Tuesday, June 17, 2025
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FloridaLoansMultifamilySoutheast

Berkadia Provides $23.2M Loan to Refinance Multifamily Community in Metro Orlando

by John Nelson

FERN PARK, FLA. — Berkadia has provided a $23.2 million Freddie Mac loan to refinance Advenir at Magnolia, a 272-unit multifamily community located in the Fern Park suburb of Orlando. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia’s Miami office originated the financing on behalf of the borrower, an entity doing business as Advenir@Magnolia LLC. The five-year, fixed-rate agency loan includes an extended interest-only period and a 60 percent loan-to-value ratio. Situated on 13 acres, Advenir at Magnolia is a two-story, garden-style property that comprises a mix of studio, one- and two-bedroom apartments averaging approximately 800 square feet in size. Amenities at the property include two resort-style pools, two basketball courts, three racquetball courts, a lighted tennis court, grilling stations, a 24/7 fitness center, business center and laundry facilities.

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Hawthorne-Apts-San-Mateo-CA
CaliforniaLoansMultifamilyWestern

Stockbridge, Wilson Meany Receive $170M in Refinancing for Multifamily Portfolio in San Mateo, California

by Amy Works

SAN MATEO, CALIF. — Stockbridge and Wilson Meany have received a $170 million first mortgage for Bay Meadows Apartment Collection, a four-property portfolio in San Mateo. The 390-unit portfolio offers a mix of studio, one-, two- and three-bedroom units, averaging 1,035 square feet, and 9,961 square feet of ground-floor retail space. The portfolio includes the 108-unit Field House, built in 2015; the 70-unit Quimby, built in 2017; the 158-unit Russell, built in 2017; and the 54-unit Hawthorne, built in 2024. The portfolio is located within the 83-acre Bay Meadows master-planned community. Bruce Ganong, Chris Handy, Elijah Lax and Tomie Vegą of JLL Capital Market’s Debt Advisory team arranged the five-year, fixed-rate loan through New York Life Real Estate Investors for the borrower.

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IllinoisIndustrialLoansMidwest

JLL Arranges $22.5M in Financing for Metro Chicago Industrial Portfolio

by Kristin Harlow

ARLINGTON HEIGHTS, ELK GROVE VILLAGE, SCHAUMBURG AND NORTHBROOK, ILL. — JLL Capital Markets has arranged $22.5 million in financing for a four-property, shallow-bay industrial portfolio totaling 382,762 square feet in metro Chicago. The financing included proceeds for the refinance of three assets and the acquisition of a fourth property. The portfolio consists of: Arlington Center, a two-building, 213,963-square-foot complex in Arlington Heights; Stanley, a five-building, 56,416-square-foot asset in Elk Grove Village; Remington, a 51,662-square-foot property in Schaumburg; and Old Willow Industrial Complex, a 12-builidng, 60,721-square-foot asset in Northbrook (acquisition). The properties are all at least 90 percent leased. Jeff Sause, Chad Morgan, Brian Walsh and Lauren Sackler of JLL arranged the financing through a life insurance company on behalf of the borrower, Unilev Capital Corp. and an affiliate of Palladius Capital Management. Raymond Levy, Ian Konowitch and Peter Berges of JLL led the Unilev team.

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Cosmo-440-Newark
DevelopmentLoansMultifamilyNew JerseyNortheast

BridgeInvest Provides $60M in Financing for Newark Multifamily Redevelopment Project

by Taylor Williams

NEWARK, N.J. — Miami-based lender BridgeInvest has provided $60 million in financing for Cosmo 440, a 216-unit multifamily redevelopment project in Newark that is nearing completion. Cosmo 440 was originally built in 1969 as Carmel Towers and is located adjacent to Weequahic Park. The redevelopment encompassed new infrastructure and elevators, as well as redesigned floor plans and upgraded common areas. The building now features 48 one-bedroom apartments, 120 two-bedroom units and 48 three-bedroom residences, and amenities include a fitness center, resident lounge, coworking space and an onsite bar. The borrower is YB Properties. Delivery is slated for the end of the month.

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50-Hudson-Street-Jersey-City
DevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Tishman Speyer Receives $331M Construction Loan for 40-Story Apartment Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $331 million construction loan from global investment group CDPQ for a 40-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction in the coming weeks and deliver the building in 2028. The project is the sister building of 55 Hudson Street, a 58-story, 1,017-unit apartment building that is under construction and slated for an early 2027 completion. The riverfront site at 50 Hudson St. is located in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans for 50 Hudson Street call for 924 units in studio, one- and two-bedroom floor plans, as well as 10,000 square feet of street-level retail space. The two buildings will share roughly 75,000 square feet of indoor and outdoor amenity space, and the development as a whole will feature more than 60,000 square feet of retail, restaurant and entertainment space. In addition, the development will have a 32,000-square-foot waterfront plaza that will connect to Jersey City’s esplanade and will be available for community events. The design team for the project …

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Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

SoLa Impact Receives $29M in New Markets Tax Credit Financing for Crenshaw Lofts in South Los Angeles

by Kristin Harlow

LOS ANGELES — SoLa Impact has received $29 million in New Markets Tax Credit (NMTC) financing to help supplement its funding of two initiatives at Crenshaw Lofts, a 190-unit mixed-use project at 4607 Crenshaw Blvd. in South Los Angeles. The project is a combination of Opportunity Zone financing coupled with NMTC financing and private equity. The NMTC financing will be utilized for the ground-floor commercial and retail space. The NMTCs will specifically fund the build-out and completion of: The NMTC allocations were provided by three mission-aligned Community Development Entities (CDEs): Border Communities Capital Co., Los Angeles Development Fund and Enterprise Financial CDE. Dudley Ventures/Valley Bank served as the tax credit investor. BHI, the U.S. division of Bank Hapoalim, provided the construction financing. SoLa Impact is a family of social impact real estate funds focused on preserving, refreshing and creating affordable housing in low-income communities.

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DevelopmentFloridaIndustrialLoansSoutheast

JLL Arranges $25.8M Construction Financing for Speculative Industrial Project in Metro Tampa

by John Nelson

SAN ANTONIO, FLA. — JLL Capital Markets has arranged $25.8 million in construction financing for Phase I of Park 52 Logistics North, a 299,030-square-foot speculative industrial project in the metro Tampa . Melissa Rose, Michael DiCosimo, Justin Ratcliffe and Nicole Barba of JLL arranged the three-year, floating-rate construction loan on behalf of the borrower, McCraney Property Co. Scheduled for completion in November, the 78-acre project will comprise three rear-load buildings ranging from 80,745 square feet to 130,865 square feet. Additionally, each building will feature four drive-in doors and car parking spaces and 24- to 30-foot clear heights, as well as suite sizes that can accommodate up to 46,000 square feet. Located with direct frontage along State Road 52 in San Antonio, Park 52 Logistics North is adjacent to the 965-acre Double Branch master-planned mixed-use community, which is expected to generate $600 million in economic impact, according to JLL.

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375-Broadway-Chelsea-Massachusetts
Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $10.6M in Financing for Metro Boston Affordable Housing Project

by Taylor Williams

CHELSEA, MASS. — MassHousing has provided $10.6 million in financing for 375 Broadway, a 62-unit affordable housing project in Chelsea, a northeastern suburb of Boston. The financing consists of $7.7 million in permanent financing and $2.9 million in workforce housing financing. The developer, a partnership between Arx Urban and Boston Communities, will construct a 43-unit building from the ground up and rehabilitate a 19-building. Units will come in studio, one-, two- and three-bedroom floor plans and will feature a range of income restrictions. Construction is expected to be complete by the end of 2026.

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LoansMultifamilyNew YorkNortheast

ERG Commercial Arranges $7M Construction Loan for Queens Multifamily Project

by Taylor Williams

NEW YORK CITY — New York City-based ERG Commercial Real Estate has arranged a $7 million construction loan for a 28-unit multifamily project that will be located in the Jamaica area of Queens. The building will be located at 166-13 91st St. and will rise 16 stories. Information on specific floor plans and amenities, as well as the direct lender and borrower, was not disclosed.

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Grand Hyatt Miami Beach
DevelopmentHospitalityLoansTop Stories

Terra, Turnberry Receive $392M Construction Financing for Miami Beach Grand Hyatt Hotel

by Channing Hamilton

MIAMI BEACH, FLA. — Terra and Turnberry have received $392 million in financing for the construction of Grand Hyatt Miami Beach, an 800-room hotel situated adjacent to the Miami Beach Convention Center. TYKO Capital, a New York City-based private equity and private credit investment management platform, provided the financing to the South Florida-based developers.  Grand Hyatt Miami Beach will rise 17 stories at 17th Street and Convention Center Drive. The property will offer 12 floors of guest rooms, including 52 suites with views of Miami Beach. Additionally, four floors will feature meeting and ballroom spaces. Guests will have access to a pool deck with panoramic city views, a restaurant, lobby lounge and bar, as well as street-level retail space. The hotel will feature direct access to the Miami Beach Convention Center via a climate-controlled sky bridge. Plans for the development also call for new public spaces, pedestrian-friendly promenades, bike-sharing stations and connectivity to public transit. According to sources familiar with the transaction, Eastdil Secured was involved in arranging the debt on behalf of Terra and Turnberry. Arquitectonica designed the hotel, and Balfour Beatty is serving as the general contractor. The Miami Beach Redevelopment Agency awarded a $75 million grant for the project in 2024. Grand …

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