SPARTANBURG, S.C. — Colliers Mortgage has secured an $8.9 million loan for the refinancing of Northside Townhomes in Spartanburg. The 47-unit property features three-bedroom townhome residences. Amenities at the community include attached garages for select units, off-street parking and access to the Hub City Farmers Market. Bill Mattice and Phillip Cox of Colliers Mortgage orginated the 35-year financing on behalf of the borrower, an entity doing business as Spartanburg RE Investments LLC.
WHEELING, ILL. — Associated Bank has provided a $2.7 million loan for the acquisition of a 58,174-square-foot warehouse in the Chicago suburb of Wheeling. Located on Messner Drive adjacent to the Chicago Executive Airport, the fully leased property is home to Ashland Millwork and Cadence Inc. Daniel Barrins of Associated Bank originated the loan on behalf of the borrower, The Missner Group/Greystar-Thackeray.
NEW YORK CITY — Walker & Dunlop has arranged a $155 million loan for the refinancing of The Lexington Hotel in Midtown Manhattan, which is part of the Marriott Autograph Collection family of brands. Hudson Bay Capital provided the loan. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop originated the loan on behalf of the borrower, a joint venture between MCR Hotels, Island Capital Group and Three Wall Capital. The joint venture first acquired the property in 2021. The 28-story building was originally constructed in 1929 and houses 725 rooms, including six specialty suites. One of those suites is known as the Norma Jeane Suite and once served as the residence of Marilyn Monroe and her then-husband, New York Yankees legend Joe DiMaggio. (Marilyn Monroe was born Norma Jeane Mortenson.) The hotel’s amenities include 3,000 square feet of meeting and event space and an onsite restaurant and bar. The property also houses retail space that is leased to Crunch Fitness and Starbucks. “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and …
SOUTH PLAINFIELD, N.J. — JLL has arranged a $28.5 million construction loan for a 167,281-square-foot industrial project that will be located in South Plainfield, about 40 miles southwest of Manhattan. The 14.8-acre site at 1 Cragwood Road currently houses an office building that is set to be demolished. The new industrial facility will feature a clear height of 36 feet, 26 dock doors and two drive-in doors. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the loan through CIBC on behalf of the borrower and developer, Bridge Industrial.
RANCHO PALOS VERDES, SANTA MONICA, FRESNO AND TORRANCE, CALIF. — BWE has arranged four loans, totaling $40.1 million, for four retail and mixed-use properties in California. The loans include:
WORCESTER, MASS. — MassHousing has provided $9.6 million in financing for The Aurora, an 85-unit affordable housing complex in the central Massachusetts city of Worcester. The six-story building opened in 1898 as a hotel and was converted to residential use in the 1980s. Units are reserved for households earning up to 30, 50 and 60 percent of the area median income. The borrower, The Community Builders, will use the proceeds to fund renovations and preserve the property’s affordability status for the next 20 years.
OKEMOS, MICH. — Bernard Financial Group (BFG) has arranged a $6.7 million loan for the refinancing of a 254-unit multifamily property in Okemos near Lansing. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Minnesota Life Insurance Co. The borrower was an entity doing business as Cedar Creek MS LLC.
HOUSTON — Miami-based lender BridgeInvest has provided a $55.5 million acquisition loan for Park on Voss, an 810-unit multifamily property in West Houston that was built in 1971, according to Apartments.com. The property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, coffee bar, dog park, business center, tennis courts, outdoor grilling and dining stations and a game room. The borrower, Tara Capital, will use a portion of the proceeds to fund capital improvements. Renovations will include new unit appliances and HVAC systems, as well as exterior enhancements such as lighting, landscaping and essential repairs to elevators, sidewalks and roofing. CBRE arranged the debt.
SEEKONK, MASS. — MassDevelopment has provided $11 million in tax-exempt bond financing to The Wheeler School in Seekonk, located outside Providence in southern Massachusetts. The college preparatory day school will use the proceeds to build a new pool, preschool facility and make other improvements to the campus. Construction is expected to begin in the coming weeks and to be complete by 2025. Berkshire Bank purchased the bond.
ANCHORAGE, ALASKA — PACE Loan Group (PLG) has completed the third tranche of C-PACER financing for The Aviator Hotel in downtown Anchorage. With this round of $10 million financing, the hotel has received $16.7 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) loans to support the renovations and upgrades to the 1970s-era hotel, which is being redeveloped into a modern, Class A hotel. Once the renovation is complete in late 2024, The Aviator Hotel will have 250 rooms and suites, a retail store, coffee shop, brewery, bar and a restaurant with year-round outdoor deck with views of Denali, the highest mountain peak in North America. Renovation of the property began in 2022. To date, 61 room updates have been completed. Renovations include energy conservation measures, including HVAC upgrades, building envelope, water fixtures, lighting, insulation, snow-load management and energy-efficient heating. The conservation measures are expected to save an average of $259,773 in energy costs annually over the next 30 years, and the resilience improvements will increase the building’s resistance to extreme weather events. Matthew McCormack of PLG originated the C-PACER loans, which required collaboration with other municipal and private funding sources.
