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GeorgiaLoansMixed-UseOfficeRestaurantRetailSoutheast

Patterson Arranges Refinancing for Adaptive Reuse of Old Highland Bakery in Atlanta

by John Nelson

ATLANTA — Patterson Real Estate Advisory Group has arranged the refinancing for Old Highland Bakery, a two-building adaptive reuse project in Atlanta’s Old Fourth Ward district. Ameris Bank provided an undisclosed amount of financing to the borrowers, Vantage Realty Partners and Braden Fellman Group. Originally constructed in 1930, the all-brick structure was recently renovated to prepare the space for incoming tenants. The 51,000-square-foot property includes redeveloped office and retail space that houses 14 tenants, including Communidad Taqueria and BodyRok. Vantage and Braden Fellman preserved historical features at Old Highland Bakery, including the property’s original wood, metal beams and skylight windows.

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CaliforniaLoansRestaurantRetailWestern

JLL Arranges $21.5M in Refinancing for Juanita Tate Marketplace in Los Angeles

by Amy Works

LOS ANGELES — JLL Capital Markets has arranged $21.5 million in refinancing for Juanita Tate Marketplace, a grocery-anchored retail center in Los Angeles. Optimus Properties received the five-year loan through institutional investors advised by J.P. Morgan Asset Management. Alex Olson and Daniel Skerrett of JLL Capital Market’s Debt Advisory represented the borrower in financing. Located at the corner of East Slaunson and East Central avenues, Juanita Tate Marketplace offers 77,096 square feet of retail space, 55 percent of which is occupied by Northgate Market. CVS, Panda Express, Starbucks Coffee and Chase Bank are tenants at the fully occupied retail center, which was built in 2014.

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AcquisitionsIndustrialLoansUtahWestern

Gantry Secures $13.5M Acquisition Loan for Industrial Building in Salt Lake City

by Amy Works

SALT LAKE CITY — Gantry has secured a $13.5 million permanent loan for the purchase of an industrial property located at 485 N. Jimmy Doolittle Road in Salt Lake City. Situated on 9.4 acres, the asset offers 148,263 square feet of Class A industrial space, a clear height of 32 feet, four drive-in bays, 29 exterior dock doors, 198 parking spaces and ample trailer storage space. The property is fully leased to two tenants. Mike Wood, Ben Johnson and Tim Brown of Gantry’s Seattle production office represented the borrower, a private real estate investor. The six-year, fixed-rate loan was provided by one of Gantry’s insurance company correspondent lenders and features full-term interest-only payments with prepayment flexibility.

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FeaturesLoansSeniors Housing

C-PACE Financing Hits Its Stride 

by Hayden Spiess

By Hayden Spiess Investment firm and asset manager Nuveen has a dedicated “What is C-PACE?” page on its website, outlining the basics of this unique type of financing. That the firm sees such a fact sheet as necessary is unsurprising, given that within the commercial real estate industry, Commercial Property Assessed Clean Energy (C-PACE) financing carries less familiarity relative to other financing products.  Anne Hill, senior vice president of Bayview PACE, says that “there are some misconceptions out there” and that there is “some confusion around the product.”  Lenders say that now though, despite the fact that some misinformation and lack of awareness persist, the tool is rapidly gaining favor among borrowers that recognize its exceptional utility, especially in the volatile environment of today.   Origins Originated in Berkeley, California, in 2008, commercial property assessed clean energy (C-PACE) financing is now available in 40 states throughout the country. C-PACE serves as an alternative funding source for commercial projects that qualify on the basis that they will result in reduced energy and water usage and greater building efficiency.  “When the program was created, the idea was that the government wanted to allow property owners an easier way to finance energy efficiency …

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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

Colliers Mortgage Arranges $5.7M HUD-Insured Loan for Refinancing of Stanton Park Apartments in D.C.

by John Nelson

WASHINGTON, D.C. — Colliers Mortgage has arranged a $5.7 million HUD-insured loan to refinance Stanton Park Apartments, a 62-unit affordable housing community located in Washington, D.C.  As part of the refinance, the Non-Profit Community Development Corp. of Washington, D.C. (NPCDC) has obtained an extension for its use restriction to preserve its affordable housing options while operating under the Low-Income Housing Tax Credit (LIHTC) program. The HUD loan features a 35-year term and amortization schedule. Stanton Park Apartments comprises three one-bedroom units, 42 two-bedroom units and 17 three-bedroom units. Laundry facilities are located in each building, while disabled-accessible units contain an in-unit washer/dryer. Additional amenities at the property include barbecue and picnic areas and onsite parking.

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DevelopmentLoansMidwestMultifamilyOhioSeniors Housing

Churchill Stateside Group Provides $7.9M in Construction Financing for Ohio Senior Living Project

by Kristin Harlow

LANCASTER, OHIO — Churchill Stateside Group LLC, a real estate and renewable energy financial services company, has provided a $7.9 million forward-committed permanent loan for The Reserve at Hunter Trace, a 95-unit affordable senior living development in Lancaster, about 30 miles southeast of Columbus. The financing, provided by Churchill Mortgage Investment LLC, supports the development of the three-story building. All units will be income-restricted at 60 percent of the area median income. Construction is slated for completion in 2026. The loan features a 40-year amortization and three years of interest-only payments after stabilization.

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HealthcareLoansMultifamilyOregonSeniors HousingWashingtonWestern

BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon

by Amy Works

KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …

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DevelopmentLoansMultifamilyNew YorkNortheastOffice

Feil Receives $65M Construction Loan for Office-to-Residential Conversion Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based owner-operator The Feil Organization has received a $65 million construction loan for an office-to-residential conversion project in Midtown Manhattan. The project will convert the 14-story office building at 140 W. 57th St., which was originally constructed in 1908, into a 47-unit condo building. Units will come in studio, one-, two- and three-bedroom floor plans and will range in size from 502 to 1,776 square feet. Amenities will include a landscaped rooftop deck, indoor resident lounge, fitness center and a tenant storage room. The existing lobby, entryway, elevators and common hallways will be upgraded as part of the conversion. Deutsche Bank provided the loan. Construction is scheduled to begin in the coming weeks and to be complete in late 2026. MdeAs Architects is designing the project, which Feil is developing in partnership with Lloyd Goldman and the Nakash Family.

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DevelopmentFloridaLoansMultifamilySoutheast

13th Floor, JSB Capital Group Obtain $67.5M Construction Loan for Multifamily Project in Davie, Florida

by John Nelson

DAVIE, FLA. — A joint venture between 13th Floor Investments and JSB Capital Group has obtained a $67.5 million construction loan for Parks at Davie, a 383-unit multifamily project in the north Miami suburb of Davie. Santander Bank provided the loan. Peter Mekras of Aztec Group advised the joint venture on the capitalization, which also included an undisclosed amount of preferred equity from Houston-based Marble Capital. Designed by Corwil Architects, Parks at Davie will feature studio, one-, two- and three-bedroom units ranging in size from 568 square feet to 1,415 square feet. Amenities at the property will include a clubhouse with a resort-style pool, fitness center, business center with coworking areas and about 6,200 square feet of ground floor retail space. The site for Parks at Davie is located on the east side of Broward College’s Davie campus near the Florida Turnpike. 13th Floor and JSB Capital expect to break ground later this month, with completion slated for 2027.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

Red Oak Capital Provides $8.7M Acquisition Loan for Multifamily Property in East Point, Georgia

by John Nelson

EAST POINT, GA. — Red Oak Capital Holdings has provided an $8.7 million bridge loan for the acquisition and renovation of Garden Courts Apartments, an 86-unit multifamily community in the southwestern Atlanta suburb of East Point within three miles of Hartsfield-Jackson Atlanta International Airport. Underwritten within Red Oak’s Opportunistic Bridge Loan Program, the nonrecourse, interest-only loan carries a two-year term with a 73.9 percent loan-to-value ratio. Dave Christensen, Thomas Gorsk and James Myatt of Red Oak originated the loan. Arden Gist of Gist Group LLC arranged the financing on behalf of the borrower, Atlanta-based Miller Capital Properties. The loan proceeds will fund the property’s acquisition and approximately $1.3 million in capital improvements, equating to roughly $15,350 per unit. Interior upgrades will include new appliances, flooring, paint, doors, cabinetry and bathroom fixtures. Exterior renovations will address roofing, siding, landscaping, asphalt and HVAC system repairs, among other common area enhancements. Situated at 4060 Janice Drive, Garden Courts Apartments sits on 5.5 acres and comprises six, two-story buildings. Built in 1983, the property features 24 one-bedroom, 60 two-bedroom and one three-bedroom apartments, as well as a single-family rental home. Amenities at the complex include a swimming pool, laundry facilities, basketball court and a …

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