Loans

Dwight Mortgage Trust Provides $100M in Bridge Financing for West Harlem Apartment Building

by Taylor Williams December 13, 2023

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided $100 million in bridge financing for a 168-unit apartment building located at 224 W. 124th St. in West Harlem. The 19-story building was completed earlier this year and offers one-, two- and three-bedroom units, as well as townhomes and penthouse suites. Roughly 30 percent (51) of the residences are reserved as affordable housing. Amenities include a fitness center, children’s playroom, business lounge and a rooftop deck. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures.

December 13, 2023

Acquisitions California Loans Retail Western

Gantry Arranges $9.6M Acquisition Loan for The Plaza Retail Center in Auburn, California

by Amy Works December 13, 2023

AUBURN, CALIF. — Gantry has secured a $9.6 million permanent loan for the purchase of The Plaza, a retail center in the Sacramento suburb of Auburn. Situated on 3.4 acres at 1730-1900 Grass Valley Highway, The Plaza features 74,000 square feet of retail space. Current tenants include Best Buy, Mel’s Original Diner, Little Caesars Plaza, Mattress Firm, Sola Salon Studios, Garden of Eat’n, Lyon Real Estate, Miracle Ear, Salon Centric and T-Mobile. Tony Kaufmann and Erinn Cooke of Gantry arranged the financing for the borrowers, a private real estate company. One of Gantry’s correspondent life company lenders provided the 30-year loan, which features a fixed rate for the life of the loan.

December 13, 2023

Affordable Housing Development Loans Multifamily Texas

BWE Provides $14.4M HUD-Insured Construction Loan for Denton Affordable Housing Project

by Taylor Williams December 12, 2023

DENTON, TEXAS — BWE, the commercial mortgage banking firm formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.4 million, HUD-insured construction loan for Westview Heights, a 132-unit affordable housing project in the North Texas city of Denton. Westview Heights will offer one-, two- and three-bedroom units across three buildings that be reserved for households earning between 30 and 60 percent of the area median income, with 22 units being rented at market rates. Amenities will include a pool, fitness center, business center, laundry facilities and outdoor grilling and dining stations. Jon Killough of BWE originated the loan, which is structured with a fixed interest rate and interest-only payments for the duration of construction, through HUD’s 221(d)(4) program. The borrower was Generation Housing Partners. The capital stack also includes Low-Income Housing Tax Credit (LIHTC) equity that was provided by the Texas Department of Housing & Community Affairs.

December 12, 2023

Loans Multifamily New York Northeast

Largo Capital Arranges $10.5M Loan for Refinancing of Multifamily Property Near Buffalo

by Taylor Williams December 12, 2023

DEPEW, N.Y. — Locally based financial intermediary Largo Capital has arranged a $10.5 million loan for the refinancing of a 70-unit multifamily property in Depew, an eastern suburb of Buffalo. Units at the newly developed property, the name of which was not disclosed, feature stainless steel appliances, quartz countertops and modern finishes. Kevin Coscia led the Largo Capital team in the debt placement. The direct lender and borrower were also not disclosed.

December 12, 2023

Arizona Industrial Loans Self-Storage Western

Gantry Arranges $18.3M Loan for StorEz Self-Storage Facility in Scottsdale, Arizona

by Amy Works December 11, 2023

SCOTTSDALE, ARIZ. — Gantry has arranged an $18.3 million loan for StorEz Self Storage, located at 3030 N. 73rd St. in Scottsdale. The 71,000 rentable-square-foot property features 797 self-storage units. The five-year permanent loan was underwritten on the asset’s five-year pro forma as it moves through stabilization. An insurance company provided the financing, which features a fixed rate with an initial interest-only period followed by 25-year amortization. Andy Bratt and Sean Kuang of Gantry’s Irvine, Calif., office secured the loan on behalf of the undisclosed borrower.

December 11, 2023

Development Loans Mixed-Use Texas

Joint Venture Underway on 1 MSF Mixed-Use Project in Dallas

by Taylor Williams December 8, 2023

DALLAS — A joint venture that includes MSD Partners and Trammell Crow Co. is underway on a 1 million-square-foot mixed-use project in the Knox Street area of Dallas. The site spans four acres and is adjacent to the Katy Trail. Plans call for a 140-room hotel with 48 for-sale residences, 150,000 square feet of office space that will be anchored by ISN Software Corp., 100,000 square feet of retail and restaurant space, a 173-unit apartment building and a half-acre park. Plano-based Beal Bank provided $619.5 million in construction financing for the project, which is slated for a 2026 completion. Highland Park Village Associates is leasing the retail and restaurant space, and CBRE is marketing the remainder of the office space for lease. Balfour Beatty and Andres Construction are the general contractors. JLL arranged the construction debt.

December 8, 2023

California Hospitality Loans Western

Seven Hills Realty Trust Arranges $29M Refinancing for SunCoast Park Hotel Anaheim

by Amy Works December 8, 2023

ANAHEIM, CALIF. — Seven Hills Realty Trust (NASDAQ: SEVN) has arranged a $29 million first mortgage floating rate bridge loan to refinance SunCoast Park Hotel Anaheim, located at 1640 S. Clementine St. in Anaheim. The borrower is Irvine-based SunCoast Properties. Part of the Tapestry Collection by Hilton, the select-service hotel features 174 guest rooms. The loan has a two-year initial term with three one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Robert Douglas, which advised SunCoast Properties. Tremont Realty Capital is an affiliate of The RMR Group.

December 8, 2023

Loans Retail Southeast Virginia

Macerich Secures $710M CMBS Refinancing for Tysons Corner Center in Metro D.C.

by John Nelson December 7, 2023

TYSONS, VA. — Macerich has secured a $710 million loan for the refinancing of Tysons Corner Center, a 1.8 million-square-foot retail power center located in Tysons, a suburb of Washington, D.C. Nordstrom, Bloomingdale’s and Macy’s anchor the property, which was 96 percent leased as of third-quarter 2023. The new CMBS financing will replace an existing $666 million loan that was scheduled to mature on Jan. 1, 2024. The direct lender was not disclosed, but the loan features a fixed 6.6 percent interest rate and interest-only payments throughout the five-year loan term. A Macerich-led joint venture owns the center.

December 7, 2023

Development Loans Massachusetts Multifamily Northeast Seniors Housing

United Group Receives $35M Construction Loan for Active Adult Project in Worcester, Massachusetts

by Taylor Williams December 7, 2023

WORCESTER, MASS. — The United Group of Cos. Inc. has received a $35 million construction loan for The Arbella at Bramble Hill, a 123-unit active adult project that will be located in the central Massachusetts community of Worcester. The property will span 17 acres and offer one- and two-bedroom apartments across three buildings. The community will also feature an 8,500-square-foot clubhouse. JLL arranged the debt through The Washington Trust Co. on behalf of United Group. Construction is scheduled for an early 2025 completion.

December 7, 2023

Industrial Loans New York Northeast

Largo Capital Arranges $21.7M Loan for Refinancing of Industrial Building in DeWitt, New York

by Taylor Williams December 7, 2023

DEWITT, N.Y. — Locally based financial intermediary Largo Capital has arranged a $21.7 million loan for the refinancing of a 285,000-square-foot industrial building in DeWitt, located just outside of Syracuse. The newly constructed building is situated within a larger 97-acre development and features 27 dock-high doors and two drive-in doors. Jack Phillips of Largo Capital arranged the financing. The direct lender and borrower were not disclosed.

December 7, 2023

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