Loans

Forman Capital Provides $6.8M Acquisition Loan for Distressed Office Asset in Metro Chicago

by Kristin Harlow July 7, 2025

OAK BROOK, ILL. — Forman Capital has provided a $6.8 million loan for the acquisition of a distressed office asset in the Chicago suburb of Oak Brook. Butterfield Office Plaza is a four-building office campus totaling 308,921 rentable square feet. The borrower, 2625 Butterfield LLC, is led by investor and developer Mitch Goltz, who acquired the property in a distressed sale and has a business plan to stabilize, reposition and redevelop key components of the campus. The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two buildings. Once tenant consolidation is completed, the operating buildings are estimated to be around 57 percent leased. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury represented Forman Capital on an internal basis.

July 7, 2025

California Hospitality Loans Western

MetroGroup Realty Finance Provides $13.9M Loan for Brand Conversion of 99-Key Hotel in San Mateo, California

by Amy Works July 3, 2025

SAN MATEO, CALIF. — Newport Beach, Calif.-based MetroGroup Realty Finance has provided a $13.9 million loan for the conversion of an existing 99-room Best Western hotel to a Home2 Suites by Hilton hotel in San Mateo. J.D. Blashaw of MetroGroup Realty Finance led the team in providing the financing. MetroGroup’s initial $9.5 million funding retired a bridge loan and provided $4.4 million of future funds to execute the brand conversion.

July 3, 2025

Acquisitions Illinois Industrial Loans Midwest

Byline Bank Provides $17M for Acquisition of Two Chicagoland Industrial Properties

by Kristin Harlow July 3, 2025

ALSIP, ILL. — Byline Bank has provided $17 million for the acquisition and future capital improvement of two industrial properties located at 5750 W. 118th St. and 11700 S. Central Ave. in Alsip. TradeLane Properties was the borrower. The manufacturing facility on 118th Street totals 366,869 square feet and was built between 1996 and 2000. It features exterior dock doors, existing bridge cranes, 480 expandable parking stalls and active multi-track rail service via Indiana Harbor Belt. TradeLane plans to reposition the asset by replacing the roof, paving, exterior and interior painting, landscaping and preparing the office space for lease. The second property is an 84,376-square-foot distribution center that is fully leased and situated on 4.5 acres. Constructed in 1990, the building features a 4,500-square-foot office space, 15 exterior dock-high doors, a drive-in door and 26 auto parking stalls. The acquisition marks the 14th transaction between Byline and TradeLane in the last five years.

July 3, 2025

Loans Multifamily New Jersey Northeast

Newmark Arranges $515M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams July 2, 2025

JERSEY CITY, N.J. — Newmark has arranged a $515 million loan for the refinancing of Phase I of The Journal, a 966-unit apartment building in Jersey City. The newly constructed building is part of a larger, $1 billion development that will feature two 63-story towers with a combined 1,723 units. The Journal also includes a 983-space parking garage, 45,000 square feet of amenity space and 40,000 square feet of retail space that is fully leased to Target. Jordan Roeschlaub, Nick Scribani and John Caraviello of Newmark arranged the loan through Blackstone on behalf of the developer, Kushner Cos.

July 2, 2025

Industrial Loans New Jersey Northeast

JLL Secures Refinancing of Two Northern New Jersey Industrial Buildings Totaling 143,265 SF

by Taylor Williams July 2, 2025

LINCOLN PARK, N.J. — JLL has secured the refinancing of two industrial buildings totaling 143,265 square feet in the Northern New Jersey community of Lincoln Park. The buildings were both constructed in 1985, feature clear heights of 22 feet and were fully leased at the time of sale of a combined 10 tenants. Michael Klein, Ryan Carroll and Tyler Caricato of JLL arranged the 10-year, fixed-rate loan on behalf of the borrower, The Frassetto Cos. The loan amount and direct lender were not disclosed.

July 2, 2025

Acquisitions Arizona Healthcare Loans Western

Cushman & Wakefield Arranges $37.1M Acquisition Loan for Scottsdale Centre Medical Outpatient Building in Arizona

by Amy Works July 2, 2025

SCOTTSDALE, ARIZ. — Cushman & Wakefield has advised an Arizona-based commercial real estate investment company in securing $37.1 million of financing for the previously announced acquisition of Scottsdale Centre Medical, a 163,311-square-foot medical outpatient building in Scottsdale. Tyler Morss of Cushman & Wakefield arranged the financing for the buyer. The lender was Arizona-based Foothills Bank, a division of Glacier Bank, which is owned by Glacier Bancorp.

July 2, 2025

Idaho Loans Multifamily Western

Seven Hills Realty Trust Provides $18M Refinancing for Multifamily Property in Boise, Idaho

by Amy Works July 2, 2025

BOISE, IDAHO — Seven Hills Realty Trust (Nasdaq: SEVN) has provided an $18 million first mortgage floating-rate bridge loan to refinance Curtis Junction, a 112-unit apartment community in Boise. The loan has a three-year initial term with two one-year extension options. Berkadia arranged the loan through Tremont Realty Capital, SEVN’s manager, on behalf of the borrower, Newport, Calif.-based RanchHarbor.

July 2, 2025

Illinois Industrial Loans Midwest

JLL Arranges $252.5M in Financing for 3.6 MSF Lower Terra Industrial Portfolio

by Kristin Harlow July 2, 2025

CHICAGO — Chicago-based JLL Capital Markets has arranged $252.5 million in financing for the Lower Terra Industrial Portfolio, a collection of 21 light industrial properties totaling 3.6 million square feet across 17 markets in the U.S. Lucas Borges, Matthew Schoenfeldt and Tara Hagerty of JLL represented the borrowers, Brennan Investment Group and Farallon Capital, to secure the five-year, floating-rate loan through affiliates of Apollo. Located across 13 states in the East, West, Central and Southeast regions, the portfolio is 98 percent leased to 16 tenants. The average tenant tenure is more than 30 years.

July 2, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $33.7M in Construction Financing for Cleveland Affordable Housing Project

by Kristin Harlow July 2, 2025

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided a $12 million construction loan and invested $16.1 million in Low-Income Housing Tax Credit equity for the construction of Churchill Gateway II, a 70-unit affordable housing project in Cleveland. KeyBank Commercial Mortgage Group (CMG) also arranged a $5.6 million Freddie Mac permanent loan for the project, which will be built at 10526 Churchill Ave. and received an additional $1.7 million in funding from the Ohio Housing Finance Agency. Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. The project will consist of a four-story building with one-, two- and three-bedroom units for residents earning 30 to 60 percent of the area median income and will contain 19 units supported by project-based subsidies. The NRP Group is the developer. The May Dugan Center will provide supportive services. Seaver Rickert and Ryan Olman of KeyBank CDLI structure the financing, while Robbie Lynn of KeyBank CMG arranged the permanent loan.

July 2, 2025

Florida Loans Multifamily Southeast

Berkadia Arranges $38.6M Refinancing of Apartment Community in Tampa

by Abby Cox July 1, 2025

TAMPA, FLA. — Berkadia has arranged $38.6 million in debt and equity financing for the recapitalization of Pointe at Carrollwood, a 224-unit apartment community located at 4949 Marbrisa Drive in Tampa. The financing includes a $29.9 million, five-year, fixed-rate Freddie Mac loan and a preferred equity investment of $8.4 million from Miami-based Atlantic Pacific Cos. Scott Wadler, Matt Nihan, Matt Robbins, Brad Williamson and Mitch Sinberg of Berkadia originated the financing package on behalf of the borrower, Miami-based Beacon Real Estate Group. Originally built in 1984, Pointe at Carrollwood offers one- and two-bedroom apartments ranging in size from 629 square feet to 1,050 square feet. Since purchasing the property in March 2022, Beacon has invested $3.6 million in capital improvements to renovate units with modern cabinetry, stainless steel appliances, quartz or granite countertops, walk-in closets and expanded balconies or patios. Community amenities include a swimming pool with grilling options, fitness center, boardwalk, 24-hour laundry center, car care station and a playground. Situated near Tampa International Airport and Busch Gardens, the apartment complex was 95 percent occupied at the time of financing.

July 1, 2025

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