BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged an $11.1 million first mortgage loan for the refinancing of a 150,000-square-foot office building in Buffalo. Jack Phillips of Largo Capital arranged the financing on behalf of the undisclosed buyer. The direct lender was not disclosed. The building was fully leased at the time of the loan closing.
LOS ANGELES — Thorofare Capital Inc., a Los Angeles-based affiliate of asset management platform Callodine Group LLC, has provided a $125.9 million loan for a medical office portfolio in greater Washington, D.C. The portfolio comprises eight properties totaling more than 705,000 square feet, the majority of which are situated on or adjacent to hospital campuses. Thorofare Capital provided the three-year, floating-rate loan to the borrower, an investment vehicle managed by Chicago-based Harrison Street. Felix Gutnikov, Jacob Yi and Nicholas Krueger of Thorofare Capital originated the financing. John Nero, Ben Appel, Jay Miele and Michael Greeley of Newmark’s Healthcare Capital Markets Group arranged the loan.
BOSTON — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided $240 million loan for the refinancing of the St. Regis Residences, a luxury multifamily tower in Boston’s Seaport District. Built in 2022, the 22-story waterfront building houses 114 residences with private balconies and amenities such as a pool, spa, fitness center, lounge, concierge services and an onsite restaurant. The borrower was Boston-based Cronin Development.
LATHROP, CALIF. — PCCP has provided a $42 million senior loan to a joint venture between Phelan Development and LaSalle Investment Management. The transaction will refinance debt on an industrial building in the San Joaquin Valley city of Lathrop. Situated on 26.3 acres at 18755 Business Park Court, the 610,025-square-foot, cross-dock distribution building was built in December 2021. The facility features 36-foot clear height, excess trailer parking (130 stalls), truck court depths of 175 feet to 180 feet and finished office space. The property is currently 50 percent leased to a third-party logistics company. The asset is part of Lathrop Gateway, a 10-building, 175-acre site that the borrower is building across three phases, with the first two phases already complete.
LONG BEACH, CALIF. — Gantry has arranged $8.7 million of early-phase financing covering the land acquisition for a Hard Rock Hotel development at 100 E. Ocean Blvd. in Long Beach. Project details were announced last week. The planned hotel will feature 427 rooms and suites, a rooftop bar, speakeasy theater and other Hard Rock-brand amenities. Construction is scheduled to commence in summer 2024 for an opening in spring 2027. Andy Bratt, Amit Tyagi, Stefan Malmlund and Sean Kuang of Gantry’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned hotel. One of Gantry’s affiliated debt fund lenders provided the loan, which offers interest-only terms at a fixed rate with extension options.
BAYTOWN, TEXAS — New York City-based Eastern Union has arranged a $17.5 million acquisition loan for The Lakes at Madera, a 392-unit apartment complex located in the eastern Houston suburb of Baytown. Built in 1983, The Lakes at Madera comprises 22 two-story buildings on a 20-acre parcel. The unit mix consists of 242 one-bedroom units, 120 two-bedroom apartments and 30 three-bedroom residences. Yoel Goldberg, Michael Muller, Alex Jaffa and Mikael Rechdiener led the transaction for Eastern Union. Arbor Realty Trust provided the debt. The borrower was not disclosed.
EL SEGUNDO, CALIF. — Gantry has arranged $15.3 million in permanent financing for a single-tenant office building located at 601 Hawaii St. in El Segundo, a suburb of Los Angeles. Mark Ritchie, Amit Tygai and Alicia Sabanero of Gantry secured the financing on behalf of the borrower, a private real estate investor. A conduit lender provided the five-year, fixed-rate loan, which features interest-only payments for the life of the loan. Healthcare provider DaVita occupies the 51,000-square-foot property as its regional headquarters and national training facility. The asset features extensive tenant improvements, including an energy management system that generates 75 percent of energy used on site.
SUCCASUNNA, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of Roxbury Mall, a 700,000-square-foot regional power center located in the Northern New Jersey community of Succasunna. Grocer ShopRite anchors the center, and other tenants include Home Depot, Kohl’s, Ramsey Outdoors, Petco, Panera and Planet Fitness. Roxbury Mall also includes a 60,000-square-foot medical office building with a surgery center and a 30,000-square-foot office building. Jon Mikula, Jim Cadranell and Ryan Carroll of JLL arranged the 10-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Roxville Associates.
SANDWICH, MASS. — MassHousing has provided $6.2 million in financing for Shawme Heights Apartments, a 44-unit affordable seniors housing complex located in the Cape Cod town of Sandwich. The borrower, nonprofit owner-operator Sandwich Senior Housing Corp., will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert.
PFLUGERVILLE, TEXAS — Cambridge Realty Capital (CRC), a lender with offices in Chicago and Los Angeles, has provided a $2.1 million HUD-insured loan for the refinancing of Wells Point Lodge, a 60-bed seniors housing complex located in the northern Austin suburb of Pflugerville. Anthony Marino of CRC originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company.