PROVO, UTAH — Basis Investment Group has provided a $23.1 million bridge loan to Scannell Properties to facilitate the refinancing of Sierra Vista Way, a recently constructed industrial property in Provo. The bridge loan is an investment held in BIG Real Estate Fund III. Situated within Mountain Vista Business Center, Sierra Vista Way features 158,765 square feet of industrial space with direct access to I-15, US-189, SR-114 and Lakeview Parkway.
PHOENIX — Gantry has secured two permanent loans, totaling $16.5 million, for one borrower to refinance maturing debt on a pair of industrial properties in metro Phoenix. The first property is a 79,000-square-foot modern industrial building with a fenced truck court located in the Southwest Valley submarket of Phoenix, and the second asset is a 113,000-square-foot modern warehouse property with two buildings in Phoenix’s Northwest Valley submarket. Both facilities were fully leased to long-term tenants at the time of sale. Tim Storey, Chad Metzger and Andrew Christopherson of Gantry represented the borrower, a private real estate investor. Both loans were secured from one of Gantry’s correspondent life company lenders and feature full-term, interest-only payments at a fixed rate. Gantry will service both loans on behalf of its correspondent lender.
TUSCALOOSA, ALA. AND FAYETTEVILLE, N.C. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed two loans totaling $88.4 million for the refinancing of three apartment communities in the Southeast. The properties include Mosaic Apartments, a 456-unit community in Tuscaloosa, and two complexes in Fayetteville totaling 312 units: Britt Lake and Woodland Village. Moshe Feiner of Sevenstone Capital worked along with Andrew Tichy of Dwight Mortgage Trust to arrange the five-year, fixed-rate loans on behalf of the borrowers, private high-net-worth investors that used the loan proceeds to refinance existing debt, cover transaction costs and fund interest reserves.
SOUTH WINDSOR, CONN. — CBRE has negotiated the $98.2 million sale of The Shops at Evergreen Walk, a 357,742-square-foot retail power center located outside of Hartford in South Windsor. A newly opened Whole Foods Market anchors the center, which is located within a larger master-planned development. Other tenants include L.L. Bean, Apple, Anthropologie, Pottery Barn, Williams-Sonoma, lululemon, Golf Lounge 18, J.Crew Factory, Gap Factory, Nike and Bluemercury. Nat Heald led the CBRE team that represented the seller, PGIM Real Estate, in the transaction. Scott Aiese led a JLL team that arranged a $76.9 million acquisition loan through an unnamed international bank on behalf of the buyer, a joint venture between Brand Street Properties and Barings. Chris Angelone and Zach Nitsche, also with JLL, structured the joint venture equity investment.
GRAND PRAIRIE, TEXAS — JPI has received construction financing for Jefferson Southwest Parkway, a multifamily project in Grand Prairie, located roughly midway between Dallas and Fort Worth, that will add 439 units to the local supply. The loan amount(s) was not disclosed, but the project is valued at roughly $114 million. Jefferson Southwest Parkway will offer studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and a clubhouse. Anchor Loans, a private lending platform backed by New York City-based alternative investment management firm Pretium, provided the financing. Construction is slated for a 2027 delivery.
SALT LAKE CITY — Northmarq has arranged an $82.5 million bridge loan for the refinancing of CINQ and LUMA, two mid-rise apartment communities in Salt Lake City. John Bradshaw, Larry Pinnock and Adam Bradshaw of Northmarq’s Salt Lake City Debt + Equity secured the financing for the undisclosed borrower, through a relationship with Prudential. Located at 550 W. 200 S, CINQ features one-, two- and three-bedroom units, a fitness center, year-round heated lounge pool, a courtyard with barbecues and yard games, mezzanine level with a speakeasy whiskey lounge, business booths and coworking spaces. Additional amenities include bike wash and repair spaces, a dog spa and dog play area, controlled parking access and parking garage, package lockers and professional onsite management and maintenance. Located at 205 W. 500 W., LUMA offers studio, one- and two-bedroom units with stainless steel appliances, granite countertops, walk-in closets, balconies and urban mud rooms. Community amenities include a fitness center, swimming pool, clubhouse, coworking space, onsite maintenance, a barbecue grill, bike wash and repair space, bike storage, private wine storage and a private dining and wine tasting area.
DETROIT — Gantry has arranged $12 million across two loans to refinance maturing debt for a pair of National Storage-branded facilities in suburban Detroit on behalf of Pogoda Cos. The stabilized properties offer 1,082 units totaling more than 141,000 net rentable square feet with additional vehicle storage and both climate-controlled and drive-up units. Andy Weiss, Andy Bratt and Nick Severson of Gantry represented the borrower, a private real estate investor. A life insurance company provided the seven-year, fixed-rate loan, which features interest-only payments for the full term and flexible prepayment. Gantry will service the loan on behalf of the lender.
NEW YORK CITY — BWE, a Cleveland-based commercial finance firm, has arranged two loans totaling $120 million for the refinancing of a pair of Marriott-branded hotels in the New York City. The financing consisted of $90 million for the 357-room Residence Inn Times Square hotel in Midtown Manhattan and $30 million for the 160-room Courtyard by Marriott Long Island City in Queens. Steve Perricone of BWE arranged the loans, both of which were structured with 15-year terms and 15-year amortization schedules. The name(s) of the direct lenders, as well as the regional hospitality investor that owns the properties, were not disclosed.
POUGHKEEPSIE, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $11.5 million in financing for Poughkeepsie Plaza, a 181,746-square-foot shopping center located north of New York City. Marshalls and TJX/HomeGoods anchor the property, which is also home to tenants such as Sierra Trading Post, Mattress Firm, Famous Footwear, J. Crew, Wendy’s and Chase Bank. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the debt on behalf of the borrower, regional owner-operator Mehlich Associates. The direct lender was not disclosed.
SANTA MARIA, CALIF. — Priority Capital Advisory, led by Founder and President Zachary Streit, has closed on $174 million in construction financing on behalf of the ownership of Blosser Ranch, a 160-acre master-planned development in Santa Maria. The financing funds both horizontal and vertical construction for the first phase, a three-story, 302-unit, garden-style apartment community on 12 acres. Additionally, the funding recapitalizes the remaining land within the entire development, positioning the borrower for the project’s six future subphases. The structured capital stack financing includes: The Class A multifamily property will feature studio, one-, two- and three-bedroom floor plans ranging in size from 490 to 1,188 square feet. Community amenities will include a pool and spa, clubhouse, fitness center, business center, outdoor barbecues, fire pits, a pet park and a playground. Completion of the first phase is slated for summer 2027. Upon full build-out, Blosser Ranch is planned to include approximately 1,500 single-family and multifamily residential units, retail space, a public park, a school and a water retention basin.
