CHICAGO — BWE has originated $38.9 million to refinance 194 units of Woodland Park by the Lake, a 240-unit condominium community in Chicago’s Bronzeville neighborhood. Ryan Morris and Max Miller of BWE originated the five-year Freddie Mac loan on behalf of the borrower, a joint venture between a Chicago-based property management firm and a Chicago-based investor group. The joint venture originally acquired 170 units in the property in 2019 as part of a fractured condo deal. Since then, the venture has purchased more units and substantially renovated those homes.
EAST LYME, CONN. — Newmark has provided a $115.6 million Freddie Mac loan for the refinancing of The Cove at Gateway Commons and Sound at Gateway Commons, two multifamily properties located in the southern coastal Connecticut city of East Lyme. The number of units was not disclosed. Both properties offer one-, two- and three-bedroom units, while Sound at Gateway Commons also has studio apartments. Avi Kozlowski of Newmark originated the 10-year, fixed-rate loan. The sponsor was not disclosed, but both communities are listed on the website of Berkley Properties.
RAHWAY, N.J. — Cushman & Wakefield has arranged a $56 million construction loan for a 277,818-square-foot industrial project in the Northern New Jersey community of Rahway. The 25.6-acre development will consist of two buildings totaling 201,616 and 76,202 square feet. Building features will include clear heights of 40 feet, 49 dock doors, three drive-in doors and parking for 230 cars and six trailers. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the loan through BMO on behalf of the developer, a partnership between Sagard Real Estate and Woodmont Industrial Partners.
NOKOMIS, FLA. — Berkadia has arranged an $82.1 million loan for the refinancing of Render Legacy Trail, a 450-unit apartment community located at 15560 Render Way in Nokomis, a suburb of Sarasota. Patrick McGlohn, Brian Gould, Hunter Wood, Natalie Hershey and Patrick Cunningham of Berkadia arranged the loan on behalf of the borrowers, Crescent Communities and FCP. Benefit Street Partners provided the three-year loan, which features two one-year extension options. Render Legacy Trail was completed in 2024 and features one-, two- and three-bedroom apartments averaging 934 square feet in size, as well as a saltwater pool, outdoor grilling and dining areas, 24-hour fitness center, coworking spaces, pickleball courts, EV charging stations and direct access to the 18.5-mile Legacy Trail that connects Sarasota to Venice, Fla.
LORAIN, OHIO — Lument has provided a $28 million HUD/FHA Section 221(d)(4) loan on behalf of TFG Housing Resources and Raise Up for the acquisition and substantial rehabilitation of Western Horizon, a 353-unit affordable housing community in Lorain, about 25 miles west of Cleveland. The transaction utilized a component of the Rental Assistance Demonstration (RAD) program that allows for blending RAD with Section 18 of the National Housing Act to fund the preservation of aging affordable housing. Lument’s Joey Hague led the transaction. The units were converted through the RAD program in conjunction with 4 percent Low-Income Housing Tax Credits through the Ohio Housing Finance Agency. In addition to the FHA mortgage, Lument Securities served as the underwriter for $9.2 million in tax-exempt bonds. Originally built in the 1950s as three separate communities, Leavitt Homes, Westview Terrace and Westgate Apartments have historically operated as public housing. As a result of the RAD conversion utilizing FHA financing, the properties now operate as one and are being rebranded as Western Horizon. Post renovation, all units will be assisted by project-based rental assistance with rents restricted to 60 percent of the area median income. TFG Housing Resources is a Columbus-based real estate developer …
MOLINE, ILL. — Gantry has secured a $12 million permanent loan to refinance maturing debt for Rock River Plaza in Moline. The 389,375-square-foot retail power center is anchored by Walmart and Lowe’s. Additional tenants include Marshalls, Five Guys, Chick-fil-A, Applebee’s and AT&T. Gantry’s Joe Monteleone and Rulin Dai represented the borrower, a private real estate investor. A CMBS lender provided the five-year, fixed-rate loan, which features interest-only payments for the full term.
LOS ANGELES — Regional brokerage firm PSRS has arranged $6.8 million in construction financing for an affordable housing project on Ben Avenue in the North Hollywood neighborhood of Los Angeles. The property will feature 40 affordable apartments. To secure bank approval for the project’s first-time developers, PSRS reworked the ownership structure to bring in a sponsor, MOBBIL Inc., to take a nominal equity position and strengthen the track record. Michael Warner of PSRS secured the two-year, interest-only construction loan, which features a 65 percent loan-to-value ratio.
LUBBOCK, TEXAS — New York City-based Dwight Capital has provided a $27 million HUD-insured loan for a 104-unit multifamily project in the West Texas city of Lubbock. The 10-building project represents Phase II of a larger development known as La Ventana at Canyon West. The unit mix will comprise 54 one-bedroom residences, 46 two-bedroom apartments and four three-bedroom units, all of which will have private balconies/patios. Brandon Baksh and Tommy Ng of Dwight originated the loan through HUD’s 241(a) program on behalf of the borrower, Martin Inderman Development.
NEW YORK CITY — Avison Young has arranged a $404 million Freddie Mac permanent loan for The Archive, a 479-unit historic apartment building located at 666 Greenwich St. in Manhattan’s West Village submarket. PNC Bank provided the loan to the borrower, an affiliate of Rockrose Development, and will also act as the loan servicer. The 11-story building occupies a full city block and offers amenities such as a zen room, rooftop terrace and a children’s playroom. Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry led the transaction for Avison Young.
Washington Trust Provides $47.6M in Financing for Worcester Office-to-Residential Conversion Project
WORCESTER, MASS. — Washington Trust Co. has provided $47.6 million in financing for an office-to-residential conversion project in Worcester. The project will convert the former Fallon Community Health Plan headquarters at 10 Chestnut St. into a 198-unit, market-rate apartment complex. Units will come in studio, one- and two-bedroom floor plans, and amenities will include a pool, fitness center and a rooftop deck. Construction began last year and is expected to be complete this fall. MassDevelopment also provided $3.6 million in financing for the project.