Loans

United Group Receives $35M Construction Loan for Active Adult Project in Worcester, Massachusetts

by Taylor Williams December 7, 2023

WORCESTER, MASS. — The United Group of Cos. Inc. has received a $35 million construction loan for The Arbella at Bramble Hill, a 123-unit active adult project that will be located in the central Massachusetts community of Worcester. The property will span 17 acres and offer one- and two-bedroom apartments across three buildings. The community will also feature an 8,500-square-foot clubhouse. JLL arranged the debt through The Washington Trust Co. on behalf of United Group. Construction is scheduled for an early 2025 completion.

December 7, 2023

Industrial Loans New York Northeast

Largo Capital Arranges $21.7M Loan for Refinancing of Industrial Building in DeWitt, New York

by Taylor Williams December 7, 2023

DEWITT, N.Y. — Locally based financial intermediary Largo Capital has arranged a $21.7 million loan for the refinancing of a 285,000-square-foot industrial building in DeWitt, located just outside of Syracuse. The newly constructed building is situated within a larger 97-acre development and features 27 dock-high doors and two drive-in doors. Jack Phillips of Largo Capital arranged the financing. The direct lender and borrower were not disclosed.

December 7, 2023

Loans Montana Multifamily Western

Gantry Arranges $8.2M Loan for Skyview Lofts in Kalispell, Montana

by Amy Works December 7, 2023

KALISPELL, MONT. — Gantry has arranged an $8.2 million permanent loan to retire construction financing from the development of Skyview Lofts. The property is located at 2105 Third Ave. E. in Kalispell, just north of Flathead Lake and approximately 70 miles south of the Canadian border. Skyview Lofts features 48 one- and two-bedroom apartments with open floor plans, high-speed fiber optic internet, in-unit washers/dryers and door-to-door trash service. Demetri Koston of Gantry’s Spokane, Wash., office secured the loan on behalf of the borrower, a private real estate company. Fannie Mae funded the 10-year loan with a 30-year amortization and full-term interest-only payments.

December 7, 2023

Development Loans Multifamily New York Northeast

Bank OZK Provides $95M Construction Loan for Manhattan Multifamily Project

by Taylor Williams December 6, 2023

NEW YORK CITY — Bank OZK has provided a $95 million construction loan for a 194-unit multifamily project that is under construction at 300 E. 50th St. in Manhattan’s Turtle Bay neighborhood. Designed by BKSK Architects, the 23-story building will feature studio, one-, two- and three-bedroom units and amenities such as a fitness center, coworking lounge, rooftop garden, grilling terrace and a catering kitchen. The project also includes 4,888 square feet of commercial space, and 30 percent of the units will be reserved as affordable housing. The borrower and developer is a joint venture between locally based developer MAG Partners, global investment firm Safanad and Global Holdings Management Corp. Completion is scheduled for late 2025.

December 6, 2023

Hospitality Loans Massachusetts Northeast

JLL Arranges Refinancing of 164-Room Copley Square Hotel in Boston

by Taylor Williams December 6, 2023

BOSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of the 164-room Copley Square Hotel in Boston’s Back Bay area. The seven-story boutique hotel was recently renovated and offers a fitness center, communal kitchen and multiple onsite food-and-beverage options. Mike Huth, Amy Lousararian, Maddie Blount and Brandon Smith of JLL arranged the loan through an undisclosed lender on behalf of the borrower, Hawkins Way Capital.

December 6, 2023

Affordable Housing Development Loans Multifamily New Mexico Western

KeyBank Provides $12.5M Construction Loan for Three Sisters Affordable Housing Development in Las Cruces, New Mexico

by Amy Works December 6, 2023

LAS CRUCES, N.M. — KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable apartment property in Las Cruces. The borrower, Chelsea Investment Corp., is an affordable housing developer in California and New Mexico. The Three Sisters will consist of eight two- and three-story residential buildings offering a total of 70 units for families and individuals earning no more than 30 percent, 50 percent and 60 percent of the area median income. The community features one-, two- and three-bedroom units, a community space, laundry room, computer center, barbecue and picnic area, dog park and two playgrounds. Additional amenities include comprehensive social services, such as group training, outreach and bi-monthly health and nutrition education classes. The project received additional support from The Richmond Group, which provided $11.9 million in Low-Income Housing Tax Credit equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corp. The Three Sisters also received funding from the city, state, the HOME Investment Partnership Program and the National Housing Trust Fund. Matthew Haas of KeyBank CDLI structured the financing.

December 6, 2023

California Loans Retail Western

PSRS Arranges $3.7M Refinancing for Retail Strip Center in Mammoth Lakes, California

by Amy Works December 6, 2023

MAMMOTH LAKES, CALIF. — PSRS has arranged $3.7 million in refinancing for Mammoth Gateway, a retail strip center in Mammoth Lakes. Grady Seldin and Thomas Rudinsky of PSRS secured the 10-year, fixed-rate loan for the undisclosed borrower. Built in 1973 on 3.5 acres, Mammoth Gateway features 54,854 rentable square feet. Rite Aid anchors the property, which offers 13 retail spaces, including a hardware store, pet store and a variety of restaurants and cafés.

December 6, 2023

Development Loans Multifamily Northeast Pennsylvania

Parkview Financial Provides $19.8M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams December 5, 2023

PHILADELPHIA — Los Angeles-based Parkview Financial has provided a $19.8 million construction loan for a 108-unit multifamily project that will be located at 2000 E. Hagert St. in Philadelphia’s Fishtown neighborhood. The property will comprise four studios, 82 one-bedroom units and 22 two-bedroom units. The average unit size will be 707 square feet, and the property will also house 13 live/work artist lofts that will average 571 square feet. Amenities will include a rooftop terrace, pet park and a courtyard. The borrower is M&B Development. Completion is slated for early 2025.

December 5, 2023

California Loans Multifamily Western

Berkadia Arranges $67.2M Refinancing for Northpoint Apartments in San Francisco

by Amy Works December 5, 2023

SAN FRANCISCO — Berkadia has secured a $67.2 million loan for California-based NP Apartments LLC to refinance debt on Northpoint Apartments in San Francisco. Andy Ahlers of Berkardia San Francisco secured the permanent five-year loan through Fannie Mae. Located at 2211 Stockton St., Northpoint Apartments features 514 studio, one- and two-bedroom floor plans with private patios or balconies and dishwashers. Community amenities include two swimming pools, a fitness center and laundry facilities.

December 5, 2023

Mayfair-Shopping-Center-Commack-New-York

Loans New York Northeast Retail

Voya Investment Management Provides $37.5M in Financing for Long Island Shopping Center

by Taylor Williams December 4, 2023

COMMACK, N.Y. — Connecticut-based life insurance company Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. The open-air center sits on a 15-acre site along the Jericho Turnpike and is home to tenants such as Lidl, Planet Fitness and the PGA Superstore. Andrew Stewart and Allison Villamagna of New Jersey-based financial intermediary Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.

December 4, 2023

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