Loans

Oxford-Vista-Englewood-CO

ENGLEWOOD, COLO. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $31 million bridge loan to refinance Oxford Vista, a 142-unit multifamily development in Englewood. The sponsor, The Prime Co., used loan proceeds to repay existing debt, fund loan transaction costs and establish an interest reserve. David Scheer and Alex Izso of Dwight Capital originated the financing. Completed in 2023, Oxford Vista features two studios, 112 one-bedroom and 32 two-bedroom units. Apartments offer quartz countertops with waterfall edges, stainless steel appliances, high ceilings, blackout shades, rain shower heads and anti-fog bathroom mirrors. Each residence also features smart locks and thermostats, energy-efficient appliances and high-speed internet access. Select units offer private balconies or patios with mountain views. Community amenities include a pool and hot tub, outdoor fire pits and grilling stations, a modern fitness center with Echelon smart mirrors, as well as a yoga and fitness studio, clubhouse and lounge with a fully equipped kitchen and an espresso bar. Additional amenities include podcast studios, a workshop space, communal workspaces, bike storage, controlled building access and a pet-friendly environment with a dog wash and dog courtyard.

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10025-SW-Allen-Blvd-Beaverton-OR.jpg

BEAVERTON, ORE. — Gantry has secured a $12.4 million structured financing package aligning a bridge loan execution and preferred equity for the purchase of an industrial facility in Beaverton. Located at 10025 S.W. Allen Blvd., the 50,400-square-foot Class B property is fully lease to two tenants. Situated on 6.9 acres, the property includes 2 acres of fenced outdoor storage capacity. Mike Wood and Tim Brown of Gantry represented the sponsor, a private real estate investor. The structured equity and debt package was secured from one of Gantry’s correspondent life company lenders. The financing includes a five-year loan with upfront interest-only transitioning to a 25-year amortization schedule. Gantry will service the loan on behalf of its correspondent.

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200-Douglass-Brooklyn

NEW YORK CITY — Affinius Capital has provided a $200 million construction loan for 200 Douglass, a 276-unit multifamily project that will be located in the Gowanus area of Brooklyn. The 21-story building will house studio, one-, two- and three-bedroom units that will be furnished with in-unit washers and dryers and oversized floor-to-ceiling windows. Amenities will include an outdoor lap pool with cabanas, multiple rooftop terraces, fire pits and grilling areas, fitness and yoga studios, a dedicated coworking space, half-court basketball court, children’s playroom, dog washing station and a multi-sport simulator. Scott Aiese and Lauren Kaufman of JLL arranged the loan on behalf of the borrower, Midwood Investment & Development.

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COBLESKILL, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an undisclosed amount of financing for a 24,506-square-foot retail strip center in Cobleskill, located west of Albany. Shadow-anchored by Walmart, the center was 90 percent leased at the time of sale to tenants such as Dollar Tree, AT&T, Rent-A-Center, Cutting Crew Hair Salon and The Shoe Dept. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 15-year loan through an undisclosed, Oregon-based life insurance company. The borrower is National Realty & Development Corp.

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7411-Central-Ave-Newark-CA

NEWARK, CALIF. — Mesa West Capital has provided a joint venture between Palisade Group and Pearlmark with $30 million in first mortgage debt for the acquisition, renovation and lease-up of 7411 Central Avenue, an industrial building in Newark. Built in 1998, the 143,000-square-foot property was fully vacant at the time of financing and acquisition. The property features a clear height of 24 feet, 33 dock-high doors, 12 grade-level doors and 310 parking stalls. David Pelaia and Josh Blank of JLL’s West Los Angeles office arranged the financing.

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WB-Commerce-Woodburn-OR

WOODBURN, ORE. — Ethos Commercial Advisors has secured construction financing for WB Commerce, a speculative industrial park in Woodburn. Situated on 11 acres off Highway 214, WB Commerce will feature two buildings offering a total of 154,000 square feet of industrial space. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors originated a 24-month construction loan at a 62 percent loan-to-cost ratio with a national debt fund for the undisclosed borrower.

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GREENVILLE, S.C. — JLL has arranged a $59 million loan for the cross-collateralized, cash-out refinancing of three affordable housing communities in the Upstate South Carolina region totaling 598 units. The properties include Paris Park and Terrain at Haywood in Greenville and Mauldin Meadows in Mauldin. Carter Wroblewski, Taylor Allison and Sydney Powell of JLL arranged the three-year, interest-only loan through Truist Bank. The borrower, Affordable Upstate, purchased the properties between December 2021 and September 2022 and has since invested $13.6 million in capital improvements. The company purchased each community using a similar equity structure, which allowed for the cross collateralization, according to JLL. The properties are managed by NOAH Property Management and feature self-imposed rent restrictions of 60 percent and 80 percent of the area median income (AMI).

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Bridge-Point-Piscataway

PISCATAWAY, N.J. — PPM America Inc. has provided a $27.1 million bridge loan for a 147,210-square-foot warehouse in the Northern New Jersey community of Piscataway. The borrower is Bridge Industrial, and the facility is known as Bridge Point Piscataway. Situated on a 12.8-acre site at 10 Constitution Road, the building features a clear height of 36 feet, 41 dock-high doors, two drive-in doors, 3,000 square feet of office space and parking for 118 cars and 57 trailers. Michael Klein, Jon Mikula and Kevin Badger of JLL arranged the loan.

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Cedarbrook-Senior-Living-Tigard-OR

TIGARD, ORE. — PACE Loan Group (PLG) has provided $25.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a seniors housing development currently underway in Tigard, roughly 10 miles outside downtown Portland. Mosaic is the developer and borrower.  Construction on the community, Cedarbrook Senior Living, began this year. Upon completion, which is scheduled for early 2028, the development will feature one four-story building with 107 assisted living units and 64 memory care beds.  PLG worked with Countryman Capital Partners to orchestrate the development’s capital stack. Financing for the project also includes a $41.6 million construction loan and mini-perm mortgage provided by Columbia Credit Union.  STEELE Associates Architects is the architect for Cedarbrook Senior Living, and Mosaic Construction is serving as the general contractor. Mosaic Management will operate the property upon opening. 

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Rock Creek Center

WHITSETT, N.C. —  A joint venture between Buchanan Capital Partners (BCP) and Crow Holdings Development has recapitalized a two-building industrial campus located in Whitsett, a city near Greensboro in North Carolina’s Piedmont Triad region. The 423,852-square-foot project, dubbed Rock Creek Center, will be situated in close proximity to the $14 billion Toyota battery manufacturing campus and the $860 million Food Lion Distribution Center. In addition, the project is within an unnamed mixed-use park that includes tenants such as Amazon, FedEx, Duke Energy, Lenovo, Ralph Lauren and American Express. Developed by Crow Holdings, the campus will feature two 211,926-square-foot buildings, with each featuring 32-foot clear heights, 2,500 square feet of office space, 38 dock doors, two drive-in doors and 205-foot truck courts, as well as about 255 car parking spaces. Completion of the project is scheduled for 2027. Rock Creek Center marks BCP’s first joint venture with Crow Holdings. ARCO Murray will serve as general contractor, while the North Carolina division of Crow Holdings’ industrial team will manage the complex. Dodson Schenck and Will Henderson of CBRE will lead leasing efforts.

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