Tuesday, June 17, 2025
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7600-Broadway-San-Antonio
LoansMixed-UseTexas

EMBREY Refinances 340,814 SF Mixed-Use Property in San Antonio

by Taylor Williams

SAN ANTONIO — Locally based investment and development firm EMBREY has refinanced 7600 Broadway, a 340,814-square-foot mixed-use property in San Antonio’s Alamo Heights neighborhood. Completed in 2023, 7600 Broadway consists of 287,605 square feet of residential space across 216 units and 53,209 square feet of office space. The residential component, which features one-, two- and three-bedroom units, as well as a pool, fitness center and demonstration kitchen, was 96 percent occupied at the time of the loan closing. The office space is fully leased to EMBREY and Morgan Stanley. Robert Wooten, Jackson Finch and Meredith Sheeder of JLL arranged the refinancing, the amount of which was not disclosed, through Blackstone Mortgage Trust (NYSE: BXMT) on behalf of EMBREY.

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LoansMixed-UseNortheastVermont

Eastern Union Arranges $9.4M in Financing for Mixed-Use Redevelopment in Springfield, Vermont

by Taylor Williams

SPRINGFIELD, VT. — Eastern Union has arranged $9.4 million in construction-to-permanent financing for a mixed-use redevelopment project in Springfield, located in Windsor County near the Vermont-New Hampshire border. The site at 100 River St. is the original home of the historic Fellows Gear Shaper Co. mill complex and currently houses a 187,030-square-foot commercial building that is home to six tenants. The borrower, San Diego-based Integrity Community Partners LLC, will use the financing to redevelop the property to feature a 43,000-square-foot self-storage facility and 55,000 square feet of retail space. Marc Tropp, David Merkin, Ben Alpert and Ary Katzenstein of Eastern Union originated the loan through Bank of New Hampshire.

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DevelopmentIllinoisIndustrialLoansMidwestOfficeSelf-Storage

Byline Bank Provides $9.2M Loan for Office Conversion Project in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — Byline Bank’s Commercial Real Estate Group has provided a $9.2 million loan for the conversion of a 103,109-square-foot office building into self-storage space in the Chicago suburb of Lombard. LSC Development is the developer and borrower. The building, located at the intersection of I-355 and North Avenue, will be transformed into 67,853 square feet of climate-controlled self-storage space with 64 secured surface parking spaces for both RVs and regular vehicles across 14,800 square feet. Two loading docks with overhead doors will also be installed. The project is slated for completion in the first half of 2026. Law firm Blank Rome represented Byline Bank, while Duggan Bertsch LLC represented LSC Development.

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FloridaGeorgiaIndustrialLoansNorth CarolinaSoutheast

McCraney Property Obtains $55M Refinancing for Southeast Industrial Portfolio

by John Nelson

ORLANDO, FLA. — McCraney Property Co. has obtained three loans totaling $55 million for the refinancing of a Class A industrial portfolio in the Southeast. Melissa Rose, Michael DiCosimo and Nicole Barba of JLL arranged the three non-recourse loans on behalf of the Orlando-based industrial developer. The direct lenders were not disclosed. Built between 2023 and 2024, the portfolio includes 41 Logistics in Adairsville, Ga. (390,498 square feet); Royal Palm Logistics in Royal Palm Beach, Fla. (128,684 square feet); and Davidson 85 in Concord, N.C. (146,628 square feet). The portfolio was 94.7 percent leased at the time of financing to a diverse tenant roster. The refinancing comprised a $25.8 million loan for 41 Logistics, a $16 million loan for Royal Palm Logistics and a $13.2 million loan for Davidson 85.

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Edge-on-Hudson-Sleepy-Hollow
LoansMixed-UseNortheastWalker & Dunlop

Walker & Dunlop Arranges $237M Refinancing of Mixed-Use Property in Sleepy Hollow, New York

by Taylor Williams

SLEEPY HOLLOW, N.Y. — Walker & Dunlop has arranged the $237 million refinancing of Edge-on-Hudson, a 70-acre mixed-use property located north of New York City in Sleepy Hollow. The financing also covers The Daymark, a five-story condo building within the riverfront property. At full build-out, Edge-on-Hudson will feature 1,177 residential units, including townhomes, condos and apartments, as well as 135,000 square feet of retail space, 35,000 square feet of office space, a 140-room boutique hotel and more than 16 acres of parkland. The Daymark, located on a southwestern parcel of the site, offers 100 condos in one-, two- and three-bedroom floor plans. About 70 units are under contract, and the first move-ins are scheduled for September. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop arranged the financing through Hudson Bay Capital. The borrower is a partnership between King Street Capital Management and Biddle Real Estate Ventures. The latter entity is the co-master developer of Edge-on-Hudson along with New Jersey-based PCD Development.

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AcquisitionsFloridaIndustrialLoansSoutheast

DRA Advisors Provides $107.5M for Florida Industrial Portfolio Recapitalization With Redfearn Capital

by John Nelson

DELRAY BEACH, FLA. — DRA Advisors has provided $107.5 million for the recapitalization of an industrial portfolio in Florida owned by Redfearn Capital, a private equity firm based in Delray Beach. The portfolio includes 10 properties totaling more than 900,000 square feet in Jacksonville, South Florida, Clearwater and Orlando. Redfearn Capital originally established the portfolio in 2020 with investment partner TPG Angelo Gordon. Redfearn Capital and TPG Angelo Gordon will remain partners in two other joint venture funds. Mike Davis and Dominic Montazemi of Cushman & Wakefield represented Redfearn Capital in the transaction.

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Affordable HousingDevelopmentLoansMidwestMinnesotaMultifamily

Merchants Capital Arranges $25.5M in Construction Financing for Minnesota Affordable Housing Project

by Kristin Harlow

SHAKOPEE, MINN. — Merchants Capital has arranged $25.5 million in debt and equity financing for the construction of Prairie Pointe, a 42-unit affordable and supportive housing development in Shakopee. Merchants Capital provided $14.1 million in 9 percent Low-Income Housing Tax Credit equity and secured an $11.4 million bridge loan from Merchants Bank. Developed by Twin Cities-based developer Beacon Interfaith Housing Collaborative, Prairie Pointe is the only housing development in the area to offer onsite supportive services and rents restricted at 30 percent of the area median income (AMI). Twenty-eight units will be permanently set aside for people experiencing homelessness and/or those with disabilities, and 14 units will be restricted at 50 percent AMI. The permanent supportive housing units will operate under the Minnesota Department of Human Services Housing Support rental subsidy program through Scott County, as well as private subsidy provided by Beacon. Volunteers of America Minnesota and Wisconsin will provide onsite supportive services. Prairie Pointe will feature one-, two-, three- and four-bedroom units. Community spaces will include a gym, donations room, computer and study rooms, children’s playroom and playground. Beacon’s service partner will provide onsite case management, housing stability skills, employment assistance, mental health support and educational programming as …

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Affordable HousingDevelopmentLoansMultifamilyNorth CarolinaSoutheast

BWE Secures $22.3M Construction Financing for Mixed-Income Housing Project in Cary, North Carolina

by John Nelson

CARY, N.C. — BWE has secured a $22.3 million construction loan for Marigold Apartments, a mixed-income housing development located on Maynard Road in Cary, a suburb of Raleigh. The property will include a mix of one-, two- and three-bedroom apartments. Of the total 126 units, seven will be designated as accessible units, and three will be designated as hearing impaired accessible. Sixty-four units will be designated as affordable and workforce housing for residents earning at or below 30, 50 and 80 percent of the area median income, while the remaining 62 units are set to be available at market rates. Amenities will include elevators, EV charging stations, coworking spaces, an outdoor kitchen with gaming area, business center, clubhouse/community room, courtyard, exercise facility, onsite management, controlled access, video surveillance and onsite parking. Victor Agusta Jr. of BWE’s Raleigh office originated the HUD-insured loan on behalf of the borrower, Charlotte-based Laurel Street Residential. The City of Cary provided a ground lease for the Marigold development, and Wake County provided an additional $1.7 million in financing.

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Astoria-Apts-SLC-UT
DevelopmentLoansMultifamilyUtahWestern

Berkadia Secures $31.5M Bridge Loan for Apartment Project in Salt Lake City

by Amy Works

SALT LAKE CITY — Berkadia has secured a $31.5 million bridge loan on behalf of Midtown Capital to complete construction of The Astoria, a multifamily community in Salt Lake City. Slated for completion in third-quarter 2025, the 149-unit property is situated in the city’s Fairpark District. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing for the sponsor, a vertically integrated real estate development and management company with offices in Miami, West Palm Beach, Fla., and Madrid, Spain. New York-based lender RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion. Located at 11 N. 800 West, the seven-story Astoria will feature 372-square-foot micro units, 545-square-foot studios and one- and two-bedroom layouts up to 955 square feet each. The property is adjacent to the Jackson/Euclid light rail station, allowing for immediate access to SLC International Airport, the Delta Center and downtown Salt Lake City.

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HospitalityLoansNew YorkNortheast

JLL Arranges $235M Loan for Refinancing of Long Island Hotel, Resort

by Taylor Williams

MONTAUK, N.Y. — JLL has arranged a $235 million loan for the refinancing of the 20-acre Gurney’s Montauk Resort & Seawater Spa, located on the eastern tip of the Long Island peninsula. The property’s hospitality component totals 158 units: 109 guestrooms, 35 suites, eight beachfront cottages and six residences. In addition to a 2,000-foot private beach, the resort features five onsite food-and-beverage venues, four pools, a salon, 25,000 square feet of meeting and event space, a 30,000-square-foot spa and a fitness center. In addition, the owner, a partnership between BLDG Management Co. Inc. and Metrovest Equities, recently completed a capital improvement program at the property that upgraded guestrooms, common areas and amenity spaces. Christopher Peck, Kevin Davis, Mark Fisher and Connor Medzigian of JLL arranged the debt through a joint venture between Smith Hill Capital and Bain Capital.

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