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LoansLouisianaMultifamilySoutheastWalker & Dunlop

Reynolds Obtains $23.2M Agency Refinancing for Apartment Community in Bossier City, Louisiana

by John Nelson

BOSSIER CITY, LA. — New Jersey-based investment firms Reynolds Asset Management has obtained a $23.2 million Fannie Mae loan for the refinancing of Preston Place, a 272-unit apartment community located at 400 Preston Blvd. in Bossier City, a suburb of Shreveport, La. Allan Edelson of Walker & Dunlop arranged the financing. Devli Real Estate is a joint venture partner of Reynolds for Preston Place. Reynolds acquired Preston Place in 2023 for $23.7 million, and renovations began immediately after the acquisition. Originally constructed in 1985, Preston Place sits on eight acres and comprises a mix of 133 one-bedroom apartments, 138 two-bedroom apartments and one three-bedroom apartment.

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One-Five-One_New-York-City
LoansNew YorkNortheastOfficeTop Stories

Durst Organization Receives $1.3B in CMBS Financing for One Five One Office Building in Times Square

by Hayden Spiess

NEW YORK CITY — The Durst Organization, a family-owned real estate owner and development firm based in New York City, has received $1.3 billion in CMBS financing for One Five One, a 48-story building located at 151 W. 42nd St. in the Times Square area of Midtown Manhattan.  A consortium of Wells Fargo Bank, JPMorgan Chase and Bank of America provided the loan. The debt, which was structured with a five-year term and an interest rate of 5.86 percent, reflects a loan-to-value ratio based on an estimated property valuation of approximately $2.3 billion. The Durst Organization will use the proceeds to fund tenant improvements, closing costs and other capital expenditures, as well as to return equity to Durst. At the time of the loan closing, One Five One was 92 percent leased to tenants such as TikTok, NASDAQ Inc., BMO Capital Markets and law firm Venable LLP.  According to Wikipedia, The Durst Organization developed the building in the late 1990s. Formerly known as 4 Times Square, the 1.8 million-square-foot building includes 72,000 square feet of retail space and underwent a $150 million repositioning in the 2010s, following the departures of publishing firm Condé Nast and law firm Skadden Arps.   Law …

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LoansMultifamilyTexas

Avatar Financial Provides $7.3M Bridge Loan for Two Houston Multifamily Properties

by Taylor Williams

HOUSTON — Seattle-based lender Avatar Financial Group has provided a $7.3 million bridge loan for the refinancing of two garden-style multifamily properties in Houston. Donovan Village is a 78-unit complex on the city’s northwest side, and Station Apartments is a 60-unit complex in the Greater Heights area. The loan carries a two-year term and an a 70 percent loan-to-value ratio. The borrower was not disclosed.

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HospitalityLoansNew YorkNortheast

Goldman Sachs Funds $145M Loan for Refinancing of Manhattan Hotel

by Taylor Williams

NEW YORK CITY — Affiliates of Goldman Sachs & Co. have funded a $145 million loan for the refinancing of the Hôtel Barrière Fouquet in Manhattan. The 97-room hotel, which is located at 456 Greenwich St. in the borough’s Tribeca neighborhood, opened in 2022 and features a Parisian brasserie, a spa, art deco interiors and a private screening room. The loan retires the original construction and mezzanine financing that was provided by South Korea-based Hana Financial Investment. Law firm Rosenberg & Estis PC represented the borrower, an entity doing business as CBCS Washington Street LP, in the transaction, while attorneys from Haynes & Boone LLP represented the lender.

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The-Village-at-Tuxedo-Reserve
Build-to-RentDevelopmentLoansNew YorkNortheastSingle-Family Rental

White Oak Provides $46.2M Construction Loan for Build-to-Rent Project in Tuxedo, New York

by Taylor Williams

TUXEDO, N.Y. — White Oak Real Estate Capital has provided a $46.2 million construction loan for a build-to-rent residential project in Tuxedo, located along the New York-New Jersey border. The project, which represents Phase I of The Village at Tuxedo Reserve, will add 93 rental units within the 1,200-acre Tuxedo Reserve master-planned development. Phase I is slated for a fall 2026 completion. Max Ralby led the Newmark team that arranged the debt through White Oak. Related Cos. is developing The Village at Tuxedo Reserve, and Lennar Corp. is the master developer of the larger Tuxedo Reserve community, which is planned to ultimately feature about 1,300 residences.

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CaliforniaLoansMultifamilySeniors HousingWestern

BWE Secures $65M Bond Financing for Seniors Housing Community in Milpitas, California

by Amy Works

MILPITAS, CALIF. — BWE has arranged $65 million in bond financing for Ivy Park at Milpitas, a seniors housing property in Milpitas. The financing was secured on behalf of a joint venture between Blue Mountain Enterprises and SRM Development. Oakmont Management Group is managing the property. Ryan Stoll and Taylor Mokris of BWE arranged the financing. The loan was structured as a 15-year bond issuance, credit-enhanced by a letter of credit from Poppy Bank, and features five years of interest-only payments along with a favorable covenant structure. The financing provides the sponsor with enhanced flexibility and a long-term runway to complete lease-up and drive operational performance. The four-story, 205,000-square-foot Ivy Park at Milpitas offers 199 independent living, assisted living and memory care units, as well as a subterranean parking garage. Community amenities include all-day dining at The Vine at Ivy restaurant, a fitness center, indoor heated pool, library, salon, movie theater and a landscaped outdoor courtyard. The community also offers 24-hour staffing, concierge services and a social calendar for residents.

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2890-W-116th-Pl-Westminster-CO
ColoradoLoansMultifamilyWestern

Mesa West Capital Provides $52M Refinancing for Multifamily Property in Westminster, Colorado

by Amy Works

WESTMINSTER, COLO. — Mesa West Capital has provided an affiliate of Crow Holdings Capital with $52 million in short-term, floating-rate first mortgage debt to refinance Canyon Reserve at the Ranch, an apartment community in Westminster. The property is located at 2890 W. 116th Place. Built in 1984, the 17-building, garden-style asset was fully repositioned by the sponsor in 2022. Canyon Reserve at the Ranch features 256 one- and two-bedroom units with modern finishes, including stainless steel appliances, in-unit washers/dryers, walk-in closets and private outdoor spaces. Community amenities include a resort-style swimming pool, outdoor grilling area, fitness center and dog park.

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DevelopmentIndustrialLoansTexas

Thorofare Capital Provides $36M in Financing for Industrial Project in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Southern California-based Thorofare Capital has provided $36 million in financing for a three-building, 343,728-square-foot industrial project in the Central Texas city of San Marcos. The loan carries a floating interest rate, and the project is expected to be complete in September. The Thorofare team behind the transaction included Scott Sumida, Andrew Kim, Paul Hachigian, Paul Kim and Jason Campbell. The names of the direct lender and borrower were not disclosed.

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LoansMultifamilySoutheastTennesseeWalker & Dunlop

Walker & Dunlop Arranges $105M Refinancing for 805 Lea Apartments in Downtown Nashville

by John Nelson

NASHVILLE, TENN. — Walker & Dunlop has arranged a $105 million loan for the refinancing of 805 Lea, a 356-unit apartment tower in downtown Nashville. Built in 2021, the property features 10,203 square feet of ground-floor retail space across three suites. Amenities include a 24-hour concierge services, 29th floor sky lounge, saltwater swimming pool, fitness center and two outdoor fire pits. Stephen Farnsworth led the Walker & Dunlop team that arranged the three-year loan through Nuveen on behalf of the borrower, Key Real Estate Co. The loan features two optional 12-month extensions.

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IndustrialLoansMichiganMidwest

Bernard Financial Group Arranges $23M Refinancing for Industrial Facility in Flint, Michigan

by Kristin Harlow

FLINT, MICH. — Bernard Financial Group (BFG) has arranged a $23 million loan for the refinancing of a 328,770-square-foot industrial facility in Flint. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Flint Commerce Center 1 LLC. A life insurance company provided the loan.

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