Loans

Riverside Breaks Ground on Mixed-Use Project Near Downtown Austin

by Taylor Williams October 22, 2024

AUSTIN, TEXAS — Locally based developer Riverside has broken ground on Sixth&Blanco, a mixed-use project located just west of downtown Austin. The site spans 1.6 acres at the corner of West Sixth and Blanco streets. The mass timber development will consist of 10 for-sale residences, a 57-room hotel, retail and restaurant space, art galleries and a members-only social club. Riverside has partnered with MML Hospitality to operate the hotel. Swiss architectural firm Herzog & de Meuron is designing Sixth&Blanco. Arvest Bank provided a $193 million construction loan for the project, with Prosperity Bank and Southside Bank also contributing to the financing.

October 22, 2024

Illinois Loans Midwest Multifamily

JLL Arranges $25M Loan for Refinancing of Multifamily Property in Warrenville, Illinois

by Kristin Harlow October 22, 2024

WARRENVILLE, ILL. — JLL Capital Markets has arranged $25 million for the refinancing of Arden Townhomes, a 60-unit, newly constructed multifamily property in the Chicago suburb of Warrenville. Completed in 2024, the property is situated in the city’s Cantera neighborhood. The asset features three-bedroom units averaging 1,898 square feet along with shared amenities. Trent Niederberger and Philip Galligan of JLL arranged the two-year, floating-rate loan on behalf of the borrower, Cantera Townhomes LLC. An entity managed by Argentic Investment Management LLC provided a $20 million senior loan, and Pearlmark provided an additional $5 million of mezzanine financing.

October 22, 2024

California Industrial Loans Western

Cushman & Wakefield Arranges $475M CMBS Financing for 4.8 MSF Industrial Portfolio for Ares Management

by Amy Works October 22, 2024

LOS ANGELES — Cushman & Wakefield, on behalf of an Ares Management Real Estate fund, has arranged $485 million in financing backed by a 4.8 million-square-foot, 25-building industrial portfolio spanning 16 markets in 12 states. The floating-rate, CMBS single-borrower (SASB) financing was provided by a syndicate led by J.P. Morgan, with Morgan Stanley and Natixis Corporate & Investment Banking as joint bookrunners. Rob Rubano, Gideon Gil, Brian Share, Joe Lieske, Ernesto Sanchez and Lars Weston of Cushman & Wakefield Equity, Debt and Structured Finance led the financing. Managed by Ares Industrial Management, the portfolio is currently 97 percent leased to 58 tenants. The properties feature Class A and Class B, bulk warehouse and light industrial assets. The individual assets offer a variety of industrial features, including 30-foot average clear heights, ample dock doors and an average 5 percent of office space square footage across the portfolio. The portfolio includes two properties in the San Francisco Bay area totaling 518,300 square feet; three properties in Southern California totaling 344,700 square feet; five properties in Houston totaling 693,900 square feet; a 722,500-square-foot property in Reno, Nev.; and a 797,600-square-foot property in Atlanta. The remaining properties in the portfolio are spread across Salt …

October 22, 2024

California Loans Office Retail Western

PSRS Secures Refinancing for Two Adjacent Office and Retail Properties in Danville, California

by Amy Works October 22, 2024

DANVILLE, CALIF. — PSRS has arranged $14 million and $4.5 million in refinancing for two adjacent properties at Danville Livery in Danville. The properties offer more than 123,000 square feet of retail and office space. The retail and service-oriented office space offers a mix of tenants, including eateries, home goods, salons, real estate offices and title services. James Mulvihill and Kevin Mulvihill of PSRS secured the undisclosed borrower with a separate loan for each property, both of which are underwritten with interest-only payments. The non-recourse loans were provided by correspondent life insurance companies.

October 22, 2024

Loans Multifamily Northeast Pennsylvania Student Housing

BridgeInvest Provides $54.3M Loan for Refinancing of Philadelphia Student Housing Property

by Taylor Williams October 22, 2024

PHILADELPHIA — BridgeInvest has provided a $54.3 million loan for the refinancing of The Avery, a 796-bed student housing property in Philadelphia. The Avery, which serves students at Temple University, features one- and two-bedroom units and amenities such as a fitness center, community kitchen, lounge areas, game rooms and study spaces. The property also houses 5,900 square feet of ground-floor retail space. The undisclosed sponsor acquired The Avery in 2021 and implemented capital improvements and rebranded it from The Edge.

October 22, 2024

Healthcare Loans New Jersey Northeast Retail

G.S. Wilcox Arranges $26.2M Loan for Refinancing of Northern New Jersey Retail, Healthcare Property

by Taylor Williams October 22, 2024

HOBOKEN, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 48,268-square-foot retail and healthcare property in the Northern New Jersey community of Hoboken. The property was fully leased at the time of the loan closing to a pharmacy, bank and a primary care provider. David Fryer of G.S. Wilcox arranged the loan, which carried a seven-year term with full-term interest-only payments, through an undisclosed life insurance company. The name of the borrower was also not disclosed.

October 22, 2024

Loans New York Northeast Office

Cushman & Wakefield Places $24M Acquisition Loan for Manhattan Office Building

by Taylor Williams October 22, 2024

NEW YORK CITY — Cushman & Wakefield has placed a $24 million acquisition loan for The Plant, a 246,343-square-foot office building located at 321 W. 44th St. in Midtown Manhattan. The building was 56 percent leased at the time of the loan closing to tenants such as Broadway Dance Center, TagWall, AKA NYC Limited, Sony Records and Sunlight Studios. Chase Johnson and Caleb Riebe of Cushman & Wakefield originated the debt through an undisclosed life insurance company. The name of the borrower was also not disclosed.

October 22, 2024

Development Florida Hospitality Loans Mixed-Use Southeast

BD Hotels Secures $75M Construction Financing for Hotel at Nora District in West Palm Beach

by John Nelson October 21, 2024

WEST PALM BEACH, FLA. — BD Hotels has secured a $75 million construction loan for The Nora Hotel, a 201-room hotel to be developed within the Nora District mixed-use project in West Palm Beach. Metropolitan Commercial Bank provided the financing, which Steven Klein and Mark Fisher of JLL arranged on behalf of the borrower. Developed in partnership with NDT Development, Place Projects and Wheelock Street Capital, the property will feature Pastis West Palm Beach as a ground-floor restaurant, and STARR Restaurants will operate the hotel’s rooftop restaurant and lounge, as well as the hotel’s in-room dining service. A construction timeline for the hotel was not disclosed. Phase 1 of the Nora District broke ground in June 2023 and will feature 150,000 square feet of retail, office and hospitality space. Confirmed retailers at the project include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, [solidcore] and Sunday Motor Co.

October 21, 2024

Loans Multifamily Student Housing Texas

Orion Real Estate Refinances 253-Bed Student Housing Property Near Texas State University

by Taylor Williams October 21, 2024

SAN MARCOS, TEXAS — Orion Real Estate Partners has refinanced The Timbers, a 253-bed student housing property located near the Texas State University campus in San Marcos. The loan amount was not disclosed. The Timbers houses 155 units in one-, two- and three-bedroom configurations. Select apartments offer wood-burning fireplaces and vaulted ceilings. Shared amenities include a pool, clubhouse with an arcade, pet park, full basketball court, 24-hour fitness center and a barbecue station. Dan Kearns, Patricia Heminger, Rebecca Brielmaier and Katia Novi of JLL originated the debt.

October 21, 2024

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges Loan for Refinancing of Hoboken Retail Property

by Taylor Williams October 21, 2024

HOBOKEN, N.J. — Locally based intermediary Cronheim Mortgage has arranged a $1.6 million loan for the refinancing of 40 Hudson Place. The property, the square footage of which was not disclosed, was originally constructed in 1935 and was fully leased at the time of the loan closing to two tenants: Dunkin’ and Pump Pilates. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan, which carried both a term and an amortization schedule of 25 years, through an undisclosed, Oregon-based life insurance company. The name of the borrower was also not disclosed.

October 21, 2024

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