IRONDEQUOIT, N.Y. — Local financial intermediary Largo Capital has arranged a $17.3 million bridge loan for Culver Ridge Plaza, a 291,000-square-foot shopping center located outside of Rochester in Irondequoit. The center is home to tenants such as Marshalls, Burlington and Five Below. Kevin Ross and Michelle Colosimo of Largo Capital arranged the loan through Bank of America. The borrower, an undisclosed global investment firm, will use the proceeds to refinance existing debt and fund capital improvements.
BOCA RATON, FLA. — Grover Corlew has obtained a $61 million CMBS loan from Wells Fargo for the refinancing of two adjacent office properties in downtown Boca Raton. The assets include Palmetto Park City Center at 120 E. Palmetto Park Road and Bank of America Tower at 150 E. Palmetto Park Road. Both properties are nearing full occupancy and have the highest lease rates among comparable office buildings in Boca Raton, according to Grover Corlew. The South Florida-based investment firm has invested more than $16 million in upgrades in the past few years at both properties, including a full-floor tenant buildout for Waypoint and the addition of the Mia Rosebud at Bank of America Tower.
PALM BAY, FLA. — JLL has secured a $48 million loan for the refinancing of Westshore Palm Bay, a 248-unit luxury apartment community located at 2331 Commerce Park Drive NE in Palm Bay, a city on Florida’s Space Coast. Brian Gaswirth, Ted Taylor, Kyle Butler, Aaliyah St. Louis and Noli Muratovic of JLL arranged the floating-rate loan through ACORE Capital LP on behalf of the borrower, Northshore Development. Built in 2023, Westshore Palm Bay features a 24-hour fitness center with on-demand virtual classes, resort-style pool with sun shelves, clubhouse and an 8-acre lake within a nature preserve. The property was 94 percent occupied at the time of financing.
MOSES LAKE, WASH. — Gantry has secured a $14 million permanent loan to refinance the Best Western Plus Lake Front Hotel, located at 3000 W. Marina Drive in Moses Lake. The hotel, including onsite restaurant, underwent an improvement program in 2023. The hotel features a heated outdoor pool, hot tub, steam room, cocktail lounge, meeting and banquet facilities, a business and convention center and a fitness center. Drit Shoemaker of Gantry represented the borrower, a private real estate investor. A regional bank provided the seven-year, fixed-rate loan, which features a 25-year amortization schedule.
VALLEJO, CALIF. — PSRS has arranged $4.5 million for the refinancing of two retail buildings within a shopping center in Vallejo. The asset offers 10 retail units, totaling 16,452 square feet, spread across two buildings. Thomas Rudinsky of PSRS secured a 60 percent loan-to-value loan with a three-year term and 25-year amortization with the option to fully amortize the deal with a rate reset option from the lender every three years. A correspondent life insurance company funded the loan.
ELMHURST, ILL. — Elmhurst-based DarwinPW Realty/CORFAC International has arranged a $100 million loan for the refinancing of a 2.2 million-square-foot portfolio for Darwin Investment Group in metro Chicago. Wells Fargo provided the loan for the 40-building portfolio. The new loan structure and 50 percent loan-to-value ratio enables Darwin to acquire new buildings to add to the portfolio, according to Matthew Lewandowski, principal of DarwinPW Realty. Darwin Investment Group is a privately held real estate investment company that focuses on commercial real estate investments throughout Chicagoland. The firm last refinanced its portfolio in December 2015 when it was made up of 1.4 million square feet across 27 buildings. The current portfolio is home to more than 225 tenants across buildings from the south suburbs of Chicago to Southeast Wisconsin. Lewandowski, George Cibula, Erin Cibula and Patricia Liston of DarwinPW Realty worked on the transaction.
MARYSVILLE, OHIO — PMZ Realty Capital LLC has arranged a $5.3 million loan for the acquisition of a Hampton Inn hotel in Marysville, a suburb of Columbus. A debt fund provided the loan, which features interest-only payments for the full five-year term. The loan proceeds provided capital for the new ownership to acquire the property and implement a change-of-ownership property improvement plan. The buyer, a Canadian hotel investor, completed the acquisition as its first hotel investment in the U.S. The 83-room hotel features complimentary breakfast, a fitness center, indoor pool and two meeting rooms.
ABILENE, TEXAS — Newmark has arranged a $7.1 billion construction loan for a data center project in the West Texas city of Abilene. A consortium of lenders led by J.P. Morgan provided the debt, which will fund the second phase of development of an existing campus. Construction of the first phase, which comprised two buildings and 200-plus megawatts of power, began in June 2024 and is expected to come on line in the coming weeks. Construction of the second phase, which will feature six additional buildings and a total of 1.2 gigawatts, began in March 2025 and is expected to be energized in mid-2026. Jordan Roeschlaub, Nick Scribani, Ben Kroll, Brent Mayo, Doug Harmon and Andrew Warin of Newmark originated the financing on behalf of the borrower, a joint venture between Blue Owl Capital Inc., Crusoe and Primary Digital Infrastructure.
AUSTIN, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of a portfolio of eight facilities totaling 3,964 units in Texas. The properties are collectively known as the Steelcreek Self Storage Portfolio and have an aggregate net rentable square footage of 620,231 square feet. Five facilities are located in the Dallas area; two facilities are in the Austin area, and the last property is situated in the Houston area. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Dallas-based Steelcreek Management LLC, in the transaction. The team also procured the buyer, Reframe Holdings, an investment firm with offices in South Carolina and Florida. Anna Siradze, Britt Taylor, Ivan Viramontes, Tom Sherlock and Lauren Maehler of California-based Talonvest Capital arranged a $51.3 million acquisition loan through an undisclosed national bank for the deal. The nonrecourse loan carried a five-year term and a floating interest rate.
NAVARRE, FLA. — CBRE has arranged a $47 million loan for the refinancing of Elevate Navarre, a 332-unit apartment community located at 1900 Elevate Ave. in Navarre, a beach city situated near Pensacola, Fla. Blake Cohen of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the three-year, fixed-rate, interest-only loan on behalf of the sponsor and developer, Branch Properties. Voya Investment Management provided the loan, which the Atlanta-based sponsor will use to refinance its existing construction loan. Built in 2022 adjacent to a Publix-anchored shopping center, Elevate Navarre features 11 three-story residential buildings and a clubhouse/leasing center. The property offers one-, two- and three-bedroom apartments with five different floor plans averaging 893 square feet in size. Amenities include a resort-style pool with sun deck, club room with lounge area and billiards, outdoor kitchen/dining area, fitness center with Peloton bikes, pet spa and 565 surface-level parking spaces.