CULVER CITY, CALIF. — JLL Capital Markets has arranged $12.5 million in senior financing for Culver Theater, a movie theater in Culver City. Alex Olson, Joshua Blank and Sarah Kim of JLL Capital Market’s Debt Advisory represented the borrower, Oliver McMillan LLC, and secured the five-year, fixed-rate loan through Zions Capital Markets. Located at 9500 Culver Blvd., the 41,341-square-foot Culver Theater was built in 2004. The property features a six-screen movie theater experience with a full bar, theater snacks and kitchen fare, and plush seating along with six private sound stages. The theater, which was previously occupied by Arclight, was leased to a global e-commerce giant in June 2021 and opened to the public in 2022. The property is located across from Culver Studios, where a global e-commerce giant and movie production company operates more than 530,000 square feet of film and TV production space.
OVERLAND PARK, KAN. — Northmarq has provided a $42 million Freddie Mac loan for the acquisition of The Sovereign at Overland Park, a 250-unit apartment complex in the Kansas City suburb of Overland Park. Built in 2013 and located at 13310 Melrose Lane, the property offers one-, two- and three-bedroom units. Amenities include private garages, a resort-style pool, gated pet park and 24-hour fitness center. Greg Duvall of Northmarq originated the loan on behalf of the borrower, Sovereign Apartments LLC. The 10-year loan features a fixed interest rate.
NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $12.5 million permanent loan for The Jackson, a 40-unit apartment building located in the Jackson Heights area of Queens. The newly built property houses studio, one- and two-bedroom units with an average size of about 600 square feet, as well as ground-floor retail space that is leased to T-Swirl Crepe, Pizza Hut, Alta Aesthetics and a law firm. Amenities include a fitness center and a rooftop terrace. Andrew Stewart and Allison Villamagna of Cronheim originated the debt. The direct lender and borrower were not disclosed.
SEATTLE — CBRE has secured $27 million in refinancing for the Hampton Inn & Suites by Hilton Seattle Downtown. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE’s Pacific Northwest Debt & Structured Finance team facilitated the five-year, fixed-rate refinancing on behalf of the undisclosed owner. Located at 700 Fifth Ave. North, the six-story hotel features 199 guest rooms with in-room kitchens. Hotel amenities include free breakfast, free Wi-Fi, a fitness center, laundry facilities, parking, a 24-hour business center and conference spaces. This financing represents the first refinancing of the property in 20 years and follows a significant interior and exterior renovation completed by the owner in 2020.
VICTORIA, MINN. — Northmarq has arranged a $28.6 million construction loan for Olivine Apartments in Victoria, a western suburb of Minneapolis. The 145-unit multifamily community at 2000 Steiger Lake Lane is slated to be built in 2025. Dan Trebil and Andy Finn of Northmarq arranged the financing on behalf of the borrower, Schafer Richardson and Marco McLane Development. Associated Bank provided the loan. The deal also features preferred equity, which Northmarq arranged through Minnesota-based Ackerberg Group.
WARRENSBURG AND GRANDVIEW, MO. — Gantry has secured $17.2 million in permanent loans for two suburban Kansas City apartment complexes. The properties include the 73-unit Meadowbrook Estates in Warrensburg and the 56-unit Chelsea Apartments in Grandview. Both assets underwent comprehensive renovations in the past two years. Mark Reichter and Alec Frook of Gantry secured the loans on behalf of the borrower, an individual private real estate company. Both 10-year Fannie Mae loans feature fixed interest rates with five years of interest-only payments.
UPLAND, CALIF. — Berkadia has arranged $46.7 million in refinancing for Arbor Park Apartments in Upland. The seven-year loan features a 4.6 percent interest rate, full-term interest-only payments and a 65 percent loan-to-value ratio. Allan Freedman of Berkadia Los Angeles secured the loan for the borrower, California-based NNC Apartment Ventures. Located at 859 N. Mountain Ave., Arbor Park Apartments offers 260 garden-style residences.
BEND, ORE. — Ethos Commercial has secured $6.1 million in acquisition financing for Bluff Street Office, a multi-tenant office located at 395 SW Bluff St. in Bend’s Old Mill District. Built in 2003, the 29,000-square-foot building features three suites, storage and surface parking. At the time of financing, the property was fully occupied with long-term leases. Danny Natsch and Matt Illias of Ethos Commercial Advisors sourced the 70 percent loan-to-value, 10-year fixed-rate loan in the mid 5 percent range through a regional credit union for the undisclosed borrower.
CINNAMINSON, N.J. — PGIM Real Estate has provided a $129.1 million loan for the refinancing of Box Park Logistics Center, a 1.2 million-square-foot industrial property located in the Southern New Jersey community of Cinnaminson. The development currently comprises a single building that can be expanded by 300,000 square feet. Building features include a clear height of 40 feet, four drive-in doors, 188-foot truck court depths, an ESFR sprinkler system and parking for 549 cars and 216 trailers. Both parking figures are also subject to expansion. The borrower is Chicago-based Logistics Property Co.
DOWNINGTOWN, PA. — CBRE has arranged a $47.5 million bridge loan for the refinancing of Phase I of Mi-Place@Downingtown, a 205-unit apartment complex located on the western outskirts of Philadelphia. The property comprises six three-story buildings that house one- and two-bedroom apartments and three-bedroom townhomes. Amenities include a pool, fitness center, clubhouse, outdoor grilling and dining stations and pickleball and basketball courts. Matthew Klauer and Cassandra Russell of CBRE arranged the three-year loan through an entity managed by Argentic Investment Management on behalf of the sponsor, Fernmoor Homes. At full build-out, Mi-Place@Downingtown will total 400 units.