Loans

MetLife Provides $22.5M Acquisition Financing for Hampton Inn & Suites Tahoe-Truckee in California

by Amy Works December 4, 2023

TRUCKEE, CALIF. — JLL Capital Markets has arranged $22.5 million in acquisition financing for The Hampton Inn & Suites Tahoe-Truckee. The property is located in Truckee, just north of Lake Tahoe and west of the Nevada border. Jordan Angel, Mike Huth and Ethan Habecker of JLL Capital Markets secured the loan from MetLife Investment Management for the borrower, JMA Ventures LLC. The Hampton Inn & Suites Tahoe-Truckee features 109 guest rooms and suites spread across two buildings, a heated outdoor pool, hot tub, fitness center and more than 1,000 square feet of meeting space. The hotel offers access to major transportation routes, including Interstate 80, CA 267 and the Truckee Airport, as well as bike lanes.

December 4, 2023

California Industrial Loans Office Western

PSRS Arranges $11M Refinancing for Sunny Hills Business Park in Fullerton, California

by Amy Works December 4, 2023

FULLERTON, CALIF. — PSRS has arranged $11 million in refinancing for a Sunny Hills Business Park in the Orange County city of Fullerton. Built in 1981, Sunny Hills is a large industrial/flex and office building park comprising nine one- and two-story buildings, totaling 176,475 rentable square feet. Sixty-seven percent of the gross leaseable area is industrial/flex space and the remaining 33 percent is office space. Situated on 10.3 acres, the park offers signalized access to Imperial Highway. Kostas Kavayiotidis and Matthew Farzinpour PSRS arranged the nonrecourse, 10-year loan with a 30-year amortization schedule. One of PSRS’ correspondent life insurance companies provided the capital.

December 4, 2023

Affordable Housing Indiana Loans Lument Midwest Multifamily Ohio

Lument Provides Four Loans Totaling $11.5M for Refinancing of Affordable Housing Properties Across Three States

by Kristin Harlow December 4, 2023

OHIO, INDIANA AND TENNESSEE — Lument has provided four loans totaling $11.5 million on behalf of United Church Homes, a nonprofit that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. Paul Weissman and Andy Nicoll of Lument originated the FHA Section 223(f) loans. The four loans include $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit property in Fort Wayne, Ind.; $2.3 million for Fox Hollow, a 40-unit community in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit asset in Canal Winchester, Ohio. Loan proceeds enable the borrower to make significant repairs to the units.

December 4, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

Tishman Speyer Receives $300M Construction Loan for 58-Story Apartment Tower in Jersey City

by Taylor Williams December 4, 2023

JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $300 million construction loan from Otera Capital for a 58-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction later this month and deliver the building in early 2027. The property will be located at 55 Hudson St. along the Hudson River 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 call for 1,017 units in one-, two- and three-bedroom floor plans. The building will also feature 75,000 square feet of indoor and outdoor amenities and 60,000 square feet of retail and restaurant space. The development of 55 Hudson will be followed by 50 Hudson, a 48-story apartment tower that will include comparable indoor and outdoor amenities. When completed, the two-building development will boast nearly 2,000 new apartments, over 70,000 square feet of retail space and a 32,000-square-foot waterfront plaza. The plaza, which will provide a direct connection to Jersey City’s esplanade, will be available for community events. The design team for the project includes Handel Architects, Marchetto Higgins Stieve Architects, landscape architects Hollander Design …

December 4, 2023

Development Georgia Industrial Loans Southeast

Waterloo, ICM Receive $40M Construction Financing for Industrial Development in Jackson, Georgia

by John Nelson December 1, 2023

JACKSON, GA. — Waterloo Partners and ICM Asset Management have received $40 million in construction financing for the development of River Park 10, a speculative industrial project in Jackson, about 50 miles south of Atlanta via I-75. Upon completion, the property will total 825,000 square feet within the River Park E-Commerce Center master development. The joint venture acquired the site in September and plans to break ground immediately, with completion of construction scheduled for the third quarter of 2024. A syndication between Trustmark National Bank and Coastal State Bank provided the construction loan, and Sweld & Sweld provided joint venture equity. Patterson Real Estate Advisory Group arranged the financing on behalf of the borrowers.

December 1, 2023

Arizona Development Industrial Loans Western

BWE Arranges $29M in Construction Financing for Echo Park Industrial Project in Surprise, Arizona

by Amy Works December 1, 2023

SURPRISE, ARIZ. — BWE has arranged $29 million in first-mortgage construction financing for Echo Park @ P132, an industrial project in Surprise, approximately 20 miles northwest of Phoenix. Daniel Rosenberg and Logan Petersmeyer of BWE originated the loan for the borrower, Echo Real Estate Capital. A debt fund provided the capital. Totaling 183,000 square feet, Echo Park @ P132 will consist of four buildings ranging in size from 42,000 square feet to 48,000 square feet. The buildings will feature 2,500 square feet of speculative office space, 30-foot clear heights, dock-high doors, drive-in doors, LED lighting, secured concrete yards and 115 total parking spaces. Additionally, the buildings will be fully air conditioned.

December 1, 2023

Indiana Industrial Loans Midwest

Scannell Properties Receives Financing for Recapitalization of 10.4 MSF Industrial Portfolio Valued at $1.2B

by Kristin Harlow December 1, 2023

INDIANAPOLIS — Indianapolis-based Scannell Properties has received funding from Manulife Investment Management for the recapitalization of a 35-property industrial portfolio. The portfolio includes assets in 17 markets totaling 10.4 million square feet and valued at $1.2 billion. Scannell says the financing provides additional liquidity that it will use to create further value through completion of construction, leasing management and operation. The portfolio includes properties in various stages of development. Further details were not provided.

December 1, 2023

Development Loans Multifamily Washington Western

CBRE Arranges $47M Construction Loan for Motto Apartments in Marysville, Washington

by Amy Works November 30, 2023

MARYSVILLE, WASH. — CBRE has arranged $47 million in construction financing for Motto Apartments, a multifamily property in Marysville, 35 miles north of Seattle. Intracorp Homes is developing the 228-unit community. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Construction of the project will begin with the close of financing. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Completion is slated for early 2026.

November 30, 2023

Acquisitions Loans Nevada Retail Western

Calmwater Capital Funds $23.2M Acquisition Loan for Decatur 215 Plaza in Las Vegas

by Amy Works November 30, 2023

LAS VEGAS — Calmwater Capital has provided $23.2 million in short-term, first-mortgage debt to a Los Angeles-based private investor for the purchase of Decatur 215 Plaza, a shopping center in northwest Las Vegas. Built in 2013, the 126,678-square-foot property is fully leased to a mix of national and regional tenants including Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. Approximately 90 percent of the tenants have occupied the center since 2016. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater originated the loan for the borrower.

November 30, 2023

Illinois Loans Midwest Multifamily Student Housing

BWE Arranges $10M Equity Investment for Acquisition of Illinois Student Housing Portfolio

by Kristin Harlow November 30, 2023

CHAMPAIGN, ILL. — BWE has arranged a $10 million preferred equity investment to finance the acquisition of a portfolio of student housing properties near the University of Illinois Urbana-Champaign. The portfolio includes 616 beds across 170 units. Mike Guterman of BWE arranged the financing on behalf of an East Coast-based student housing owner and operator. The capital stack includes a five-year senior loan with a loan-to-cost ratio of 60 percent from a Midwest regional bank. The seller was a multigenerational ownership group that had held the properties for 100 years. The buyer plans to renovate and redevelop some of the properties.

November 30, 2023

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