OHIO, INDIANA AND TENNESSEE — Lument has provided four loans totaling $11.5 million on behalf of United Church Homes, a nonprofit that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. Paul Weissman and Andy Nicoll of Lument originated the FHA Section 223(f) loans. The four loans include $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit property in Fort Wayne, Ind.; $2.3 million for Fox Hollow, a 40-unit community in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit asset in Canal Winchester, Ohio. Loan proceeds enable the borrower to make significant repairs to the units.
JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $300 million construction loan from Otera Capital for a 58-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction later this month and deliver the building in early 2027. The property will be located at 55 Hudson St. along the Hudson River in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans call for 1,017 units in one-, two- and three-bedroom floor plans. The building will also feature 75,000 square feet of indoor and outdoor amenities and 60,000 square feet of retail and restaurant space. The development of 55 Hudson will be followed by 50 Hudson, a 48-story apartment tower that will include comparable indoor and outdoor amenities. When completed, the two-building development will boast nearly 2,000 new apartments, over 70,000 square feet of retail space and a 32,000-square-foot waterfront plaza. The plaza, which will provide a direct connection to Jersey City’s esplanade, will be available for community events. The design team for the project includes Handel Architects, Marchetto Higgins Stieve Architects, landscape architects Hollander Design …
JACKSON, GA. — Waterloo Partners and ICM Asset Management have received $40 million in construction financing for the development of River Park 10, a speculative industrial project in Jackson, about 50 miles south of Atlanta via I-75. Upon completion, the property will total 825,000 square feet within the River Park E-Commerce Center master development. The joint venture acquired the site in September and plans to break ground immediately, with completion of construction scheduled for the third quarter of 2024. A syndication between Trustmark National Bank and Coastal State Bank provided the construction loan, and Sweld & Sweld provided joint venture equity. Patterson Real Estate Advisory Group arranged the financing on behalf of the borrowers.
SURPRISE, ARIZ. — BWE has arranged $29 million in first-mortgage construction financing for Echo Park @ P132, an industrial project in Surprise, approximately 20 miles northwest of Phoenix. Daniel Rosenberg and Logan Petersmeyer of BWE originated the loan for the borrower, Echo Real Estate Capital. A debt fund provided the capital. Totaling 183,000 square feet, Echo Park @ P132 will consist of four buildings ranging in size from 42,000 square feet to 48,000 square feet. The buildings will feature 2,500 square feet of speculative office space, 30-foot clear heights, dock-high doors, drive-in doors, LED lighting, secured concrete yards and 115 total parking spaces. Additionally, the buildings will be fully air conditioned.
INDIANAPOLIS — Indianapolis-based Scannell Properties has received funding from Manulife Investment Management for the recapitalization of a 35-property industrial portfolio. The portfolio includes assets in 17 markets totaling 10.4 million square feet and valued at $1.2 billion. Scannell says the financing provides additional liquidity that it will use to create further value through completion of construction, leasing management and operation. The portfolio includes properties in various stages of development. Further details were not provided.
MARYSVILLE, WASH. — CBRE has arranged $47 million in construction financing for Motto Apartments, a multifamily property in Marysville, 35 miles north of Seattle. Intracorp Homes is developing the 228-unit community. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Construction of the project will begin with the close of financing. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Completion is slated for early 2026.
LAS VEGAS — Calmwater Capital has provided $23.2 million in short-term, first-mortgage debt to a Los Angeles-based private investor for the purchase of Decatur 215 Plaza, a shopping center in northwest Las Vegas. Built in 2013, the 126,678-square-foot property is fully leased to a mix of national and regional tenants including Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. Approximately 90 percent of the tenants have occupied the center since 2016. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater originated the loan for the borrower.
CHAMPAIGN, ILL. — BWE has arranged a $10 million preferred equity investment to finance the acquisition of a portfolio of student housing properties near the University of Illinois Urbana-Champaign. The portfolio includes 616 beds across 170 units. Mike Guterman of BWE arranged the financing on behalf of an East Coast-based student housing owner and operator. The capital stack includes a five-year senior loan with a loan-to-cost ratio of 60 percent from a Midwest regional bank. The seller was a multigenerational ownership group that had held the properties for 100 years. The buyer plans to renovate and redevelop some of the properties.
SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit, garden-style affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Built in 2003 and recently renovated, Canvas at Savannah features one-, two- and three-bedroom units averaging a little more than 1,000 square feet in size. Amenities include a fitness center, coffee bar, package lockers and a resort-style swimming pool.
NORTH BETHESDA, MD. — JLL has arranged a $92.3 million construction loan for a 354-unit, 12-story luxury apartment community planned for North Bethesda, a Maryland suburb of Washington, D.C. Located at 5400 McGrath Blvd., the project is dubbed Parcel H. Jon Mikula, Jim Cadranell, Jamie Leachman and Ryan Carroll of JLL arranged the four-year, floating-rate loan through SMBC on behalf of the borrower, LCOR. Upon completion, the development will offer one-, two- and three-bedroom units, as well as nine penthouse units, averaging 881 square feet in size. Amenities will include a fitness center, outdoor pool, courtyard with grilling stations and fire pits, resident lounge with coworking stations, designated meeting rooms and tech pods, indoor and outdoor children’s’ playrooms, a dog park and a penthouse lounge featuring gaming areas and a golf simulator. Parcel H represents the final property within The Quad, a four-property portfolio of apartment communities in North Bethesda built by LCOR. The other three properties include Wentworth House (built in 2008), Aurora (2014) and Arrowood (2021). Together, The Quad will total 1,300 adjacent apartments operated by LCOR.