Loans

Sunroad-Centrum-Office-Tower-San-Diego-CA

SAN DIEGO — JLL Capital Markets has arranged $82.5 million in refinancing for Sunroad Centrum Office Tower, an 11-story office building in San Diego. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Markets secured the five-year, fixed-rate senior loan thorugh Goldman Sachs for the borrower, Sunroad Enterprises. Originally built in 2008, Sunroad Centrum Office Tower offers 274,758 square feet of Class A office space. Sunroad Enterprises invested $30 million in improvements to re-tenant the building, which was fully occupied at closing. Current tenants include A Berkshire Hathaway Company, Kyocera, Appfolio, Conam, Veterans Administration, California Government Departments and Sunroad Enterprises’ corporate headquarters. Situated on 1.5 acres at 8620 Spectrum Center, Sunroad Centrum Office Tower offers a full-service gym and lockers, restaurant, conference center, controlled access, renovated lobby and elevators, and abundant parking. Additionally, the asset is part of the Sunroad Centrum master plan that include 1,245 apartments, Park Social Restaurant, six gyms, five pools, multiple amenity areas, a barber shop, pickleball courts and a two-acre park, which includes separate dog play and child play areas.

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ORLANDO, FLA. — TSB Capital Advisors has secured acquisition financing for Nine at Central, a 764-bed student housing community located near the University of Central Florida campus in Orlando. QuadReal provided an undisclosed amount of financing to the borrower, L3 Campus. Delivered in 2023, Nine at Central offers a mix of one-, two-, four-, five- and six-bedroom units with bed-to-bath parity. Each unit features a 55-inch smart TV, private balcony, energy-efficient stainless steel appliances and Bluetooth-integrated washers and dryers. Shared amenities include a swimming pool, hammock garden, outdoor barbecues, a wet bar, poolside cabanas, game-day jumbotron, putting green, fitness center, yoga studio, study pods on each floor and a full arcade room.

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CHARLOTTE, N.C. — Gantry has arranged a $2.1 million permanent loan for the refinancing of Shoppes at Toringdon, an inline retail building located at 12194 Johnston Road in Charlotte. Situated on 1.6 acres within the larger Toringdon Circle retail community, the 8,000-square-foot property was leased to three tenants at the time of financing, including a specialty bicycle shop, eye doctor and a cell phone storefront for a major wireless carrier. Tim Storey, Casey Kupferberg and Chad Metzger of Gantry’s Phoenix office arranged the loan through one of the firm’s correspondent life insurance companies. The five-year, fixed-rate loan features a 30-year amortization schedule.

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MELISSA, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for Wolf Creek Farms, a 343-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. The project has a total price tag of $95 million. Homes will come in one-, two- and three-bedroom floor plans and will be situated on a 32-acre site. Residents will have access to amenities such as a pool, fitness center, dog park, courtyards and lounges. Construction is scheduled to begin in the fall and to be complete by the end of 2025. The developer is Dallas-based Welker Properties.

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NEW YORK CITY — Cushman & Wakefield has arranged a $220 million loan for the refinancing of a national portfolio of nine industrial buildings totaling 2.1 million square feet. The buildings are located in California, Florida, Illinois, Nevada and Maryland and range in size from 156,000 to 482,000 square feet. Rob Rubano, John Alascio, Alex Hernandez, Brian Share, Alex Lapidus, Joe Lieske, T.J. Sullivan, Ernesto Sanchez and Jason Blankfein of Cushman & Wakefield arranged the debt on behalf of the borrower, Ares Industrial Real Estate Income Trust. Affiliates of global private equity firm KKR provided the loan.

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CHICAGO — Cronheim Hotel Capital (CHC) has arranged a $15.4 million loan for the refinancing of the Hyatt Place Chicago South University Medical Center. A Southeast-based bank provided the nonrecourse financing, which features a floating interest rate. David Poncia of CHC arranged the financing on behalf of the borrower, a joint venture between Smart Hotels and the Olympia Cos., the original developers of the hotel and current operators. The property is located at 5225 S. Harper Ave.

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CANTON, MICH. — Bernard Financial Group (BFG) has arranged a $5 million loan for the acquisition of a 61,148-square-foot industrial property in Canton, a western suburb of Detroit. Dan Duggan of BFG arranged the loan on behalf of the borrower, 55111 Grand River Partners LLC. StanCorp Life Insurance Co. provided the loan.

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Sheraton-Dallas-Hotel

DALLAS — Driftwood Capital, a Miami-based lender, has provided a $30 million mezzanine loan for the refinancing of the 1,841-room Sheraton Dallas Hotel. Built in 1959, the recently renovated hotel is located at 400 Olive St. in the downtown area and features 230,000 square feet of meeting and event space and five onsite restaurants in addition to standard hospitality amenities. The two-year, floating-rate loan includes three one-year extension options and supplements a $270 million senior loan provided by Goldman Sachs and JP Morgan Securities. The sponsor is San Francisco-based Chartres Lodging Group.

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DALLAS AND FORT WORTH, TEXAS — JLL has arranged a $108 million loan for the refinancing of a portfolio of 13 self-storage properties totaling 8,952 units in the Dallas-Fort Worth area. New York Life Real Estate Investors provided the five-year, fixed-rate loan, which was structured with interest-only payments and prepayment flexibility early in the term. John Bauman and Jordan Buck of JLL arranged the loan on behalf of the borrower, a joint venture between Houston-based Hines and Trez Capital.

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ATLANTA — JLL Capital Markets has arranged the refinancing for Hyatt Centric Buckhead Atlanta, a hotel located at 3301 Lenox Square Parkway NE in the Buckhead neighborhood of Atlanta. Opened in 2021, the property features 218 rooms, as well as food-and-beverage options including a ground-floor restaurant and rooftop bar. Amenities at the hotel include a fitness center, pool and more than 5,000 square feet of meeting and event space. Ed Coco and Matt Casey of JLL secured the financing on behalf of the borrower, a joint venture between Songy Highroads LLC and an affiliate of Hyatt Hotels Corp.

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