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Loans

Viking-Mill-Apartments-Philadelphia
LoansMultifamilyNortheastPennsylvania

3650 Capital Provides $37.5M Construction Loan for Philadelphia Multifamily Conversion Project

by Taylor Williams

PHILADELPHIA — Miami-based lender 3650 Capital has provided a $37.5 million senior construction loan for Viking Mill Apartments, a two-building, 177-unit multifamily conversion project that will be located in Philadelphia’s East Kensington neighborhood. The borrower, Delaware-based Chatham Bay Group, will redevelop the site of a former mill structure that dates back to the 1870s into a 77-unit complex and also construct a 100-unit building from the ground up. The new complex will offer a fitness center, coworking space, lounge areas and 7,750 square feet of retail space. Christopher Garzone, Ken Wellar and George Johnson of Global Real Estate Advisors (GREA) arranged the debt through 3650 Capital on behalf of the developer.

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LoansMarylandSoutheastStudent Housing

Seven Hills Realty Trust Provides $37.3M Financing for Student Housing Community Near University of Maryland

by John Nelson

COLLEGE PARK, MD. — Seven Hills Realty Trust has provided a $37.3 million loan for Mazza Grandmarc, a 628-bed student housing community located near the University of Maryland campus in College Park. The loan features an initial term extending through November 2028 with two 12-month extension options. The borrower was not disclosed. Seven Hills Realty Trust is managed by Tremont Realty Capital.

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AcquisitionsLoansMarylandRetailSoutheast

MMCC Arranges $3.9M Acquisition Loan for Metro Baltimore Retail Strip Center

by John Nelson

BEL AIR, MD. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.9 million in acquisition financing for The Shoppes at James Run, a 13,189-square-foot retail property located in Bel Air, approximately 25 miles northeast of Baltimore. Jared Cassidy of MMCC secured the 7-year loan on behalf of a private client. The loan features a 5.64 percent interest rate and a 25-year amortization schedule. The Shoppes at James Run features a mix of tenants including Starbucks Coffee, Chipotle Mexican Grill, Olive Garden, LongHorn Steakhouse, a café and an urgent care office.

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CivicLoansMassachusettsMultifamilyNortheast

Kelleher & Sadowsky Arranges $14.3M in Financing for Multifamily Conversion Project in Worcester

by Taylor Williams

WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has arranged $14 million in financing for a multifamily conversion project in downtown Worcester. The borrower, CMK Development Partners, will use the proceeds to acquire and convert a historic three-building complex known as One Exchange Place into 44 apartments and ground-floor retail space. Units will feature a mix of floor plans, and nine residences will be set aside as affordable housing. Amenities will include a fitness center, business center and a revitalized outdoor courtyard. Meghan Liddy and Chris Naff led the debt placement for Kelleher & Sadowsky. The direct lender was not disclosed.

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LoansMultifamilyNew YorkNortheast

John Hancock Life Provides $80M Loan for Refinancing of Manhattan Multifamily Building

by Taylor Williams

NEW YORK CITY — John Hancock Life Insurance Co. has provided an $80 million loan for the refinancing of Gracie Mews, a 310-unit multifamily building on Manhattan’s Upper East Side. The 35-story building was developed in 1980 and offers amenities such as a pool, health club, fitness center and 24-hour concierge services. Scott Singer, Andy Singer, Kevin Swartz and Jeffrey Moroch of Avison Young arranged the 10-year, fixed-rate loan on behalf of the owner, Jack Resnick & Sons.

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LoansMultifamilyNew YorkNortheast

Eastern Union Arranges $20.5M Loan for Refinancing of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — Eastern Union has arranged a $20.5 million loan for the refinancing of a 49-unit apartment building in the Jamaica area of Queens. Zoria Apartments is an eight-story building that houses 35 one-bedroom units, 12 two-bedroom apartments and two penthouses, as well as four retail spaces and a community facility. Alex Jaffa of Eastern Union arranged the loan through Wells Fargo. The borrower was not disclosed.

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CaliforniaLoansMultifamilyWestern

Bravo Capital Provides $49.4M Refinancing for Multifamily Community in San Diego

by Amy Works

SAN DIEGO — Bravo Capital has provided a $49.4 million HUD 223(f) refinance for a 206-unit multifamily property in San Diego. The loan provides the undisclosed borrower with long-term, fixed-rate, nonrecourse financing and improves cash-flow stability. The HUD loan refinanced the property’s existing debt and secured favorable terms for the borrower, according to Bravo.

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23021-Lake-Center-Dr-Lake-Forest-CA
CaliforniaHospitalityLoansWestern

S3 Hotel Group Receives $38.6M Refinancing for Dual-Branded Hotel in Lake Forest, California

by Amy Works

LAKE FOREST, CALIF. — S3 Hotel Group has received $38.6 million in refinancing for the 208-key, dual-branded Homewood Suites by Hilton and Hampton Inn Irvine Spectrum Lake Forest hotel. Olga Walsh of JLL Capital Markets Debt Advisory led the team to secure a five-year, fixed-rate loan through a private wealth management division of a global financial services firm for the borrower. Located at 23021 Lake Center Drive in Lake Forest, the property features 116 Homewood Suites rooms and 92 Hampton Inn rooms. The Homewood Suites offers extended-stay accommodations with full kitchens, dishwashers and cooking utensils, while Hampton Inn rooms provide traditional hotel amenities with modern furnishings. Onsite amenities include 2,000 square feet of meeting space, a 24-hour fitness center, an outdoor pool with barbecue facilities, guest laundry, complimentary hot breakfast buffet, evening bar service and a 24-hour convenience shop. The Homewood Suites portion features additional amenities including complimentary evening social events Monday through Thursday.

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DevelopmentLoansMultifamilySoutheastVirginia

Berkadia Arranges Construction Financing for $144M Apartment Development in Richmond

by John Nelson

RICHMOND, VA. — Berkadia has arranged construction financing for a new $144 million multifamily development located at 3200 W. Moore St. in Richmond. The financing comprises a senior construction loan from TD Bank and an equity investment from Red Cove Capital. Brian Crivella, Brian Gould, Bill Gribbin, Yalda Ghamarian, Hunter Wood, Drew White, Carter Wood and Cole Carns of Berkadia arranged the financing on behalf of the borrower, a joint venture between Hoffman & Associates and DeBartolo Development LLC. Situated in the Scott’s Addition neighborhood of Richmond, the property will feature 366 apartments and 18,000 square feet of retail space on the ground level. The community will feature 10,000 square feet of amenities, including multiple courtyards and terraces and a pool deck, as well as lounge, dining and event spaces. Demolition on the project began last month.

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LoansNew JerseyNortheastRetail

Cronheim Mortgage Arranges $17.8M in Financing for Jersey City Shopping Center

by Taylor Williams

JERSEY CITY, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged $17.8 million in financing for Old Colony Square, a 100,760-square-foot shopping center in Jersey City. Asian grocer 99 Ranch Market anchors the center, which was fully leased at the time of the loan closing. Other tenants include McDonald’s, Advance Auto Parts and Dunkin’. Brandon Szwalbenest, Andrew Stewart and Dev Morris of Cronheim arranged the fixed-rate loan through an undisclosed life insurance company on behalf of the owner, National Realty & Development Corp.

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