Wednesday, March 4, 2026
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LoansMultifamilySoutheastTennessee

Cushman & Wakefield Arranges $76M Refinancing for Apartment Community in Murfreesboro, Tennessee

by John Nelson

MURFREESBORO, TENN. — Cushman & Wakefield has arranged a $76 million loan for the refinancing of Overall Creek Apartments, a 384-unit multifamily community located at 5150 Jack Byrnes Drive in Murfreesboro, about 33 miles southeast of Nashville. John Alascio, Chuck Kohaut and Chris Meloni of Cushman & Wakefield arranged the loan through PCCP on behalf of the borrower, Denholtz, a private investment management firm based in Red Bank, N.J. Built in 2020, Overall Creek was 94 percent occupied at the time of financing. The property offers one-, two- and three-bedroom residences averaging 1,057 square feet in size, as well as a courtyard with a pool and grill stations, fire pits, a dog park, hydro massage room, tanning bed, business center and a fitness center.

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IndustrialLoansNew JerseyNortheastSelf-Storage

JLL Arranges $176M Refinancing of Northern New Jersey, South Florida Industrial Portfolio

by Taylor Williams

MORRISTOWN, N.J. — JLL has arranged a $176 million loan for the refinancing of a portfolio of six industrial properties totaling approximately 1.2 million square feet. Four of the properties are located in the Northern New Jersey communities of Carlstadt, Lyndhurst, Carteret and North Brunswick and feature clear heights of 16 to 25 feet. The other two properties are located in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Kevin Badger of JLL arranged the eight-year, fixed-rate loan through insurance giant Nationwide on behalf of the borrower, Seagis Property Group. The portfolio was 96 percent leased at the time of the loan closing.

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LoansMultifamilyNew YorkNortheast

Berkadia Provides $32.4M in Agency Financing for Bronx Apartment Building

by Taylor Williams

NEW YORK CITY — Berkadia has provided $32.4 million in Freddie Mac financing for The Riverdale Tower, an 89-unit apartment building in The Bronx. The 18-story building was completed in 2024 and offers studio, one- and two-bedroom units that range in size from 400 to 900 square feet, 27 of which are earmarked as affordable housing. Amenities include a fitness center, community room, two patios and a pickleball court. Matt Nihan of Berkadia originated the 10-year, fixed-rate loan, which retires existing construction debt, on behalf of the borrower, Stagg Group. The building was fully occupied at the time of the loan closing.

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CaliforniaLoansMixed-UseOfficeRestaurantRetailWestern

CBRE Arranges $57.6M Refinancing for First Street Napa Mixed-Use Property in California

by Amy Works

NAPA, CALIF. — CBRE has arranged $57.6 million in refinancing for First Street Napa, a Class A mixed-use property in downtown Napa. Brad Zampa and Mike Walker of CBRE’s Debt and Structured Finance team in San Francisco secured the five-year, nonrecourse floating-rate loan from an East Coast-based debt fund on behalf of NTC Shops LLC. Located at 1300 First St., the property features 162,000 square feet of retail, dining, tasting rooms and office space across six buildings. The asset is currently 90 percent leased to a variety of tenants, including Lululemon, Free People, Hestan and Silicon Valley Bank.

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Watsonville-Metro-Watsonville-CA
Affordable HousingCaliforniaLoansMultifamilyWestern

MidPen Housing Secures $132.8M in Grants for Three Central California Affordable Housing Developments

by Amy Works

SAN JOSE, ALAMEDA AND WATSONVILLE, CALIF. — The California Strategic Growth Council has awarded funding to existing MidPen Housing developments in San Jose, Alameda and Watsonville that include a total of 362 affordable units. Valley Transportation Authority (VTA) Capitol Station in San Jose was awarded $49.3 million. Located next to the Capitol Light rail station, this transit-oriented development will include 203 affordable rental homes, including 51 permanent supportive housing apartments for formerly homeless individuals. The project will replace an underutilized VTA parking lot with an all-electric residential building and a new transit plaza, complemented by multimodal improvements such as 2.3 miles of bike paths, upgraded walkways and new bus shelters. The project is slated for completion in 2029. The Stardust Gardens project in Alameda was awarded $44.5 million. This project includes 80 units that will be developed on public land and will include units for households that have experienced homelessness. Transportation enhancements include electric ferry charging infrastructure to enable zero-emission ferry service, bike and pedestrian safety improvements, traffic calming and new bikeways. A completion date was not available. Lastly, the state awarded $39 million to Watsonville Metro in Watsonville. This project involves redeveloping a downtown transit center into 79 affordable …

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36-India-St.-Brooklyn
LoansMultifamilyNew YorkNortheast

HKS Real Estate Arranges $31.7M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based financial intermediary HKS Real Estate Advisors has arranged a $31.7 million loan for the refinancing of a 53-unit apartment building in Brooklyn’s Greenpoint neighborhood. The newly constructed, six-story building at 36 India St. includes two commercial spaces and 27 parking spaces. Andrew Pilchick and Alex Dobosh of HKS arranged the debt through 360 Capital Funding on behalf of the borrower, Navistone Development.

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HospitalityIllinoisLoansMidwest

Red Oak Capital Holdings Provides $10M Acquisition Loan for Metro Chicago Hotel

by Kristin Harlow

SCHILLER PARK, ILL. — Red Oak Capital Holdings has provided a $10 million loan for the acquisition and refurbishment of the Four Points by Sheraton Chicago O’Hare Airport hotel. Structured under Red Oak’s Core-Plus Bridge Loan program, the nonrecourse loan features an 18-month initial term, interest-only payments and a loan-to-stabilized value of 54.5 percent. The loan proceeds will be used to fund a portion of the $13 million purchase price and support initial capital improvements. Stratos Athanassiades of Red Oak originated the financing, which was underwritten by Thomas Gorski and administered by James Myatt. The borrower was a seasoned hospitality investor with a portfolio of 20 assets worth in excess of $70 million in gross asset value, including 10 hospitality properties across the Midwest. Located at 10249 W. Irving Park Road in Schiller Park, the 295-room, 195,000-square-foot hotel sits on 7.5 acres adjacent to Chicago O’Hare International Airport. Originally built in 1985 and renovated in 2015, the full-service property includes an indoor pool, meeting space, restaurant, gift shop and fitness center. The borrower’s business plan includes a new Marriott franchise agreement, modest room upgrades in the first year and a larger, Marriott-approved property improvement plan (PIP) renovation thereafter. The buyer …

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IowaLoansMidwestMultifamily

MMCC Secures $7.6M in Financing for Multifamily Property in Burlington, Iowa

by Kristin Harlow

BURLINGTON, IOWA — Marcus & Millichap Capital Corp. (MMCC) has secured $7.6 million in financing for Urbane 424, a 52-unit multifamily property in Burlington, a city in eastern Iowa. The five-story property at 424 N. 3rd St. is situated near the Great River Bridge with views of the Mississippi Riverfront. The asset features a mix of studio, one- and two-bedroom units along with 3,000 square feet of first-floor retail space. Amenities include a rooftop terrace, bike storage and lounge. Robert Bhat of MMCC arranged the financing with a national bank on behalf of a private client. The nonrecourse loan features a five-year term with interest-only payments for the full term and a 70 percent loan-to-value ratio.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastOfficeTop Stories

Walker & Dunlop Arranges $867M Financing Package for Office-to-Residential Conversion Project in Lower Manhattan

by John Nelson

NEW YORK CITY — Walker & Dunlop Inc. has arranged an $867 million financing package for 111 Wall Street, a 24-story, waterfront office building in Lower Manhattan’s Financial District. The development team, led by borrower InterVest capital partners, a global alternative investment manager based in New York City, plans to convert the fully vacant office building into a 30-story luxury apartment building housing 1,568 rental units. Approximately 25 percent of the units will be designated as affordable housing for residents earning an average of 80 percent of the area median income (AMI), qualifying the project for New York City’s Affordable Housing Conversion Program. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian of Walker & Dunlop arranged a $778.6 million construction loan through Apollo Global Management, J.P. Morgan Chase & Co. and TYKO Capital. The closing of this financing marks the largest single-building office-to-residential conversion loan in New York City history as well as the country, according to Walker & Dunlop. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization, bringing the total financing package to $867 million. “With office vacancies …

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hialeah-industrial-portfolio
AcquisitionsFloridaIndustrialLoansSoutheast

Basis Purchases Industrial Portfolio in Hialeah, Florida for $84.8M

by Abby Cox

HIALEAH, FLA. — Basis Industrial has purchased a portfolio of 42 small-bay industrial buildings totaling 396,135 square feet in Hialeah, a suburb of Miami, for $84.4 million. Jose Lobón of CBRE represented the seller, TA Realty, in the transaction. Anthony Scavo internally represented Basis Industrial. BankUnited and Seacoast Bank provided financing for the acquisition, while NexPoint Advisors provided more than $20 million of preferred equity. The portfolio includes 24 buildings totaling 282,000 square feet at West 31st Place, West 32nd Place and West 33rd Place; 17 buildings totaling 93,116 square feet in the east pocket at West 8th Court, West 27th Street and West 28th Street; and one 20,119-square-foot building at 7395 W. 18th Lane. The industrial buildings feature a mix of cross-dock and front-load configurations with dock-high and grade-level loading, 14- to 22-foot clear heights, with roughly 5 to 12 percent of the space dedicated to offices. The portfolio was 85 percent leased to 79 tenants at the time of sale in industries relating to home design and improvement, as well as many other small family-owned businesses. The average tenant size is approximately 4,280 square feet.

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