CHICAGO — Cronheim Hotel Capital (CHC) has arranged a $15.4 million loan for the refinancing of the Hyatt Place Chicago South University Medical Center. A Southeast-based bank provided the nonrecourse financing, which features a floating interest rate. David Poncia of CHC arranged the financing on behalf of the borrower, a joint venture between Smart Hotels and the Olympia Cos., the original developers of the hotel and current operators. The property is located at 5225 S. Harper Ave.
CANTON, MICH. — Bernard Financial Group (BFG) has arranged a $5 million loan for the acquisition of a 61,148-square-foot industrial property in Canton, a western suburb of Detroit. Dan Duggan of BFG arranged the loan on behalf of the borrower, 55111 Grand River Partners LLC. StanCorp Life Insurance Co. provided the loan.
DALLAS — Driftwood Capital, a Miami-based lender, has provided a $30 million mezzanine loan for the refinancing of the 1,841-room Sheraton Dallas Hotel. Built in 1959, the recently renovated hotel is located at 400 Olive St. in the downtown area and features 230,000 square feet of meeting and event space and five onsite restaurants in addition to standard hospitality amenities. The two-year, floating-rate loan includes three one-year extension options and supplements a $270 million senior loan provided by Goldman Sachs and JP Morgan Securities. The sponsor is San Francisco-based Chartres Lodging Group.
DALLAS AND FORT WORTH, TEXAS — JLL has arranged a $108 million loan for the refinancing of a portfolio of 13 self-storage properties totaling 8,952 units in the Dallas-Fort Worth area. New York Life Real Estate Investors provided the five-year, fixed-rate loan, which was structured with interest-only payments and prepayment flexibility early in the term. John Bauman and Jordan Buck of JLL arranged the loan on behalf of the borrower, a joint venture between Houston-based Hines and Trez Capital.
ATLANTA — JLL Capital Markets has arranged the refinancing for Hyatt Centric Buckhead Atlanta, a hotel located at 3301 Lenox Square Parkway NE in the Buckhead neighborhood of Atlanta. Opened in 2021, the property features 218 rooms, as well as food-and-beverage options including a ground-floor restaurant and rooftop bar. Amenities at the hotel include a fitness center, pool and more than 5,000 square feet of meeting and event space. Ed Coco and Matt Casey of JLL secured the financing on behalf of the borrower, a joint venture between Songy Highroads LLC and an affiliate of Hyatt Hotels Corp.
NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $41 million loan for the refinancing of the 175-room Aloft New York Brooklyn Hotel. The property is located in the borough’s downtown area and offers a fitness center and an onsite restaurant and bar. Beau Williams of Cronheim originated the financing on behalf of the borrower, locally based investment firm The Lam Group. The direct lender was not disclosed.
PEABODY, MASS. — Colliers has arranged a $52.7 million loan for the refinancing of a 370,000-square-foot industrial property in Peabody, a northern suburb of Boston. The building is located within the Centennial Park development and houses the headquarters of an undisclosed e-commerce retailer. Barings provided the financing to a partnership between two Boston-based firms, Oliver Street Capital and Bain Capital Real Estate. The partnership plans to expand the property by 82,790 square feet, and the loan includes construction proceeds for that endeavor. John Broderick and Patrick Boyle led the debt placement efforts for Colliers.
MIAMI — Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit apartment tower located along the Miami River in downtown Miami. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo on behalf of the borrower, Neology Development. Located at 1951 N.W. South River Drive, Pier 19 Residences & Marina was originally built in 2011 as condominiums. Neology purchased the 21-story property in 2018 and transformed the asset into a luxury apartment community. The property is currently 95 percent occupied with rents ranging from $2,300 to $4,500, according to Berkadia. In addition to high-end amenities, Pier 19 features a 10-slip marina that is exclusive for residents.
DECATUR, TEXAS — Colliers Mortgage has provided a $32.9 million HUD-insured construction loan for Deer Park Apartments, a 204-unit multifamily property in Decatur, about 40 miles northwest of Fort Worth. The property will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, game room, outdoor grilling and dining stations and a dog park. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the borrower. A construction timeline was not disclosed.
LOCUST GROVE, GA. — Cushman & Wakefield has arranged financing for the construction of a 500,220-square-foot speculative industrial building in Locust Grove, roughly 40 miles southeast of Atlanta. Dubbed Building C, the property will be situated at 600 Price Drive within The Cubes at Locust Grove, a master-planned industrial park. The building will feature 40-foot clear heights, 156 trailer parking spaces and 120 docks. John Alascio, Walker Brown, T.J. Sullivan, Claire Oster, Stewart Calhoun, Casey Masters and Ryan Bellows of Cushman & Wakefield secured the financing through Bank OZK on behalf of the borrower. A construction timeline for Building C at The Cubes at Locust Grove was not disclosed.
