Tuesday, July 21, 2026
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Loans

902-Quentin-Road-NYC
LoansNew YorkNortheastOffice

Meridian Capital Arranges $28M in Refinancing for Medical Office Property in Brooklyn

by Amy Works

NEW YORK CITY — Meridian Capital Group has arranged $28 million in permanent financing for a multi-tenant medical office property located 902 Quentin Road in Brooklyn. The five-year loan, provided by Bethpage Federal Credit Union, features a fixed rate of 4.25 percent and the ability to prepay at any time without a penalty. The eight-story, 72,300-square-foot property is currently occupied by New York University and Touro College. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the financing.

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20-Park-Street-Albany-NY
LoansMultifamilyNew YorkNortheast

Eastern Union Arranges $7.3M Construction Loan for Residential Conversion in Albany

by Amy Works

ALBANY, N.Y. — Eastern Union Funding has arranged construction financing for UP REALTY LLC for the conversion of 20 Park Street in Albany from office to residential use. Motti Blau of Eastern Union negotiated the two-year, $7.3 million loan with the Albany office of Community Preservation Corp. The four-story, 94,920-square-foot former office building is being redeveloped into 73 rental units. On-site amenities will include a rooftop deck, gym and parking. The property is connected to the Times Union Center indoor arena, the Empire State Plaza complex, additional parking and the future convention center via a covered pedestrian walkway. Construction is slated for completion by early summer.

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THEARC Town Hall Education Arts Recreation Campus Washington DC
District of ColumbiaLoansMixed-UseSoutheast

SunTrust Bank Closes $32.3M Financing for Phase III of THEARC in D.C.

by John Nelson

WASHINGTON, D.C. — SunTrust Banks Inc. has closed $32.3 million in financing to fund Phase III of the Town Hall Education Arts Recreation Campus (THEARC), a cultural, educational and social services center located in southeast Washington, D.C. THEARC is run by Building Bridges Across the River (BBAR), a nonprofit established by W.C. Smith for the purpose of building and managing the facility, including THEARC Theater and THEARC Farm. In addition to BBAR, THEARC houses nine nonprofit partners and provides dance, art and music classes, medical and dental care, afterschool activities, performances, education and social services to underserved communities in D.C.’s Wards 7 and 8. Phase III of THEARC will add approximately 92,000 square feet to the existing 110,000-square-foot development. The new addition will be home to an expanded clinic run by Children’s National Medical Center, Appletree Institute for Education Innovation Inc. (classroom, training and administrative space), the Bishop Walker School for Boys and The Phillips Collection. The new building will also include a black box theater. The project will be completed in 2017. The deal was led by SunTrust Community Capital and included $32.3 million in New Markets Tax Credit (NMTC) allocations. Three community development entities (CDEs) each contributed $10 …

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FloridaLoansMultifamilySeniors HousingSoutheast

Love Funding Provides $17.8M Construction Loan for Assisted Living Community in Florida

by John Nelson

ENGLEWOOD, FLA. — Love Funding, a Washington, D.C.-based lender, has provided a $17.8 million construction loan to build Heritage Oaks Assisted Living and Memory Care, a 118-unit seniors housing community in Englewood, located between Tampa and Fort Myers. Tammy Tate of Love Funding secured the 40-year, non-recourse financing through the HUD 232 program. Heritage Oaks will include 86 assisted living units and 32 memory care units in a two-story building. The initial 10-acre site will be part of a larger 60-acre campus. Phase II of development will add independent living to the community. Georgia-based CDH Partners is design architect for the project, which Florida-based Core Construction Services will build. When complete, Beacon Communities will operate the community. No timeline for construction was disclosed.

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Affordable HousingIowaLoansMidwestMultifamily

Dougherty Funding Closes $11.7M Loan for 248-Unit Affordable Housing Property in Iowa City

by Christina Cannon

IOWA CITY, IOWA — Dougherty Funding LLC has closed an $11.7 million acquisition loan for a 248-unit affordable apartment property in Iowa City. A majority of the units at Iowa City Pheasant Ridge Apartments were covered under a project-based Section 8 Housing Assistance Payment contract. The property was built in 1971 and recently underwent $700,000 worth of improvements such as new furnaces, roofing, kitchen cabinets, countertops and appliances. Iowa City Leased Housing Associates II LLLP was the borrower. Dougherty served as the lead lender and servicer for the loan.

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LoansMultifamilyNew YorkNortheast

Eastern Consolidated Arranges $27.5M Construction Loan for Manhattan Condo Development

by Amy Works

NEW YORK CITY — Eastern Consolidated has arranged a $27.5 million refinancing of a construction loan for a condominium development located at 204 Forsyth St. on Manhattan’s Lower East Side. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the loan, which was provided by Churchill Credit Holdings LLC, for the borrower, Charles Saulson. The borrower is developing a seven-story, 21,166-square-foot residential property at the site. Once complete, the property will feature 11 apartments — 10 two-bedroom units and one three-bedroom unit — and two parking spaces.

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CaliforniaHospitalityLoansWestern

San Carlos Associates Receives $65M to Refinance Marriott Monterey Hotel

by Nellie Day

MONTEREY, CALIF. — San Carlos Associates has received $65 million in first-mortgage debt for the 341-room Marriott Monterey Hotel. The AAA-rated, Four Diamond hotel is located at 350 Calle Principal in downtown Monterey. Marriott Monterey Hotel sits adjacent to the Monterey Conference Center in the downtown retail district. The 10-story hotel includes about 16,500 square feet of meeting space, a spa, two restaurants and subterranean parking for 142 cars. A European Money Center bank provided the 10-year, fixed-rate financing, which was underwritten at a debt yield below 10 percent. Sonnenblick-Eichner Co. arranged the financing.

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Park at Broken Sound Boca Raton
FloridaLoansMultifamilySoutheast

Ocean Bank Provides $50M Construction Loan for Upscale Apartment Community in Boca Raton

by John Nelson

BOCA RATON, FLA. — Miami-based Ocean Bank has provided a $50 million construction loan that will fund the development of a 282-unit luxury apartment community at the Park at Broken Sound in Boca Raton. The project will be located on 14.1 acres at the southeast corner of Congress Avenue and Clint Moore Road, a few miles from Florida Atlantic University, Mizner Park, Boca Town Center and the beaches. The apartment complex, which includes a 5,500-square-foot clubhouse, is expected to open in 15 to 16 months. Ralph Gonzalez-Jacobo and Eddie Diaz of Ocean Bank originated the loan on behalf of the Miami-based borrowers, Sergio Rok and James Tate of TR Danburg Boca Holdings. The loan represents 70 percent of the estimated total cost of $71.4 million, or $177,000 per unit, for the development and construction of the property.

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70-Columbus-Jersey-City-New-Jersey
LoansMultifamilyNew JerseyNortheastTop Stories

Ironstate Development Receives $170M in Financing for Apartment Tower in Jersey City

by Haisten Willis

JERSEY CITY, N.J. — Ironstate Development has received $170 million in permanent mortgage financing for the newly completed 70 Columbus, a 545-unit, Class A apartment tower in downtown Jersey City, located just across the Hudson River from downtown Manhattan. Holliday Fenoglio Fowler (HFF) arranged the financing on behalf of Ironstate and Panepinto Properties. Northwestern Mutual Real Estate provided the 10-year, fixed-rate loan, which replaced the existing construction financing. Designed by Gwathmey, Siegel, Kaufman and Associates Architects (GSKA) and HLW International, 70 Columbus includes studio, one- and two-bedroom rental residences featuring views of the New York skyline, wood floors, stainless steel appliances and quartz countertops. Common-area amenities include a lobby with fireplace lounge and social spaces designed by Noé Duchaufour Lawrance, bike room, business center, 60,000-square-foot roof deck with swimming pool, sport court, table tennis, grilling stations, dog run, and a 30,000-square-foot fitness center. The 50-story tower is located at 70 Christopher Columbus Drive at the road’s intersection with Warren Street, and within walking distance of the Hudson River. Ground-floor retail space at 70 Columbus includes a Sunac Natural Market and a Base Fitness Gym. The apartment tower is part of a series of Ironstate developments on the street. The company also built 50 …

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