COBLESKILL, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an undisclosed amount of financing for a 24,506-square-foot retail strip center in Cobleskill, located west of Albany. Shadow-anchored by Walmart, the center was 90 percent leased at the time of sale to tenants such as Dollar Tree, AT&T, Rent-A-Center, Cutting Crew Hair Salon and The Shoe Dept. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 15-year loan through an undisclosed, Oregon-based life insurance company. The borrower is National Realty & Development Corp.
NEWARK, CALIF. — Mesa West Capital has provided a joint venture between Palisade Group and Pearlmark with $30 million in first mortgage debt for the acquisition, renovation and lease-up of 7411 Central Avenue, an industrial building in Newark. Built in 1998, the 143,000-square-foot property was fully vacant at the time of financing and acquisition. The property features a clear height of 24 feet, 33 dock-high doors, 12 grade-level doors and 310 parking stalls. David Pelaia and Josh Blank of JLL’s West Los Angeles office arranged the financing.
WOODBURN, ORE. — Ethos Commercial Advisors has secured construction financing for WB Commerce, a speculative industrial park in Woodburn. Situated on 11 acres off Highway 214, WB Commerce will feature two buildings offering a total of 154,000 square feet of industrial space. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors originated a 24-month construction loan at a 62 percent loan-to-cost ratio with a national debt fund for the undisclosed borrower.
GREENVILLE, S.C. — JLL has arranged a $59 million loan for the cross-collateralized, cash-out refinancing of three affordable housing communities in the Upstate South Carolina region totaling 598 units. The properties include Paris Park and Terrain at Haywood in Greenville and Mauldin Meadows in Mauldin. Carter Wroblewski, Taylor Allison and Sydney Powell of JLL arranged the three-year, interest-only loan through Truist Bank. The borrower, Affordable Upstate, purchased the properties between December 2021 and September 2022 and has since invested $13.6 million in capital improvements. The company purchased each community using a similar equity structure, which allowed for the cross collateralization, according to JLL. The properties are managed by NOAH Property Management and feature self-imposed rent restrictions of 60 percent and 80 percent of the area median income (AMI).
PISCATAWAY, N.J. — PPM America Inc. has provided a $27.1 million bridge loan for a 147,210-square-foot warehouse in the Northern New Jersey community of Piscataway. The borrower is Bridge Industrial, and the facility is known as Bridge Point Piscataway. Situated on a 12.8-acre site at 10 Constitution Road, the building features a clear height of 36 feet, 41 dock-high doors, two drive-in doors, 3,000 square feet of office space and parking for 118 cars and 57 trailers. Michael Klein, Jon Mikula and Kevin Badger of JLL arranged the loan.
TIGARD, ORE. — PACE Loan Group (PLG) has provided $25.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a seniors housing development currently underway in Tigard, roughly 10 miles outside downtown Portland. Mosaic is the developer and borrower. Construction on the community, Cedarbrook Senior Living, began this year. Upon completion, which is scheduled for early 2028, the development will feature one four-story building with 107 assisted living units and 64 memory care beds. PLG worked with Countryman Capital Partners to orchestrate the development’s capital stack. Financing for the project also includes a $41.6 million construction loan and mini-perm mortgage provided by Columbia Credit Union. STEELE Associates Architects is the architect for Cedarbrook Senior Living, and Mosaic Construction is serving as the general contractor. Mosaic Management will operate the property upon opening.
WHITSETT, N.C. — A joint venture between Buchanan Capital Partners (BCP) and Crow Holdings Development has recapitalized a two-building industrial campus located in Whitsett, a city near Greensboro in North Carolina’s Piedmont Triad region. The 423,852-square-foot project, dubbed Rock Creek Center, will be situated in close proximity to the $14 billion Toyota battery manufacturing campus and the $860 million Food Lion Distribution Center. In addition, the project is within an unnamed mixed-use park that includes tenants such as Amazon, FedEx, Duke Energy, Lenovo, Ralph Lauren and American Express. Developed by Crow Holdings, the campus will feature two 211,926-square-foot buildings, with each featuring 32-foot clear heights, 2,500 square feet of office space, 38 dock doors, two drive-in doors and 205-foot truck courts, as well as about 255 car parking spaces. Completion of the project is scheduled for 2027. Rock Creek Center marks BCP’s first joint venture with Crow Holdings. ARCO Murray will serve as general contractor, while the North Carolina division of Crow Holdings’ industrial team will manage the complex. Dodson Schenck and Will Henderson of CBRE will lead leasing efforts.
BUENA PARK, CALIF. — Bolour Associates, through its affiliate BA Debt Fund LLC, has provided a $22.2 million, 24-month office refinancing loan for Village Business Park in Buena Park. The loan provides capital to refinance and additional funds for future leasing needs to promote asset stability. CBRE represented the borrower in the financing. Spanning 144,000 square feet, the two-story buildings are located at 7000 and 7001 Village Drive. The multi-tenant buildings are currently 82 percent occupied. The property offers large and open floor plans, a generous 6:1,000 parking ratio and suites with immediate courtyard access for indoor and outdoor use.
PUEBLO, COLO. — JLL Capital Markets has arranged a $15.4 million, five-year Fannie Mae loan for the refinancing of Vistas at Villa Bella located at 2195 Alamosa Drive in Pueblo. The borrower, Brinkman Real Estate, has completed a renovation of all 102 units. Updates include new flooring, paint, cabinets, countertops and fixtures. The sponsor also upgraded building exteriors, landscaping and renovated the clubhouse. Vistas at Villa Bella was built in 2009. JLL’s team was led by Director Rob Bova. “This refinancing allows Brinkman Real Estate to optimize their capital structure while continuing to enhance this well-positioned asset in Pueblo’s growing multifamily market,” Bova said.
NEW YORK CITY — A partnership between national development firm Landau Properties, Third Millennium Group and Midtown Equities has received $213 million in financing for a mixed-use project in Brooklyn that represents Phase I of a larger, $500 million development. The predevelopment financing consists of a $113 million senior loan from Northwind Group and $100 million in equity (including $25 million in preferred equity) from Atlas Capital Group. Acting on behalf of the partnership, Raffi Landau of Estreich & Co. arranged the debt component, while Aaron Jungreis of Rosewood Realty Group secured the equity investment. “This financing milestone marks a major step forward for our team and underscores our long-term commitment to delivering design-driven, landmark properties in the country’s most competitive markets,” says Jonathan Landau, founder and CEO of Landau Properties. The development site at 205 Montague St. is located within the borough’s Brooklyn Heights neighborhood. Plans currently call for 46 condo residences, 90 rental residences and 40,000 square feet of retail and restaurant space. Demolitions and preliminary construction work are expected to begin early next year. — Taylor Williams