TERRELL, TEXAS — Cleveland-based financial intermediary BWE has arranged a $36 million loan for the refinancing of Crossroads at Terrell, a 260,877-square-foot shopping center located east of Dallas. Built between 2022 and 2024 within a larger mixed-use development, the center is home to tenants such as Hobby Lobby, Academy Sports + Outdoors, Marshalls, Burke’s Outlet and Petco. Matt Good of BWE arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.
POOLER, GA. — JLL Capital Markets has arranged a $38.7 million loan for the refinancing of Clear Lake Reserve, a 199-unit townhome community located in Pooler, a western suburb of Savannah. Chris Drew, Matthew Putterman and Kenny Cutler of JLL’s Debt Advisory team arranged the loan on behalf of the borrower, 360 Communities, an affiliate of Freehold Capital Management, and Rockpoint, a Boston-based real estate private equity firm. Western Alliance Bank provided the three-year, floating-rate loan . Situated near the Savannah Hilton Head International Airport and the Port of Savannah, Clear Lake Reserve spans approximately 50 acres. The community will feature 83 three-bedroom townhomes and 113 four-bedroom townhomes ranging in size from 1,385 square feet to 2,010 square feet. Each townhome will include an attached two-car garage, private driveway and a covered outdoor porch. Amenities at the complex will include a resort-style swimming pool, fitness center, basketball and pickleball courts, clubroom, brick firepit, dog park, putting green, playground, grilling stations, dedicated guest and amenity parking areas, as well as a dock overlooking a community pond. 360 Communities and Rockpoint have structured the development with an unnamed, publicly traded homebuilder performing vertical construction at Clear Lake Reserve.
ORANGE COUNTY, CALIF. — JLL Capital Markets has arranged $130 million in first-lien financing for a 21-property industrial portfolio in Southern California. Greg Brown, Allie Black and Nick Englhard of JLL Capital Markets secured the five-year, fixed-rate loan through an insurance company on behalf of the borrower, Sukut Real Properties. Totaling 1.1 million square feet, the portfolio includes 17 industrial buildings, a self-storage facility, an industrial outdoor storage property, a medical property and a flex office/industrial building. Built from 1968 to 2016, the properties span San Diego County, Orange County, Los Angeles County and the Inland Empire.
CARROLLTON, GA. — R.H. Ledbetter Properties has received a $15 million equity investment through American South Capital Partners’ (ASCP) real estate fund II to develop a 236-unit, attainable multifamily community in Carrollton, a western suburb of Atlanta. ASCP, a joint venture of SDS Capital Group and Vintage Realty Co., provides equity financing for real estate sponsors with projects located in 10 Southern states. Dubbed Carrollton Flats, the $49 million complex will feature one-, two- and three-bedroom apartments. Amenities will include a resort-style swimming pool, community clubhouse, 24-hour fitness center, grilling stations, pet park and green space. Upon completion of Carrollton Flats, which is anticipated for the second half of 2027, rental rates at the property will remain attainable for middle-income individuals and families of the area workforce.
CHICAGO — CEDARst Cos. and Kayne Anderson Real Estate have received a $91 million loan from Invesco Real Estate to finance the acquisition and future tenant improvements at Millie on Michigan, a 47-story apartment tower located at 300 N. Michigan Ave. in Chicago’s Loop. The financing follows the joint venture’s all-cash acquisition of the property in July. The loan proceeds will support the venture’s long-term investment strategy, including capital improvements designed to enhance the resident experience and retail environment. Completed in 2022, Millie on Michigan includes 289 luxury apartment units and 25,000 square feet of retail space. Occupancy exceeded 95 percent at the time of purchase. Amenities include a rooftop pool, coworking spaces, a fitness center, dog run and integrated smart home technology. The project is part of CEDARst Opportunistic Fund, which launched in February.
MIDLAND, MICH. — River Caddis Communities (RCC), in partnership with the Capital Area Housing Partnership, has received construction financing for The Dean – Apartments at Eastlawn in Midland. The project will transform a former school site into an affordable and workforce housing community. The Dean will be built on a 6.4-acre site once home to Eastlawn School, which served the community from 1947 to 2017. Upon completion in 2027, the development will feature six three-story residential buildings with 204 units; a clubhouse and leasing center; a community hub with gathering spaces, outdoor amenities and walking/biking connections; and sustainable features such as bike repair stations, energy-efficient design and solar investment supported by federal clean energy tax credits. The Dean will provide housing for families earning up to 40, 60, 80 and 120 percent of the area median income. All utilities will be covered by the landlord. The Michigan State Housing Development Authority awarded $30 million in tax-exempt bonds via the Pass Through Bonds program, utilizing low-income housing tax credits to finance costs of constructing the development. Through a private placement, Huntington Bank will serve as the construction lender. The Sturges Company underwrote the short-term cash-collateralized tax-exempt bonds with institutional lenders. In …
NEW BRUNSWICK, N.J. — JLL has placed $162 million in construction financing for The Raye by Vermella, a 534-unit multifamily project that will be located in the Central New Jersey community of New Brunswick. The Raye by Vermella will consist of two five-story buildings with studio, one-, two- and three-bedroom units that will be developed across two phases. Amenities will include a pool area with a courtyard and grilling stations, a fitness center, package lockers, clubroom, gaming/bar room, podcast rooms, children’s playroom and a pet spa. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL arranged the three-year, floating-rate loan through Wells Fargo on behalf of the borrower, Russo Development.
NEW YORK CITY — HKS Real Estate Advisors has arranged $6.9 million in acquisition financing across two loans for a trio of apartment buildings totaling 22 units in Brooklyn. The buildings at 104 and 112 Fort Greene Place offer a combined 16 units, while the building at 1094 Dean St. has six units. Derby Copeland Capital provided both loans, which totaled $4.5 million and $2.4 million, respectively. Michael Lee and Jacob Kaufman of HKS arranged the loans on behalf of the borrower, Lloyd Properties.
NEW ORLEANS — Churchill Stateside Group LLC has closed an $11 million construction loan for Canal Crossing, a 49-unit affordable seniors housing development in New Orleans. Churchill Stateside provided the tax-exempt loan through Churchill Mortgage Construction LLC. The project, which is being financed in part with low-income housing tax credits (LIHTC), is an adaptive reuse of a historic building at 2640 Canal St. and will be reserved for households age 55 and older. Canal Crossing will feature three units reserved for households earning 30 percent of the area median income (AMI), eight units at 50 percent AMI, 24 units at 60 percent AMI and 14 units at 70 percent AMI. The developer and other details of Canal Crossing were not disclosed.
LOS ANGELES — Los Angeles-based PCCP LLC has provided $245.8 million in financing for eight industrial buildings in Pennsylvania and Florida. Six of the buildings are located in Central Pennsylvania, and the other two are located along the I-4 corridor in Florida. PCCP packaged the funds within three senior loans, proceeds of which will be used to refinance existing debt. The eight buildings are concentrated within three industrial developments. The borrower is CBRE Investment Management, and the loans were placed by Scott Lewis, Matt Ballard, Christine Dierker and Brooke Kellam of CBRE. In the first transaction, PCCP provided a $142.4 million loan for Capital Logistics Center in Middletown, Pa. The development consists of six buildings that were constructed between 1970 and 2018 and range in size from 115,890 to 400,060 square feet. Buildings feature an average clear height of 32 feet and a combined 147 dock doors, 10 drive-in doors, 649 car parking spaces and 129 trailer parking stalls. Capital Logistics Center was 92 percent leased at the time of the loan closing. In the second deal, PCCP provided a $70 million loan for Centerstate Logistics Center, a 1 million-square-foot development in Lakeland, Fla. Delivered in 2021, Centerstate Logistics Center …