MINNEAPOLIS — Accesso has secured a one-year extension on the loan associated with the IDS Center, a 57-story office tower in Minneapolis. Ownership has also secured 110,000 square feet in new leases signed since the beginning of the year. Some of the recent activity includes a 25,513-square-foot, full-floor lease for Associated Bank NA, a 23,796-square-foot renewal for Husch Blackwell LLP, a 15,179-square-foot renewal for Zimmerman Reed LLP and a 13,515-square-foot renewal and expansion for architecture and design firm Perkins&Will. Spanning 1.4 million square feet, IDS Center features a public plaza and retail storefronts in addition to office space.
NEW YORK CITY — ACRES Capital has provided a $30.5 million bridge loan for the refinancing of The Mill, a 90-unit apartment building located at 1614–1626 Madison St. in the Ridgewood area of Queens. The building rises seven stories and was constructed in 2017. Information on floor plans was not disclosed. According to StreetEasy, The Mill offers amenities such as a business center, package room, resident lounge with a pool and ping pong tables, laundry room and a rooftop terrace. The borrower was locally based investment firm Essex Capital.
TULSA, OKLA. — BOK Financial has provided a $45 million acquisition loan for 222 North Detroit, a 260,283-square-foot office building in Tulsa. Completed in 2022, the 11-story building is located within the city’s central business district and was 95 percent leased at the time of the loan closing to tenants in the energy, legal, financial services and construction materials industries. Greg Napper, Blake Morrison and Brody Rule of JLL arranged the loan on behalf of the borrower, Fenway Capital Advisors.
CAMBRIDGE, MASS. — Los Angeles-based Thorofare Capital has provided a $50.5 million bridge loan for the refinancing of Cambridgeport Labs, a two-building life sciences development located across the Charles River from Boston. Located at 99 Erie St. and 167 Sidney St. near the Massachusetts Institute of Technology campus, the buildings total 56,351 square feet. The borrower, a partnership between Barings and Greatland Realty Partners, acquired the buildings in September 2022 and subsequently implemented a redevelopment to support lab and life sciences uses. Andrew Kim led the transaction for Thorofare.
STOCKTON, CALIF. — CBRE has secured $50 million in refinancing for Park West Place, a retail power center in Stockton. The loan was arranged on behalf of Raider Hill Advisors and Farallon Capital Management with financing provided by a national bank. Richard Henry, Mike Ryan, Brian Linnihan and Shaun Moothart of CBRE represented the sponsorship in the transaction. Built in 2008 on 58.6 acres, Park West Place offers 554,438 square feet of retail space. At the time of financing, the property was 96.4 percent leased to 46 tenants, including Lowe’s, Kohl’s, Sportsman’s Warehouse, Ross Dress for Less and TJ Maxx, with more than 40 percent of the net rentable area leased to investment-grade tenants.
GILBERT, ARIZ. — Gantry has secured a $25.5 million permanent loan to provide funds for the acquisition of Power Commerce Center in Gilbert. Situated on 14.2 acres at 3380 S. Power Road, the master-planned industrial park was delivered in 2023 and features 11 buildings offering 20 units totaling 146,000 rentable square feet. Additionally, the asset includes fenced outdoor yard spaces for each building. Patrick Barkley, Chad Metzger and Andrew Christopherson of Gantry represented the borrower, a private real estate investor, in the financing. The fixed-rate loan, which features a 30-year amortization, came from one of Gantry’s correspondent life company lenders. Gantry will service the loan.
NORWALK, CONN. — Atlantic Capital Partners, the capital markets advisory division of regional brokerage firm Atlantic Retail, has arranged a $23 million loan for the refinancing of a retail building located in the southern coastal Connecticut city of Norwalk. The building at 100 Connecticut Ave. is ground-leased to Lowe’s Home Improvement on a long-term basis. Stephen Joseph and Stephen Hassenflu arranged the fixed-rate loan on behalf of the owner, Hall Investments. The direct lender was not disclosed.
DALLAS — Los Angeles-based lending and investment firm CIM Group has provided a $132.5 million construction loan for an office-to-residential conversion project in Dallas. The project represents the second phase of Peridot, a development that converted 11 floors of office space within the 50-story Santander Tower in the downtown area into 291 apartments with one- and two-bedroom floor plans. This next phase will add another 105 apartments. The borrower is Pacific Elm Properties. Santander Tower also houses the 60-room Mint House luxury hotel on floors 49 and 50, which also represents an office conversion. A tentative completion date for the next phase of Peridot was not disclosed.
JERSEY CITY, N.J. — JLL has arranged the $340 million refinancing of two Jersey City apartment buildings totaling 938 units. The 36- and 48-story buildings are known as 50 and 70 Columbus and were completed in 2007 and 2015, respectively. Both buildings feature studio, one-, two- and three-bedroom units with in-unit washers and dryers, walk-in closets, hardwood floors, stone countertops and stainless steel appliances. Amenities include a heated outdoor pool, fitness center, rooftop deck with grilling spaces and a courtyard. Thomas Didio, Thomas Didio, Jr., Gerard Quinn and Michael Mataras of JLL arranged the debt through Truist Financial Corp. on behalf of the owner, a joint venture between Ironstate Development Co. and Panepinto Properties.
LOS ANGELES — Sonnenblick-Eichner Co. has arranged $126.1 million in first mortgage debt for Pacifica Hotels to refinance a portfolio of seven hotels in Southern California. The three- and five-year fixed-rate loans were funded by a Wall Street investment bank and an insurance company. Totaling 601 rooms, the portfolio includes The Wayfarer San Diego; Sandcastle Hotel on the Beach, Spyglass Inn and Cottage Inn by the Sea in Pismo Beach; Inn at Venice Beach, The Kinney Venice Beach in Venice; and The Belamar Hotel, a Tapestry Collection by Hilton, in Manhattan Beach.