LOS ANGELES — PSRS has arranged a $38.2 million bridge loan to convert a vacant approximately 150,000-square-foot flex property in Los Angeles into a self-storage facility. Jonny Soleimani and George Gianoukakis of PSRS secured the financing for the undisclosed borrower. The financing included a $12.8 million cash-out refinance, fully funded construction costs and an 18-month interest reserve, providing the borrower with the capital needed for the successful repositioning of the asset.
ESCONDIDO, CALIF. — Gantry has secured a $21 million permanent loan to refinance the San Diego County’s North Inland Live Well Center, located at 649 W. Mission Ave. in Escondido within the North County suburb of San Diego. The 111,000-square-foot, build-to-suit office facility was redeveloped for its current use in 2015 from a big box retail building formerly occupied by Office Depot and Albertsons. The fully leased property houses the County’s Health and Human Services Agency community-facing programs, as well as retail space occupied by restaurant tenants. Spencer Fisher of Gantry represented the borrower, a private real estate investor responsible for the property’s original redevelopment. The 10-year, CMBS loan was secured from one of Gantry’s conduit lending sources and features a 30-year amortization and nonrecourse terms.
NEW YORK CITY — Newmark has arranged a $275 million loan for the refinancing of 63-67 Wall Street, an apartment complex in Lower Manhattan that comprises 816 units across two buildings. The buildings were originally constructed for office use: 67 Wall Street was built in 1921 as the headquarters for the Munson Shipping Co., and 63 Wall Street was built in 1928 as the headquarters for Brown Brothers Harriman & Co. The buildings were converted into apartments in 2006 and 2004, respectively. Units come in studio, one- and two-bedroom floor plans, and amenities include a fitness center, rooftop terrace with a lounge and grilling stations, game room, golf simulator, library, children’s playroom and a business center. Jordan Roeschlaub, Nick Scribani and Chris Kramer of Newmark arranged the financing on behalf of the owner, a partnership between Boston-based real estate private equity firm Rockpoint and investment and management firm Brooksville Co. Apollo Global Management provided the loan. The partnership acquired the buildings in 2016 and has since invested in capital improvements.
PITTSBURGH — KeyBank has provided $41.4 million in financing for First & Market, an adaptive reuse project that will convert a former office building in downtown Pittsburgh into a 93-unit affordable seniors housing complex. The financing consists of a $27 million construction loan and a $14.4 million permanent loan. Units will be reserved for renters age 62 and above, with the majority (83) of residences reserved for individuals earning 50 percent or less of the area median income (AMI). The other 10 units will be earmarked for households earning 20 percent or less of AMI. Residents will have access to support services in technology education, healthcare education and coordination, financial literacy and mental and behavioral health. Seaver Rickert and Leslie Meyers of KeyBank originated the financing on behalf of the developer, Beacon Communities. Completion is slated for the third quarter of 2026.
LOS ANGELES — Walker & Dunlop has arranged $34.8 million in construction financing for 4301 Vermont, an affordable housing development in Los Angeles. Chris Montes of Walker & Dunlop secured the loan on behalf of the client, SoLa, and identified the lender as ACORE Capital. The five-story multifamily complex will offer 188 affordable residences at 4301 Vermont Ave. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact.
BELLEVILLE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided an $88.5 million bridge acquisition loan for The Waverly on the Lake in Belleville, a western suburb of Detroit. Spanning 99 acres along the shores of Belleville Lake, the garden-style multifamily property features 1,046 units. The waterfront community offers residents exclusive access to a boat launch and 42 private boat slips in addition to a newly renovated clubhouse, fitness center, barbecue grills, firepits, a pool and picnic areas. The asset also features over two miles of walking trails and dedicated dog parks. Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units and cover closing costs for Pepper Pike Capital Partners. David Scheer of Dwight originated the loan.
NEW YORK CITY — Northmarq has provided a $12.9 million Fannie Mae loan for the refinancing of a 35-unit apartment building located at 49 Ludlow St. in Manhattan’s Lower East Side that was originally constructed in 2000. According to Apartments.com, the elevator-served building offers two- and three-bedroom units, with private terraces available in select residences, as well as onsite laundry facilities. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, an entity doing business as The Downtown Apartments LLC.
RENO, NEV. — JLL Capital Markets has arranged refinancing for HERE Reno, a student housing community serving the University of Nevada, Reno. JLL represented the borrower, Article Student Living, in facilitating the three-year, floating-rate financing with PPM America Inc. Located at 920 Evans Ave., HERE Reno offers 636 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished apartments, a 24-hour fitness center, a study lounge with private rooms, hot tub and sundeck, coffee and breakfast bar, clubroom with kitchen and gaming zones and a club lounge. The asset was built in 2022.
GRESHAM, ORE. — PH Development has obtained $15.9 million in financing for Woodland Flats, a hotel-to-multifamily conversion project in Gresham. Tom Wilson, Steve Petrie and Jake Davidson of JLL Capital Markets Debt Advisory secured the two-year bridge loan through AGP Capital for the borrower. PH Development plans to convert an existing hotel, located at 2752 NE Hogan Drive, into Woodland Flats, a 120-unit multifamily property with 6,400 square feet of ground-floor retail space. The community will offer a mix of studios, one- and two-bedroom units, with rents ranging from $1,200 to $1,600 per month. Community amenities will include a swimming pool, fitness center and exterior courtyard. The project will require $6.1 million in capital improvements and is slated to take 10 months to complete.
NEW YORK CITY — Northmarq has provided a $50 million Fannie Mae loan for the refinancing of Tompkins Square Plaza, a 124-unit apartment building located at 190 E. 7th St. in Manhattan’s East Village area. The transit-served, doorman-equipped building was originally constructed in 1998 and offers two- and three-bedroom units, as well as a fitness center and rooftop terrace. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, The Downtown Apartments LLC.
