AVALON, CALIF. — Red Oak Capital Holdings has provided a $6 million bridge loan for the Hermosa Hotel & Apartments in Avalon, a city on Santa Catalina Island. The loan proceeds will retire existing debt at the century-old property, located at 131-171 Metropole Ave. Hermosa Hotel & Apartments contains 46 buildings offering a total of 44 hotel rooms, a commercial unit occupied by a spa and 26 multifamily units. Since acquiring the property in 2019, the sponsor has invested approximately $3 million into renovations, reorienting the hotel as a boutique alternative to large-scale resorts while maintaining the multifamily component as stable, year-round housing for service workers. The interest-only loan was structured under Red Oak’s Core-Plus Bridge Loan Program and carries a two-year initial term and a loan-to-servicing value of 55.2 percent. David Christensen of Red Oak originated the loan, with underwriting led by Thomas Gorski and loan administration by James Myatt. Deryl Deese of Tauro Capital Advisors arranged the financing on behalf of the borrower, a subsidiary of value-add investment firm McKinney Capital.
JERSEY CITY, N.J. — Berkadia has provided a $35.7 million Fannie Mae loan for the refinancing of 829 Garfield, a 110-unit apartment building in Jersey City. Built in 2022, the property offers two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as private patios in select units. The property also houses 10,100 square feet of retail space, 6,100 square feet of which is occupied by a daycare. Michael Basinski, Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, Tay Investments.
LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire. Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich. Haven on Main will total 70 units with 59 affordable housing apartments and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People. Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State …
HAMILTON, N.J. — JLL has arranged $16.8 million in acquisition financing for a 138,852-square-foot industrial property in the Central New Jersey community of Hamilton. Built in 1990 and renovated in 2024, the facility sits on a 13.6-acre site at 861 Sloan Ave. and features a clear height of 38 feet and 13 dock doors with the capacity to add five more, as well as parking for 210 cars and 10 trailers. Jon Mikula, Jim Cadranell and Kevin Badger of JLL arranged the loan through Prime Finance on behalf of the borrower, a joint venture between Lincoln Property Co. and Ullico Investment Advisors.
MIAMI — South Florida-based developer 13th Floor Investments, in partnership with Barings, has received a $125 million construction loan for the second phase of Link at Douglas, a transit-oriented multifamily development in Miami. A syndicate of Santander Bank and TD Bank provided the loan. Known as Cadence, the project marks the third multifamily building at Link at Douglas, a 7-acre development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now under construction, the 35-story tower will include 432 market-rate apartments, 12.5 percent of which will be set aside as workforce housing units. The project is adjacent to Miami-Dade County’s Douglas Road Metrorail Station. Construction is estimated to take 33 months to complete. “Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” says Daryl Shevin, CFO of 13th Floor. “It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida.” The first phase of Link at Douglas, which was completed in 2023, encompasses two fully leased multifamily towers with a total of 733 apartments. More than 30,000 square feet of retail space anchored by a Milam’s Market accompanies the 312-unit …
MEDIA, PA. — CRBE has arranged a $28.5 million construction loan for Mi-Place at Media, a 132-unit multifamily project that will be located about 25 miles southwest of Philadelphia. The project will consist of three four-story buildings and 245 parking spaces. Amenities will include a lounge, fitness center, dog park and outdoor grilling and dining stations. Matthew Klauer and Cassandra Russell of CBRE arranged the loan through SteepRock Capital on behalf of the sponsor, Fernmoor Homes. A tentative completion date was not disclosed.
COSTA MESA, CALIF. — PSRS has arranged a $5.5 million loan for the refinancing of Ocean Business Park, a flex industrial business park in Costa Mesa. At the time of financing, the property was 100 percent occupied by a diverse tenant mix. Michael Tanner and George Gianoukakis of PSRS secured the financing through one of PSRS’ correspondent life insurance company lenders. The transaction provided the undisclosed borrower with a nonrecourse loan featuring a 10-year term and 30-year amortization.
Partnership Receives $120M for Redevelopment of Samuel Madden Homes in Old Town Alexandria, Virginia
ALEXANDRIA, VA. — A public-private partnership between Fairstead, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has received $120 million in financing for the ground-up redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. The Samuel Madden site will be redeveloped into a six-story, 295,000-square-foot mixed-income community. The property’s affordable component will apply to all households earning between 30 and 80 percent of the area median income (AMI). Originally constructed in 1945, the Samuel Madden community will be redeveloped to feature 207 units, ranging from one- to four-bedroom floorplans. Community amenities will include a studio for podcast recording, game room with free internet access, 7,500 square feet of open space, interior courtyard and an underground parking garage. Local nonprofit organization ALIVE! will also operate a 500-square-foot food hub on the ground-floor to provide residents access to fresh food and various resources. Additionally, through a partnership with Virginia Center for Housing Research at Virginia Tech, green design elements will be incorporated throughout the development to reduce energy and water consumption. Financing sources for the development include Boston Financial, Freddie Mac, Virginia Housing, Sterling Bank, the City of Alexandria, the U.S. Department of Housing and Urban Development (HUD) …
WESTAMPTON, N.J. — JLL has arranged a $50 million permanent loan for a 275-unit apartment complex in Westampton, located in Southern New Jersey’s Burlington County. The name of the property was not disclosed. Michael Klein and Gerard Quinn of JLL arranged the five-year, fixed-rate loan through a life insurance company. The name of the borrower was also not disclosed.
EASLEY, S.C. — RL Capital Associates has arranged a $28.5 million construction loan for Speedway Business & Technology Park, a 335,000-square-foot industrial park in Easley, a city west of Greenville in South Carolina’s Upstate region. The development is situated on a 600-acre site in Pickens County that formerly housed the Greenville-Pickens Speedway. First National Bank provided the loan on behalf of the borrower, RealtyLink. The locally based developer plans to initially invest $100 million in Phase I of Speedway Business & Technology Park, which will comprise 1 million square feet of industrial space.