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Mason-at-Van-Dorn-Alexandria
AcquisitionsLoansMultifamilySoutheastTop StoriesVirginia

Berkadia Provides $157M Acquisition Loan for Mason at Van Dorn Apartments in Alexandria, Virginia

by Taylor Williams

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, located just south of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports that the amount exceeded $200 million. The borrower and purchaser was a partnership between South Florida-based Shoreham Capital and Bridge Investment Group. The seller was Los Angeles-based investment firm CIM Group, which acquired the property in late 2017 and implemented various capital improvements during the course of its ownership. Mason at Van Dorn consists of 14 four- and five-story buildings on 30 acres at 140 S. Van Dorn St. The site is adjacent to WestEnd Alexandria, a 4 million-square-foot mixed-use destination that is a redevelopment of the former Landmark Mall. The 52-acre development will also be the future home of the Inova Alexandria Hospital Campus, which will employ more than 2,000 people. Originally built in 1972, Mason at Van Dorn offers studio, one- and two-bedroom apartments with an average size of 761 square feet. Amenities include two pools, a fitness center, tennis courts, courtyards, a business center, outdoor grilling and dining stations, game room, movie theater and a …

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DevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

Berkadia Arranges $172M Construction Financing for Residential Tower in South Florida

by John Nelson

NORTH MIAMI, FLA. — Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will total 292 condominiums in one-, two- and three-bedroom layouts. Arquitectonica designed the 33-story building. Amenities at the property will include a beach club, fitness center, social deck, spas and concierge service. A construction timeline was not disclosed.

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Affordable HousingDevelopmentFloridaLoansMultifamilySeniors HousingSoutheast

CREI Holdings Secures $67M Loan for Affordable Housing Development in Metro Miami

by John Nelson

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328 one- and two-bedroom apartments, with 40 percent of the residences reserved for households earning 80 percent of the area median income (AMI). Additionally, 40 percent of units will be designated for residents age 55 and older. Amenities at Li’l Abner III, which will be situated adjacent to Li’l Abner I and II, will include a fitness center, lounge, central courtyard and storage facilities. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank.

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DevelopmentFloridaLoansMultifamilySoutheast

Mast Capital Receives $65M Construction Financing for Multifamily Community in Fort Myers

by John Nelson

FORT MYERS, FLA. — Mast Capital has received a $65 million loan for the construction of Hancock Bridge Square, a 320-unit multifamily project in Fort Myers. The developer has recently broken ground on the development, which will be located at 13370 N. Cleveland Ave. and feature three- and four-story apartment buildings. General contractor Kaufman Lynn is building the community, which was designed by Humphreys & Partners Architects. Amenities at Hancock Bridge Square will include a fitness center, lounge and entertainment kitchen, workspace, swimming pool and a sun deck. Chris Drew, Brian Gaswirth, Jesse Wright and Paul Adams of JLL secured the construction financing through Centerbridge Partners — which served as an agent for MassMutual Life Insurance Co. — on behalf of Mast Capital. A construction timeline was not disclosed.

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LoansOfficeTexas

Silver Star Properties Receives $135M in Financing for Liquidation of Texas Office Portfolio

by Taylor Williams

HOUSTON — Houston-based Silver Star Properties REIT has received $135 million in financing to facilitate the liquidation of its 4.2 million-square-foot portfolio of office assets in Texas. Silver Star intends to sell all 27 properties in the portfolio, which includes two industrial assets and one retail asset, and to use the proceeds to exclusively acquire self-storage facilities. The financing consists of a $120 million floating-rate senior loan from New York City-based Benefit Street Partners and a $15 million co-terminus second mortgage loan from California-based boutique lender RWBC. Raymond James Financial advised Silver Star, which has already sold the 139,069-square-foot Bent Treen Green office building in North Dallas, on the transaction.

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Sand-Canyon-Plaza-Apts-Santa-Clarita-CA
Build-to-RentCaliforniaDevelopmentLoansMultifamilySingle-Family RentalWestern

Kennedy Wilson Provides $95M Construction Loan for Multifamily Development in Santa Clarita, California

by Amy Works

SANTA CLARITA, CALIF. — Kennedy Wilson’s debt platform has provided a $95 million senior construction loan to a joint venture between Greystar Real Estate Partners and The Resmark Cos. The funds will be used for the development of a multifamily and build-to-rent project in Santa Clarita, approximately 33 miles northwest of downtown Los Angeles. Situated within Sand Canyon Plaza, the community will feature 259 rentable multifamily units and 64 build-to-rent townhomes. The multifamily residents will have access to a fitness center, club room, courtyard, game lounge, coworking space and a fourth-floor sky deck with unobstructed mountain views. The build-to-rent townhomes will offer expansive green space areas, multiple open turf play areas and a tot lot that will cater to young families renting in the community. The project will also feature a resort-style pool and spa that will be shared by both multifamily and build-to-rent townhome residents. Upon completion, the 87-acre Sand Canyon Plaza will feature parks, open spaces, a walking trail system and a 45,000-square-foot retail center anchored by Sprouts Farmers Market, which is slated to break ground this year.

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Bethany-Home-Livermore-CA
CaliforniaLoansMultifamilySeniors HousingWestern

G Capital Markets Arranges $15.5M Recapitalization for Seniors Housing Project in Livermore, California

by Amy Works

LIVERMORE, CALIF. — G Capital Markets (GCap), a capital advisory firm based in Carmel, has arranged a recapitalization for Bethany Home, a 59-bed assisted living community in Livermore on the eastern edge of the Bay Area.  Built in 2021 by a regional owner-operator, the property leased up in 2022 and has shown consistently strong performance for several years with cash flow margins well over 40 percent and occupancy of 90 percent, according to GCap. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout refinancing while allowing the borrower to submit a HUD application in 2024 without the need to wait the typical two years of debt seasoning. GCap arranged the $15.5 million credit facility with a regional bank partner. The loan carries an interest rate SOFR spread in the low 300s and a below-market financing fee. The borrower is an existing client of GCap, and this property will be part of a broader permanent portfolio refinancing that is scheduled to close in 2025.

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DevelopmentHealthcareLoansMidwestMinnesota

Ziegler Provides $20.5M in Bond Financing for Wadena Cancer Center Project in Minnesota

by Kristin Harlow

WADENA, MINN. — Ziegler has provided a bond issue totaling $20.5 million for the Wadena Cancer Center in Wadena, a city in central Minnesota. The Wadena Cancer Center is jointly operated by Astera Health CentraCare Health and is located on Astera Health’s main campus. In collaboration with CentraCare Health System, Astera Health has entered into a joint venture to establish the Central Minnesota Cancer Center LLC. This initiative aims to address the critical need for comprehensive oncology services in the region. The proceeds of the bond issue will be used to finance the construction and equipping of the 15,350-square-foot cancer center, which will include six clinic exam rooms and eight infusion bays. The facility will provide a full spectrum of cancer care services, including medical and radiation oncology visits, chemotherapy, infusion, radiation treatments and diagnostic imaging. Ziegler utilized a unique financing structure to fund the project through its relationship with a nonprofit entity, National Healthcare, Research and Education Finance Corp. (NHREFCO). NHREFCO works to support the charitable and educational purposes of hospitals, academic medical centers and medical research organizations by acting as the borrower for bond transaction and lessor to the tenant through a long-term assumable lease.

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DevelopmentGeorgiaLoansMultifamilySoutheast

BHI Provides $50M Construction Loan for Residential Tower in Atlanta’s Buckhead District

by John Nelson

ATLANTA — BHI has provided a $50 million construction loan for The Dillon, an 18-story condominium tower underway at 2395 Peachtree St. NE in Atlanta’s Buckhead district. The borrower, an affiliate of The Kolter Group LLC, plans to deliver the property by January 2025. The loan is part of the development’s $133 million credit facility, which is overseen by BHI. The Dillon will offer for-sale residences configured in one-, two- and three-bedroom layouts ranging in size between 1,470 and 3,754 square feet. Amenities will include an amenity deck with a resort-style pool with cabanas and a spa, event lawn, pickleball court, dog park, clubroom with a catering kitchen, golf simulator, coworking spaces and a fitness center. In 2022, Kolter delivered The Graydon, a 45-unit condominium development located a quarter-mile from The Dillon.

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FloridaLoansMultifamilySoutheast

Walker & Dunlop Arranges $49.5M Agency Refinancing for Palmilla Apartments in Pensacola, Florida

by John Nelson

PENSACOLA, FLA. — Walker & Dunlop has arranged a $49.5 million Fannie Mae loan for the refinancing of Palmilla Apartments, a 240-unit multifamily community located at 51 S. Coyle St. in Pensacola, a city on the Florida-Alabama border. Will Baker and Doug McDaniel of Walker & Dunlop’s Birmingham office arranged the five-year, fixed-rate loan on behalf of the borrower, Kore LLC. The borrower will use the proceeds to reach stabilization at Palmilla and pay off construction debt. Kore used Fannie Mae’s green platform for better pricing, according to Walker & Dunlop. Palmilla features studio, one-, two- and three-bedroom units ranging in size from 588 to 1,618 square feet, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, putting green and electric vehicle charging stations.

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