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JLL Arranges $32M Loan for Refinancing of 15-Story Office Building in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $32 million loan for the refinancing of 609 West Randolph, a 15-story boutique office building totaling 95,000 square feet in Chicago. Completed in 2022, the property features touchless technology, cutting edge building systems and flexible floor plates ranging from 5,500 to 7,100 square feet. Amenities include a penthouse lounge and conference room; green rooftop space and amenity terrace; offices with private outdoor terraces; and a lobby design inspired by boutique hotels. The asset is 93.5 percent leased to 10 tenants, including Fetch Rewards, Buford Capital and NTT Data. Christopher Knight, Matt Maksymec and Katia Novi of JLL represented the borrower, Vista Property. JP Morgan Chase & Co. provided the five-year loan, which features a fixed interest rate of 7.23 percent.

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DevelopmentLoansNortheastPennsylvania

JLL Arranges $22M Construction Loan for Lehigh Valley Industrial Project

by Taylor Williams

ALLENTOWN, PA. — JLL has arranged a $22 million construction loan for a 224,000-square-foot industrial project in the Lehigh Valley city of Allentown. The project at 2401 W. Emaus Ave. will be a warehouse and distribution facility with a clear height of 36 feet, 43 dock-high doors and parking for 129 cars and 42 trailers. JLL arranged the floating-rate construction loan through BHI, the U.S. division of Israeli lender Bank Hapoalim, on behalf of the borrower, Woodmont Industrial Partners. Construction is expected to last between 12 to 18 months.

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FloridaLoansOfficeSoutheast

JLL Arranges $68.2M Refinancing for Royal Palm Office Complex in South Florida

by John Nelson

PLANTATION, FLA. — JLL has arranged a $68.2 million loan for the refinancing of Royal Palm I and II, a two-building office complex totaling more than 460,000 square feet in Plantation, a city in South Florida’s Broward County. Paul Stasaitis and Maddy McMillen of JLL arranged the fixed-rate loan through Barclays on behalf of the borrower, Dallas-based Lincoln Property Co. Constructed between 2001 and 2007, Royal Palm consists of two towers standing eight and nine stories tall and a four-level, 1,927-space parking garage. The 25.4-acre campus was recently renovated and includes an amenity package comprising modern conference rooms, a full fitness center, a wellness room and other tenant services.

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ArizonaBuild-to-RentLoansSingle-Family RentalWestern

Calmwater Capital Funds $41.1M in Refinancing for Build-to-Rent Community Near Tucson, Arizona

by Amy Works

VAIL, ARIZ. — Calmwater Capital has provided Moderne Communities with a $41.1 million loan to refinance Moderne at Rocking K, a build-to-rent property in Vail, a community 24 miles southeast of Tucson. Moderne at Rocking is situated within Rocking K, a 5,000-acre master-planned community. Delivered in two stages between November 2023 and September 2024, the 17.1-acre community features 224 single-story, single-family rental homes offering a mix of one-, two- and three-bedroom floor plans. Each home features open-concept living areas, a private yard and nine-foot ceiling. Community amenities include a beach entry pool and spa, pickleball courts, barbecue and firepit area, and fitness center. Malcolm Davies and RJ Opeka of Los Angeles-based Way Capital arranged the two-year senior loan for the borrower.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $3M Loan for Refinancing of North Dakota Multifamily Community

by Kristin Harlow

WILLISTON, N.D. — Bernard Financial Group (BFG) has arranged a $3 million Freddie Mac loan for the refinancing of The Birches Townhomes in Williston, a city in western North Dakota. The 60-unit multifamily rental property was built in 2015. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Birches Owner LLC.

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FloridaGeorgiaKentuckyLoansRetailSoutheastTennessee

CBRE Arranges $171.4M Refinancing for Southeast Shopping Center Portfolio

by John Nelson

ATLANTA — CBRE has arranged a $171.4 million loan for the refinancing of an eight-property portfolio of grocery-anchored shopping centers in the Southeast. The portfolio totals nearly 1.2 million square feet and was 96.6 percent leased at the time of financing to 194 tenants, including Kroger, Publix and Whole Foods Market. PGIM provided the loan to the borrowers, Branch Properties and Corebridge Real Estate Investors (formerly AIG Global Real Estate). Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan, which refinanced the mortgages for shopping centers in Bradenton, Sarasota, Melbourne and Palm Coast, Fla.; Atlanta and Gainesville, Ga.; Lexington, Ky.; and Memphis and Knoxville, Tenn.

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LoansMultifamilyWashingtonWestern

Pine Forest Properties Receives $30M Loan for Mid-Rise Multifamily Community in Redmond, Washington

by Amy Works

REDMOND, WASH. — Pine Forest Properties has received a $30 million loan for the refinancing of Allez Apartments, a multifamily property in downtown Redmond. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the 10-year, fixed-rate loan through PGIM Real Estate for the borrower. Located at 8397 158th Ave. NE, Allez Apartments offers 148 studio, one- and two-bedroom units with high-end finishes, including custom cabinetry, ceramic-top ranges, stainless steel appliances, hardwood flooring and high ceilings. Community amenities include a fitness center, an outdoor patio with grills and fireplace, a resident lounge, bike storage and repair station and controlled access garage parking. Additionally, the property offers 2,844 square feet of ground-floor retail space and participates in Redmond’s ARCH program, designating 12 units as affordable housing at 80 percent of area median income to provide housing options for a range of income levels.

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FloridaLoansMultifamilySoutheast

Berkadia Secures $42.5M Loan for Skye at Hunter’s Creek Apartments in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Berkadia has secured a $42.5 million loan for Skye at Hunter’s Creek, a 216-unit apartment community located at 1300 Santa Rosa Drive in the Central Florida city of Kissimmee. Brad Williamson, Wesley Moczul, Mitch Sinberg, Matt Robbins and Scott Wadler of Berkadia arranged the loan on behalf of the borrower, ZMR Capital, a Tampa-based real estate investment firm. Nuveen Real Estate provided the three-year, floating-rate loan, which was underwritten with two one-year extension options, full-term interest only payments, a 68 percent loan-to-value ratio, an interest rate cap and flexible prepayment terms. Built in 2015, Skye at Hunter’s Creek features newly renovated one-, two- and three-bedroom apartments, as well as a new resident clubhouse, resort‐style swimming pool, outdoor pavilion, fitness center, bark park, business center, detached garages, a playground and electric vehicle charging stations.

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DevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Kennedy Wilson Provides $175M Construction Loan for KRE Group’s 49-Story Apartment Tower in Jersey City

by John Nelson

JERSEY CITY, N.J. — Beverly Hills, Calif.-based Kennedy Wilson has provided a $175 million senior construction loan for the development of Artwalk Towers, a 49-story apartment high-rise project in Jersey City. Locally based KRE Group is the developer behind the new multifamily tower, which will comprise 595 units in the city’s Journal Square neighborhood. KRE Group, which has developed more than 1,800 apartments in Journal Square across multiple projects, expects to complete Artwalk Towers by fourth-quarter 2027. Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin and Eli Zaoutis of BlueGate Partners arranged the construction loan and represented the private family that sold the land. Upon completion, Artwalk Towers will feature a street connector to a PATH train station, resort-style pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. “We are excited to close on our first loan with [KRE Group], which has a proven track record of delivering top-tier projects that meet the needs of the area’s residents,” says Thomas Whitesell, head of Kennedy Wilson’s debt investment group. “The Artwalk Towers loan aligns with our strategy to support transformative multifamily developments in urban areas.” Whitesell says that the firm’s debt investment group …

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Content PartnerFeaturesIndustrialLoansMidwestMultifamilyNortheastSelf-StorageSoutheastTexasWestern

Part 1: Navigating the Financing Landscape: What’s Driving Activity Today?

by Sarah Daniels

By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part one of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well-positioned going forward. Much has been written about the decline in transaction volumes over the last 24 months. There is no question that properties are changing hands at a slower pace compared to the activity seen during the low interest rate environment that prevailed during the pandemic. Even so, many investors continue to seek out financing to address a variety of circumstances. In today’s market, beyond simply refinancing due to an upcoming loan maturity, three scenarios have been driving financing activity among owners of self-storage, multifamily and industrial assets: restructuring debt as a project evolves, elective refinancing to improve performance and capitalizing on a new business plan. We will cover the first theme below in part one of this two-part series. Business Plan Progression Offers Opportunities for Owners to Unlock Value As a business plan evolves and the asset matures, it’s beneficial for owners to reassess their capital stack to optimize investment performance and maximize their goals. Completing a refinance at a natural project inflection …

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