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1000-E-La-Palma-Ave-Anaheim-CA
CaliforniaLoansMultifamilyWestern

Gantry Arranges $4.3M Refinancing for Parkside La Palma Apartments in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — Gantry has secured a $4.3 million permanent loan to refinance Parkside La Palma Apartments, a garden-style multifamily community in Anaheim. Located at 1000 E. La Palma Ave., Parkside La Palma features 79 studio, one- and two-bedroom floor plans. Originally built in 1973, the community offers modern unit interiors, a community pool, onsite laundry, children’s playground and landscaping. George Mitsanas, Stefan Malmlund and Keegan Bridges of Gantry’s Los Angeles and Irvine offices represented the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features a 20-year amortization and prepayment options. Gantry will service the loan.

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The-Ivy-Chatham-New-Jersey
LoansMultifamilyNew JerseyNortheast

Northwestern Mutual Provides $103M Loan for Refinancing of Northern New Jersey Apartment Building

by Taylor Williams

CHATHAM, N.J. — Northwestern Mutual has provided a $103 million loan for the refinancing of The Ivy, a 245-unit apartment building located in the Northern New Jersey community of Chatham. The newly constructed building offers one-, two- and three-bedroom units with an average size of 1,158 square feet. Amenities include a pool, outdoor lounge, multipurpose lawn, media screening room, private BBQ and dining areas, a fitness center, multiple social lounges, coworking lounges with private offices, sports simulators, a kids’ playroom and a dog run. Michael Klein, Thomas Didio Jr. and Ryan Carroll of JLL arranged the 10-year, fixed-rate loan on behalf of the borrower, locally based developer BNE Real Estate Group.

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AcquisitionsIndustrialLoansNew JerseyNortheast

Cushman & Wakefield Arranges $22.5M Acquisition Loan for Northern New Jersey Industrial Portfolio

by Taylor Williams

PATERSON, N.J. — Cushman & Wakefield has arranged a $22.5 million acquisition loan for a portfolio of two industrial properties totaling 192,000 square feet in the Northern New Jersey community of Paterson. The portfolio, which consists of a 102,000-square-foot building and a 90,000-square-foot building, features 26 dock-high doors, four drive-in doors, clear heights of 22 feet and 64 car parking spaces. GID Credit provided the loan to Eagle Cliff Real Estate Partners. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield originated the debt. The firm also represented the seller, Boston-based investment firm Marcus Partners, in the disposition of the portfolio, which was fully leased at the time of sale.

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IndustrialLoansNorth CarolinaSoutheast

KBS Obtains $38.4M Loan for Refinancing of Crossroads Distribution Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — KBS has obtained a $38.4 million loan for the refinancing of Crossroads Distribution Center, a four-building industrial property in Charlotte spanning nearly 500,000 square feet. The park was developed between 1998 and 2007 along Granite Street. The property features 24- to 30-foot clear heights, 50-foot concrete aprons and truck courts that range from 110 to 140 feet, as well as a fitness center, tenant lounge, onsite car wash/detail and proximity to public transportation. Joe Donato led the Newmark team that arranged the financing on behalf of KBS. The direct lender was not disclosed.

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1784-Holdings-Hawthorne-CA
CaliforniaIndustrialLoansSelf-StorageWestern

Talonvest Capital Arranges $36.8M Bridge Loan for a Self-Storage Facility in Hawthorne, California

by Amy Works

HAWTHORNE, CALIF. — Talonvest Capital has closed a $36.8 million bridge loan for a self-storage facility in Hawthorne, in the South Bay region of metro Los Angeles. The borrower is 1784 Holdings. The nonrecourse bridge loan includes a three-year term with two extension options and full-term interest-only payments. The financing was funded by a unique lending program. Jim Davies, Britt Taylor Mason Brusseau, Tom Sherlock and Lauren Maehler of Talonvest represented the borrower.

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Southwire-AllianceTexas-Fort-Worth
IndustrialLoansTexas

JLL Arranges Refinancing of 1.2 MSF Industrial Building at AllianceTexas in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of a 1.2 million-square-foot industrial building at AllianceTexas in North Fort Worth. Alliance Westport 25 was originally launched as a 1 million-square-foot speculative building in August 2022 and was subsequently expanded to meet the needs of the tenant, Georgia-based wire and cable manufacturer Southwire. The developer, Hillwood, completed the property, which features 40-foot clear heights, 188 dock doors and four drive-in doors, in April. Trey Morsbach, D.J. Meagher, Ryan Pollack and Chad Lisbeth of JLL arranged the debt on behalf of Hillwood. The direct lender was an undisclosed life insurance company.

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FloridaHospitalityLoansSoutheast

Colliers Arranges Refinancing for 352-Room EAST Miami Hotel

by John Nelson

MIAMI — Colliers’ Hospitality Practice Group has arranged the refinancing for EAST Miami Hotel, a 352-room hotel located in Miami’s Brickell district. The property is part of Swire Properties’ $1 billion Brickell City Centre development, which features more than 500,000 square feet of shops and restaurants. EAST Miami Hotel opened in 2016 and features meeting rooms, a fitness center, multiple pools and several dining options. Mark Owens of Colliers arranged the refinancing on behalf of the borrowers, Trinity Investments and Certares Management. The financing amount and capital source were not disclosed, but multiple media outlets report that Deutsche Bank and KSL Partners provided the debt totaling $185 million.

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AcquisitionsAffordable HousingLoansMississippiMultifamilySoutheast

Red Oak Capital Provides $7.7M Loan for Ocean Shores Apartments in D’Iberville, Mississippi

by John Nelson

D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing community located at 10472 Gorenflo Road in D’Iberville, about three miles north of Biloxi. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the garden-style property and complete renovations begun by the seller, including new flooring and paint, as well as HVAC maintenance, reglazing existing kitchen countertops and replacing appliances in most of the units. The property, which was 94 percent occupied at the time of financing, operates under a land use restrictive agreement (LURA) through 2047 that requires the units to be rented to households earning less than the area median income (AMI). After the renovations, the borrower plans to boost rental rates by using vouchers that allow for rents greater than those imposed by the LURA. Situated on 11 acres, Ocean Shores features one-, …

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LoansMultifamilyNew JerseyNortheast

BridgeInvest Provides $34.5M Acquisition Loan for Northern New Jersey Apartments

by Taylor Williams

PASSAIC, N.J. — BridgeInvest has provided a $34.5 million acquisition loan for The Pennington, a 147-unit apartment complex located in the Northern New Jersey community of Passaic. The Pennington is an adaptive reuse of the former St. Mary’s Hospital complex, a site that spans about 3.5 acres. Units come in one-, two- and three-bedroom floor plans. Amenities at the pet-friendly property include a fitness center, children’s play area and a community room. The borrower was locally based investment and development firm The Birch Group.

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Affordable HousingDevelopmentFloridaLoansMultifamilySoutheast

BWE Secures $24M Financing for Affordable Housing Development in Orlando

by John Nelson

ORLANDO, FLA. — BWE has secured $24 million for the construction and permanent financing of Barnett Villas, an affordable housing development in Orlando. Peter Borstelmann and Jim Gillespie of BWE arranged the financing in the form of the purchase of tax-exempt bonds issued by the Florida Housing Finance Corp. (FHFC). The bonds feature a fixed interest rate, as well as three years of interest-only payments. Upon completion, Barnett Villas — which will be located at 1050 Barnett Villas Drive — will comprise 156 units in one-, two- and three-bedroom layouts. Of the units, 78 will be reserved for residents earning up to 60 percent of the area median income (AMI), 39 will be designated for residents earning up to 50 percent of AMI and 39 will be reserved for residents earning up to 70 percent of the AMI. Amenities at the property will include a fitness center, lounge and surface parking. The total project cost is $44.9 million, including $18.2 million in Low-Income Housing Tax Credit (LIHTC) equity syndicated by Enterprise Housing Credit Investments. A construction timeline was not disclosed.

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