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Loans

Pearson-Court-Square-Queens
LoansMultifamilyNew YorkNortheast

PCCP Provides $65M Loan for Refinancing of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — PCCP LLC has provided a $65 million loan for the refinancing of Pearson Court Square, a 197-unit apartment complex in the Long Island City area of Queens. Built in 2014, the transit-served property offers studio, one- and two-bedroom units and amenities such as a resident lounge, coworking space, rooftop sky deck and an outdoor basketball court. The borrower was an affiliate of L+M Development Partners. Pearson Court Square was roughly 98 percent occupied at the time of the loan closing.

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The-Lofts-Santa-Monica-CA
CaliforniaDevelopmentLoansMultifamilyWestern

JLL Arranges $28.5M Construction Financing for 104-Unit Multifamily Project in Santa Maria, California

by Amy Works

SANTA MARIA, CALIF. — JLL Capital Markets, on behalf of Santa Barbara, Calif.-based Vernon Group, has secured a $28.5 million construction financing for The Lofts, a Class A multifamily property in downtown Santa Maria. The project is a component of Phase I in the Santa Maria Town Center redevelopment, a master-planned expansion initiated by the City of Santa Monica to revitalize the downtown core. The Lofts will feature 104 loft-style apartments ranging from 600 square feet to 1,200 square feet. Located at 201 Town Center East, the existing building will be converted to a courtyard format with double-loaded corridors for apartments. Constructed is slated for completion in June 2027. Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael of JLL represented the borrower in the financing.

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South-Lake-Tahoe-Townhomes-Tahoe-CA
CaliforniaDevelopmentLoansMultifamilyWestern

Gantry Secures $11.7M Construction Loan for South Lake Tahoe Townhome Project

by Amy Works

SOUTH LAKE TAHOE, CALIF. — Gantry has secured an $11.7 million construction loan for the development of a 14 for-sale townhome project in South Lake Tahoe. Located at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave., South Lake Tahoe Townhomes will offer 14 for-sale townhomes within walking distance of the lake, stateline casinos and other amenities. Peter Hillakas, Robert Slatt and Keegan Bridges of Gantry represented the borrower, a private real estate investor. The 18-month loan was provided from Gantry’s extensive roster of lenders specializing in construction financing.

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CaliforniaIndustrialLoansWestern

PSRS Arranges $6.5M Refinancing for Outdoor Storage, Parking Facility in Gardena, California

by Amy Works

GARDENA, CALIF. — PSRS has secured $6.5 million in refinancing for an outdoor storage and parking facility totaling 117,250 square feet in Gardena. Michael Warner of PSRS arranged the 100 percent cash-out refinance to create liquidity for the beneficiaries on an irrevocable trust. The trust holds the property on behalf of third-generation beneficiaries, both of whom reside out of state. A bank provided the recourse loan, which features a two-year interest-only term and a 55 percent loan-to-value ratio.

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2-Westlake-Houston
LoansOfficeTexas

Priority Capital Advisory Arranges $26.6M Refinancing of West Houston Office Building

by Taylor Williams

HOUSTON — Priority Capital Advisory, a Los Angeles-based intermediary, has arranged a $26.6 million bridge loan for the refinancing of 2 Westlake, a 467,609-square-foot office building located in the Energy Corridor area of West Houston. Atlanta-based Ardent Cos. provided the loan. The 17-story building is situated on a 5.4-acre site within the 2.8 million-square-foot Westlake office park and offers amenities such as a deli, coffee bar, conference center, tenant lounge and a fitness center. The borrower, global private equity firm Younan Co., purchased 2 Westlake for $21.5 million in late 2022, at which point the building was vacant.  

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261-315-Grand-Concourse-Bronx
LoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $155M Loan for Refinancing of Bronx Multifamily Property

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $155 million bridge loan for the refinancing of 261 & 315 Grand Concourse, a multifamily property in The Bronx. The newly developed, adjacent multifamily buildings house a total of 405 units: 261 Grand Concourse has 283 market-rate units, and 315 Grand Concourse has 122 affordable housing units. Residences are furnished with marble bathroom countertops, ceramic tiling and stainless steel appliances, and amenities include a fitness center, coworking space, resident lounge and outdoor terraces. Pinchas Vogel of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group.

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Ocean-Park-Apartments
Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Bank Funds $60.5M Acquisition Loan for Queens Affordable Housing Property

by Taylor Williams

NEW YORK CITY — Merchants Bank has funded a $60.5 million acquisition loan for Ocean Park Apartments, a 602-unit affordable housing property located in the Far Rockaway area of Queens. Ocean Park Apartments consists of two 26-story buildings that house one-, two- and three-bedroom units, as well as four commercial spaces. Roughly 70 percent (423) of the units are reserved for households earning 60 percent or less of the area median income, and the remaining (179) units are earmarked for renters earning 80 percent or less of the area median income. The borrower, local owner-operator Tredway, will use a portion of the proceeds to fund capital improvements and preserve and extend the property’s affordability status. Michael Milazzo of affiliate Merchants Capital originated the debt.

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Wiley-Creek-Brea-CA
LoansMontanaMultifamilyOregonSeniors HousingWestern

Integrated Senior Foundation Receives $79.3M Acquisition Financing for Three Seniors Housing Communities in Oregon, Montana

by Amy Works

BREA, CALIF. — Integrated Senior Foundation, a nonprofit senior living provider, has received $79.3 million in tax-exempt, floating-rate financing for the acquisition of three properties located in Oregon and Montana.  The communities include Magnolia Gardens in Cottage Grove, Ore.; Wiley Creek in Sweet Home, Ore.; and The Lodge in Great Falls, Mont. Together, the properties total 287 units, with 23 independent living, 190 assisted living and 74 memory care units. Magnolia Gardens features 101 units with a full continuum of care. Wiley Creek comprises 108 units, including independent living, assisted living and memory care residences. The Lodge totals 78 assisted living units.  JLL secured the financing on behalf of Brea, Calif.-based Integrated Senior Foundation.

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AcquisitionsCaliforniaLoansMultifamilySeniors HousingWestern

Harrison Street Acquires 153-Unit Seniors Housing Community in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Harrison Street has received a loan to facilitate the acquisition of a 153-unit senior living community located in Carlsbad. Oakmont Santianna totals 153 units, including independent living, assisted living and memory care residences. Oakmont Management Group developed the property, which opened in 2022.  BWE arranged the financing, which includes a 10-year, fixed-rate loan with full-term interest-only payments. A life insurance company provided the loan. Oakmont Management Group will continue to operate the community on behalf of the new ownership. 

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DevelopmentLoansMultifamilyNew YorkNortheast

Partnership to Develop Three Apartment Buildings Totaling 1,000 Units in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between The Domain Cos., LMXD, which is an affiliate of L&M Cos., and Park Tower Group will develop three apartment buildings totaling roughly 1,000 units in the Greenpoint area of Brooklyn. The project, which will include 300 affordable housing units and 20,000 square feet of retail space, will be part of Greenpoint Landing, a 22-acre waterfront development that will ultimately have 5,500 residential units. Handel Architects is designing the project, and Field Operations is handling landscape design. Bank OZK provided the partnership an $81 million senior loan for the acquisition of the land, and InterVest Capital Partners provided $33 million in mezzanine financing, as well as a structured equity solution for acquisition and pre-development costs. Christopher Peck, Nicco Lupo, Rob Hinckley, Scott Aiese and Jonathan Faxon of JLL arranged the financing. Vertical construction is expected to begin next summer.

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