NEW YORK CITY — New York-based ERG Commercial has arranged a $7.5 million bridge loan for the refinancing of a vacant, 40,000-square-foot industrial property on Staten Island. The site at 501 Industry Road spans nine acres and was originally built in 1975, according to propertyshark.com. Ryan Lewis and Matthew Murphy of ERG Commercial arranged the loan. The direct lender and borrower were not disclosed.
MAPLE GROVE, MINN. — Associated Bank has arranged $145.2 million in construction financing for a three-story, single-tenant office and laboratory building in the Minneapolis suburb of Maple Grove. The build-to-suit property for an undisclosed tenant will total 400,000 square feet, including 320,000 square feet of office space and 80,000 square feet of state-of-the-art laboratory space. Employee amenities will include a conference center, credit union/bank, cafeteria, coffee shop, fitness center, bike room, e-bar, game room and green space. Construction is underway with completion slated for late 2025. Ryan Cos. US Inc. is the developer. Steve Clifford of Associated Bank handled the loan arrangements and closing. The syndicated deal included a total of four lenders. Associated Bank served as joint lead arranger and administrative agent, holding $50 million of the total financing package. The other three lenders were First National Bank of Omaha, Alerus Financial NA and Johnson Bank.
LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a mixed-use multifamily and commercial portfolio in Layton, approximately 25 miles north of Salt Lake City. The 6.3-acre site features a newly constructed apartment community and two commercial buildings. The multifamily portion totals 252 units, and the two commercial buildings offer a total of 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space. Daniel Kattan of PGIM secured the financing for the borrower.
BLOOMINGTON, IND. — Greystone Monticello has provided a $36.3 million bridge loan for a 226-unit student housing property in Bloomington. Greystone intends to transition the asset to a permanent exit with a HUD-insured green financing. Michael Zukerman and Adam Lipkin of Greystone originated the loan. Borrower information was not provided. The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.
AUSTIN, TEXAS — Landmark Properties has recapitalized The Standard at Austin, a 934-bed student housing community that serves students at the University of Texas at Austin. Completed in 2021, the development offers studio through six-bedroom units. Shared amenities include a fitness center, study lounges and a rooftop pool deck with a jumbotron. TSB Capital Advisors arranged debt for the transaction. Specific details on the breakdown of debt and equity within the recapitalization were not disclosed.
JERSEY CITY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has funded two loans totaling $243 million for a pair of multifamily properties in the Journal Square area of Jersey City. In the first transaction, SCALE provided a $160 million construction loan for a 27-story project that will be located at 626 Newark Ave. The property will house 576 units, 9,915 square feet of street-level retail and 17,747 square feet of office space, with construction slated for a 2026 completion. In the second deal, SCALE provided an $83 million bridge loan for a 27-story, 235-unit building located at 26 Van Reipen Ave. that includes 7,562 square feet of retail and 7,546 square feet of office space. Proceeds from this loan will be used to retire construction debt and fund lease-up and stabilization costs. Drew Fletcher and Bryan Grover of Greystone arranged both loans on behalf of the borrower, Namdar Group.
MassHousing Provides $21M in Financing for Mixed-Income Housing Project in Shrewsbury, Massachusetts
SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income housing project in Shrewsbury, located just outside of Worcester. The borrower and developer is WinnCos. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. Of the 93 units, 56 will be reserved for households earning between 30 and 60 percent of the area median income, while 21 will be designated as workforce housing. The remaining 16 apartments will be rented at market rates. Units will come in studio, one-, two- and three-bedroom floor plans. Construction is underway and expected to last about 18 months.
HENDERSON, COLO. — BridgeCore has provided $12.8 million in expedited refinancing for a single-tenant industrial building in Henderson. This is the first financing provided under BridgeCore’s new Middle Market Loan Program, which launched in fall 2023 as an alternative to traditional life insurance company financing. BridgeCore structured a three-year loan with 18 months of yield maintenance for the undisclosed borrower. The borrower required an expedited transaction, which closed prior to year-end 2023, due to a bank loan that matured at the end of September 2023. The borrower also required cash-out proceeds for repatriation of capital, which was available with the 64 percent loan-to-value refinance.
ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the first floor with elevated walkways throughout. Under an existing Housing Assistance Payment contract, 496 of the community’s apartments are reserved for residents earning up to 50 percent of the area median income (AMI), with 30 apartments set aside for those earning 60 percent or less of AMI. Renovations for the 557,602-square-foot community will include kitchen upgrades and bathroom refurbishment in each unit, and renovations to common areas including the lobby, community room, management office, maintenance shop and parking garage. The project will also include the addition of a community garden, seating and grilling area, bocce ball courts, fitness room, game room, reading nook, two community rooms, new mailboxes and a …
WASHINGTON, D.C. — Red Oak Capital Holdings has provided a $5.8 million bridge loan for Hawaii Avenue Apartments, an affordable housing property located at 89 and 93 Hawaii Ave. NE in Washington, D.C.’s Brookland neighborhood. The borrower, an entity doing business as Legacy Lofts II & III, will use the funds to acquire and rehabilitate the property into 22 apartments that will be rented under the D.C. Housing Authority’s Choice Voucher Program. The project involves converting the vacant units at the two buildings into 12 two-bedroom and 10 three-bedroom apartments with projected monthly rents of $2,439 and $3,256, respectively. The rehabilitation is expected to be finished within a year, with full stabilization by late 2025, according to Red Oak Capital. The interest-only loan carries a 12-month term with two six-month extension options and an all-in interest rate of 11 percent. The financing was underwritten based on the property’s forecast stabilized value of $8 million.