HALLANDALE BEACH, FLA. — Miami-based 13th Floor Investments has obtained an $83 million construction loan for Parks at Hallandale, a 398-unit, garden-style apartment community underway in South Florida’s Hallandale Beach. Situated on 15.5 acres in Broward County, Parks at Hallandale will feature studio, one-, two- and three-bedroom market-rate and workforce housing units, as well as 6,500 square feet of ground-floor retail space. Designed by MSA Architects, amenities will include a clubhouse, fitness center, resort-style pool and deck, an outdoor pavilion and seating areas with barbecue grills, tennis and pickleball courts, dog park and a children’s playground. CIBC Bank USA provided the loan to 13th Floor, which plans to deliver the community in 2026. Additionally, Scott Wadler and Alec Fox of Berkadia arranged an undisclosed amount of preferred equity from Houston-based Marble Capital.
INDIANAPOLIS — Cronheim Mortgage has arranged $14 million for the acquisition and conversion of a vacant retail center in Indianapolis into a 116,000-square-foot self-storage facility under the JustStorage brand. A bridge lender provided the nonrecourse, floating-rate loan, which features a 70 percent loan-to-cost ratio. DealPoint Merrill is developing the property, while its affiliate management company, JustStorage, will operate the asset. Plans call for both climate-controlled and non-climate-controlled offerings.
COSTA MESA AND CHULA VISTA, CALIF. — JLL has secured $35.8 million in financing in two separate transactions for Turner Healthcare Facilities Fund, launched by Santa Monica-based Turner Impact Capital in 2017. John Chun and Matt DiCesare of JLL Capital Markets arranged the financing in both transactions. The JLL team arranged a three-year, $6.7 million loan through a regional bank for 1650 Adams Ave., a 12,436-square-foot medical property in Costa Mesa, and a seven-year, $29.1 million loan through a national healthcare lender for 480 4th Ave., a 64,231-square-foot medical building in Chula Vista.
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Multifamily Markets See Silver Lining Despite Economic Headwinds
Like other property sectors, rental housing assets have experienced big swings in fortunes over the past few years. Historically high rent growth during the pandemic came to a halt amid new supply in many markets. And the end of cheap debt has stymied investment sales and is stressing investors who paid handsomely for apartments using short-term financing. But the situation could be worse. Housing remains in high demand, and despite higher mortgage rates and a collapse in home sales, a severe lack of inventory on the market continues to prop up home values and price out would-be buyers. In May, home prices across the country increased 5.9 percent over the previous year, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. Rental housing owners and operators are the obvious beneficiary of those challenges, says Ivy Zelman, executive vice president and co-founder of Zelman & Associates, a Walker & Dunlop company that provides housing research, analysis and consulting. Move-outs attributed to home purchases clearly illustrate the trend. An apartment and single-family rental operator in Phoenix recently told Zelman that such move-out activity has dropped to about 13 percent from an historical average of 30 percent, she …
SUWANEE, GA. — Byline Bank’s Commercial Real Estate Group (BCREG) has provided an $18.3 million loan for the acquisition of a warehouse and distribution facility located at 460 Horizon Drive in Suwanee, roughly 30 miles northeast of Atlanta. High Street Logistics Properties is the borrower. Situated on 18.5 acres, the property totals 230,530 square feet and can be configured for one or three tenants. The seller was not disclosed. The loan marks the fifth transaction Byline Bank has funded for High Street Logistics to date, with previous loans funding industrial properties in Georgia, Texas and Illinois.
NEW YORK CITY — HKS Real Estate Advisors has arranged a $30 million loan for the refinancing of a 65,787-square-foot mixed-use portfolio in New York City. The portfolio consists of eight buildings in Manhattan and The Bronx that collectively total 54 multifamily units and 17 commercial units. Commercial tenants include Mr. Green Laundry, Hunter Convenience Shop, Little Amber Nails & Spa and Monster Barber Shop. Michael Lee of HKS arranged the loan through Citigroup on behalf of the undisclosed borrower.
Panoramic Interests Receives $30M Construction Loan for Student Housing Development Near UC Berkeley
BERKELEY, CALIF. — Panoramic Interests has received a $30 million construction loan for The Northside, a 73-unit student housing development in Berkeley. Jordan Angel and Alex Witt of JLL secured the financing through BHI, a full-service commercial bank that operates as the U.S. division of Bank Hapoalim, on behalf of the borrower. The development site for the 451,509-square-foot project is located at 1752 Shattuck Ave. near the University of California (UC) Berkeley campus. The project is scheduled for completion in March 2026 and will rise seven stories and offer 1,210 square feet of retail space. The community will offer fully furnished units in studio, one-, two-, three- and four-bedroom configurations. The units will feature modern furnishings, large operable windows, hospital-grade ventilation, engineering soundproofing and nine-foot ceilings. Shared amenities will include a rooftop deck, secure bike storage, laundry rooms, lounges, co-working space and keyless entrances. Jordan Angel and Alex Witt of JLL Capital Market’s Debt Advisory represented the borrower in the financing.
MESA, ARIZ. — PSRS has arranged $7.6 million in financing for the acquisition of Superstition Marketplace in Mesa. Built in 1988, Superstition Marketplace offers 54,837 rentable square feet. Current tenants include Dollar Tree, Jersey Mike’s Subs, State Farm Insurance and Thai House. Mike Davis and Tony Messiah of PSRS arranged the 10-year loan with a 30-year amortization schedule through one of its correspondent life insurance companies.
HUNTSVILLE, ALA. — An affiliate of Greystone Monticello has provided $47.5 million in bridge financing for Metronome at MidCity, a multifamily community located in Huntsville. Situated within the 140-acre master planned community of MidCity District (MCD), the property features 296 residential units within a five-story apartment building, as well as 35,584 square feet of street-level retail space. Randy Wolfe and Drew Marley of Northmarq arranged the 24-month floating-rate financing on behalf of the borrower, RCP Cos. Chris Hetzel of Greystone Monticello originated the loan. Amenities at Metronome at MidCity include a coworking lounge, sky lounge, firepit, pizza oven and grills, a game and media room, fitness room and saltwater pool. MCD also features a Trader Joe’s, 8,000-person amphitheater and 40-acre public park, as well as additional multifamily, retail, hospitality and office space.
SANDY SPRINGS, GA. — JLL Capital Markets has arranged the refinancing for Perimeter Town Center, a 274,284-square-foot portfolio of medical office properties located in Sandy Springs, roughly 20 miles north of downtown Atlanta. Mesa West Capital provided the loan to the borrowers, Harrison Street and Ackerman & Co. Perimeter Town Center comprises three buildings adjacent to Atlanta’s Pill Hill medical hub that houses three hospitals and supporting practices and services. Timothy Joyce, Anthony Sardo and Matt Casey of JLL secured the loan on behalf of the borrower. The three-year, floating-rate financing will be used to repay existing debt, fund capital improvements and defray the costs of recent leasing activity and near-term lease maturities. The owners are currently implementing extensive renovations at the properties.