Loans

Finance Companies Look to Artificial Intelligence Applications in Predictive Analytics, Due Diligence, Modeling

by Sarah Daniels March 26, 2024

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 …

March 26, 2024

Georgia Loans Office Southeast

Vision Properties Secures Refinancing for 692,707 SF Wildwood Center Office Building in Atlanta

by John Nelson March 25, 2024

ATLANTA — Vision Properties has secured refinancing for Wildwood Center, a 692,707-square-foot office building located in northwest Atlanta’s Cumberland-Galleria office submarket. The property features flexible floor plates across 11 stories, and the ownership has implemented improvements including the addition of a new tenant lounge, conference center and atrium and outdoor seating areas. Amenities at the building also include a fitness center. Vision Properties is currently underway on the development of an additional 25,000 square feet of space on the property’s top floor, which is scheduled for delivery this year. David Horne, Glenn Aspinwall and Alexis Easterling of JLL handle leasing at the building, which has recently seen 262,680 square feet of lease transactions in the form of both new leases and renewals. The loan amount and further details of the refinancing were not disclosed.

March 25, 2024

Development Loans Multifamily North Carolina Southeast

Thorofare Provides $30M Construction Financing for Multifamily Development in Charlotte

by John Nelson March 25, 2024

CHARLOTTE, N.C. — Thorofare Capital has provided a $30 million loan to Grubb Properties for the construction and lease-up of Link NoDa Phase II, a 242-unit multifamily project in Charlotte. Upon completion, the development will feature 146,652 square feet of rentable space within a six-story building. Amenities at the property, independent from those at Phase I of the community, will include a clubhouse, pool, courtyards with fire pits, grilling stations, a 24-hour fitness center, cycle room, yoga studio, pet spa, dog run, conference room, meeting center and coworking space.

March 25, 2024

Industrial Loans New York Northeast

Largo Capital Arranges $12.1M Loan for Refinancing of Warehouse Near Buffalo

by Taylor Williams March 25, 2024

TONAWANDA, N.Y. — Locally based financial intermediary Largo Capital has arranged a $12.1 million loan for the refinancing of a 307,000-square-foot warehouse located just outside of Buffalo in Tonawanda. The building, which features a clear height of 36 feet, 28 dock-high doors and two drive-in doors, was fully leased at the time of the loan closing. Jack Phillips of Largo Capital arranged the loan on behalf of the undisclosed borrower. The name of the direct lender was also not disclosed.

March 25, 2024

Development Loans Midwest Multifamily Wisconsin

PACE Loan Group Provides $8M in C-PACE Financing for Luxury Apartment Project in Eau Claire, Wisconsin

by Kristin Harlow March 25, 2024

EAU CLAIRE, WIS. — PACE Loan Group has provided $8 million in C-PACE financing for The Washington, a 200-unit luxury apartment project to be built in Eau Claire, a city in western Wisconsin. The financing fills out the $41 million capital stack, which includes $20 million in debt and $13 million in equity. The three-building project will comprise a former managed care facility and two new ground-up buildings. The 10-acre site is located within two miles of the University of Wisconsin-Eau Claire and numerous healthcare facilities. The former managed care facility, which originally opened in 1937, will house amenities including a 2,000-square-foot commercial space on the first floor, rooftop deck, fitness center, clubroom, coworking space, media room, yoga studio, outdoor heated pool, dog park and dog washing station. It will also include 53 multifamily units. One of the new buildings will consist of 87 units; the other will feature 60 units. Both will have fitness centers, clubrooms, media rooms and underground parking. Construction will begin shortly and is slated for completion by September 2025. The PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include building envelope, Energy Star windows, high-efficiency HVAC, domestic hot …

March 25, 2024

Affordable Housing Illinois Loans Midwest Multifamily

Colliers Mortgage Originates $7.8M Loan for Refinancing of 72-Unit Affordable Housing Property in Chicago

by Kristin Harlow March 25, 2024

CHICAGO — Colliers Mortgage has originated a $7.8 million Fannie Mae loan for the refinancing of Southeast Englewood and South Wabash in Chicago. The 72-unit, scattered site affordable housing property consists of six three-story buildings with garden-level basements. The buildings are situated on six parcels, three of which are non-contiguous. All of the units are restricted to low-income tenants by a HUD Section 8 HAP contract. Les Hardin of Colliers Mortgage structured the loan, which features a 10-year term. LSG Lending Advisors arranged the loan.

March 25, 2024

Industrial Loans Texas

JLL Arranges Construction Financing for Industrial Redevelopment Project in Addison, Texas

by Taylor Williams March 22, 2024

ADDISON, TEXAS — JLL has arranged an undisclosed amount of construction financing for Addison Innovation Center, an industrial redevelopment project that will be located on north of downtown Dallas. The project will convert the 12.2-acre site of an existing office and call center complex into two warehouses totaling 242,062 square feet. The buildings, which will span 140,698 and 101,364 square feet, will be able to accommodate a single tenant or multiple users. First United Bank & Trust Co. provided the five-year, floating-rate loan to the borrower, a partnership between Houston-based Lovett Industrial and Dallas-based Rosewood Property Co. Jarrod McCabe led the transaction for JLL.

March 22, 2024

California Loans Office Top Stories Western

Worthe Real Estate, Stockbridge Receive $475M Refinancing for Warner Bros. Office Complex in Burbank, California

by Jeff Shaw March 22, 2024

BURBANK, CALIF. — Worthe Real Estate Group (Worthe) and Stockbridge have received a $475 million, fixed-rate, securitized mortgage to refinance debt on Second Century. The 800,000-square-foot office complex is located in the Media District neighborhood of Burbank, a suburb north of Los Angeles that serves as a television studio hub. Worthe and Stockbridge completed the development of the Frank Gehry-designed Second Century in May 2023. The complex consists of two buildings located within The Burbank Studios lot. Warner Bros. fully occupies the property. According to the city of Burbank, the first building comprises 355,000 square feet across seven stories. The second building rises nine stories and totals 445,000 square feet. The loan was securitized as a single-asset, single-borrower CMBS transaction, led by Wells Fargo and Morgan Stanley. Eastdil Secured served as exclusive advisor to Worthe and Stockbridge on the transaction. Further details on the loan were not disclosed. “This successful financing underscores our vision for Second Century and the growing demand in the entertainment industry for sustainable, state-of-the-art and vibrant office space,” says Jeff Worthe, president of Worthe. The Burbank Studios is a television production facility that also houses the iHeartRadio Theatre performance venue. The facility is situated across the street from Johnny Carson Park. Second Century …

March 22, 2024

Loans Mixed-Use Texas

EBSC Lending Provides $59M Construction Loan for Austin Mixed-Use Project

by Taylor Williams March 21, 2024

AUSTIN, TEXAS — California-based EBSC Lending has provided a $59 million construction loan for a 201,821-square-foot mixed-use project in northwest Austin. The undisclosed project is located near Apple’s campus and will consist of three buildings that will house for-rent and for-sale residential units, as well as retail and restaurant space. Completion is slated for 2025. The undisclosed, locally based borrower will use the proceeds to retire existing debt and fund additional construction and lease-up costs.

March 21, 2024

California Development Industrial Loans Western

Partnership Receives $756M Financing Package for Speedway Commerce Center Logistics Development in Fontana, California

by Amy Works March 21, 2024

FONTANA, CALIF. — A fund sponsored by CBRE Investment Management, in joint partnership with Hillwood Investment Properties, has received a $756 million financing package for the construction of Phase I of Speedway Commerce Center in the Inland Empire city of Fontana. Located at 9300 Cherry Ave., Speedway Commerce Center will be a multi-building logistics project with highly functional, larger scale buildings offering 40-foot clear heights, cross-docked loading, 185-foot concrete truck courts, employee parking, optimal circulation and more than 100 acres for excess trailer parking. Construction is underway at the site, which is entitled for up to 6.6 million square feet of logistics space. The first two buildings are slated for completion in early 2025. Eastdil Secured arranged the financing on behalf of CBRE Investment Management. Dan de la Paz, Eloy Covarrubias and Barbara Perrier of CBRE are handling leasing efforts for the development.

March 21, 2024

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