BROWNWOOD, TEXAS AND OKLAHOMA CITY — Largo Capital, a financial intermediary based in Upstate New York, has arranged $10 million in financing for a pair of hotels in Texas and Oklahoma. The undisclosed borrower used the proceeds to refinance a 71-room La Quinta Inn & Suites in Brownwood, about 150 miles southwest of Fort Worth, and to acquire a 72-room Hampton Inn hotel in Oklahoma City. Katie Vivian of Largo Capital placed the fixed-rate, nonrecourse debt through an undisclosed direct lender.
CHANDLER, ARIZ. — CBRE has secured $44 million in refinancing for Queen Creek Commerce Center, an industrial complex at 555 E. Queen Creek Road in Chandler. Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt and Structured Finance arranged the 10-year loan with a 5.47 percent interest rate and a 65 percent loan-to-value ratio on behalf of the borrower, Schnitzer Properties. A life insurance company provided the funding. Built in 2022 on 34.5 acres, Queen Creek Commerce Center consists of two industrial buildings featuring 32-foot clear heights, 18 grade-level doors and 122 dock-high doors. Totaling 560,352 square feet, the asset includes a 163,072-square-foot Building A and a 397,280-square-foot Building B. At the time of financing, the property was fully occupied.
SAVANNAH, GA. — Walker & Dunlop has arranged a $78.6 million bridge loan for the refinancing of Ann Street Lofts, a six-story multifamily community located at 111 Ann St. in Savannah’s Historic District. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Christopher de Raet of Walker & Dunlop’s New York office arranged the floating-rate loan through BentallGreenOak on behalf of the borrower and developer, Tidal Real Estate Partners LP. The five-year loan retires previous construction debt on the property provided by Cerberus Capital Management. Delivered last year by Tidal, Ann Street Lofts features 162 studio apartments, 51 one-bedroom units, 19 two-bedroom apartments and 10,000 square feet of retail space that is in lease-up. Amenities include coworking space, an art studio, fitness center and EV (electric vehicle) charging stations.
MCDONOUGH, GA. — CBRE has arranged $45.9 million in acquisition financing for The Preston, a 334-unit apartment community located at 100 Preston Creek Drive in McDonough, a southeast suburb of Atlanta. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing on behalf of the borrower, ARC Multifamily, which purchased the property for approximately $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of the borrower. Built in 2001, The Preston features a mix of one-, two- and three-bedroom apartments ranging in size from 767 to 1,794 square feet. Amenities include two swimming pools, a grilling area, business center and a resident lounge.
BROOKFIELD, WIS. — Pearlmark has received a $7 million mezzanine loan for the refinancing of The Ruby at Brookfield Square, a 231-unit apartment community in the Milwaukee suburb of Brookfield. The property is part of the larger mixed-use development, Brookfield Square, which is a redevelopment of a shopping mall completed in September 2023. The community consists of two four-story buildings connected by a skybridge. Amenities include a pool, golf simulator, fitness studio, lounge, game room, coworking spaces, storage units and a pet spa. Värde Partners provided the senior loan on behalf of Pearlmark Mezzanine Realty Partners V LP. Mark Witt of Pearlmark arranged the financing. Wingspan Development Group was the developer of the property.
MICKLETON, N.J. — San Francisco-based mortgage banking firm Gantry has arranged a $10.2 million acquisition loan for a 454-unit self-storage facility located at 350 Swedesboro Ave. in the Southern New Jersey community of Mickleton. The facility includes climate-controlled space, drive-up units and vehicle storage spaces. Andy Bratt, Amit Tyagi and Sean Kuang of Gantry arranged the loan on behalf of the borrower, Moove In Storage. The direct lender was not disclosed.
SEATTLE — Kōz Development, a Washington-based, women-led development firm, has closed on $48 million in financing for the development of Kōz in Lower Queen Anne, a multifamily property located at the corner of W. Republican St. and 3rd Ave. in Seattle’s Queen Anne neighborhood. The financing includes an equity investment from MSquared, a women-owned real estate development and investment platform, and a construction loan from Goldman Sachs. The project will feature 169 units available to households at a range of income levels. Sixty-nine units will be affordable to households earning up to 80 percent of the area median income (AMI). An additional 17 units will be restricted through the Mandatory Housing Affordability Program for 75 years and will be deeply affordable to households earning between 40 percent and 60 percent of AMI. The remaining units will have rents attainable at workforce levels. Snohomish County-based Kirtley-Cole Associates is serving as general contractor for Kōz in Lower Queen Anne, which will be built to Washington’s Built Green standards, which approximates a LEED Silver level of sustainability. Financing sources include a $26.1 million construction loan from the Urban Investment Group at Goldman Sachs Alternatives and a $9.7 million equity investment by MSquared. Cushman …
DEVENS, MASS. — Locally based developer King Street Properties has received an undisclosed amount of construction financing for a 210,000-square-foot advanced manufacturing project that will be located in the northwestern Boston suburb of Devens. The building at 75 Jackson Road will be the fourth such structure on the 700,000-square-foot Pathway Devens campus. Preliminary sitework is underway, and completion is slated for the third quarter of 2025. First Citizens Bank and Berkshire Bank provided the financing. The project team includes general contractor BW Kennedy, Vivo Architecture and Highpoint Engineering.
PALM BEACH GARDENS, FLA. — Aztec Group has arranged $55.6 million in bridge financing for Arcadia Gardens, an active adult community located in Palm Beach Gardens. MetLife provided the loan to the borrowers, affiliates of the United Group of Cos. and Sina Cos. United Group also manages the property, which was developed in 2021. Situated on 10.6 acres, the age-restricted apartment community comprises 220 units reserved for residents age 55 and older. Amenities at Arcadia Gardens include a fitness center, salon, movie theater, swimming pool, spa, community garden, walking trail, onsite dining facilities and pickleball, bocce and croquet courts.
GOOSE CREEK, S.C. — CBRE has secured a $30.9 million loan for the construction of The Marketplace at Carnes Crossroads, a Publix-anchored shopping center underway in Goose Creek, roughly 15 miles outside Charleston. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the financing on behalf of the borrower, Columbia Properties, through a regional bank. Worthen Development is a partner in the project. Upon completion, the center will comprise 82,622 square feet across three buildings and nine land parcels situated on 24.5 acres. Site work for the development has begun, with vertical construction scheduled to begin soon.