Loans

Basis Industrial Receives $8.3M Construction Loan for Self-Storage Facility in Detroit

by Kristin Harlow September 26, 2023

DETROIT — Basis Industrial has received an $8.3 million construction loan for a self-storage facility in Detroit. Basis acquired the land at 1610 Algonquin St. in October 2021. Berkadia arranged the construction loan through Old National Bank. Basis plans to break ground on the 78,187-square-foot project in October. The facility will feature 645 climate-controlled units, advanced security systems and other amenities. Completion is slated for fall 2024. Basis plans to have a third party, Public Storage, manage the facility upon completion.

September 26, 2023

Hospitality Loans Midwest Missouri

Bayview PACE Provides $3.5M in C-PACE Funding for Hotel Expansion in Columbia, Missouri

by Kristin Harlow September 26, 2023

COLUMBIA, MO. — Bayview PACE has provided $3.5 million in C-PACE funding for a hotel expansion project in Columbia. The funding will add significant capacity to the Double Tree Hilton hotel. The 20-year, fixed-rate loan features a loan-to-cost ratio of 10.36 percent. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing buildings. Eligible improvements include energy efficiency, water efficiency, renewable energy and resiliency measures such as seismic and stormwater measures. C-PACE loans are structured as assessments that are repaid through the owner’s property tax bill over a 20- to 30-year period, according to Bayview.

September 26, 2023

Arizona Development Industrial Loans Western

Trez Capital Funds Construction Loan for 153,000 SF Hawes Commerce Park Industrial Project in Mesa, Arizona

by Amy Works September 25, 2023

MESA, ARIZ. — Trez Capital has closed a construction loan for Dale Cavan for the development of Hawes Commerce Park, an industrial project at the intersection of East Pecos and South Hawes roads in Mesa. Currently under construction, Hawes Commerce Park will feature 10 buildings with a combined 16 units and a total of 153,000 net rentable square feet. The property sits adjacent to Phoenix’s secondary airport, Phoenix-Mesa Gateway Airport. Completion is slated for third-quarter 2024.

September 25, 2023

Development Industrial Loans New Jersey Northeast Self-Storage

CrownPoint, Lamar Cos. to Develop 1,200-Unit Self-Storage Facility in Newark

by Taylor Williams September 25, 2023

NEWARK, N.J. — A joint venture between two locally based development and investment firms, CrownPoint Group Inc. and Lamar Cos., will develop a 1,200-unit self-storage facility in Newark’s Ironbound district. The site is a former salvage yard that comprises four lots totaling roughly one acre, and the six-story, climate-controlled facility will span 135,000 gross square feet. Construction is set to begin in the fourth quarter. Extra Space Storage will operate the property. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged a $19 million construction loan through Provident Bank on behalf of the development team.

September 25, 2023

Florida Loans Retail Southeast

CBRE Secures $15.2M Refinancing for Grocery-Anchored Retail Center in Metro Tampa

by John Nelson September 25, 2023

RIVERVIEW, FLA. — CBRE has secured a $15.2 million loan for the refinancing of Shoppes of Southbay, a 99,542-square-foot retail center located in Riverview. Tenants at the property, which was fully leased at the time of financing, include Winn-Dixie, Tampa General Hospital, Buffalo Wild Wings, Panera Bread and Leslie’s Pool Supplies. Paul Ahmed and Mackenzie Lampman of CBRE arranged the loan through a life insurance company on behalf of the borrower, a partnership between Peter Wenzel of Wenzel Investment Group and Victor Ferraez. The partnership acquired the property, which was originally built in 2007, in 2013.

September 25, 2023

Loans Net Lease New York Northeast Retail

G.S. Wilcox Arranges $10.6M Loan for Refinancing of Retail Property in East Farmingdale, New York

by Taylor Williams September 22, 2023

EAST FARMINGDALE, N.Y. — New Jersey-based financial intermediary G.S. Wilcox has arranged a $10.6 million loan for the refinancing of a 34,877-square-foot retail property located in the Long Island community of East Farmingdale. The property consists of four buildings on a 6.9-acre site. David Fryer of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

September 22, 2023

Build-to-Rent Development Loans Single-Family Rental Texas

Empire Group of Cos. Breaks Ground on 276-Unit Build-to-Rent Project in Hutto, Texas

by Taylor Williams September 21, 2023

HUTTO, TEXAS — Arizona-based developer Empire Group of Cos. has broken ground on Village at Hutto Station, a 276-unit build-to-rent residential project that will be located on the northern outskirts of Austin. Village at Hutto Station will offer one-, two- and three-bedroom homes with private backyards. Residential amenities will include a pool, outdoor grilling areas, a fitness center, walking paths, community clubhouse and a dog park. Construction is expected to last about two years and is being financed by a $62.4 million loan from Arbor Realty Trust. Tower Capital, an Arizona-based boutique advisory firm, arranged the construction debt. Empire Group of Cos. acquired the 30.6-acre site last fall for $11 million.

September 21, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $43.6M Loan for Refinancing of Queens Hotel

by Taylor Williams September 21, 2023

NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $43.6 million loan for the refinancing of a 220-room Hampton Inn hotel located near LaGuardia Airport in Queens. The hotel originally opened in September 2009 and offers a business center, fitness center and meeting rooms. David Turley led the Cronheim team that originated the loan through an undisclosed national debt fund. The borrower, Synergy Hospitality Management, will use a portion of the proceeds to fund capital improvements.

September 21, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $71.8M in Construction Financing for Affordable Housing Project in Greenfield, California

by Amy Works September 21, 2023

GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of Greenfield Commons Phase I in the Salinas Valley city of Greenfield. EAH Housing Inc. is developing the community, which will feature 99 affordable family units and one manager unit. Twenty-seven units with project-based vouchers will be set aside for families and farmworkers. Nashua, an off-site modular manufacturer in Boise, Idaho, is building the residential units, and Swinerton is serving as general contractor. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap derivative on both loans. EAH also received $51.3 million in California HCD Accelerator funds with an additional $4.6 million in California Accelerator Supplement funds. The California Accelerator funds are from federal COVID relief money in lieu of tax credits. Tax credits and bond allocations were insufficient to fulfill California’s affordable housing development demand, and these funds are California’s solution for priority projects. Other …

September 21, 2023

Loans Multifamily Texas Walker & Dunlop

Nova Capital Arranges $55.8M in Acquisition Financing for Multifamily Property in Weatherford, Texas

by Taylor Williams September 20, 2023

WEATHERFORD, TEXAS — Los Angeles-based Nova Capital has arranged $55.8 million in acquisition financing for The Mark at Weatherford, a 355-unit multifamily property located on the western outskirts of Fort Worth. The financing consists of a $37.8 million Fannie Mae senior loan provided by Walker & Dunlop and $18 million in preferred equity from Los Angeles-based Tryperion Holdings. The complex was constructed on an 11.5-acre site in 2021 and was 94 percent occupied at the time of sale. The Mark at Weatherford offers a mix of one-, two-and three-bedroom floor plans and amenities including a pool, outdoor grilling and dining stations, business center, dog park and a fitness center. Steven Yazdani of Nova Capital arranged the debt on behalf of the borrower, Darwin German Real Estate.

September 20, 2023

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