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Loans

Chapman-Place-Apts-San-Diego-CA
CaliforniaLoansMultifamilyWestern

Thorofare Capital Provides $26M Refinancing for Chapman Place Apartments in San Diego

by Amy Works

SAN DIEGO — Thorofare Capital, an affiliate of asset management platform Callodine Group, has provided a $26 million loan to Chapman Place LLC for the refinancing and lease-up of Chapman Place Apartments. Located in San Diego’s Point Loma submarket, Chapman Place Apartments features 82 units in a mix of 40 studios, 36 one-bedroom units and six two-bedroom units with an average size of 584 square feet. The three-story multifamily property is located at 3910 Chapman St. and was built to condominium-level finishes with a variety of amenities. Southwest Equity Partners manages the community. Thorofare’s floating-rate, short-term bridge loan will provide the borrower, a private investor, with runway to lease up and stabilize occupancy. The property was 25 percent leased at the time of loan closing, with most of the loan proceeds utilized to retire the original construction loan. Andrew Kim, Paul Hachigian and Jacob Yi of Thorofare originated the loan.

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AcquisitionsDevelopmentFloridaLoansMultifamilySoutheast

Kennedy Funding Provides $7.5M Acquisition Loan for Townhome Development Site in Santa Rosa Beach, Florida

by John Nelson

SANTA ROSA BEACH, FLA. — Kennedy Funding has provided a $7.5 million acquisition loan for a land site in Santa Rosa Beach, a city in Florida’s Panhandle. The parcel currently houses a nine-bedroom home that fronts the Gulf of Mexico. The borrower, an entity doing business as 4228 Dana Beach LLC, plans to develop a luxury townhome development on the site. The construction timeline was not disclosed. Based in Englewood, N.J., Kennedy Funding is a direct lender that provides short-term bridge loans ranging from $1 million to $50 million for land purchases, working capital and developments.

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4626-Somerton-Road-Feasterville-Trevose
DevelopmentIndustrialLoansNortheastPennsylvania

JLL Secures Construction Debt, Equity for 320,250 SF Industrial Project Near Philadelphia

by Taylor Williams

FEASTERVILLE-TREVOSE, PA. — JLL has secured construction debt and joint venture equity for a 320,250-square-foot industrial project in Feasterville-Trevose, about 20 miles northeast of Philadelphia. The sponsor is regional developer J.G. Petrucci Co. The building will be situated on a 19.5-acre site at 4626 Somerton Road and will feature a clear height of 36 feet, 55 tailgate doors, two drive-in doors and parking for 56 trailers and 195 cars. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL arranged the construction loan through Principal Asset Management and structured the joint venture with Boston-based Cabot Properties.

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IndustrialLoansNew JerseyNortheast

G.S. Wilcox Arranges $49M Loan for Refinancing of Northern New Jersey Industrial Portfolio

by Taylor Williams

CARLSTADT, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $49 million loan for the refinancing of a portfolio of four industrial buildings totaling 570,000 square feet in the Northern New Jersey community of Carlstadt. The buildings were constructed in the 1980s and feature clear heights of 22 feet, several loading docks and proximity to the New Jersey Turnpike. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the five-year, interest-only loan through an unnamed lender. The borrower was also not disclosed.

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LoansMultifamilyTexas

Colliers Mortgage Provides Agency Acquisition Loan for 100-Unit Apartment Complex in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of Northwood Apartment Homes, a 100-unit multifamily complex in Fort Worth. Built in 1972, the garden-style property consists of six two-story buildings and one clubhouse, as well as onsite laundry facilities and outdoor grilling and dining stations. Fritz Waldvogel of Colliers Mortgage originated the five-year loan through a partnership with Old Capital Lending. The borrower was not disclosed.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $8.5M Loan for Refinancing of Multifamily Asset in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan for the refinancing of a 334-unit multifamily property in Southfield. Dennis Bernard and David Ruff of BFG arranged the loan with Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.

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LoansMidwestMinnesotaMultifamilySeniors Housing

Colliers Mortgage Provides $1.5M HUD-Insured Loan for Rehabilitation of Minnesota Seniors Housing Community

by Kristin Harlow

BURNSVILLE, MINN. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.

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AcquisitionsFloridaIndustrialLoansSelf-StorageSoutheast

BEB Provides $9.7M Acquisition Financing for Industrial Property in Lake Worth, Florida

by John Nelson

LAKE WORTH, FLA. — BEB Lending has provided a $9.7 million loan for the acquisition of an industrial property located at 1800 Hypoluxo Road in Lake Worth, a city in South Florida’s Palm Beach County. The 77,657-square-foot property is leased to a mix of small-bay and self-storage industrial tenants. Sean Silverbrook of BEB originated the 24-month bridge loan. Juda Hersh represented the borrower, Hersh Equity Group (HEG), on an in-house basis.

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Bridge-Point-99-South-Brunswick-New-Jersey
DevelopmentIndustrialLoansNew JerseyNortheast

Mesa West Provides $53.5M Construction Loan for Central New Jersey Industrial Project

by Taylor Williams

SOUTH BRUNSWICK, N.J. — Mesa West Capital has provided a $53.5 million construction loan for Bridge Point 99, a 291,578-square-foot industrial project in South Brunswick, located north of Trenton in Central New Jersey. The site at 999 Cranbury South River Road spans 26.6 acres. The rear-load building will feature a clear height of 40 feet, 47 loading doors, two drive-in doors, 130-foot truck court depths and parking for 49 trailers and 181 cars. Delivery is slated for the second quarter. Steve Roth and Ryan Kieser of CBRE arranged the debt on behalf of the borrower, Bridge Industrial.

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LoansMultifamilyNew YorkNortheast

SCALE Lending Funds $46M Bridge Loan for Brooklyn Apartment Complex

by Taylor Williams

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has funded a $46 million bridge loan for Arris Grand, a 113-unit apartment building located at 982-998 Fulton St. in Brooklyn’s Clinton Hill neighborhood. Completed late last year, the nine-story building offers studio, one- and two-bedroom units and amenities such as a fitness center, rooftop terrace and lounges, as well as 7,154 square feet of street-level retail space. Fogarty Finger designed Arris Grand. The undisclosed borrower will use the proceeds to retire existing construction debt and fund costs of lease-up.

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