ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a multifamily conversion project in Rockford. The C-PACE capital will help fund energy-efficient improvements for a 215-unit multifamily development to be built at 150 Loomis St. Specifically, the financing is for HVAC, LED lighting, windows, walls, roof and water conservation improvements. The property previously served as industrial space and consists of two buildings. The Illinois Energy Conservation Authority (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.
BOONTON, N.J. — Greystone has provided a $12.2 million bridge loan for the refinancing of Packard Lofts Apartments, a 65-unit multifamily complex located in the Northern New Jersey community of Boonton. The property was originally constructed in the 1880s and was used as a warehouse and distribution center for Packard Car Co. in the 1950s before being converted to residential use in 2019. Packard Lofts Apartments offers a fitness center and onsite parking, and 12 units are reserved as affordable housing. Eliav Dan of Greystone originated the financing on behalf on the undisclosed borrower.
BOWLING GREEN, KY. — Lument has provided a $78.8 million loan through HUD’s 223(f) program for The Hub, a 590-unit apartment community in Bowling Green. Ryan Duling of Lument’s Columbus, Ohio office originated the financing, which was underwritten with a low fixed interest rate and a 25-basis-point mortgage insurance premium due to its green classification. The borrower was not disclosed. Built in 2020, The Hub comprises 42 apartment buildings surrounding a central park. Amenities include pickleball courts, a splash pad, pet park and resort-style pools with multiple pavilions and lounge areas, as well as food-and-beverage options.
TAMPA, FLA. — New York Life Insurance Co. has provided a $45 million loan for Midtown West, an eight-story office building within the 22-acre Midtown Tampa development. Ed Coco, Matt Casey and Lee Weaver of JLL arranged the five-year loan through New York Life on behalf of the borrower, a joint venture between Highwoods Properties and The Bromley Cos. Built in 2021, the 152,000-square-foot Midtown West was fully leased at the time of financing to Prudential, Primo and Nestle.
CONWAY, S.C. — JLL has provided an $18.5 million Freddie Mac acquisition loan for Bellamy Coastal, a 480-bed student housing community situated near Coastal Carolina University. Built in 2018, the property is located at 300 Bellamy Ave. in Conway, a half-mile east of the university and 10 miles from Myrtle Beach. Amenities include a resort-style pool, sundeck, beach volleyball court, 24-hour fitness center, computer lab, study area, hammock garden and in-apartment security systems. Dan Kearns, Patricia Heminger, Sam Tarter and Katia Novi of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Eastman Residential. The loan will be serviced by JLL Real Estate Capital LLC, a member of Freddie Mac Multifamily’s Optigo network of seller-servicer partners.
SPRING, TEXAS — JLL has arranged a $28 million loan for the refinancing of The Landing at Augusta Woods, a 148-unit seniors housing community in Spring, a northern suburb of Houston. The community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care services, as well as 28 to-be-built independent living, duplex-style cottage units. Zane Sweet, Alanna Ellis, Zach Brantley and Kyle White of JLL arranged the four-year, fixed-to-floating-rate loan from an undisclosed life insurance company. The borrower, Harmony Communities, will use a portion of the proceeds to fund an expansion of the community.
HUNTSVILLE, ALA. — Benson Capital Partners, an investment firm founded by New Orleans Saints owner and New Orleans Pelicans governor Gayle Benson, has invested in MidCity District, a $2.2 billion mixed-use development in Huntsville. The New Orleans-based company has provided a $5.7 million equity investment via its real estate fund, Benson Capital Real Estate I LP, for MidCity Placemakers Retail II, a retail component within MidCity spanning 82,669 square feet. Additionally, Randy Wolfe of Northmarq arranged a $13.8 million loan for MidCity Placemakers Retail II. RCP Cos. is the principal owner of MidCity District, which will ultimately comprise 1,865 residential units, 925 hotel rooms, shops, restaurants, entertainment retail and Class A offices, along with outdoor gathering spaces, including the Orion Amphitheater. “We are excited to further RCP’s vision for MidCity, redefining community spaces,” says Keith Schneider, managing director for Benson Capital’s real estate fund. “MidCity District represents a pioneering vision that aligns with our commitment to investing in transformative projects.”
PALMYRA TOWNSHIP, N.J. — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $102 million construction loan for a 700,000-square-foot industrial project near Philadelphia. The project represents Phase II of Tac-Pal Logistics Center in Palmyra Township, N.J. Building features will include a cross-dock configuration, a clear height of 40 feet, four drive-up ramps and parking for 438 cars and 236 trailers. John Rose and Chad Orcutt of JLL arranged the debt on behalf of the developer, a fund advised by Crow Holdings Capital. Phase I of Tac-Pal Logistics Center, which also consisted of about 700,000 square feet, was completed earlier this year.
FREDRICKSON, WASH. — PCCP has provided $252.3 million of construction financing to a joint venture between Panattoni Development Co. and a real estate fund advised by Crow Holdings Capital. The funds will be used for the development of three industrial buildings in Fredrickson, approximately 40 miles south of downtown Seattle. Eastdil Secured arranged the construction financing on behalf of the borrowers. Totaling 2.2 million square feet, the cross-docked distribution buildings will feature 40-foot clear heights. The project includes two speculative buildings, Building G (611,206 square feet) and Building D (753,069 square feet). It also features a build-to-suit Building E (782,875 square feet), which a national tool and equipment retailer has already reserved. The three warehouse/distribution buildings are slated for delivery in summer 2024. The facilities are the first phase of FRED310, a 310-acre, five-building industrial parking totaling 3.7 million square feet at Canyon Road East and E. 176th St.
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million in 9 percent tax credit equity to finance the new construction of Garrett Square Apartments in Cleveland. The 49-unit affordable seniors housing community will be situated in the city’s Glenville neighborhood. The four-story building will be reserved for seniors age 55 and older. The project will be partially subsidized with 19 units supported by 20-year project-based vouchers through Cuyahoga Metropolitan Housing Authority. The project site is currently home to a parking lot and vacant retail building, which will be razed prior to development. The borrower and developer is Volker Development Inc., and Marous Brothers Construction is the general contractor. The Famicos Foundation will serve as the property manager. Famicos will also offer supportive services such as financial literacy, cooking classes, gardening programs, emergency preparedness workshops, food delivery and distributions, neighborhood events, healthcare referrals, tax preparation and access to its legal clinic, Famicos CARES. Derek Reed and Greg Kiger of KeyBank CDLI structured the tax credit equity and debt financing. KeyBank is providing a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the …