CHARLOTTE, N.C. — Concord Summit Capital has secured $75 million in financing for the construction of a multifamily development in Charlotte. Upon completion, the community will feature a swimming pool and sun deck, rooftop terrace, fitness center, private work and conferencing spaces, garage parking with electric vehicle charging, a top-floor lounge and kitchen with a bar, bike parking and repair shop, grilling areas, a dog park and spa, community WiFi and elevators connecting parking to interior corridors. Daniel Eidson of Concord Summit arranged the financing — which will be used to refinance the existing land loan and complete construction — on behalf of the undisclosed borrower. According to Concord Summit, the initial lender for the project “encountered fiscal difficulties and could no longer fund” the development.
Loans
GARLAND, TEXAS — Colliers Mortgage has provided a $13.9 million HUD-insured construction loan for Urban Village at Rosehill, a 104-unit apartment project that will be located in the northeastern Dallas suburb of Garland. The property will offer one- and two-bedroom units and amenities such as a pool, dog park, business center, fitness center and a community room. Jeff Rogers of Colliers Mortgage originated the loan through HUD’s 221(d)(4) program on behalf of the undisclosed borrower.
NEW YORK CITY — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $52 million acquisition loan for The Knox, a 110-unit apartment building in Manhattan’s Murray Hill neighborhood. Units come in studio, one- and two-bedroom floor plans, and the 36-story building also houses 2,700 square feet of ground-floor retail space. Amenities include a rooftop deck, fitness center, resident lounge and a 24-hour attended lobby. The borrower was New York-based Four Winds Real Estate.
FORT WORTH, TEXAS — Greystone has arranged $22.9 million in financing for The Barcelona on Chisholm Trail, a 248-unit multifamily property in Fort Worth. The property consists of 17 buildings on 10 acres and offers amenities such as a pool, playground, dog park, outdoor lounge areas, business center, fitness center and a clubhouse. Lance Wright, Thomas Wayda and Dante Distefano of Greystone arranged a $19.5 million bridge loan through an undisclosed debt fund on behalf of the borrower, MBP Capital Partners. Additionally, Matthew Zisler of Greystone secured a $3.4 million preferred equity investment from Lubert-Adler Real Estate Funds.
NEW YORK CITY — Cushman & Wakefield has arranged a $69.1 million loan for the refinancing of a 618,414-square-foot industrial property in the Jamaica neighborhood of Queens. The property consists of two interconnected five- and six-story buildings that were originally constructed in 1923 and were previously home to several manufacturing and distribution tenants, including the Edward Langer Printer Co. Building features include 14 loading docks and 127 parking spaces. Gideon Gil and Dale Braverman of Cushman & Wakefield placed the debt through ACORE Capital on behalf of the borrower, KABR Group.
CHICAGO — Concord Summit Capital LLC has arranged $10 million in mezzanine financing for the construction of a luxury apartment complex in Chicago. Daniel Eidson, David Larson and Keegan Burger of Concord Summit arranged the financing, which included a senior loan with a C-PACE component. The project will feature amenities such as a fitness center, lounge, game room, private event space, outdoor pool and ground-floor coworking spaces. The lender and borrower were not disclosed.
Bank OZK Provides $84M Construction Loan for First Phase of Nora District in Downtown West Palm Beach
by John Nelson
WEST PALM BEACH, FLA. — Bank OZK has provided an $84 million construction loan for Phase I of The Nora District, a 40-acre mixed-use redevelopment project in downtown West Palm Beach. Steven Klein, Brian Gaswirth and Mateo Bolivar of JLL arranged the financing on behalf of the borrowers, NDT Development, Place Projects and Wheelock Street Capital. Phase I of Nora District, which will include more than 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. As part of the project, the developers are converting turn-of-the-century railway warehouses into ground-floor shops and restaurants. Phase I will also include more than 55,000 square feet of second-floor showroom space and creative Class A offices. Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Rumble and Solidcore. Future phases of Nora District will include The Nora Hotel, a 201-room boutique hotel developed in partnership with BD Hotels and Sean MacPherson.
BOISE, IDAHO — Lument has provided a $9 million bridge loan to finance three The Cottages-branded communities in metro Boise: Alpine Meadows, The Cottages of Boise, and The Cottages of Lochsa Falls. Lument will carry the loan directly on its balance sheet. Rob McAdams, a director based in Denver, led the transaction for Lument. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living facility in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care facilities in Garden City and Meridian, respectively. The loan features a two-year term, floating interest rate and interest-only payments. Once performance at Alpine Meadows has stabilized, Lument plans to convert the financing into a HUD scattered-site loan to create a larger base of beds and diversify the operational risk across buildings.
NASHVILLE, TENN. — Knighthead Funding has originated a $22 million loan for the refinancing of The Luna, a newly built apartment community located at 1009 8th Ave. S in Nashville’s Edgehill neighborhood, roughly two miles south of downtown. The two-year, fixed-rate loan will feature interest-only payments and be used to take out a maturing construction loan. The borrower is a joint venture led by developer CA South. Built in 2023, The Luna features 108 apartments with monthly rental rates ranging from $1,650 to $4,300, according to Apartments.com. Floor plans include studio, one-, two- and three-bedroom layouts ranging in size from 520 to 1,350 square feet. Amenities include a pool, fitness center, clubhouse, pet play area, pet washing station and a business center.
Brikwell Receives $5.8M Loan for Benjamin Square Affordable Housing Community in Eaton, Colorado
by Amy Works
EATON, COLO. — Brikwell has received $5.8 million in financing for Benjamin Square, an affordable housing property in Eaton, a small town east of Fort Collins. Located at 55 Juniper Ave., Benjamin Square features 60 one-bedroom apartments spread across 10 single-story buildings. The units are all Section 8 affordable housing. Community amenities include a laundry room, community lounge and a covered gazebo/picnic area. Brock Yaffe and Tony Nargi of JLL Capital Markets Debt Advisory secured the fixed-rate senior loan through Freddie Mac Multifamily. JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract prior to acquisition and loan closing, preserving affordability at Benjamin Square for 20 years. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.