SCOTTSDALE, ARIZ. — Clear Sky Capital has obtained $17.5 million in construction financing for a self-storage facility at 16136 N. Pima Road in Scottsdale. With completion slated for third-quarter 2025, the four-story, Class A facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. Additionally, the property will feature a state-of-the-art security system, including exterior surveillance. Kevin Mackenzie and Jason Carlos of JLL Capital Markets’ debt advisory team secured the loan for the borrower through Enterprise Bank and Trust.
ELK RIVER, MINN. — JLL Capital Markets has arranged an $18.7 million HUD 232/223(f) loan for the refinancing of Elk River Senior Living. The 108-unit senior living community offers independent living, assisted living and memory care services in Elk River, about 34 miles northwest of Minneapolis. Built in 2018, the property offers amenities such as lounges, activity rooms, dining areas and outdoor courtyards. Jeff Lepley and Alex Sheaffer of JLL arranged the financing, which consolidated five different debt obligations that were associated with the construction of the project. The borrower was undisclosed.
HOUSTON — Northwind Group, a Manhattan-based private equity firm and debt fund manager, has provided $111 million in financing for The Hawthorne, a 17-story multifamily building in Houston’s Tanglewood area. The borrower, a joint venture between Houston-based Pelican Builders and private developer Ember Group, will use the proceeds to complete construction and fund costs of selling the remaining units. The building, which will officially open in March, houses 67 residences and amenities such as a pool, fitness center, grilling stations, game room, catering kitchen, coffee bar and a dog run. Residents also have access to 24-hour concierge services, as well as dry cleaning, pet walking and floral care. John Fenoglio of CBRE arranged the loan. Construction began in September 2021, and more than half of the residences have already been sold.
NEW YORK CITY — Walker & Dunlop has arranged a $103 million CMBS loan for the refinancing of Casa Cipriani, a 47-room luxury hotel, private members club and event space located along the Lower Manhattan waterfront. The property was originally constructed in 1909 as the Battery Maritime Building to serve ferries traveling to Brooklyn. The sponsor, a partnership between Cipriani, Midtown Equities and Centaur Properties, completed the redevelopment in 2021. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the debt through Citigroup, J.P. Morgan and Argentic.
CHANHASSEN, MINN. — National New Markets Fund LLC (NNMF), an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit (NMTC) allocation into Chanhassen, Minn.-based Bongards Creameries. Bongards is a farmer-owned co-op that relies on its 267 member farms to provide milk for its cheese and whey products. As a result of the investment, Bongards will be able to increase its capacity from 4.1 million pounds of milk per day to 5.4 million pounds per day. Bongards will add an estimated 22 new full-time jobs to its existing base of 143 employees. Member farms are anticipated to add up to 260 full-time farm jobs to their existing 1,000 employees. The NNMF investment utilizes capital from the NMTC program, created by Congress in 2000 and administered by the U.S. Treasury Department. Investment groups such as NNMF compete to be selected to receive NMTC awards each year. The selected “allocatees” in turn sell the tax credits to institutional investors. The proceeds from the tax credit sale are then used as part of the investment into projects benefiting low-income communities. Bongards received the NNMF allocation as part of a complex $81 million NMTC financing package. Dudley …
BAKERSFIELD, NORTH HOLLYWOOD AND VENTURA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $96 million loan refinancing for three shopping centers in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent.
NEW YORK CITY — Affinius Capital has provided a $150 million loan for the refinancing of a portfolio of six industrial properties totaling 1.8 million square feet. Though names and addresses were not disclosed, the properties are located in Atlanta, Dallas, Philadelphia, Charlotte, Louisville and South Florida and feature clear heights ranging from 24 to 36 feet. The borrower was Ares Management. The portfolio was roughly 40 percent occupied at the time of sale, although Affinius notes that “letters of intent are out on the majority of the remaining vacant space.”
STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit multifamily property in Sterling Heights, a northern suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, One Durham LP. Symetra Life Insurance Co. was the lender.
TRAVERSE CITY, MICH. — PACE Loan Group has arranged nearly $4 million in C-PACE financing for The Boardwalk, a short-term rental condominium project under construction in Traverse City. The property is being built in two phases. The first phase, which features 42 units with first-floor retail space, received $1.7 million in early 2023 and is slated for completion in March. The second phase, which features 48 units, received $1.8 million and is scheduled for completion in the second quarter. The project is utilizing modular construction methods. The senior lender for both C-PACE loans was a local credit union. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including increased building insulation, Energy Star windows, high-efficiency HVAC and plumbing fixtures, and LED lighting. The renewable and energy conservation measures are expected to save $120,140 annually in the payback period of 13.5 years. The Boardwalk marks the fourth PACE project in Grand Traverse County and the 76th in the state of Michigan. The PACE program is administered in a public-private partnership through Lean & Green Michigan. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing …
SEATTLE — Gantry has arranged a $6.2 million permanent loan to refinance Lake Union Center, a Class A property in Seattle’s North Lake Union submarket. The borrower is a private real estate entity. Mike Wood and Colin Ceithaml of Gantry’s Seattle office secured the 10-year loan, which features a fixed rate and 25-year amortization schedule. Located at 1441 N. 34th St., the property features 65,000 square feet of office space that was fully occupied at the time of sale.