Loans

Greysteel Brokers Sale of 173-Unit Sherwood Forest Apartments in Norfolk, Virginia

by John Nelson April 18, 2025

NORFOLK, VA. — Greysteel has brokered the sale of Sherwood Forest, a 173-unit apartment community located at 2803 Early St. in Norfolk. Otto Snell of Greysteel represented the seller in the transaction. The buyer, seller and sales price were not disclosed. Jack Whitman of Greysteel arranged a $16 million acquisition loan through an undisclosed credit union that was underwritten with a fixed interest rate, 80 percent loan-to-value ratio, two years of interest-only payments and no prepayment penalty. The loan includes funds for property improvements at Sherwood Forest, which was originally delivered in 1965.

April 18, 2025

Acquisitions Illinois Loans Midwest Multifamily

Greystone Provides $120M Acquisition Loan for Chicago Apartment Tower

by Kristin Harlow April 18, 2025

CHICAGO — Greystone has provided a $120 million Fannie Mae loan for the acquisition of Fulbrix Apartments in Chicago’s Fulton Market. The 27-story apartment tower features 375 units at 160 N. Elizabeth St. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Normandy Real Estate. The loan features a 10-year term with seven years of interest-only payments. The $170 million purchase marked Chicago’s largest multifamily sales transaction since 2023, according to Greystone.

April 18, 2025

Loans Multifamily Northeast Northmarq Pennsylvania

Northmarq Provides $20.1M Agency Loan for Refinancing of Apartment Complex in Lancaster, Pennsylvania

by Taylor Williams April 18, 2025

LANCASTER, PA. — Northmarq has provided a $20.1 million Fannie Mae loan for the refinancing of Pioneer Woods, a 160-unit apartment complex in Lancaster, about 80 miles west of Philadelphia. Built on 30 acres in 1974, Pioneer Woods offers one-, two- and three-bedroom apartments, as well as two-bedroom townhomes. Amenities include two playgrounds, a grilling and picnic area, pet stations and common green spaces. John Banas and Kris Wood of Northmarq originated the 10-year loan on behalf of the borrower, locally based investment firm Boyd Wilson.

April 18, 2025

Hospitality Loans Massachusetts Northeast

EagleBridge Capital Arranges $10.8M Loan for Refinancing of Central Massachusetts Hotel

by Taylor Williams April 18, 2025

AUBURN, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $10.8 million loan for the refinancing of an 82-room Hampton Inn hotel in Auburn, located just outside of Worcester in Central Massachusetts. Rooms contain king or double queen beds, microwaves, refrigerators and coffeemakers, and amenities include an indoor pool, fitness room, meeting room, business center and complimentary breakfast. Ted Sidel of EagleBridge Capital arranged the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

April 18, 2025

Loans Mixed-Use Texas

EMBREY Refinances 340,814 SF Mixed-Use Property in San Antonio

by Taylor Williams April 17, 2025

SAN ANTONIO — Locally based investment and development firm EMBREY has refinanced 7600 Broadway, a 340,814-square-foot mixed-use property in San Antonio’s Alamo Heights neighborhood. Completed in 2023, 7600 Broadway consists of 287,605 square feet of residential space across 216 units and 53,209 square feet of office space. The residential component, which features one-, two- and three-bedroom units, as well as a pool, fitness center and demonstration kitchen, was 96 percent occupied at the time of the loan closing. The office space is fully leased to EMBREY and Morgan Stanley. Robert Wooten, Jackson Finch and Meredith Sheeder of JLL arranged the refinancing, the amount of which was not disclosed, through Blackstone Mortgage Trust (NYSE: BXMT) on behalf of EMBREY.

April 17, 2025

Loans Mixed-Use Northeast Vermont

Eastern Union Arranges $9.4M in Financing for Mixed-Use Redevelopment in Springfield, Vermont

by Taylor Williams April 17, 2025

SPRINGFIELD, VT. — Eastern Union has arranged $9.4 million in construction-to-permanent financing for a mixed-use redevelopment project in Springfield, located in Windsor County near the Vermont-New Hampshire border. The site at 100 River St. is the original home of the historic Fellows Gear Shaper Co. mill complex and currently houses a 187,030-square-foot commercial building that is home to six tenants. The borrower, San Diego-based Integrity Community Partners LLC, will use the financing to redevelop the property to feature a 43,000-square-foot self-storage facility and 55,000 square feet of retail space. Marc Tropp, David Merkin, Ben Alpert and Ary Katzenstein of Eastern Union originated the loan through Bank of New Hampshire.

April 17, 2025

Development Illinois Industrial Loans Midwest Office Self-Storage

Byline Bank Provides $9.2M Loan for Office Conversion Project in Lombard, Illinois

by Kristin Harlow April 17, 2025

LOMBARD, ILL. — Byline Bank’s Commercial Real Estate Group has provided a $9.2 million loan for the conversion of a 103,109-square-foot office building into self-storage space in the Chicago suburb of Lombard. LSC Development is the developer and borrower. The building, located at the intersection of I-355 and North Avenue, will be transformed into 67,853 square feet of climate-controlled self-storage space with 64 secured surface parking spaces for both RVs and regular vehicles across 14,800 square feet. Two loading docks with overhead doors will also be installed. The project is slated for completion in the first half of 2026. Law firm Blank Rome represented Byline Bank, while Duggan Bertsch LLC represented LSC Development.

April 17, 2025

Florida Georgia Industrial Loans North Carolina Southeast

McCraney Property Obtains $55M Refinancing for Southeast Industrial Portfolio

by John Nelson April 17, 2025

ORLANDO, FLA. — McCraney Property Co. has obtained three loans totaling $55 million for the refinancing of a Class A industrial portfolio in the Southeast. Melissa Rose, Michael DiCosimo and Nicole Barba of JLL arranged the three non-recourse loans on behalf of the Orlando-based industrial developer. The direct lenders were not disclosed. Built between 2023 and 2024, the portfolio includes 41 Logistics in Adairsville, Ga. (390,498 square feet); Royal Palm Logistics in Royal Palm Beach, Fla. (128,684 square feet); and Davidson 85 in Concord, N.C. (146,628 square feet). The portfolio was 94.7 percent leased at the time of financing to a diverse tenant roster. The refinancing comprised a $25.8 million loan for 41 Logistics, a $16 million loan for Royal Palm Logistics and a $13.2 million loan for Davidson 85.

April 17, 2025

Loans Mixed-Use Northeast Walker & Dunlop

Walker & Dunlop Arranges $237M Refinancing of Mixed-Use Property in Sleepy Hollow, New York

by Taylor Williams April 16, 2025

SLEEPY HOLLOW, N.Y. — Walker & Dunlop has arranged the $237 million refinancing of Edge-on-Hudson, a 70-acre mixed-use property located north of New York City in Sleepy Hollow. The financing also covers The Daymark, a five-story condo building within the riverfront property. At full build-out, Edge-on-Hudson will feature 1,177 residential units, including townhomes, condos and apartments, as well as 135,000 square feet of retail space, 35,000 square feet of office space, a 140-room boutique hotel and more than 16 acres of parkland. The Daymark, located on a southwestern parcel of the site, offers 100 condos in one-, two- and three-bedroom floor plans. About 70 units are under contract, and the first move-ins are scheduled for September. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop arranged the financing through Hudson Bay Capital. The borrower is a partnership between King Street Capital Management and Biddle Real Estate Ventures. The latter entity is the co-master developer of Edge-on-Hudson along with New Jersey-based PCD Development.

April 16, 2025

Acquisitions Florida Industrial Loans Southeast

DRA Advisors Provides $107.5M for Florida Industrial Portfolio Recapitalization With Redfearn Capital

by John Nelson April 16, 2025

DELRAY BEACH, FLA. — DRA Advisors has provided $107.5 million for the recapitalization of an industrial portfolio in Florida owned by Redfearn Capital, a private equity firm based in Delray Beach. The portfolio includes 10 properties totaling more than 900,000 square feet in Jacksonville, South Florida, Clearwater and Orlando. Redfearn Capital originally established the portfolio in 2020 with investment partner TPG Angelo Gordon. Redfearn Capital and TPG Angelo Gordon will remain partners in two other joint venture funds. Mike Davis and Dominic Montazemi of Cushman & Wakefield represented Redfearn Capital in the transaction.

April 16, 2025

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