FORT MYERS, FLA. — Encore Multifamily, a division of Dallas-based Encore Enterprises, has obtained a $48.7 million HUD 221(d)(4) loan for the construction of a new apartment development in Fort Myers. The project, known as Encore Daniel Falls, will comprise 240 Class A apartments and be situated on 6.7 acres near I-75 and South Florida International Airport. Encore Multifamily broke ground on the development in December and expects to deliver the community by third-quarter 2026. Upon completion, Encore Daniels Falls will feature studio, one-, two- and three-bedroom units, as well as a clubhouse, fitness center, business center, pool, dog park and a 24-hour package room.
LENEXA, KAN. — Gantry has arranged a $32 million permanent loan to retire construction financing for Lenexa Logistics Centre North #5 in Lenexa, a suburb of Kansas City. The fully leased property on Mill Creek Road was completed in 2022 and totals 565,170 square feet. The multi-tenant building offers immediate access to I-35, I-435 and Highway 10. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. An insurance lender provided the 10-year loan, which features a fixed interest rate and introductory interest-only period transitioning to a 30-year amortization schedule.
NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the renovation of three affordable housing developments located on the east side of The Bronx borough in New York City. The renovations will total $419.6 million, according to Merchants Capital. Comprising 952 units across six residential buildings, the properties include Boston Road Plaza, Boston Secor and Middletown Plaza. The New York City Housing Authority (NYCHA), the largest public housing authority in North America, owns and manages the trio of affordable housing communities. Merchants Capital provided a New York Housing Development Corp. (NYHDC) Freddie Mac Risk Share loan under the Permanent Affordability Commitment Together (PACT) program. The properties will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program as part of HUD’s Rental Assistance Demonstration (RAD) conversion platform. The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading renovations at the properties in partnership with NYCHA. Renovations will include upgrades to interiors, exteriors and shared spaces; bathroom and kitchen improvements; new doors, flooring and paint; new roofs; modernized elevators; complimentary Wi-Fi; and upgrades to the HVAC and plumbing systems. Repairs are currently underway …
MIAMI BEACH, FLA. — A joint venture between Mast Capital and a controlled affiliate of Starwood Capital Group has secured $390 million in construction financing for The Perigon Miami Beach, a 73-unit condominium development located at 5333 Collins Ave. in Miami Beach. Eldridge Real Estate Credit, a Greenwich, Conn.-based asset manager and holding company, provided the loan. “We are proud to partner with Mast Capital and Starwood Capital Group on The Perigon Miami Beach,” said Matthew Rosenfeld, a managing director at Eldridge Real Estate Credit. “This is a project that represents the exceptional, visionary real estate we seek to finance, and further underscores the continued growth and momentum of our business.” Located in the popular Mid-Beach neighborhood, The Perigon Miami Beach will offer two-, three- and four-bedroom residences ranging from 2,100 to 6,700 square feet, each featuring 10- to 12-foot wraparound balconies. The property will also offer eight private guest suites. Roughly 75 percent of the condos have been sold. The building will offer approximately 40,000 square feet of indoor and outdoor amenities. Planned community amenities include a pool with cabanas, spa with sauna, salon, fitness center, children’s playroom, screening room, wine room and a lobby lounge. Residents will also …
TERRELL, TEXAS — An affiliate of DPG Investments LLC, a family office, merchant banking and private capital advisory firm, has arranged $56.2 million in financing for a 1,036-unit manufactured housing project in Terrell, about 35 miles east of Dallas. The financing includes senior debt, mezzanine debt and preferred equity that will be used to both acquire and develop the property, which will be known as Post Oak. The borrower, is an affiliate of K8H Ventures, a metro Houston-based owner-operator of manufactured housing. Additional project details were not disclosed.
CARY, N.C. — JLL Capital Markets has facilitated a $191 million loan for Fenton, a mixed-use development located in Cary, roughly 12 miles west of downtown Raleigh. The property includes 246,000 square feet of retail space, 183,000 square feet of office space and an apartment community — The Allison at Fenton — comprising 367 multifamily units. Chip Sykes and Kelsey Bawcombe of JLL secured the loan on behalf of the borrower, a partnership between Hines, Affinius Capital and Columbia Development. New York Life Real Estate Investors provided the mortgage financing.
SHELBYVILLE, KY. — Northmarq has arranged a $45 million loan for The Blending House, a bourbon storage, bottling and blending facility located on a 108-acre site at 1917 Vigo Road in Shelbyville, about 39 miles east of Louisville. Randall Waddell of Northmarq’s Louisville office arranged the five-year loan through a regional bank on behalf of the borrowers, a partnership between Floyds Knobs, Ind.-based The Koetter Group and Louisville-based The Spirits Group. The borrowers will use the loan proceeds to pay off existing debt from the Phase I of development and to fund the second and final phase of construction. The loan features two years of interest-only payments and a 25-year amortization schedule. Upon completion, The Blending House will feature seven rickhouses and a 30,000-square-foot blending and bottling facility that will serve as a home base for clients of The Spirit Group. The development is the first speculative whiskey barrel storage facility in Kentucky, according to the borrowers.
Northmarq Arranges Four Loans Totaling $68.5M for Refinancing of Two Jersey City Apartment Complexes
JERSEY CITY, N.J. — Northmarq has arranged four loans totaling $68.5 million for the refinancing of CityLine East and West, two apartment complexes totaling 342 units in Jersey City. For CityLine East, which was built in 2021 and totals 198 units, Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan. For CityLine West, which was completed in 2019 and totals 144 units, Northmarq placed a $21.5 million senior loan and a $5 million mezzanine loan. Both properties offer studio, one- and two-bedroom units. All loans carried fixed interest rates. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower, The PRC Group. The direct lenders were not disclosed.
TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing for the construction of Jalen Lofts in Trotwood, a suburb of Dayton. The 66-unit workforce and affordable housing community will be designated for families who earn between 30 and 80 percent of the area median income. The project marks a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corp. Jalen Lofts marks a significant milestone in the community’s efforts to rejuvenate areas adversely impacted by the 2019 Dayton tornadoes, according to KeyBank. The City of Trotwood received a most impacted and distressed (MID) area designation by HUD because of the tornado damage and was allocated $10.5 million in Community Development Block Grant Disaster Recovery funds to help rebuild rental developments. Derek Reed and David Lacki of KeyBank CDLI structured the financing.
NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed. The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc. Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts. The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center. “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP. BSP, a wholly owned subsidiary of Franklin Templeton, …