NEW YORK CITY — New York City-based ERG Commercial Real Estate has arranged a $4.6 million loan for the refinancing of 150 West 36th Street, a 13,000-square-foot office building in Midtown Manhattan’s Garment District. The five-story building includes ground-floor retail space. Mary Guarino of ERG Commercial originated the loan, which was structured with a five-year term and multiple extension options, through an undisclosed local bank. The borrower was also not disclosed.
AVON, COLO. — JLL Capital Markets has secured $73 million in construction financing from Bank OZK for Traer Creek Apartments, a Class A multifamily development at 5471 E. Beaver Creek Blvd. in Avon. The borrowers are Prime West and Columnar Investments. Slated for completion in 2026, Traer Creek Apartments will feature 242 studio, one-, two- and three-bedroom floor plans with upmarket finishes, central conditioning and mountain views. Community amenities will include a fitness center, movement center and outdoor spa. The property’s four-story, three-building layout allows for open green areas and 9,200 square feet of communal facilities. Leon McBroom and Will Haass of JLL’s Debt Advisory team represented the borrower in the financing.
OCOEE, FLA. — Berkadia has provided a $54.7 million Freddie Mac loan for the refinancing of Advenir at the Oaks, a multifamily community located in Ocoee, roughly 10 miles outside Orlando. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, an entity doing business as Advenir@The Oaks LLC. Built in two phases between 1989 and 1991, Advenir at the Oaks offers one-, two- and three-bedroom apartments. Amenities at the community include swimming pools, a clubhouse with a 24-hour fitness center and business center, a dog park, two laundry facilities, a playground and tennis/pickleball and basketball courts.
WARNER ROBINS, GA. — Parkland Residential has secured a $57 million loan for the financing of Grover Landing, a build-to-rent (BTR) residential community underway in Warner Robins, roughly 20 miles south of Macon, Ga. The loan will be used to refinance completed homes at the development, which will total 317 units. Residences at the community range from two to four bedrooms in size. Amenities at the development include a swimming pool with a cabana, playground, pocket parks and a playfield, as well as yard maintenance, pest control, home repairs and appliances. Avi Kozlowski, Thomas Wayda and Dante Distefano of Greystone arranged the financing through Encore Finance. Additionally, Synovus Bank will provide construction financing for newly built homes.
HOUSTON — JLL has arranged two loans of undisclosed amounts for the refinancing of a pair of multifamily properties totaling 745 units in Houston’s River Oaks area. Hanover Autry Park is a 23-story high-rise building with 324 units and nearly 23,000 square feet of ground-floor retail space. Hanover Parkview is a 421-unit midrise apartment building with 24,000 square feet of ground-floor retail space. Both properties were completed in 2022 and offer amenities such as pools, outdoor grilling areas, social lounges with entertainment kitchens, fitness centers and rooftop lounges with indoor/outdoor bars. The properties were 92 and 95 percent occupied, respectively, at the time of the closings of the loans, both of which were structured with five-year terms and fixed interest rates. Cortney Cole, Colby Mueck, Laura Brown, Davis Burnett and Scot Sarlin of JLL arranged the loans through funds backed by global private equity firm KKR. The borrower, a partnership between Hanover Co. and Lionstone Investments, will use proceeds to retire construction debt that JLL also originated for both properties in 2019.
CATHEDRAL CITY, CALIF. — Calmwater Capital has provided Rhino Investment Group with $20.9 million in short-term, first-mortgage debt for its acquisition of Cathedral City Marketplace, a grocery-anchored retail center in Cathedral City. The 195,000-square-foot shopping center is located in Cathedral City, approximately seven miles southeast of Palm Springs. Situated on 21 acres at 34091-34351 Date Palm Drive, Cathedral City Marketplace offers parking for 1,093 automobiles. Current tenants include Kroger’s Food 4 Less, Planet Fitness, dd’s Discounts, DJ’s Sports Bar and Subway. Calmwater’s Larry Grantham, Zach Novatt and DaJuan Bennett originated the loan. The Los Angeles-based JLL Capital Markets team of Jeff Sause, Chad Morgan, Daniel Skerrett and Jalynn Borders arranged the financing.
CHICAGO — Greystone has provided an $18.2 million Fannie Mae loan for the acquisition of Cornelia-Stratford in Chicago. Originally constructed in 1927, the 139-unit multifamily property features studio, one-, two-, three- and four-bedroom units. Amenities include bike storage, laundry facilities and a tenant lounge. Clint Darby and Andrew Remenschneider of Greystone originated the nonrecourse loan, which features a fixed interest rate, 15-year term and five years of interest-only payments. The borrower was undisclosed.
AUSTIN, TEXAS — Merchants Capital has provided debt and equity financing for Travis Park Apartments, a 199-unit affordable housing complex in south-central Austin. The sponsor, Sena Affordable Communities, will use the proceeds to acquire and rehabilitate the property, which comprises 22 buildings. Merchants provided a $69.1 million Freddie Mac 4 Percent Low-Income Housing Tax Credit (LIHTC) Immediate TEL loan and $37.6 million in LIHTC equity as the syndicator, as well as a $29 million equity bridge loan for the rehabilitation period. Renovations are expected to take about 18 months to complete and will include the addition of new outdoor recreation areas and playgrounds; accessibility upgrades; window replacement; new boiler and cooling towers; kitchen and bathroom improvements; new energy star appliances; replacement of original fan coil units for heating and cooling; building envelope upgrades; and roof replacement and new signage. Michael Milazzo led the transaction for Merchants Capital.
SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $79 million, 321-unit mixed-income multifamily project in San Antonio. Palladium Old FM 471 will be located on an 11-acre site on the city’s west side and will offer one-, two- and three-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. Amenities will include a pool, fitness center, conference room, dog park, business center and a children’s playroom. Cross Architects is designing the project, and Brownstone Group is serving as the general contractor. HPA Design Group is handling interior design. Palladium is developing the project in partnership with the Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project. Preleasing is scheduled to begin next fall.
DALLAS — Lone Star PACE has arranged $3.5 million in C-PACE financing for Meadow Park Tower, a 263,000-square-foot office building in North Dallas. The 15-story building was originally constructed in 1986 and last renovated in 2016. Bayview PACE provided the nonrecourse, fixed-rate financing, proceeds of which will be used to install sustainable energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing. Bradford Cos. owns the building, which was 90 percent leased at the time of the loan closing.