MADISON, WIS. — CPC Mortgage Co., a subsidiary of The Community Preservation Corp., has provided a $16.4 million Freddie Mac Targeted Affordable Housing (TAH) forward commitment for the permeant financing of Taking Shape B1, the first phase of Taking Shape, Our Triangle, a redevelopment project in Madison’s Triangle neighborhood. Developed through a partnership between the Community Development Authority of the City of Madison (CDA) and New Year Investments, Taking Shape B1 will provide 164 affordable housing units at 755 Braxton Place. The project is part of a multi-phase plan to reimagine and revitalize the Brittingham Apartments, Gay Braxton Apartments, Karabis Apartments and Parkside Highrise and Townhomes — collectively known as the CDA Triangle Sites. Key partners in the financing and development of Taking Shape B1 include the Wisconsin Housing and Economic Development Authority, serving as the tax-exempt bond issuer; U.S. Bank, acting as the construction lender; National Equity Fund, the project’s low-income housing tax credit syndicator; and Baker Tilly, providing expertise as the project’s consultant. The 10-acre site is shared with the Bayview Foundation and two medical buildings. All of the units will be designated as affordable for households earning at or below 60 percent of the area median income. …
TROY, MICH. — BWE has secured a $15.5 million loan for the refinancing of Troy Corporate Center, a Class A office building in Troy. Dan Rosenberg, Logan Petersmeyer and Isabella Barrios of BWE arranged the loan on behalf of the borrower, Integris Ventures. A life insurance company provided the nonrecourse loan, which features a 30-year amortization. Integris began a value-add business plan after acquiring the 189,790-square-foot, six-story property in 2021. After renovation, the building is nearly fully occupied. Amenities include a micromarket, conference and event space, covered parking, locker rooms and a fitness facility.
NEW YORK CITY — S3 Capital, the lending arm of New York City-based investment firm Spruce Capital Partners, has provided $80 million in financing for the development of a 131-unit multifamily project that will be located in Midtown Manhattan’s Turtle Bay area. The borrower is local developer David Halberstam. The doorman- and elevator-served building at 303 E. 44th St. will offer studio, one- and two-bedroom units and amenities such as a fitness center, rock climbing wall, rooftop pool, coworking lounge and a clubhouse. A portion of the residences will be earmarked as affordable housing. Sitework is underway, and completion is slated for the third quarter of 2027.
NEW YORK CITY — JLL has brokered the $49.5 million sale of 640 Broadway, a nine-story apartment building in Manhattan’s NoHo neighborhood. The building houses loft-style residential units and 4,200 square feet of retail space that is fully leased to tenants such as UPS, Two Hands Café and Van Leeuwen Ice Cream. Steven Rutman, Jeffrey Julien, Rob Hinckley and Ethan Stanton of JLL represented the seller, Acadia Realty Trust, in the transaction, and procured the buyer, a partnership between New York-based investment firm Pamera North America and local operator Targo Capital. Michael Gigliotti, Stephen VanLeer and John Flynn, also with JLL, arranged a $30.5 million acquisition loan for the deal through Citi Private Bank.
WATCHUNG, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged $26 million in financing for the redevelopment of the 420,000-square-foot Blue Star Shopping Center in Watchung, located in Northern New Jersey. David Fryer of G.S. Wilcox arranged the loan, which features full-term, interest-only payments, through an undisclosed life insurance company. Phase I of the project, which centered on the redevelopment and expansion of a ShopRite grocery store, was completed earlier this year. Phase II will involve transforming the former ShopRite space to welcome Burlington and the relocation of Marshalls. Levin Management Corp. manages and leases Blue Star Shopping Center.
PHOENIX — Gantry has secured $16.3 million in financing for a private real estate investor for the acquisition of two buildings located at 950 and 960 W. Behrend Drive in Phoenix. The properties offer 124,308 square feet of industrial and office space. Tim Storey, Adam Parker, Chad Metzger and Andrew Christopherson of Gantry’s Phoenix office arranged the five-year, fixed-rate loan through a regional bank. The loan features two years of interest-only payments while the property stabilizes and then transitions to a 30-year amortization.
NEW YORK CITY — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $34.5 million loan for the refinancing of a mixed-use building on Manhattan’s Upper West Side. The 23,300-square-foot building at 2875 Broadway houses retail and healthcare uses. Tremont funded the floating-rate loan, which has a two-year initial term with three one-year extension options, through its affiliate, Seven Hills Realty Trust (NASDAQ: SEVN). Meridian Capital Group arranged the debt on behalf of the sponsor, a partnership between TPG Angelo Gordon and Premier Equities.
SAN DIEGO — JLL Capital Markets has arranged $102.4 million in construction financing for the first phase of Otay Business Park, a speculative Class A industrial development in San Diego’s Otay Mesa submarket. The borrower is a joint venture between Elevation Land Co. and a real estate fund advised by Crow Holdings Capital. Aldon Cole and Ben Choromanski of JLL Capital Markets arranged the three-year, floating-rate loan through New York Life Real Estate Investors for the borrower. Phase I of Otay Business Park will deliver 612,240 square feet spanning four freestanding warehouse and distribution buildings, ranging from 79,760 square feet to 233,880 square feet. The single-story, reinforced concrete tilt-up structures will feature 32-foot clear heights and be divisible into suites as small as 45,000 square feet. Upon full build-out, the 119-acre Otay Business Park will feature 1.8 million square feet of industrial space across nine buildings. Construction for Phase I is underway, with completion slated for mid-2026. The project is expected to reach stabilization by mid-2027.
WAYNE, N.J. — The hospitality affiliate of locally based financial intermediary Cronheim Mortgage has arranged a $19.5 million acquisition loan for the Home2 Suites by Hilton hotel in Wayne, located in Northern New Jersey. The hotel was built in 2020. The room count was not disclosed. Amenities include an indoor pool, fitness center, complimentary hot breakfast and an onsite restaurant. Cronheim arranged the five-year, floating-rate loan on behalf of the borrower, hospitality owner-operator Spark GHC. The direct lender was also not disclosed.
SAN JOSE, CALIF. — A joint venture between BISON Partners and PCCP has received $29 million in acquisition financing for Bernal Plaza, an open-air retail center in San Jose. Alex Olson, Todd Sugimoto, Lauren Sackler and Danny Ryan of JLL Capital Markets secured the floating-rate acquisition loan through Forbright Bank for the borrower. The joint venture acquired the asset from a private seller, which had owned the property for 20 years, in an off-market transaction. Situated on 16 acres at 101-125 Bernal Road, Bernal Plaza offers 139,559 square feet of retail space that was 94 percent leased at the time of sale. Current tenants include Ross Dress for Less, McDonalds, Shell and a Tesla charging station.