MURRIETA, CALIF. — PSRS has arranged $9.5 million in refinancing for Plaza Las Brisas, a retail property in Murrieta. The 43,000-square-foot shopping center, which features 214 parking spaces, was 97 percent occupied at the time of financing. Trevor Blood of PSRS secured the 10-year loan with a 30-year amortization schedule through a correspondent life insurance company for the undisclosed borrower. Loan proceeds refinanced a maturing CMBS loan.
DALLAS — Nuveen Green Capital and Lone Star PACE have provided $9 million in C-PACE financing for Cityscape Star Apartments, a 116-unit multifamily complex in the Cedars neighborhood of Dallas. The newly constructed building offers one- and two-bedroom units and amenities such as a fitness center, business center, dog run and a rooftop lounge. The name of the borrower was not disclosed. C-PACE allows property owners to access low-cost, long-term financing for energy and water conservation systems at commercial buildings.
DALLAS — Seattle-based lender Avatar Financial Group has funded a $3.1 million bridge loan for a Texaco-branded gas station and convenience store located at 3924 W. Red Bird Lane in southwest Dallas. The loan carries a two-year term, an 11.5 percent initial interest rate and a 65 percent loan-to-value ratio. The undisclosed sponsor will use proceeds to leverage equity from the asset in order to purchase another service station. The borrower plans to refinance Avatar’s loan once the new site is stabilized and producing income.
BURIEN, WASH. — Pillar Properties has completed the recapitalization of The Maverick, an apartment community in Burien, by bringing in Stockbridge Capital Group as a joint venture equity partner. Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper of CBRE represented Pillar Properties in the transaction. Located at 15045 5th Ave. SW, The Maverick offers 229 studio, one- and two-bedroom units. Built in 2017, the property includes a movie theater; two-story, 24-hour fitness center; a yoga center; and a resident club lounge.
GREENVILLE, S.C. — Appian Investments has secured joint venture equity with Harbert Management Corp. for the development of Magnolia Grove, a two-building industrial development located at U.S. Route 25 and Bethuel Church Road in Greenville. Patterson Real Estate Advisory Group arranged the equity placement. Situated within three miles of both I-85 and I-185, Magnolia Grove will span 182,000 square feet across two shallow-bay buildings, both of which will be constructed with tilt-wall concrete. The facilities will feature 24-foot clear heights and a 200-foot asphalt truck court. The construction timeline was not released.
ATLANTA — Peachtree Group has originated a $42 million loan for the acquisition and repositioning of Atlanta Financial Center, a 914,774-square-foot office campus in Atlanta’s Buckhead district. The borrower, Miami-based Banyan Street Capital, recently acquired the office campus, which comprises three interconnected towers situated on 13.1 acres atop Ga. Highway 400 with immediate access to a MARTA station. The floating-rate loan carries a 36-month initial term with a 12-month extension option. The loan is backed by completion, interest and carry guarantees from Banyan Street Capital. After being acquired in 2016 by a Sumitomo Corp. affiliate for $222.5 million, Atlanta Financial Center faced tenant departures, softening fundamentals and shifting capital priorities. Banyan Street Capital plans to reposition the campus, starting with the lease-up of the North Tower, which is being supported by capital expenditure reserves and funds for tenant improvements and leasing. The sponsor will also explore larger tenant opportunities and future redevelopment options.
MIAMI — Miami-based MMG Equity Partners has obtained a $38 million loan for the refinancing of four shopping centers in South Florida. JLL arranged the loan through Synovus Bank. The four properties include Pinecrest Center and Pinecrest Shoppes in Pinecrest, Westlake Plaza in Westchester and Naranja Plaza in Homestead. The four properties, which front either South Dixie Highway or Bird Road, total 127,826 square feet and were purchased between 2018 and 2020 for a combined total of $28.9 million. The properties are recently stabilized and have undergone nearly $8 million worth of capital improvements under MMG’s ownership.
ROMEOVILLE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million loan for the refinancing of Carillon Court, a 29,891-square-foot retail strip center in the Chicago suburb of Romeoville. The property at 444 N. Weber Road is situated near I-55 and is home to a mix of restaurants and service-oriented businesses, including a dental office, salon and insurance agency. Dean Giannakopoulos of MMCC arranged the loan through a local bank on behalf of the private borrower. The three-year loan features one year of interest-only payments and a 25-year amortization schedule.
KATY, TEXAS — JLL has provided an undisclosed amount of Freddie Mac financing for The Reserve on Kingsland, a 382-unit apartment community in the western Houston suburb of Katy. Built in 2020 and formerly known as Lenox Reserve, the property features 11 three-story buildings with one-, two- and three-bedroom units that have an average size of 882 square feet. Amenities include pools, a fitness center, package lockers, a dog park, business center, demonstration kitchen and a game room. Andy Scott, Michael Cosby, Bo Beidleman, Blake Morrison and Aaron Craig of JLL originated the seven-year, fixed-rate loan on behalf of the owner, Price Realty Corp.
BOSTON — PGIM Real Estate has provided $132 million in financing for The Viridian, a 342-unit multifamily property in Boston’s Fenway neighborhood. The Viridian offers studio, one-, two- and three-bedroom units, as well as penthouses, that are furnished with floor-to-ceiling windows, designer kitchens, spa-inspired baths, walk-in closets and Juliet balconies. Amenities include two rooftop decks with outdoor lounges, a fitness center and coworking and social lounges. Amy Lousararian, Madeline Joyce and Michael Schwarze of JLL arranged the floating-rate financing on behalf of the owner, The Abbey Group.