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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastOfficeTop Stories

Walker & Dunlop Arranges $867M Financing Package for Office-to-Residential Conversion Project in Lower Manhattan

by John Nelson

NEW YORK CITY — Walker & Dunlop Inc. has arranged an $867 million financing package for 111 Wall Street, a 24-story, waterfront office building in Lower Manhattan’s Financial District. The development team, led by borrower InterVest capital partners, a global alternative investment manager based in New York City, plans to convert the fully vacant office building into a 30-story luxury apartment building housing 1,568 rental units. Approximately 25 percent of the units will be designated as affordable housing for residents earning an average of 80 percent of the area median income (AMI), qualifying the project for New York City’s Affordable Housing Conversion Program. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian of Walker & Dunlop arranged a $778.6 million construction loan through Apollo Global Management, J.P. Morgan Chase & Co. and TYKO Capital. The closing of this financing marks the largest single-building office-to-residential conversion loan in New York City history as well as the country, according to Walker & Dunlop. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization, bringing the total financing package to $867 million. “With office vacancies …

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hialeah-industrial-portfolio
AcquisitionsFloridaIndustrialLoansSoutheast

Basis Purchases Industrial Portfolio in Hialeah, Florida for $84.8M

by Abby Cox

HIALEAH, FLA. — Basis Industrial has purchased a portfolio of 42 small-bay industrial buildings totaling 396,135 square feet in Hialeah, a suburb of Miami, for $84.4 million. Jose Lobón of CBRE represented the seller, TA Realty, in the transaction. Anthony Scavo internally represented Basis Industrial. BankUnited and Seacoast Bank provided financing for the acquisition, while NexPoint Advisors provided more than $20 million of preferred equity. The portfolio includes 24 buildings totaling 282,000 square feet at West 31st Place, West 32nd Place and West 33rd Place; 17 buildings totaling 93,116 square feet in the east pocket at West 8th Court, West 27th Street and West 28th Street; and one 20,119-square-foot building at 7395 W. 18th Lane. The industrial buildings feature a mix of cross-dock and front-load configurations with dock-high and grade-level loading, 14- to 22-foot clear heights, with roughly 5 to 12 percent of the space dedicated to offices. The portfolio was 85 percent leased to 79 tenants at the time of sale in industries relating to home design and improvement, as well as many other small family-owned businesses. The average tenant size is approximately 4,280 square feet.

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Build-to-RentLoansSingle-Family RentalTexas

JLL Arranges $130M Loan for Refinancing of Build-to-Rent Portfolio in Texas, Florida

by Taylor Williams

DALLAS — JLL has arranged a $130 million loan for the refinancing of a portfolio of three build-to-rent (BTR) properties, two of which are in Texas, totaling 608 units. The two Texas properties include Vireo Medical District, a 210-unit property in the northern Dallas suburb of McKinney, and Vireo Twelve Oaks, a 217-unit property in the northern Austin suburb of Georgetown. The third property is located in the Tampa area. Collectively, the  three properties are known as the Vireo BTR Portfolio. Jim Curtin, Lauren Dow, Rex Cruz and Obi Eboh of JLL arranged the debt through KeyBank on behalf of the borrower, Georgia-based developer The Vireo Group.

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TenTen-Campus-Glendale-CA
CaliforniaLoansMultifamilyWestern

JLL Arranges $125M Refinancing for Apartment Complex in Glendale, California

by Amy Works

GLENDALE, CALIF. — JLL Capital Markets has arranged a $125 million loan from Oaktree Capital Management for The Amidi Group’s TenTen Campus in Glendale. The loan enables The Amidi Group to retire existing construction debt on the eight-story, newly developed property. Residents began moving in February 2025. The property was 95 percent occupied at the time of the transaction’s closing. Spanning 220,018 square feet, the community’s 228 units are offered as studios, one- and two-bedroom apartments. Amenities include a resort-style pool and hot tub, a rooftop terrace with skyline views, fitness center with steam room and sauna, a business center and approximately 5,200 square feet of ground-floor retail space. Units feature floor-to-ceiling windows, stainless-steel appliances, in-unit washers and dryers, quartz countertops and personal balconies in select units.

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LoansNew YorkNortheastRetail

Ariel Property Advisors Arranges $6.5M Acquisition Loan for Brooklyn Retail Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged a $6.5 million acquisition loan for a 12,500-square-foot retail building in the Bedford-Stuyvesant area of Brooklyn. The building formerly housed a Rite Aid store. Matthew Dzbanek and Matt Swerdlow of Ariel arranged the five-year bank loan, which carried an interest rate of 6.25 percent. The borrower is an owner and operator of stores of regional grocer Foodtown.

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HospitalityLoansSoutheastTennessee

Newmark Arranges $51M Refinancing for Virgin Hotels Nashville

by John Nelson

NASHVILLE, TENN. — Newmark has arranged a $51 million loan for the refinancing of Virgin Hotels Nashville, a 14-story hotel located at 1 Music Square W in Nashville’s Music Row district. Jordan Roeschlaub, Nick Scribani, Tyler Dumon, Holden Witkoff and Tate Keir of Newmark arranged the loan through Apollo. The borrower, Virgin Group, opened the 262-room hotel in July 2020. Virgin Hotels Nashville features multiple food-and-beverage eateries, including a rooftop bar, speakeasy and a signature restaurant with indoor and outdoor dining space. Other features include a rooftop pool with private cabanas, a fitness center and more than 15,000 square feet of meeting and event space.

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122-Fifth-Avenue-Manhattan
LoansNew YorkNortheastOfficeWalker & Dunlop

Walker & Dunlop Arranges $163.4M Loan for Refinancing of Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $163.4 million loan for the refinancing of 122 Fifth Avenue, a 278,000-square-foot office building in Manhattan’s Flatiron District. Microsoft and Chime anchor the building, which recently underwent a $107 million capital improvement program, under long-term leases. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jordan Casella, Christopher de Raet and Jack Krentzman of Walker & Dunlop arranged the fixed-rate, interest-only financing through Helaba Bank and Deka-Bank. The borrower is Bromley Cos.

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CaliforniaDevelopmentLoansMixed-UseMultifamilyRetailWestern

Quantum Capital Partners Secures $26M Construction Loan for Apartment Project in Rosemead, California

by Amy Works

ROSEMEAD, CALIF. — Quantum Capital Partners has arranged a $26 million construction loan for Prospect Village, an apartment development in Rosemead. Kevin Wong of Quantum Capital secured the financing for the borrower, The Connected Cos., which is developing the property. Located along the Garvey Avenue corridor, Prospect Village will feature a seven-story multifamily complex offering 75 one-, two-, three- and four-bedroom residential units and 6,350 square feet of ground-floor retail space. Designed by Scale Labs Architects, the low-rise structure will feature a cascading terrace deck design at the rear, offering outdoor space and architectural interest. The project is expected to break ground immediately.

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LoansMultifamilySeniors HousingTexas

KeyBank Provides $157.2M in Financing for Texas Skilled Nursing Portfolio

by Taylor Williams

TEXAS — KeyBank Real Estate Capital has provided $157.2 million in financing for a portfolio of seven skilled nursing facilities in Texas. The facilities are located in Mission, McAllen, Weslaco, Rio Grande City, Spring, Seguin and Eagle Pass. The number of beds was not disclosed. Grant Saunders, Peter Trazzera and Patrick Gilbreath of KeyBank originated the financing, which carries a 35-year term and a fixed interest rate, through the FHA’s 232/223(f) mortgage insurance program. The borrower is Wellsential Health.

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The-Quad-Dallas
LoansOfficeRetailTexas

JLL Arranges Financing for 500,000 SF Office, Retail Property in Uptown Dallas

by Taylor Williams

DALLAS — JLL has arranged an undisclosed amount of financing for The Quad, a 500,000-square-foot office and retail property in Uptown Dallas. Completed last year, The Quad consists of two office buildings and six retail/restaurant buildings, as well as an acre of communal outdoor space. Colby Mueck and Greg Napper of JLL arranged the five-year loan through accounts managed by global investment firm KKR. The borrower was Stream Realty Partners.

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