Loans

Inspired by Somerset Development Buys Commvault Headquarters in Tinton Falls, New Jersey, Plans Repositioning

by Taylor Williams February 5, 2025

TINTON FALLS, N.J. — Inspired by Somerset Development has purchased the headquarters facility of cybersecurity firm Commvault in Tinton Falls, located near the Jersey Shore, with plans to implement a repositioning. The facility spans 276,900 square feet and was originally constructed in 2014. Inspired plans to emulate the repositioning practices and philosophies behind its Bell Works model in nearby Holmdel. This approach entails introducing a flexible office model, modern amenities and community-centric public spaces. Additional building amenities will include a selection of local restaurants, a Bell Market, coffee shop, retail spaces and a health club. JLL represented Commvault, which will retain a 75,000-square-foot office space at the property via a sale-leaseback, in the transaction. Greystone provided $30 million in acquisition financing for the deal. Inspired expects to complete the repositioning this fall.

February 5, 2025

Industrial Loans New Jersey Northeast Office

Cronheim Arranges $5.8M in Financing for Office, Industrial Building in New Providence, New Jersey

by Taylor Williams February 5, 2025

NEW PROVIDENCE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged $5.8 million in financing for an 89,619-square-foot office and industrial building in New Providence, about 30 miles west of Manhattan. The facility, 60,000 square feet of which comprises office space, was constructed during the 1950s and 1960s and was fully leased at the time of the loan closing. Tenants include Atlantic Health Systems, Sensory Spectrum, Wharton Music Center and Creative Wallcoverings & Interiors. An undisclosed insurance company provided the loan to an entity doing business as RC-Central Ave Associates LLC.

February 5, 2025

Acquisitions Loans Multifamily Southeast Virginia

IPA Secures $165.9M Acquisition Financing for 678-Unit Apartment Community in Alexandria, Virginia

by John Nelson February 5, 2025

ALEXANDRIA, VA. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $165.9 million in acquisition financing for Town Square at Mark Center, a 678-unit apartment and townhome community located at 1459 N. Beauregard St. in Alexandria, about nine miles south of Washington, D.C. The borrower, Boston-based DSF Group, purchased the community from an undisclosed seller. IPA’s Los Angeles office arranged the financing, which was underwritten at a 70 percent loan-to-value ratio with a 35-year amortization schedule. Built in 1996, Town Square at Mark Center was 98 percent occupied at the time of financing.

February 5, 2025

Development Loans Multifamily Southeast Top Stories Virginia

Carr Forms Joint Venture with Barings to Build $131M Multifamily Project in Alexandria, Virginia

by Kristin Harlow February 5, 2025

ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project to transform a former office building into multifamily units in Alexandria, roughly seven miles south of Washington, D.C. The partnership subsequently received an $84 million construction loan from real estate investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The development site, located adjacent to Montgomery Park in the city’s Old Town Alexandria neighborhood, formerly housed a vacant office building. The eight-story, 250,000-square-foot project will feature 237 apartment units in studio, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool and a resident lounge/amenity center, as well as a performing arts venue leased to CityDance. About one-third of the units will offer views of the Potomac River. Carr acquired the project site (formerly 901 N. Pitt St.) in spring 2024. Construction has commenced, and a groundbreaking ceremony is scheduled for next month. The project is slated for completion by late 2026. “We look forward to partnering with Carr Properties on this exciting residential investment that we believe will benefit from several tailwinds, including the region’s strong …

February 5, 2025

Loans Michigan Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $25.9M in Financing for Seniors Housing Community in Metro Grand Rapids

by Kristin Harlow February 4, 2025

WYOMING, MICH. — Walker & Dunlop has arranged $25.9 million in permanent financing for Rivertown Ridge, a 152-unit seniors housing community in Wyoming near Grand Rapids. Built in 2019, the Class A property is part of a larger 120-acre master-planned community. Rivertown Ridge features units for independent living, assisted living and memory care. Amenities include a library, bar and entertainment space, theater, fitness center, coffee bar, lounge, activity areas and underground parking. Mary Stuart Hurst and Russell Dey of Walker & Dunlop partnered with Inner Circle Holdings to arrange the 10-year, fixed-rate Fannie Mae loan, which features three years of interest-only payments. The borrower was Redstone Group Management Inc.

February 4, 2025

Georgia Loans Multifamily Southeast

PGIM Provides $82.3M Refinancing Loan for Midtown Atlanta Apartment Community

by John Nelson February 3, 2025

ATLANTA — PGIM Real Estate has provided an $82.3 million, floating-rate loan for the refinancing of Mira at Midtown Union, a 355-unit multifamily property located in Midtown Atlanta. The borrower, a joint venture between MetLife Investment Management and StreetLights Residential, will use the loan proceeds to refinance existing debt and secure tenants for the available retail space. Tom Goodsite of PGIM Real Estate led financing efforts for the transaction. Delivered in 2022, the 26-story tower offers a unit mix of studios, one-, two- and three-bedroom floorplans that range from 496 square feet to 1,743 square feet in size. Amenities include a resort-style pool, resident lounge, sunset deck with fire pits and grills, pet spa and dog wash station, coworking spaces and a multi-room fitness center.

February 3, 2025

California Hospitality Loans Western

MMCC Arranges $5M Refinancing for El Dorado Hotel in Sonoma, California

by Amy Works February 3, 2025

SONOMA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $5 million in refinancing for El Dorado Hotel, a boutique hotel in Sonoma. Bill Lanting arranged the financing with a national bank on behalf of the client, a California-based hospitality management and development group. Terms of the five-year, nonrecourse loan include a 6.9 percent interest rate with a 25 year-amortization. Located at 405 1st St. West, El Dorado Hotel offers 27 guest rooms. Built in 1880, the hotel was recently renovated in 2023. Amenities include a saltwater pool, semi-private balconies, a courtyard and a restaurant and bar.

February 3, 2025

Acquisitions Loans Multifamily New York Northeast

CBRE Arranges $98M in Acquisition Financing for Brooklyn Multifamily Portfolio

by Taylor Williams January 31, 2025

NEW YORK CITY — CBRE has arranged $98 million in acquisition financing for a portfolio of 26 multifamily buildings totaling 80 units in the Prospect Heights area of Brooklyn. The portfolio also includes 32 retail spaces totaling roughly 40,000 square feet. Shamir Seidman, Judah Hammer and Jeff Feldman of CBRE arranged the financing, which includes capital for future building improvements, through Derby Copeland Capital. The borrowers were private investors Michael and Ed Ostad.

January 31, 2025

Acquisitions Georgia Loans Multifamily Southeast

Northmarq Provides $36.5M Acquisition Financing for Multifamily Property in Grayson, Georgia

by John Nelson January 31, 2025

GRAYSON, GA. — Northmarq’s Atlanta Debt + Equity team led by Faron Thompson and Van Glosson has provided $36.5 million in financing for the acquisition of The Dylan at Grayson, a 234-unit multifamily property in Grayson, a northeast suburb of Atlanta in Gwinnett County. Built in 2020, the four-story building offers one-, two- and three-bedroom floorplans that range in size from 687 square feet to 1,454 square feet, according to Apartments.com. Community amenities include a resort-style pool and sundeck, sand volleyball court, yoga studio, pet spa, dog park, coworking spaces, resident café, 24/7 fitness center, game room, fire pits, grill stations, outdoor greenspaces and electric vehicle charging stations. Northmarq originated the Freddie Mac loan on behalf of the borrower, Atlanta-based Inwood Holdings LLC. The loan features a seven-year term with a fixed interest rate and a 35-year amortization schedule.

January 31, 2025

Development Loans Multifamily Utah Western

PCCP Provides $60M Senior Loan for 201-Unit Apartment Project in Downtown Salt Lake City

by Amy Works January 31, 2025

SALT LAKE CITY — PCCP has provided a $60 million senior loan to J. Fisher Cos. for the construction of The Edison, a seven-story multifamily community in downtown Salt Lake City. Construction will commence in February with completion scheduled for February 2027. Located at 256 S. 200 East, The Edison will offer 201 apartments across five residential stories atop two levels of parking (158 stalls) and 7,800 square feet of ground-floor retail space. The unit mix will consist of 40 junior one-bedroom units, 105 one-bedroom units and 56 two-bedroom units with an average size of 823 square feet. The units will offer 10-foot ceilings, stainless steel appliances, quartz closets and full-size washers/dryers. Community amenities will include a swimming pool, hot tub, sauna, fitness center, golf simulator, arcade, clubhouse, coworking space, outdoor fireplace and a courtyard with barbecues.

January 31, 2025

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