NEW YORK CITY — Ariel Property Advisors has arranged a $25.3 million loan for the refinancing of an 82-unit apartment building located at 120-125 Riverside Drive on Manhattan’s Upper West Side. An undisclosed, out-of-state bank provided the five-year, fixed-rate loan, which was structured with two years of interest-only payments and a 60 percent loan-to-cost ratio. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Matt Dzbanek and Matt Swerdlow led the transaction for Ariel Property Advisors.
NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford, located at the base of Cape Cod. The historic building was originally constructed in the 1870s and consists of 29 buildings that primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income. The borrower, an affiliate of HallKeen Management, will use proceeds to fund capital improvements and preserve the property’s affordability status.
SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged a $4.8 million loan for the refinancing of a 129-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Claymoor Properties LP. Securian Life Insurance Co. provided the loan, details of which were not provided.
FRESNO, CALIF. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno. Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.
IRVING, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Landen Apartment Homes, a 134-unit multifamily property in Irving. The garden-style property consists of four two-story buildings that house studio, one-, two- and three-bedroom units. Amenities include a pool, playground and outdoor kitchen and grilling stations. Fritz Waldvogel of Colliers Mortgage originated the loan, which carries a five-year term, through a partnership with Old Capital Lending. The borrower was an entity doing business as NH Investments LAH LLC.
NEW YORK CITY — Cushman & Wakefield has arranged a $135 million construction loan for a 328-unit multifamily project that will be located at 975 Nostrand Ave. in Brooklyn. The site is at the intersection of the Crown Heights and Prospect Leffert Gardens neighborhoods. About 30 percent (99 units) of the nine-story building’s residences will be reserved as affordable housing, and the amenity package will feature a rooftop terrace, landscaped courtyard, fitness center, karaoke room and a pet spa. A 21,000-square-foot FRESH supermarket will anchor the project’s retail component, which will include an additional 4,200 square feet of small-shop space. Construction is slated for a fourth-quarter 2025 completion. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and Related Cos. on behalf of the borrower, Hudson Cos.
BLAINE, MINN. — JLL Capital Markets has arranged a $10.4 million loan for the refinancing of Sanctuary Business Center, a distribution center totaling 137,179 square feet in the Minneapolis suburb of Blaine. Completed in December 2022, the property features a clear height of 32 feet, 31 loading docks, two drive-in doors, 20 trailer stalls and 157 parking stalls. Bill Mork of JLL arranged the five-year loan on behalf of the borrower, Capital Partners. A regional bank provided the loan, which features a loan-to-value ratio of 65 percent and interest-only payments.
INDIANAPOLIS — Maverick Commercial Mortgage Inc. has arranged a $2.4 million loan for the refinancing of a 30,000-square-foot office building in downtown Indianapolis. The property is 97 percent leased to 30 tenants. Originally constructed in 1911, the building was renovated in 2006 with restored original woodwork, tile work and terrazzo flooring. A Midwest lending institution provided the five-year, fixed-rate loan on behalf of the Indianapolis-based buyer. Proceeds of the loan were used to retire the acquisition financing and for a partner buyout.
LONG BEACH, CALIF. — R&V Management and Trammell Crow Residential (TCR) have obtained $200 million in financing for the development of Alexan West End, a multifamily community in downtown Long Beach, approximately 20 miles south of Los Angeles. The financing package includes a $166 million construction loan from Kennedy Wilson and a $34 million mezzanine loan from an unnamed national life insurance company. Located at 600 W. Broadway, Alexan West End will feature 600 apartments spread across four seven- or eight-story buildings. The community will offer a mix of studios, one-, two- and three-bedroom floor plans, averaging 767 square feet. Initial plans call for first units to be ready for occupancy by May 2026, with final completion planned for March 2027. Community amenities will include multiple club lounges equipped with gourmet kitchens; coffee lounges; an indoor and outdoor fitness center; resort-style pool and spa; sky deck with various entertainment areas; and a pet spa with a grooming station. Alexan West End will be situated on a 5.6-acre site adjacent to the Hilton Long Beach hotel and One World Trade Center. Other nearby attractions include the Los Angeles River, Port of Long Beach, Queensway Bay and Santa Cruz Park. Bill Chiles, …
The emergence of generative artificial intelligence (AI) promises to greatly expand the property industry’s reach and abilities. Generative AI can offer suggestions, compile reports and create various types of content, ranging from video to software code. In the commercial real estate world, generative AI has the potential to harness myriad information to help owners, managers, lenders and investors assess portfolio performance, uncover operating risks and identify opportunities, among other activities, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. But companies need to begin preparing for it now, he adds. “Commercial real estate can be slow to change — it wasn’t that long ago that mortgage brokers were sending us deals via overnight mail,” observes Salladin. “But whether they’re analysts or leadership teams, someone in your shop should be dipping their toe in the water and testing out AI.” Salladin also points out the need to proceed cautiously with this new technology as it evolves. Humans with expertise need to review what AI generates for the commercial real estate field. AI can narrow the focus of many tasks but cannot substitute for human reviewers or the human ability to critically apply information gleaned. AI Benefits Salladin …