BERKELEY, CALIF. — Article Student Living, an operating platform of QuadReal Property Group, has received refinancing for IDENTITY Logan Park, a two-phase student housing community serving the University of California, Berkeley. JLL Capital Markets secured financing with funds managed by Oaktree Capital Management for the borrower. Totaling 720 beds, IDENTITY Logan Park I and II are located at 2050 Durant Ave. and 2370 Durant Ave., less than half a mile from UC Berkeley’s campus in downtown Berkeley. The community features two buildings completed in 2022 and 2023 with a total of 204 studio, one-, two- and three-bedroom apartments. Units feature stainless steel appliances, in-unit washers/dryers and smart TVs. Community amenities include a 24-hour fitness center, rooftop sky lounge, study spaces and a dedicated campus shuttle service for residents.
COEUR D’ALENE AND SANDPOINT, IDAHO — Gantry has secured a total of $21.2 million in two permanent loans to refinance maturing debt for a pair of medical office buildings in Coeur d’Alene and Sandpoint. The financing included a $9.7 million loan for a 38,000-square-foot property located at 423 N. Third Ave. in Sandpoint and an $11.5 million loan for a 60,000-square-foot facility at 1919 Lincoln Way in Coeur d’Alene. Both assets feature outpatient and family medicine providers tied to local hospital systems. Demetri Koston and Abi Hunter of Gantry’s Inland Northwest production team represented the single borrower, a private real estate investor, for both loans. The five-year, fixed-rate loans were provided by a single pension fund lender from Gantry’s roster of debt sources and include prepayment flexibility after a 30-year amortization.
CHICAGO — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided a $58.5 million first mortgage loan for the acquisition and lease-up of 175 West Jackson Boulevard, a 22-story office building totaling more than 1.4 million square feet in Chicago’s Central Loop. The property also includes a 240-space parking garage. The loan was structured with $33.5 million initial advance at closing, with an additional $25 million reserved as a “good news” facility to fund future accretive leasing costs. A joint venture between 601W Cos. and David Werner Real Estate Investments was the buyer. The financing facilitated the acquisition at a significantly reset basis, reflecting an approximately 85 percent discount to the property’s prior purchase price by Brookfield, according to Northwind. The building has undergone extensive renovations and modernization, with over $24 million of capital improvements completed by prior ownership, including a new amenity center and rooftop space on the 22nd floor.
SAN MARCOS, TEXAS — Z Modular has received a $62.3 million bridge loan for the refinancing of Flatz 512, a 384-unit multifamily property located roughly midway between Austin and San Antonio in San Marcos. A partnership between New York-based Castle Lanterra and global investment management firm InterVest Capital Partners provided the loan. The newly constructed property offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations.
ATLANTIC CITY, N.J. — PACE Loan Group (PLG) has provided a $45.5 million C-PACE (Commercial Property Assessed Clean Energy) loan for Island Waterpark at Showboat, a 120,000-square-foot entertainment venue in Atlantic City. The venue opened in summer 2023 via conversion of a surface parking lot at the adjacent Showboat Resort and includes 10 waterslides, a multi-level children’s play structure, lazy river, four restaurants and three bars. The borrower, Bart Blatstein of Philadelphia-based Tower Investments Inc., will use a portion of the proceeds to pay down existing construction debt on the property.
BOSTON — Newmark has arranged a $690 million CMBS loan for the refinancing of a 13-property, 4,077-unit multifamily portfolio in the Sun Belt. The borrower, Boston-based West Shore, is refinancing properties in five Florida cities — Daytona Beach, Gainesville, Melbourne, Ocala and Tallahassee — as well as Columbia and Lexington, S.C.; Knoxville, Tenn.; and Bryan, Texas. Purvesh Gosalia arranged the cash-out, single-asset single-borrower (SASB) refinancing through Citi. The transaction represents the largest multifamily closing in the United States year-to-date, according to Newmark.
JACKSONVILLE, FLA. — Goldman Sachs Private Bank, an arm of the lender’s Wealth Management division, has provided $360 million in construction financing for Four Seasons Hotel and Residences Jacksonville, a development that will comprise a 170-room Four Seasons hotel and 26 private residences. The homes, which will begin selling at $4.7 million, will range from two- to five-bedrooms and span 1,930 to 7,936 square feet in size. The borrowers, Shanna Collective and Iguana Investments, are co-developing Four Seasons Hotel and Residences Jacksonville, which comprise two 10-story buildings. Situated along the St. Johns River, the property will feature a 78-slip marina developed on behalf of the City of Jacksonville, as well as upscale amenities and three restaurants. The hotel and condos will be situated near the revamped arena for the NFL’s Jacksonville Jaguars in the city’s sports and entertainment district. Shanna Collective and Iguana Investments topped off the development in August 2025 and plan to debut both components in 2027.
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Q4 2025 Demand Overview: Industrial and Multifamily Slowed, Office Stabilized, Retail Held Steady
Lee & Associates’ 2025 Q4 North America Market Report looks at diverging market demand across industrial, office, retail and multifamily spaces nationwide in the last quarter. Demand continued to soften for industrial spaces, while multifamily saw a reversal: decreased demand after seven consecutive quarters of strengthening. Office saw a slow increase in net absorption, but only after six years of negative absorption; retail demand was mixed. Industrial and retail spaces contended with tariff concerns, while all four types of commercial real estate saw either decreased or slowed rent growth in the final quarter of 2025. Lee & Associates’ full, detailed market report is available to read here. The overviews for the sectors below illustrate the market landscape through data on net absorption, leasing and development activity, sales transactions and rent growth, in addition to demand. Industrial Overview: Demand Falls Under Tariff Pressure Falling demand for industrial space continued in 2025 under the added strain of the United States’ aggressive trade and tariff policies affecting commercial property markets across North America. In the United States net absorption declined again in 2025 as tenant and rent growth fell to their lowest levels since the aftermath of the financial crisis. Meanwhile, inventory growth has been scaled back …
PONTIAC, ILL. — Cambridge Realty Capital has provided a $6.5 million HUD Section 241(a) loan to finance the new construction of a 20-bed memory care addition to The Pointe at Pontiac, an existing 60-bed supportive living facility in Pontiac. Supportive living is the Illinois version of Medicaid Waiver Assisted Living, whereby the state provides Medicaid funding to seniors 65 and older who would otherwise not have the financial resources necessary to reside in an assisted living facility. Loan proceeds will be used to fund the new construction addition and to complete improvements and repairs to the existing building. Zach Scardina of Cambridge originated the nonrecourse loan, which features a fixed interest rate and interest-only payments and converts upon construction completion to a fixed-rate, 35-year, fully amortizing permanent loan. The borrower was an Illinois-based limited liability company.
AUBURN HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $3 million permanent loan for a 64,000-square-foot flex industrial property in Auburn Hills. David Ruff of BFG arranged the loan on behalf of the borrower, K-S Group LLC. A life insurance company provided the loan.