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Crossroads-Village-Apts-Fremont-CA
CaliforniaLoansMultifamilyWestern

Gantry Arranges $18.3M in Financing for Two California Bay Area Apartment Communities

by Amy Works

MILPITAS AND FREMONT, CALIF. — Gantry has arranged a total of $18.3 million in two permanent loans for the Spinnaker Pointe Apartments in Milpitas and Crossroads Village Apartments in Fremont. Totaling 540 units, the properties are fully stabilized and professionally managed. Gantry’s Tom Dao and Erinn Cooke represented the borrower, a private real estate investor, in arranging the financing. One of Gantry’s correspondent life company lenders provided the two five-year loans, which feature 30-year amortization schedules. The loans also feature no prepayment fees after the first 12 months from loan closing with rates in the mid-5 percent range, nonrecourse terms and a turnkey loan closing.

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LoansMultifamilyOregonWestern

Red Oak Capital Holdings Provides $4.5M Loan for Apartment Community in North Bend, Oregon

by Amy Works

NORTH BEND, ORE. — Red Oak Capital Holdings has provided $4.5 million in financing for Eagle Crest Village Apartments in North Bend. The loan will be used to retire the existing debt and complete renovations on the garden apartment community. The three-building property features 60 studio units, 37 one-bedroom apartments and a freestanding single-family home. Written under Red Oak’s Opportunistic Bridge Loan Program, the debt carries an 11 percent interest rate, three-year term and represents 53.4 percent of the property’s stabilized value. Dave Christensen, Hermann Wendorff and Jesus Martinez of Red Oak originated and underwrote the loan. The undisclosed sponsor acquired the vacant former residential care facility in 2021 and is nearly finished converting the asset into 100 percent multifamily. At full stabilization, the sponsor intends to exit the Red Oak loan via a conventional refinance and manage the community in the long term.

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IllinoisLoansMidwestMultifamily

JLL Arranges $24.7M Loan for Refinancing of Luxe on Madison Apartment Complex in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $24.7 million loan for the refinancing of Luxe on Madison, a 102-unit apartment complex in Chicago. Located at 1222 W. Madison St., the five-story community was constructed in two phases in 2009 and 2016. The property features a mix of studios, one- and two-bedroom units averaging 845 square feet as well as 7,300 square feet of ground-floor retail space. Amenities include a fitness center, coworking spaces, a rooftop terrace and covered parking garage. Danny Kaufman, Mary Dooley, Rebecca Brielmaier and Mackenzie Jones of JLL represented the borrower, Fifield Cos. MetLife Investment Management provided the five-year, fixed-rate loan.

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DevelopmentIndustrialLoansNew JerseyNortheast

Ares Provides $135M Construction Loan for Industrial Project in East Hanover, New Jersey

by Taylor Williams

EAST HANOVER, N.J. — Ares Commercial Real Estate has provided a $135 million construction loan for High Point on 10, a 584,000-square-foot industrial project that will be located in East Hanover, about 25 miles west of New York City. The development will have 380,000 square feet of build-to-suit cold storage space that is preleased to operator RealCold. Jordan Roeschlaub, Jonathan Firestone and Nick Scribani of Newmark arranged the debt on behalf of the developer, a partnership between Related Fund Management, Onyx Equities and Russo Development. An expected completion date was not announced.

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DevelopmentIndustrialLoansNew JerseyNortheast

Cushman & Wakefield Arranges Debt, Equity for Industrial Redevelopment in Parsippany, New Jersey

by Taylor Williams

PARSIPPANY, N.J. — Cushman & Wakefield has arranged construction debt and joint venture equity for an industrial redevelopment project in the Northern New Jersey community of Parsippany. The amounts were not disclosed, but the project, which will convert an existing office property, carries a total price tag of $40 million. John Alascio, T.J. Sullivan, Chuck Kohaut, Chris Lentz, Jason Blankfein and Ethan Sokolow of Cushman & Wakefield worked on behalf of the sponsor, Altman Logistics Properties, to secure construction debt from Truist Bank and joint venture equity from a European investor.

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IndustrialLoansNew YorkNortheast

Largo Capital Arranges $20M Loan for Refinancing of East Syracuse Industrial Property

by Taylor Williams

EAST SYRACUSE, N.Y. — Locally based financial intermediary Largo Capital has arranged a $20 million loan for the refinancing of a 530,000-square-foot industrial property in East Syracuse. The name and address of the multi-tenant property, as well as the names of the direct lender and borrower, were not disclosed. Jack Phillips of Largo originated the debt, and a portion of the proceeds will be allocated toward capital improvements for the property.

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The-James-Irvine-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

JLL, HJ Sims Arrange $473M in Financing for Development of Seniors Housing Community in Irvine, California

by Amy Works

IRVINE, CALIF. — JLL Capital Markets and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and the largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims hired as sole underwriter of the bonds. The financing consisted of $442.1 million of publicly offered tax-exempt senior series 2024A bonds, $12.9 million in taxable senior series 2024B bonds, and $18 million in subordinate tax-exempt series 2024c and 2024d bonds. JLL also handled the land sale to the partnership on behalf of the seller. The groundbreaking for The James — the first new senior living community in the Irvine market in 28 years — will take place later this month and the target date for completion is June 2027. The community will offer 210 independent living units, 110 assisted living units and 30 memory care units with a mix of …

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Millennium-Village-Garland
DevelopmentLoansMultifamilyTexas

Dwight Capital Provides $35.2M HUD-Insured Construction Loan for Metro Dallas Multifamily Project

by Taylor Williams

GARLAND, TEXAS — New York City-based Dwight Capital has provided a $35.2 million HUD-insured construction loan for Millennium Village, a 199-unit multifamily project that will be located in the northeastern Dallas suburb of Garland. The market-rate property will consist of four residential buildings and a parking garage on a 4.5-acre site. Residences will comprise 17 studios, 132 one-bedroom units, 35 two-bedroom apartments and 15 two-bedroom townhome residences, each with private two-car garages. Amenities will include a clubhouse, fitness center, pool, rooftop lounge with an outdoor deck, electric vehicle charging stations and a dog park. Brandon Baksh and Brian Yee of Dwight originated the debt through HUD’s 221(d)(4) program on behalf of the local developer, Pinnacle Facility Engineering.

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LoansNew YorkNortheastRetail

HKS Real Estate Arranges $4M Acquisition Loan for Manhattan Retail Property

by Taylor Williams

NEW YORK CITY — HKS Real Estate Advisors has arranged a $4 million acquisition loan for One Vandam, a 14,000-square-foot retail property located in the SoHo area of Manhattan. The four-unit property at 180 Sixth Ave. was fully leased at the time of the loan closing. Eugene Weinraub and Alex Dobosh of HKS Real Estate originated the loan through locally based bridge lender Emerald Creek Capital. The borrower was New York-based CRE8 Equities.

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7833-Ventura-Canyon-Ave-Panorama-City-CA
CaliforniaLoansMultifamilyWestern

MMCC Arranges $13.5M in Refinancing for Two Multifamily Properties Near Los Angeles

by Amy Works

PANORAMA CITY AND HAWTHORNE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $13.5 million in refinancing for two multifamily properties in Panorama City and Hawthorne. Michael Derk of MMCC secured the agency financings on behalf of a private client. MMCC secured a 10-year, $7 million loan with full-term interest-only payments at 5.67 percent and a loan-to-value ratio of 50 percent for Canyon Crest Apartments. Located at 7833 Ventura Canyon Ave. in Panorama City, Canyon Crest features a mix of one-, two- and three-bedroom units, a spa, swimming pool, fitness center, parking garages, a dog park and picnic area. MMCC arranged a 10-year, $6.5 million loan with full-term interest-only payments at a rate of 5.9 percent and a loan-to-value ratio of 65 percent for Hawthorne Chateau Apartments. Located at 3505 W. 139th St. in Hawthorne, the property offers a mix of one- and two-bedroom apartments, laundry facilities, a fitness center and an underground gated parking garage.

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