NEW YORK CITY — Madison Realty Capital, a locally based real estate private equity firm, has provided $133 million in financing for a 51-story, 379-room hotel in Manhattan’s Hudson Yards district. According to New York YIMBY, Aloft will be the hotel operator. The borrower, an affiliate of Marx Development Group, will use the proceeds to complete construction and stabilize the property, which is located directly across from the Javits Center at 450 Eleventh Ave. The hotel will offer 61 double queens, 267 kings, 41 king corner suites, four luxury suites and six luxury duplex suites. Amenities will include a multi-level, 7,224 square-foot restaurant with outdoor terrace space, as well as a spa, fitness center, business center, lounge, bar, ballroom and banquet and conference spaces. DSM Design Group served as the project architect, and Atria Builders is the general contractor. A full completion date was not disclosed.
ORANGE COUNTY, CALIF. — BWE has arranged $224.7 million in financing for a six-property, 1,192-unit multifamily portfolio in Orange County. Five properties in the portfolio were refinanced in order to secure equity for the acquisition of the sixth property, Regency Palms in Huntington Beach. Jason Krupoff and Doug Taylor of BWE’s Irvine office originated the loans on behalf of a long-term investor-operator of Orange County multifamily properties. One of BWE’s correspondent life companies provided financing for three of the properties, totaling $90.6 million in loan proceeds. The other three, including the acquisition, totaled $134 million through Fannie Mae. The six individual loans were all nonrecourse, permanent transactions with fixed rates. The loans have between five- and 10-year terms with 30-year amortization periods, with the agency loans having initial interest-only periods.
SCOTTSDALE, ARIZ. — Clear Sky Capital has obtained $17.5 million in construction financing for a self-storage facility at 16136 N. Pima Road in Scottsdale. With completion slated for third-quarter 2025, the four-story, Class A facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. Additionally, the property will feature a state-of-the-art security system, including exterior surveillance. Kevin Mackenzie and Jason Carlos of JLL Capital Markets’ debt advisory team secured the loan for the borrower through Enterprise Bank and Trust.
ELK RIVER, MINN. — JLL Capital Markets has arranged an $18.7 million HUD 232/223(f) loan for the refinancing of Elk River Senior Living. The 108-unit senior living community offers independent living, assisted living and memory care services in Elk River, about 34 miles northwest of Minneapolis. Built in 2018, the property offers amenities such as lounges, activity rooms, dining areas and outdoor courtyards. Jeff Lepley and Alex Sheaffer of JLL arranged the financing, which consolidated five different debt obligations that were associated with the construction of the project. The borrower was undisclosed.
HOUSTON — Northwind Group, a Manhattan-based private equity firm and debt fund manager, has provided $111 million in financing for The Hawthorne, a 17-story multifamily building in Houston’s Tanglewood area. The borrower, a joint venture between Houston-based Pelican Builders and private developer Ember Group, will use the proceeds to complete construction and fund costs of selling the remaining units. The building, which will officially open in March, houses 67 residences and amenities such as a pool, fitness center, grilling stations, game room, catering kitchen, coffee bar and a dog run. Residents also have access to 24-hour concierge services, as well as dry cleaning, pet walking and floral care. John Fenoglio of CBRE arranged the loan. Construction began in September 2021, and more than half of the residences have already been sold.
NEW YORK CITY — Walker & Dunlop has arranged a $103 million CMBS loan for the refinancing of Casa Cipriani, a 47-room luxury hotel, private members club and event space located along the Lower Manhattan waterfront. The property was originally constructed in 1909 as the Battery Maritime Building to serve ferries traveling to Brooklyn. The sponsor, a partnership between Cipriani, Midtown Equities and Centaur Properties, completed the redevelopment in 2021. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the debt through Citigroup, J.P. Morgan and Argentic.
CHANHASSEN, MINN. — National New Markets Fund LLC (NNMF), an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit (NMTC) allocation into Chanhassen, Minn.-based Bongards Creameries. Bongards is a farmer-owned co-op that relies on its 267 member farms to provide milk for its cheese and whey products. As a result of the investment, Bongards will be able to increase its capacity from 4.1 million pounds of milk per day to 5.4 million pounds per day. Bongards will add an estimated 22 new full-time jobs to its existing base of 143 employees. Member farms are anticipated to add up to 260 full-time farm jobs to their existing 1,000 employees. The NNMF investment utilizes capital from the NMTC program, created by Congress in 2000 and administered by the U.S. Treasury Department. Investment groups such as NNMF compete to be selected to receive NMTC awards each year. The selected “allocatees” in turn sell the tax credits to institutional investors. The proceeds from the tax credit sale are then used as part of the investment into projects benefiting low-income communities. Bongards received the NNMF allocation as part of a complex $81 million NMTC financing package. Dudley …
BAKERSFIELD, NORTH HOLLYWOOD AND VENTURA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $96 million loan refinancing for three shopping centers in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent.
NEW YORK CITY — Affinius Capital has provided a $150 million loan for the refinancing of a portfolio of six industrial properties totaling 1.8 million square feet. Though names and addresses were not disclosed, the properties are located in Atlanta, Dallas, Philadelphia, Charlotte, Louisville and South Florida and feature clear heights ranging from 24 to 36 feet. The borrower was Ares Management. The portfolio was roughly 40 percent occupied at the time of sale, although Affinius notes that “letters of intent are out on the majority of the remaining vacant space.”
STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit multifamily property in Sterling Heights, a northern suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, One Durham LP. Symetra Life Insurance Co. was the lender.