Loans

Newmark Arranges $435M Refinancing of Starbucks Office Headquarters Campus in Seattle

by Taylor Williams July 31, 2025

SEATTLE — Newmark has arranged a $435 million loan for the refinancing of Starbucks Center, the coffee giant’s nearly 1.5 million-square-foot headquarters campus located at 2401 Utah Ave. S in Seattle. Deutsche Bank provided the loan to the owner, a partnership between two local real estate companies, Nitze-Stagen & Co. Inc. and Daniels Real Estate. According to the property’s Wikipedia page, the main building was originally constructed in 1915 as a retail store for Sears, Roebuck & Co. Starbucks (NASDAQ: SBUX) first took occupancy of the property in 1993. At that time, the property was known as SoDo Center after its namesake neighborhood, which is one of Seattle’s main industrial districts, per Wikipedia. Since then, the campus has undergone more than 60 expansions over the past three decades to accommodate the company’s growth, according to Newmark, which also notes that Starbucks has invested more than $300 million of its own capital in the Seattle campus to date. In addition, Starbucks recently signed a lease extension through 2038. Jonathan Firestone, Jordan Roeschlaub, Blake Thompson and Kevin Shannon led the transaction for Newmark. “The closing of this refinancing positions Starbucks Center for continued excellence as one of the city’s premier office assets,” …

July 31, 2025

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Report: Q2 Net Absorption Declines Across All Property Sectors Except Multifamily

by Sarah Daniels July 31, 2025

Lee & Associates’ 2025 Q2 North America Market Report looks back at shrinking (or negative) net absorption for industrial, office and retail sectors in the last quarter. Meanwhile, multifamily tenant demand beat previous expectations in the same three months, as a feared recession failed to materialize. The mix of factors for absorption varied by property type: industrial and office markets saw increases in vacancy, while competition for retail space remained high, even in the face of high-profile closures. Lee & Associates’ full market report is available to read here (plus detailed vacancy rates, cap rates by city, market rents, square footage information, information on Canadian markets and more). The recaps for industrial, office, retail and multifamily sectors below detail trends and outlooks for each property sector in the remainder of 2025. Industrial Overview: Vacancies Rise, Rent Growth Slows Concern over the impact of tariffs has added to slowing tenant growth in logistics and manufacturing across North America. But the continued easing demand has resulted in more choices and benefits for users that have been subjected to a prolonged stretch of steep rent growth. Vacancies in the United States have risen to 7.4 percent, a decade-long high, while deliveries continued to outpace tenant expansion. Net absorption fell …

July 31, 2025

Loans Multifamily Northmarq Texas

Northmarq Provides $129.7M Agency Loan for Refinancing of Dallas Apartment Tower

by Taylor Williams July 30, 2025

DALLAS — Northmarq has provided a $129.7 million Fannie Mae loan for the refinancing of The Victor, a 39-story apartment tower in the Victory Park area of Dallas. Completed in 2022, The Victor features studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and floor-to-ceiling windows, as well as built-in desks in select residences. Amenities include a pool, fitness center, game lounge, skyline terrace and a dog park. The Victor also houses 9,500 square feet of retail space. Kevin McCarthy, Jeff Frankel and Alex Czachor of Northmarq originated the financing, which was structured with a fixed interest rate and a 35-year amortization schedule, on behalf of the borrower, a joint venture between Houston-based Hines and Chicago-based Diversified Real Estate Capital.

July 30, 2025

Industrial Loans Northeast Pennsylvania

Arden Group, Arcapita Receive $700M Loan for Refinancing of National Industrial Portfolio

by Taylor Williams July 30, 2025

PHILADELPHIA — A joint venture between the logistics arm of Philadelphia-based investment firm Arden Group and global investment management firm Arcapita Holdings Group has received a $700 million loan for the refinancing of a national portfolio of 167 industrial properties. The portfolio totals approximately 7.2 million square feet and is primarily comprised of small- and mid-bay multi-tenant facilities. The names and addresses of the properties were not disclosed, but market-specific locations include Dallas, Atlanta, Indianapolis and Boston. Tom Rugg, Tom Traynor, Mark Finan, Arman Samouk and Kayla Kaloostian of CBRE arranged the five-year, floating rate loan. Deutsche Bank and Barclays provided the debt.

July 30, 2025

Hospitality Loans Midwest Wisconsin

Greysteel Arranges $14.9M Refinancing for Hilton Garden Inn Hotel in Green Bay, Wisconsin

by Kristin Harlow July 30, 2025

GREEN BAY, WIS. — Greysteel has arranged a $14.9 million loan for the refinancing of the Hilton Garden Inn Green Bay, a recently renovated hotel in the heart of the Lambeau Field Stadium District. Developed in 2000 by Beechwood Hotel Group, the select-service property features 125 rooms. Beechwood has owned and operated the asset for more than 20 years. Fox Communities Credit Union provided the floating-rate loan. The refinancing was completed ahead of the property’s CMBS loan maturity.

July 30, 2025

Acquisitions Loans Office Texas

Bradford Acquires 254,000 SF Office Building in Uptown Dallas

by Taylor Williams July 29, 2025

DALLAS — An affiliate of Bradford Cos. has acquired Uptown Tower, a 254,000-square-foot office building in Dallas. According to LoopNet Inc. the 12-story building at 4144 N. Central Expressway was originally constructed in 1982 and last renovated in 1994. The new ownership plans to implement a value-add program that will feature a redesigned lobby and a new fitness center and coworking lounge. The building was roughly 54 percent leased at the time of sale. Creighton Stark of Weitzman represented the seller, a private REIT, in the transaction. Richmond Collinsworth and Kevin Santaularia represented Bradford internally. HALL Structured Finance provided a $30.8 million acquisition loan for the deal that was arranged by Adam Hyman of Metropolis AMA Advisors.

July 29, 2025

Loans Multifamily New York Northeast

Affinius Capital Funds $340M Loan for Refinancing of Brooklyn Apartment Community

by Taylor Williams July 29, 2025

NEW YORK CITY — Affinius Capital has funded a $340 million loan for the refinancing of 313 Bond, a 603-unit apartment community that is under construction in the Gowanus area of Brooklyn. The borrower, locally based developer Sky Equity Group, will use the proceeds to retire existing debt, complete construction of the two-building development and lease the property to stabilization. Upon completion, 313 Bond will feature 149 studios, 313 one-bedroom units and 141 two-bedroom apartments, as well as 51,600 square feet of retail space. Amenities will include fitness centers, three rooftop terraces, a library, game lounge, coworking spaces and package lockers. Henry Bodek of Galaxy Capital arranged the loan.

July 29, 2025

Healthcare Loans Northeast Pennsylvania

Nuveen Green Capital Provides $11M in C-PACE Financing for Philadelphia Healthcare Facility

by Taylor Williams July 29, 2025

PHILADELPHIA — Nuveen Green Capital has provided $11 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a 138,157-square-foot healthcare facility in Philadelphia. The building at 3905 Ford Road is located in the Wynnefield Heights neighborhood on the city’s northwest side and is operated under the Malvern Treatment Centers brand. The borrower, BG Capital, plans to use the proceeds to fund capital improvements to the building envelope and heating, ventilation and air conditioning (HVAC) systems. Nuveen Green Capital originated the financing through the C-PACE administrator, the Philadelphia Energy Authority.

July 29, 2025

California Hospitality Loans Western

Mesa West Capital Provides $55M Refinancing for Burton House Beverly Hills Hotel in Los Angeles

by Amy Works July 29, 2025

LOS ANGELES — Mesa West Capital has provided an affiliate of Seaview Investors with $55 million in first mortgage debt to refinance Burton House Beverly Hills, a 186-room full-service hotel in West Los Angeles. Eastdil Secured arranged the five-year, nonrecourse financing. Seaview, which has been an investment partner in the hotel since 2003, recently completed a $13.7 million renovation as part of a repositioning under Marriott’s Tribute Portfolio Hotels & Resorts brand. Improvements included the redesign of guest rooms, the development of the Emerald Lounge, a new dining and social concept, updated entrances, a revamped lobby, new fitness center and a 1,100-square-foot yoga and Pilates studio. The refinancing provides the sponsor time to continue driving operating performance under the new brand and to compete with other luxury hotels in the Beverly Hills market, according to Mesa West.

July 29, 2025

Illinois Loans Midwest Multifamily

Canyon Partners Provides $106.3M Refinancing for 21-Story Apartment Tower in Chicago

by Kristin Harlow July 29, 2025

CHICAGO — Canyon Partners Real Estate LLC has provided a $106.3 million senior loan to refinance The Saint Grand, a newly built apartment tower in downtown Chicago’s Streeterville submarket. JLL arranged the loan on behalf of the borrower, a joint venture controlled by Mavrek Development. The 21-story property features 248 market-rate apartment units, a 103-stall parking garage and 46,946 square feet of retail space that is leased to Club Studio Fitness, Wintrust Bank and Tropical Smoothie Café. Amenities include coworking areas, electric vehicle charging stations, bike storage, a concierge, outdoor pet area and rooftop terrace with a fitness center, pool, fire pit and grilling stations.

July 29, 2025

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