower, a fund of Houston-based Hines. The four properties were fully leased to 10 tenants at the time of financing, including Coca-Cola, Tesla, Sysco, Costco and Americold.

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NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $140 million construction loan for a 354-unit multifamily project that will be located at 2366 Bedford Ave. in Brooklyn’s Flatbush neighborhood. Designed by S. Wieder Architect PC, the seven-story building will feature ground-floor retail space, onsite parking and amenities such as a café/business lounge, wet and dry saunas, golf simulator and a cycling studio. Leah Paskus of Landstone Capital Group arranged the loan on behalf of the borrower and developer, Clipper Equity. Completion is slated for the third quarter of 2025.

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1034-1042 Atlantic Ave

NEW YORK CITY — Walker & Dunlop has arranged a $109 million construction loan for a 247-unit multifamily project that will be located at 1034-1042 Atlantic Ave. in Brooklyn’s Prospect Heights neighborhood. The borrower is locally based developer EMP Capital Group. The development will consist of two adjoining buildings that will create a cross-block lot between Atlantic Avenue and Pacific Street. Units will come in studio, one-, two- and three-bedroom floor plans. More specifically, the unit mix will comprise 45 studios, 11 studio alcoves, 95 one-bedroom apartments, 44 one-bedroom residences with home offices, 49 two-bedroom units and three two-bedroom units with home offices. Amenities will include a tenant lounge, business center, screening room, karaoke room, golf simulator, game room, multiple party rooms, kids’ playrooms, social lounges and a nearly 2,000-square-foot fitness center. The property will also feature ground-floor retail space. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the five-year, interest-only loan through QuadReal Property Group. A tentative completion date was not disclosed. “Meticulously designed with floor plans that optimize all available square footage, 1034-1042 Atlantic Avenue’s two towers have been carefully crafted to pair a diverse, fair market and …

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Alta-Chandler-Apts-Chandler-AZ

CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Alta Chandler at The Park, a mid-rise apartment community in the Phoenix suburb of Chandler. Wood Partners sold the asset to Olympus Property for $94.5 million, or $324,742 per unit. IPA Capital Markets also arranged $52 million in acquisition financing for the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged the loan, which features eight years of interest-only payments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the acquisition. Atla Chandler features 291 apartments with open-concept floor plans; nine-foot ceilings; laundry closets with full-size or stackable washers/dryers; extended primary bedrooms with dedicated work-from-home space; and separate den or loft quarters. Select units have direct-access garages. Community amenities include an open-concept leasing office and clubhouse, convenience market, sky lounge, fitness center and private multi-purpose fitness room.

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737-Fourth-Avenue-Brooklyn

NEW YORK CITY — A partnership between BEB Capital, Totem, Ofer Cohen and SK Development has received $121 million in financing for a 187-unit mixed-income housing project that will be located at 737 Fourth Ave. in Brooklyn’s Sunset Park neighborhood. The financing consists of a $96 million construction loan that was co-originated by Canyon Partners and J.P. Morgan and a $25 million equity investment from Tribeca Investment Group. The 14-story building will house one-, two- and three-bedroom units, with 46 residences to be reserved for households earning roughly 50 percent or less of the area median income. The building will also feature a fitness center, game and media lounge, coworking lounge, private dining and entertainment areas, tenant storage space and a rooftop garden, as well as 6,200 square feet of ground-floor retail space. Construction is slated for a fall 2025 completion. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the partnership.

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NEW YORK CITY — Walker & Dunlop has arranged a $108 million CMBS loan for a four-property office portfolio located across the Sun Belt. The properties span nearly 1 million square feet and are located in Alpharetta, Ga.; Plano, Texas; Raleigh, N.C.; and Falls Church, Va. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop’s New York City office arranged the financing through Goldman Sachs and Argentic. The borrowers are affiliates of Vero Capital and Prime Finance. The recapitalization allows the borrowers to have $20 million of available capital for leasing costs and capital improvements for the portfolio.

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MIAMI — Ares Management Real Estate has provided a $50 million loan via one of its funds for the refinancing of Soleste Spring Gardens, a newly delivered apartment community in Miami’s Spring Garden district. The eight-story community is located at 1033 Spring Garden Road, two blocks from the Culmer Metrorail station. Brian Gaswirth, Chris Drew, Jesse Wright and J.J. Hovenden of JLL arranged the loan on behalf of the borrowers, The Estate Cos. and FHCP LLC. The co-developers recently obtained a certificate of occupancy (CO) at Soleste Springs Garden, which offers studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Rental rates begin at $2,011, according to the property website. Amenities include a resort-style pool with a sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations.

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Pointe-West-Plaza-San-Ramon-CA

SAN RAMON, CALIF. — PSRS has arranged $3.7 million in permanent financing for Pointe West Plaza, a retail property in San Ramon, east of the Bay Area. The firm previously arranged bridge acquisition financing for the property. Pointe West Plaza is a 16,921-square-foot building with a mix of tenants including a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. Jonny Soleimani and Matthew Farzinpour of PSRS secured the five-year loan with a 25-year amortization schedule through a correspondent life insurance company.

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CLEVELAND — Cleveland-based BWE has arranged $150 million in financing through a Freddie Mac transitional line of credit (TLOC) for a collection of over 2,500 manufactured housing community sites in the Midwest, Southeast and Rocky Mountain regions. MJ Vukovich, Ghazy Grijalva and Andrew Capra of BWE arranged the TLOC through Freddie Mac’s Optigo channel on behalf of a long-term client. The team also sourced a $14 million traditional bank loan for the borrower from a lender specializing in manufactured housing. The TLOC provides a convenient solution for manufactured housing communities that require more repairs and renovations before securing permanent financing terms or more flexibility in their hold period, according to BWE. By only initially using $100 million of the $150 million TLOC, the borrower has the ability to shape its portfolio more thoroughly by adding new properties in the future. BWE structured the TLOC as a floating-rate loan with interest-only payments for the full term. Additionally, the terms included interest rate caps to hedge against the risk of increasing rates, while also positioning the client to take advantage of a declining rate environment later this year and provide flexibility for asset exit.

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