PHILADELPHIA — Los Angeles-based Thorofare Capital has provided a $13 million loan for the refinancing of a portfolio of five industrial buildings totaling 118,509 square feet in Philadelphia. Four of the buildings are contiguous, and the fifth is located less than a mile down the street. David Perlman, Edward Prosser, Henry Johnson and Chris DeLuca of Thorofare Capital originated the loan on behalf of the borrower, New York City-based investment firm Thor Equities Group.
OXNARD, CALIF. — PSRS has arranged $54 million in financing for the acquisition of Esplanade Shopping Center, a grocery-anchored shopping center in Oxnard, approximately 70 miles west of Los Angeles. Kostas Kavayiotidis, Mike Davis and Matthew Farzinpour of PSRS provided the undisclosed borrower with a seven-year loan, including four years of interest-only payments. A life insurance company provided the financing. Walmart, The Home Depot, TJ Maxx, Nordstrom Rack, Bob’s Discount Furniture, Dick’s Sporting Goods, In-N-Out Burger, Chipotle Mexican Grill and BJ’s Restaurant are tenants at the 357,000-square-foot open-air shopping center.
PARK CITY, UTAH — Driftwood Capital has secured $33 million in refinancing for the Sheraton Park City, a hotel at 1895 Sidewinder Drive in Park City, a resort destination renowned for its ski slopes east of Salt Lake City. Michael Weinberg, Scott Wadler, Alec Fox and Edmund Aramayo of Berkadia arranged the five-year, fixed-rate CMBS loan through Goldman Sachs Bank USA. Originally constructed for the 2002 Winter Olympics, Sheraton Park City features 200 guest rooms, an indoor atrium pool with hot tub and sauna, a game room, coffee shop and Timbers Restaurant & Bar with outside covered patio and fire pits. The hotel also offers more than 12,000 square feet of meeting and event space with indoor and outdoor options and shuttle services to historic Main Street and area ski resorts.
GEORGETOWN, TEXAS — San Antonio-based Jefferson Bank has provided a $20 million construction loan for Phase I of The Preserve, a mixed-use project in the northern Austin suburb of Georgetown. Phase I will feature two industrial flex buildings, two retail buildings and one office building totaling 50,700 square feet across the five structures. The borrower, locally based developer OM Properties, expects for construction of Phase I to last 18 to 24 months. Other project partners include Mode Design Co. (architect), NAVCON Group (general contractor) and 2P Consultants (civil engineer).
HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in the Northern New Jersey community of Hoboken that will convert a five-story industrial building into a 110-unit multifamily complex. The new multifamily building will rise nine stories, feature for-sale units and include 50,000 square feet of retail space and a 300-space parking garage. Units will come in one- through five-bedroom floor plans, and amenities will include a pool, fitness center, clubroom, lounge and grilling areas. Construction is underway and slated for a third-quarter 2025 completion. The borrower is Taurasi Group.
RANCHO PALOS VERDES, CALIF. — Calmwater Capital has provided Irvine-based West Hive Capital with $12.3 million in short-term first mortgage debt. The loan will fund the off-market acquisition and renovation of a neighborhood retail property in Rancho Palos Verdes, a coastal city south of Los Angeles. The three-year, interest-only, nonrecourse financing was secured by Western Plaza, a 44,000-square-foot shopping center at 29105-29229 S. Western Ave. A portion of the loan proceeds will be used to fund an extensive renovation of the property, which the seller owned for the past 60 years. West Hive plans to demolish one of three existing buildings and create a 3,000-square-foot outdoor patio. Additional improvements will include modernized storefronts and architectural façades, contemporary signage, new landscaping and a resurfaced, 119-space parking lot. Michael Guterman of BWE arranged the financing. Jason Ehrenpreis of CBM1 represented both parties in the acquisition and is the leasing broker for West Hive.
NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …
ARLINGTON, VA. — Monday Properties has obtained two loans totaling $205.5 million for the refinancing for two commercial properties in Arlington, a suburb of Washington, D.C. The assets include a 540,000-square-foot office tower at 1812 N. Moore St. and Shirlington Gateway, a 12-story medical office building. Citi Real Estate Funding Inc. provided the $173 million loan for the office tower and $32.5 million loan for the medical office building, both of which were CMBS loans with five-year terms and fixed interest rates. Monday Properties leased 60,000 square feet of space at 1812 N. Moore over the past six months, bringing it to 90 percent leased. There are an additional 20,000 square feet of deals in the pipeline. Shirlington Gateway was 93 percent leased at the time of financing to healthcare tenants including Anderson Orthopedic Clinic, INOVA and Virginia Hospital Center, which has signage on the building’s exterior.
MIAMI — JLL has secured a $100 million loan for a nine-property warehouse portfolio spanning 824,546 square feet in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo of JLL arranged the seven-year, interest-only loan through Nationwide Mutual Insurance Co. on behalf of the borrower, Seagis Property Group LP. The assets in the portfolio include warehouses at Lakeway Corporate Center in Miami Lakes; 3450 NW 115th Ave. in Doral; Commerce Park in Miami; Miami Gardens Industrial Center in Miami; Deerwood Commerce Center in Miami; Flamingo Park of Commerce in Miramar; and University Park of Commerce in Fort Lauderdale. The portfolio was 99 percent leased at the time of financing.
EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a multifamily project in Edmond, located just north of Oklahoma City. Oaks at Covell will comprise 102 townhomes in two-, three- and four-bedroom floor plans that will be located along I-35. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.