HOBOKEN, N.J. — Locally based intermediary Cronheim Mortgage has arranged a $1.6 million loan for the refinancing of 40 Hudson Place. The property, the square footage of which was not disclosed, was originally constructed in 1935 and was fully leased at the time of the loan closing to two tenants: Dunkin’ and Pump Pilates. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan, which carried both a term and an amortization schedule of 25 years, through an undisclosed, Oregon-based life insurance company. The name of the borrower was also not disclosed.
NEW YORK CITY — M&T Realty Capital Corp. has provided an $18.7 million Freddie Mac permanent loan for The Louella, an 85-unit affordable seniors housing property in the Fordham Heights neighborhood of The Bronx. The newly built, age-restricted property offers studio, one-, and two-bedroom units. The amenity package comprises onsite laundry facilities, a community room, bike storage space, fitness center and an outdoor recreational area. Sean Cullen of M&T originated the loan through Freddie Mac’s Forward Commitment 9 Percent LIHTC program. The borrower was The Community Builders. Information on specific income and age restrictions was not disclosed.
PHOENIX — Concord Summit Capital has arranged a $24.5 million construction loan for the demolition, abatement and infrastructure entitlements for the redevelopment of Metrocenter, a mall situated on 64 acres in Phoenix. The borrowers and developers are Concord Wilshire and TLG Investment Partners. Kevin O’Grady, Daniel Eidson and Ben Applebaum of Concord Summit Capital sourced the financing for the borrowers. The Metrocenter site will be redeveloped into a mixed-use residential village offering more than 1,218 townhome units and approximately 112,000 square feet of essential and service retail. Vertical construction costs are estimated to be more than $500 million. Concord Wilshire Capital and TLG Investment began the abatement and demolition of the Metrocenter Mall last month.
NEW YORK CITY — Locally based real estate giant Tishman Speyer has completed the $3.5 billion refinancing of Rockefeller Center, a 7.3 million-square-foot mixed-use campus in Midtown Manhattan. Bank of America and Wells Fargo led the consortium of lenders that provided the CMBS financing, which carries a fixed interest rate of approximately 6.23 percent. Tishman Speyer will use the proceeds to pay off a 20-year, $1.7 billion CMBS loan and additional mezzanine financing that will mature in May 2025, as well as to fund reserves for contractual leasing costs. Dechert LLP advised Bank of America and Wells Fargo on the transaction. Rockefeller Center was originally developed in the 1920s and comprises more than a dozen buildings across 22 acres between 48th and 51st streets. The campus features office, retail, restaurant and entertainment space, as well as a 24,000-square-foot park atop Radio City Music Hall. Tishman Speyer is currently nearing completion of a redevelopment of the property. The office component of Rockefeller Center is currently 93 percent leased to global occupiers such as Deloitte, Lazard, Christie’s, Simon & Schuster and J.P. Morgan Chase. Retail and entertainment users include LEGO, Banana Republic, Anthropologie, Michael Kors, Catbird, FAO Schwarz and Nintendo. The lineup of …
IRVINE, CALIF. — BWE has arranged a $45.5 million loan for the financing of a Circle K portfolio across six states in the Sun Belt. Located in Arizona, Florida, Georgia, Louisiana, North Carolina and South Carolina, the portfolio comprises 104 single-tenant convenience store and gas station properties. Tom Kenny and Josh Boehling of BWE’s Irvine, Calif., office arranged the loan through a life insurance company on behalf of the undisclosed borrower. The five-year, fixed-rate financing features interest-only payments and a five-year extension option.
UNION, S.C. — Development and investment firm CH Realty Partners has secured a $50 million loan for the refinancing of its industrial facility located at 260 Midway Drive in Union, roughly 30 miles southeast of Spartanburg. Built in 2023 for mycelium technology company MycoWorks, the property spans 150,000 square feet. The refinancing with 3650 Capital will allow CH Realty Partners to optimize the capital structure of the property and ensure long-term support for MycoWorks. CH Realty Partners is also currently underway on a build-to-suit food manufacturing facility in Wilson, N.C., for Believer Meats.
KYLE, TEXAS — A partnership between Dallas-based developer Lincoln Property Co. and Goldman Sachs has broken ground on CTX 110, an 894,000-square-foot industrial project in Kyle, located southwest of Austin. Formerly known as Waterstone, the development will consist of four buildings that will range in size from 152,940 to 335,879 square feet. Buildings will feature a mix of cross-dock and front-load configurations, 32- to 36-foot clear heights and a combined total of 232 dock-high doors, 10 drive-in doors and 994 parking spaces. Powers Brown is the project architect. Campbell Roche, Kyle Spencer, Will Mogk, Kristi Leonard, Ryan Pollack and Campbell Swango of JLL arranged $83.8 million in construction financing through Bank OZK and Affinius Capital on behalf of the partnership. JLL has also been retained as the leasing agent. Completion is slated for late 2025.
MADISON, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 28,645-square-foot retail property in the Northern New Jersey community of Madison. The property is fully leased to an undisclosed national grocer. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule, through an undisclosed life insurance company.
DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged an $11.5 million Freddie Mac loan for the refinancing of West River at Dickinson, a 234-unit multifamily property in Dickinson. Joshua Bernard and Adam Ferguson of BFG arranged the loan on behalf of the borrower, West River Owner LLC. Built in 2011, the property at 2540 4th St. W features one-, two- and three-bedroom units ranging from 778 to 1,179 square feet.
EL MONTE, CALIF. — PSRS has secured $10.8 million in refinancing for an owner-user Nissan dealership in El Monte. The 65,000-square-foot property consists of three buildings across individual parcels, housing a showroom, parts and service departments and corporate offices. Grady Seldin and Thomas Rudinsky of PSRS arranged the financing for the undisclosed borrower.