MINNEAPOLIS — Minneapolis-based Värde Partners has provided a $185 million loan for the refinancing of a multi-state self-storage portfolio. The borrower was a joint venture between Metro Storage and Fremont Realty Capital. The portfolio comprises 20 Class A properties in markets across Illinois, New Jersey, Pennsylvania, Minnesota, New York and Wisconsin. With 14,214 units in total, the assets include more than 1.5 million net rentable square feet. Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau and Lauren Maehler of Talonvest Capital arranged the floating-rate bridge loan with a three-year initial term and two one-year extension options.
PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for the development of Ray Phoenix, a 26-story residential building in downtown Phoenix. Michael Gigliotti, Brad Miner and Frank Choumas of JLL Capital Markets Debt Advisory secured the financing for the borrower, VeLa Development Partners and Ray, through an affiliate of RXR Realty Investments LLC. Located at 777 N. Central Ave., Ray Phoenix will offer 401 studio, one- and two-bedroom apartments, including duplex and penthouse units with floor-to-ceiling windows, custom cabinetry and luxury flooring and bathroom tiles. The property will feature 20,000 square feet of amenity space, including a large fitness center, yoga studio, resort-style pool, communal kitchen, fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens, and workspaces. Situated within an Opportunity Zone, Ray Phoenix will be located on the Phoenix light-rail line and less than a mile north of the Footprint Center and Chase Field.
ARMONK, N.Y. — Basis Industrial has received $39.6 million in financing for 100 Business Park Drive, a mixed-use property in Armonk, located north of New York City in Westchester County. Proceeds will be used to refinance existing debt on a 60,000-square-foot warehouse building on the site and to fund construction of a 117,000-square-foot mixed-use building. The new building will house an 82,400-square-foot Extra Space Storage facility, a 26,550-square-foot Sportime pickleball complex and an additional 8,000 square foot of industrial space for Jan-Tile, the primary tenant at the existing warehouse. Basis originally purchased the site in spring 2023. Construction of the new building is slated to begin in July and to be complete in the third quarter of 2025. Ackman-Ziff Real Estate Group arranged the debt through Beach Point Capital Management.
NEW YORK CITY — S3 Capital Partners, a locally based private lender, has provided a $32 million construction loan for the ground-up development of a mixed-use project that will be located in Brooklyn’s Flatbush neighborhood. The project at 2700 Church Ave. will consist of 69 residential rental units, 9,796 square feet of retail space and 13,446 square feet of community facility space. Pinchas Vogel and Leah Paskus of Landstone Capital Group arranged the debt through S3 Capital Partners on behalf of the sponsor, Triple C Builders.
BRENTWOOD, CALIF. — Gortikov Capital has arranged $49.5 million in refinancing for Lux Villas, a Class A multifamily building in the East Bay city of Brentwood. Bryan Gortikov of Gortikov Capital led the capital markets team representing the undisclosed borrower. Developed in 2005 and fully renovated in 2023, Luxe Villas features 60 apartments, a fitness center, clubhouse, sunlit central courtyard and a rooftop lounge with expansive city views. Units offer expansive glass windows, high ceilings, top-of-the-line appliances and in-unit washers/dryers.
WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …
GAINESVILLE, FLA. — Meridian Capital Group has arranged a $67.5 million loan for the construction of Natura by Murbeck, a multifamily community that will be situated at 6224 S.W. 20th Street in Gainesville. Murbeck Investments is the borrower and developer. Greystone provided the two-year, non-recourse loan, which will transition to a permanent loan. Upon completion, the property will feature 315 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, pickleball courts, gym and garages. Monthly rental rates at the property will range from $1,780 to $2,800. A construction timeline was not disclosed.
SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust, an affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake, a 260-unit multifamily property located north of Albany in Saratoga Springs. The property consists of 26 residential buildings and a clubhouse. Units come in one- and two-bedroom floor plans, and amenities include indoor and outdoor pools, a fitness center, private lounge, community kitchen, business center, walking trails, a clubroom, grilling stations and a golf simulator. David Scheer and Joshua Klein of Dwight originated the financing on behalf of the borrower, Blue Iron Development.
FREMONT, CALIF. — Gantry has placed a $12.2 million permanent loan for a private real estate investor to refinance an industrial building at 45541-45581 Northport Loop West in Fremont, located in the Bay Area. The 71,500-square-foot facility features 10 bay doors with 18-foot clear heights. At the time of financing, two long-term tenants fully occupied the property. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry arranged the long-term, fixed-rate loan, which one of Gantry’s exclusive correspondent life company lenders provided.
TACOMA, WASH. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.