Loans

Steele Creek

CHARLOTTE AND RALEIGH, N.C. — PGIM Real Estate has provided a $100 million loan for the financing of a 12-property industrial portfolio located in the greater Charlotte and Raleigh markets. Trace Wilson of PGIM Real Estate led financing efforts for the transaction on behalf of the borrower, Beacon Partners. The portfolio comprises 11 fully occupied industrial properties totaling nearly 1.6 million square feet, as well as one industrial outdoor storage (IOS) property. Beacon will use the fixed-rate financing to reposition and expand the portfolio, according to Wilson.

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30-25-Queens-Blvd

NEW YORK CITY — A partnership between two developers, New York-based Baron Property Group and Miami-based LargaVista Cos., has received $388.5 million in construction financing for a 561-unit multifamily project in the Long Island City neighborhood of Queens. Designed by CetraRuddy, the development will consist of 451 apartments and 110 condos, as well as 21,000 square feet of retail space, that will be housed within a 46-story building at 30-25 Queens Blvd. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing, which was co-arranged by Ayush Kapahi of HKS Real Estate Advisors and Anthony Ledesma of DIA Capital Group. Rental and condo residences will feature studio, one- and two-bedroom floor plans. Amenities will include a rooftop pool, basketball and pickleball courts, a content creation and recording studio, fitness center, private outdoor terraces with grilling stations, a solarium with a kitchen, pet spa, coworking lounges and a game room. Completion is slated for 2028.

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1709-Surf-Avenue-Coney-Island

NEW YORK CITY — Locally based developer BFC Partners has landed a $250 million construction loan for 1709 Surf Avenue, a 420-unit affordable housing project on Coney Island. The project marks the third and final phase of a 1,242-unit, three-building affordable housing development along Surf Avenue that is valued at approximately $700 million. Income restrictions across the three buildings range from 30 to 130 percent of the area median income. Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Citi Community Capital. Construction is slated for a 2028 completion.

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Arbello-San-Mateo-CA

SAN MATEO, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has secured $61 million in financing for the construction of Arbello, a mixed-use multifamily and office property in San Mateo. Located at 477 9th Ave., the five-story property will feature 120 for-rent apartments and 29,000 square feet of office space. Onsite amenities will include a coworking space, wellness center, clubhouse, expansive courtyard and rooftop deck. Brandon Roth of IPA advised and marketed the financing on behalf of The Martin Group and JPF Capital.

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PARK CITY, UTAH — Extell Development Co., a national real estate development firm based in New York City, has secured a $600 million construction loan for Four Seasons Resort and Residences Deer Valley, a new hospitality and condominium development currently underway in Park City, Utah’s premier ski town. New York-based JVP Management provided the financing. Extell broke ground on the development earlier this spring and plans to deliver the property in 2028. Designed by ODA Architecture, Four Seasons Resort and Residences Deer Valley will feature one- to seven-bedroom hotel suites ranging in size from 1,200 to 7,000 square feet, all with direct ski-in/ski-out access. Amenities at the property will include wellness and fitness facilities with saunas, steam rooms, whirlpools and spa services, as well as four dining venues and a ski-in/ski-out lounge with an outdoor terrace and fireplace. Additional amenities will include access to 50 miles of hiking and biking trails, an ice rink, indoor sports court and indoor and outdoor pools with panoramic views and private cabanas. The property will also feature a grand ballroom, three meeting rooms and an outdoor event terrace. Upon completion, the development will include a building with 68 private one- to five-bedroom residences as …

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RICHMOND, VA. AND NEW YORK CITY — Atlantic Union Bank has closed the sale of approximately $2 billion of the banks’ commercial real estate loans to vehicles affiliated with Blackstone Real Estate Debt Strategies. Atlantic Union acquired the loan portfolio during its merger proceedings with Sandy Spring Bank, which closed on April 1, 2025. Atlantic Union intends to use the proceeds from the loan sale to pay down certain high-cost deposits and other high-cost funds, as well as to add to its securities portfolio. Blackstone Real Estate has acquired $20 billion of commercial real estate loan portfolios in the past 24 months, including from Signature Bank and German lender Deutsche Pfandbriefbank (PBB).

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Addison Landing

JACKSONVILLE, FLA. — Berkadia has arranged the $44.6 million sale of Addison Landing, a 289-unit, garden-style multifamily community located in Jacksonville. Greg Rainey of Berkadia represented the seller, Florida-based WRH Realty, in the transaction. The buyer was Tampa, Florida-based Argyle Real Estate Capital. Matt Robbins, Mitch Sinberg, Brad Williamson, Scott Wadler and Hugo Hernandez of Berkadia also secured $31.3 million in financing through a Freddie Mac loan for the acquisition. The 10-year floating loan features interest-only payments for seven years. Built in 2007 on a 19-acre site, Addison Landing comprises 34 two- and three-story buildings. Floorplans at the property include one-, two-, three- and four-bedroom units totaling up to 1,425 square feet, according to Apartments.com. Select units also offer private, fenced yards, vaulted ceilings and lake views. Amenities at the community include a swimming pool, sun deck, outdoor kitchen and poolside lounge, clubhouse with a fitness center, billiards room, business center, playground, dog park, pet stations, package locker system and detached garages. The revious ownership invested $4.6 million in community enhancements.

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HAUPPAUGE AND ISLANDIA, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $42.5 million CMBS loan for the refinancing of the 400,000-square-foot Crossroads Office Portfolio on Long Island. The portfolio consists of 13 buildings in Hauppauge and Islandia that were constructed between 1984 and 1989. Tenants include Stifel, Nicolaus & Co., Massachusetts Mutual Life Insurance Co., Flushing Bank and Bankers Conseco. Bryan Manz and Emil DePasquale of BBCP arranged the financing, which carried a 10-year term and a 55 percent loan-to-value ratio, through Morgan Stanley on behalf of the borrower, The Crest Group.

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Plaza-Colonial-Tucson-AZ

TUCSON, ARIZ. — Gantry has secured a $16.7 million permanent loan to refinance Plaza Colonial, an office and retail property in Tucson. Located at 2840-2890 E. Skyline Drive and 6375 N. Campbell Ave., Plaza Colonial offers 83,869 square feet of retail and office space spread across four buildings. Patrick Barkley and Chad Metzger of Gantry represented the borrower, a private real estate investor. An institutional balance sheet lender provided the five-year, fixed-rate loan, which features full-term interest-only payments. Gantry will service the loan.

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Rise-at-Loop-410

SAN ANTONIO — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $28 million bridge loan for the refinancing of Rise at Loop 410, an approximately 360,000-square-foot warehouse and distribution building in San Antonio. According to LoopNet Inc., the cross-dock building offers 36-foot clear heights, 106 exterior dock doors and 280 parking spaces. Tremont funded the floating-rate loan, which has a three-year initial term with two one-year extension options, through its affiliate, Seven Hills Realty Trust (NASDAQ: SEVN). Cushman & Wakefield arranged the debt on behalf of the owner, Connecticut-based Grandview Partners.

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