Loans

JLL Arranges $60.9M Refinancing for Multifamily Development in Miami

by John Nelson February 6, 2024

MIAMI — JLL has arranged $60.9 million in construction takeout refinancing for a new multifamily development underway in Miami’s Village of El Portal neighborhood. The eight-story, 282-unit property, called The Kavista, is set to open later this month. Melissa Rose, Michael DiCosimo and Maddy McMillen of JLL arranged the two-year, floating-rate loan through Varde Partners on behalf of the borrower and developer, Barrington Brothers. Located at 495 N.E. 83rd St. between Miami Shores and Little River, The Kavista will feature one-, two- and three-bedroom apartments, as well as a resort-style swimming pool and pool deck, a coworking lounge, theater, fitness center and electric vehicle (EV) charging stations. Monthly rental rates at The Kavista range from $2,100 to $4,200, according to Apartments.com.

February 6, 2024

Loans Multifamily Texas

Greystone Provides $16.1M in Agency Financing for Multifamily Properties in Smith County, Texas

by Taylor Williams February 6, 2024

LINDALE AND WHITEHOUSE, TEXAS — Greystone has provided four Fannie Mae loans totaling $16.1 million for a quartet of multifamily properties in Smith County, located roughly midway between Dallas and Shreveport, La. The properties are located in Lindale and Whitehouse, both of which are part of the Tyler metro area, and total 136 units. Stella Plotkin of Greystone originated the nonrecourse loans, all of which were structured with 10-year terms, fixed interest rates and 30-year amortization schedules. The borrower(s) was not disclosed.

February 6, 2024

Development Industrial Loans Massachusetts Northeast

Portman Holdings to Undertake 1.1 MSF Industrial Redevelopment in Taunton, Massachusetts

by Taylor Williams February 6, 2024

TAUNTON, MASS. — Atlanta-based Portman Holdings will undertake a redevelopment project in Taunton, located south of Boston and east of Providence, that will convert the site of the former Silver City Galleria mall into a 1.1 million-square-foot industrial park. The mall closed in 2020 after nearly 30 years of operation. For the first phase of the project, Portman plans to demolish existing structures and construct a 248,435-square-foot-building with a clear height of 32 feet, 38 dock positions, two drive-in doors and parking for 270 cars and 29 trailers. On behalf of Portman, Jody Thornton, Brett Paulsrud, Ryan Parker and Ari Bogen of JLL arranged a $29 million construction loan through BMO Harris for the first phase of the redevelopment.

February 6, 2024

Development Loans Multifamily New York Northeast

Gantry Arranges $38.1M Construction Loan for Buffalo Multifamily Project

by Taylor Williams February 6, 2024

BUFFALO — San Francisco-based mortgage banking firm Gantry has arranged a $38.1 million construction loan for The Lawrence, a 132-unit multifamily project that will be located adjacent to the Niagara Medical Campus in Buffalo. Units will come in studio, one- and two-bedroom floor plans, and the project will include the construction of a 78-space parking garage. Daniel Monte of Gantry arranged the five-year, fixed-rate loan through an undisclosed regional bank. The borrower and developer, a private joint venture, also requested anonymity.

February 6, 2024

Acquisitions Industrial Loans Washington Western

PCCP Provides $25M Acquisition Loan for The Reserve at Woodinville Industrial Building in Washington

by Amy Works February 6, 2024

WOODINVILLE, WASH. — PCCP has provided a $25 million loan to CapRock Partners for the acquisition of The Reserve at Woodinville, a Class A industrial asset located at 15902 Woodinville-Redmond Road NE in Woodinville, northeast of Seattle. Built in 2018 on 8.8 acres, the 159,869-square-foot property features 30-foot clear heights, 19 dock-high doors, four grade-level doors, 137 auto spaces, T-5 energy-efficient warehouse lighting and ESFR sprinklers. At the time of sale, the property was fully occupied by four tenants. Greg Brown, Peter Thompson and Kaden Eichmeier of JLL Capital Markets Debt Advisory secured the non-recourse loan for the borrower.

February 6, 2024

Hospitality Loans Southeast Virginia

Greysteel Arranges $18.3M Refinancing for Residence Inn Hotel in Blacksburg, Virginia

by John Nelson February 5, 2024

BLACKSBURG, VA. — Greysteel has arranged an $18.3 million loan for the refinancing of Residence Inn Blacksburg-University in Blacksburg. The borrower, Newport Hospitality Group, built the hotel in 2017. Situated adjacent to Virginia Tech University, the hotel comprises 126 rooms. Stephen Haase of Greysteel secured the five-year, fixed-rate financing through a regional bank on behalf of the sponsor.

February 5, 2024

California Loans Multifamily Western

Thorofare Capital Funds $26M Bridge Loan for Apartment Building in San Diego

by Amy Works February 5, 2024

SAN DIEGO — Thorofare Capital has provided $26 million in lease-up bridge financing for an apartment property located in San Diego’s Point Loma neighborhood. The newly built property features 82 apartments with best-in-class finishes and amenities. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart of Thorofare Capital secured the loan that features a one-year initial term plus extensions. Further details on the borrower and property were not disclosed.

February 5, 2024

Development Loans Multifamily Texas

Partnership Breaks Ground on 204-Unit Affordable Housing Project in East Austin

by Taylor Williams February 2, 2024

AUSTIN, TEXAS — A partnership between nonprofit developer The NHP Foundation, Capital A Housing and the Austin Housing Finance Corp. has broken ground on Seabrook Square, a 204-unit affordable housing project in East Austin. Units will be reserved for households earning 60 percent or less of the area median income, and Seabrook Square will also house 3,000 square feet of commercial space. Financing for the project includes a $40 million tax-exempt bond issued by the City of Austin; $32.3 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated by Boston Financial; $13.5 million in subordinate debt financing from the Austin Housing Finance Corp.; and a $3.4 million construction loan from Citibank. Completion is slated for late 2025.

February 2, 2024

California Development Hospitality Loans Western

EKN, Garn Receive $67.1M Construction Financing for Marriott Hotel Development in Sand City, California

by Amy Works February 2, 2024

SAND CITY, CALIF. — EKN Development and Garn Development have received $67.1 million in construction financing for the development of a dual-branded, 215-room hotel in Sand City, a tiny beach city on the shores of Monterey Bay in Northern California. JLL Capital Markets represented the borrower and secured at $39 million first mortgage loan from HALL Structured Finance. Nuveen Green Capital provided a $28.1 million C-PACE loan. The 139,660-square-foot development will include a 127-room Courtyard by Marriott and an 88-room Residence Inn by Marriott. The property will also offer 3,133 square feet of flexible meeting space; a courtyard with resort-style pool, cabanas and a fully equipped stage to accommodate live performances and events; and an independently branded restaurant and bar.

February 2, 2024

Arizona Build-to-Rent Development Loans Single-Family Rental Western

CBRE Arranges $35.2M Construction Loan for Bella Olivia Build-to-Rent Community in Peoria, Arizona

by Amy Works February 2, 2024

PEORIA, ARIZ. — CBRE has arranged a $35.2 million construction loan for Arizona-based Bela Flor Communities to develop Bella Olivia, a build-to-rent property in Peoria, a northwestern suburb of Phoenix. Construction is currently underway, with the property slated to open in summer 2024. Located at 9625 W. Olive Ave., Bella Olivia will feature 112 one-, two- and three-bedroom units across 16 residential buildings. Community amenities will include a resort-style pool and spa, designated walking trail, tot lot and dog park. Bruce Francis, Doug Birrell, Bob Ybarra, Shaun Moothart, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt & Structured Finance secured the 80 percent loan-to-cost, full-term interest-only, nonrecourse loan with an initial 30-month term.

February 2, 2024

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