MOUNT PLEASANT, S.C. — BWE has arranged a $40.3 million loan for the construction of Carolina Business Park, an industrial development in Mount Pleasant, roughly five miles outside downtown Charleston. Cameron Property Co. is the borrower and developer. Thomas Wiedeman and Alan Tapie of BWE secured the financing through a life insurance company on behalf of the borrower. Upon completion, the property will total 483,300 square feet across three buildings. The rear-load buildings, situated on 60 acres, will feature clear heights between 32 and 36 feet.
MICHIGAN — District Capital has arranged a $10.6 million loan for the acquisition of a 205,000-square-foot industrial property in Michigan. Dave Dismondy of District Capital arranged the nonrecourse loan, which features a 60 percent loan-to-value ratio and an 80 percent loan-to-cost ratio. A life insurance company provided the loan. The borrower was undisclosed.
NEW YORK CITY — Slate Property Group has received a $97 million loan for the refinancing of The Yellowstone, a 166-unit multifamily project located in the Forest Hills area of Queens. Designed by Aufgang Architects, the newly built property offers one- and two-bedroom units that range in size from 475 to 950 square feet and feature stainless steel appliances, granite countertops and backsplashes, as well as individual washers and dryers. Select units also have private balconies. Amenities include a fitness center, lounges and a rooftop terrace, and the building’s retail space houses a Trader Joe’s grocery store. Daniel Fromm of Newmark arranged the five-year, fixed-rate loan through Apollo Global Management on behalf of Slate.
TORRANCE, CALIF. — Gantry has secured a $28 million permanent loan to refinance Torrance Memorial Lundquist-Lurie Cardiovascular Center, located at 2841 Lomita Blvd. in Torrance, a southern suburb of Los Angeles. The three-story, 65,000-square-foot medical office building is fully occupied by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service, Cedars Sinai-affiliated hospital. George Mitsanas, Braden Turnbull and Alicia Sabanero of Gantry’s Los Angeles (El Segundo) office secured the financing for the borrower, a private real estate company. The 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at a fixed rate with 30-year amortization and pre-payment flexibility after year seven.
ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, a mixed-use project in Alexandria. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield arranged the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans include the redevelopment of three existing office buildings to feature 169 multifamily residential units, 65 condominiums and 7,000 square feet of commercial space. The property is situated with direct access to the Mount Vernon Trail and features views of the Potomac River. Construction is scheduled to begin immediately, with completion expected in 2026.
CULVER CITY, CALIF. — Helio Group has received a $40 million loan for the acquisition of Cobalt Apartments, a multifamily property in Culver City. Jeff Sause, Chad Morgan and Jacob Michael of JLL Capital Markets arranged the loan for the borrower from a regional bank. Cobalt Apartments features 135 units and 14,754 square feet of ground-floor retail space. Situated along Washington Boulevard, the property sits across the street from Sony Pictures Studios near interstates 10 and 405. Additionally, residents are within a 15-minute walk from the Palms Station Expo Line, which offers regional transportation.
GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $37 million loan for the refinancing of Dane Park, a 392-unit apartment community in Grapevine. The property is located in the northern-central part of the metroplex and features one- and two-bedroom units. Amenities include a pool, fitness center, game room, sports court, resident clubhouse and outdoor grilling and dining stations. Dane Park also offers pet daycare, grooming and concierge services. Brian Eisendrath and Cameron Chalfant of IPA arranged the debt. The borrower and direct lender were not disclosed.
COLUMBUS, OHIO — Affinius Capital LLC has provided $165.7 million in loans for the refinancing of three multifamily properties in Columbus. The communities include The Thomas at Grandview Crossing, The Sage at Jeffrey Park and The Tillmore at Quarry Trails. The borrower was Columbus-based developer Thrive Cos. The Thomas at Grandview Crossing offers 310 units across four buildings. Amenities include a fitness center, outdoor living area and numerous lounging areas. The property is located within Grandview Crossing, a 55-acre mixed-use development. The Sage at Jeffrey Park is a 310-unit community with amenities such as two pools, a sauna, coffee shop, coworking space, bike storage and a community center with gaming room and fitness center. The property is nestled within Jeffrey Park, a 41-acre mixed-use development. The Tillmore at Quarry Trails offers 293 units across nine buildings. Situated within a 180-acre park, the property features a pool, fitness center, business center and clubhouse.
CHICAGO — CEDARst Cos. has received a $44 million loan for the refinancing of Duncan Apartments in Chicago. Citigroup provided the CMBS loan, which was arranged by Berkadia. The first mortgage loan features a fixed interest rate of 6.67 percent over a five-year term. CEDARst, a Chicago-based real estate development firm, redeveloped the 260-unit apartment complex in 2020. A $51.5 million existing first mortgage from New York-based ACRE was fully repaid. Additional equity was secured via a large, Midwest-based family office.
GARWOOD, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $6.5 million loan for the refinancing of Garwood Mall, an 89,624-square-foot shopping center in Northern New Jersey. Built in 1971, Garwood Mall is home to tenants such as Kings Food Markets, Crunch Fitness and AutoZone. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the loan through American United Life on behalf of the undisclosed borrower.