NEWPORT BEACH, CALIF. — California-based investment firm KBS has received loan facilities totaling approximately $480 million for the refinancing of a portfolio of office buildings in Texas, Minnesota and California. The Texas component includes Legacy Town Center, a three-building, 522,043-square-foot complex in Plano, and Sterling Plaza, a 313,609-square-foot building that was originally built in 1984 in the Preston Center submarket of Dallas. The Minnesota building is 60 South Sixth, a 40-story complex in downtown Minneapolis. In California, the facility covers Ten Almaden, a 17-story building in downtown San Jose, and two of the three buildings within the Towers at Emeryville development, which is also located in the Bay Area. The facility extends the loan commitment to January 2027, with two additional 12-month extension options and provides for $15 million in new funding for leasing costs and related capital improvements and other property-level expenses.
TACOMA, WASH. — Gantry has arranged a $21.4 million mortgage for the sale of James Center, a 140,240-square-foot retail center located in Tacoma. The loan, which carries a fixed rate, 10-year term and 30-year amortization schedule, was funded by a life insurance company. Gantry will service the loan. A partnership affiliate of Bellevue, Wash.-based Rosen Harbottle Commercial Real Estate purchased the property, which is situated on roughly 16 acres and anchored by Fred Meyer. Additional tenants at the center include Rite Aid, U.S. Bank, IHOP, Taco Bell, MultiCare Health System and FedEx. Alan Hergert and Tim Brown of Gantry’s Seattle office represented the borrower.
LOS ANGELES — Priority Capital Advisory has arranged a $21 million land and predevelopment loan for the recapitalization of a 2.1-acre site on behalf of Grubb Properties. Located at 1000 S. Vermont St. in Los Angeles’ Koreatown neighborhood, the fully entitled development is the site of Link Apartments Kora, a planned mixed-use multifamily project. Once completed, the seven-story project will offer 241 apartments and 50,630 square feet of ground-floor retail space. Grubb Properties acquired the parcel in February 2022 and has performed demolition and preparation on the site that is now shovel-ready with vertical construction slated to begin in September and completion scheduled for July 2028. Link Apartments Kora will feature 36 studio units (two affordable), 123 one-bedroom/one-bath units (six affordable) and 82 two-bedroom/two-bath units (four affordable). Community amenities will include a half-acre deck, pool, spa, fitness center, coworking space, two lounges, two rooftop decks and a dog run and wash. Grubb Properties’ Link Apartments brand is aimed at servicing the essential housing crisis in the United States. Link Apartments are focused on intelligent design and desired resident amenities that provide a lower cost, urban infill living opportunity.
NEW YORK CITY — QuadReal Property Group has provided a $49.5 million loan for the refinancing of Arris Grand, a 113-unit apartment building in the Clinton Hill area of Brooklyn. The nine-story building was completed in 2024 includes three retail suites totaling 7,127 square feet. Units come in studio, one- and two-bedroom floor plans, and 34 units are reserved as affordable housing. Amenities include a rooftop terrace with grilling and dining stations, fitness center, media and gaming lounges, coworking and study spaces and a pet spa. Alan Blank, Zach Kraft and Gideon Gil from Cushman & Wakefield arranged the fixed-rate loan on behalf of the borrower, Haussmann Development.
SOMERVILLE, MASS. — Gantry, a commercial mortgage banking firm based in San Francisco, has arranged a $30 million loan for the refinancing of a 101,000-square-foot medical office building in Somerville, located just outside of Boston. The building at 40 Holland St. is known as Davis Square Center and was fully leased at the time of the loan closing, with regional provider Atrius Health serving as the anchor. Andy Bratt and Sean Kuang of Gantry arranged the five-year, fixed-rate loan, which carries a 30-year amortization schedule, on behalf of the owner, an undisclosed healthcare REIT. An unnamed insurance company provided the debt.
LYNNWOOD, WASH. — IRA Capital has received $58 million in financing for Quail Park of Lynnwood, a 253-unit seniors housing community located at 4015 164th St. in Lynnwood. Alanna Ellis, John Chun and Zach Brantley of JLL Capital Markets Seniors Housing team placed the three-year, floating-rate senior loan with a regional bank. Additionally, Dean Ferris of JLL handled the sale of the property to IRA Capital in June 2024. Built in two phases in 2013 and 2020, the first phase consists of 131 independent living, assisted living and memory care units, and the second phase features 122 independent living and assisted living units, including 26 cottages and 16 enhanced assisted living units for a full continuum of care. Units offer studio, one- and two-bedroom floor plans, averaging 720 square feet with full kitchens. Community amenities include a fitness center, movie theater, putting green, walking trails, bistro and pub, meditation room, sustainable gardening and a host of activities, outings and social celebrations.
MAPLE GROVE, MINN. — JLL Capital Markets has provided a $33.2 million Fannie Mae loan for the refinancing of Risor of Maple Grove, a luxury 55+ community in the Minneapolis suburb of Maple Grove. The 169-unit property, completed in June 2023, rises four stories with a mix of studios, one- and two-bedroom units averaging 1,002 square feet. Amenities include a clubroom, golf simulator, wine bar, indoor pool and spa, pickleball court and top-floor sky lounge. Scott Loving, Scott Streiff, Gary Marchiori and Will Hintz of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Roers Cos.
BUCKEYE AND YUMA, ARIZ., AND SANTA CLARITA, CALIF. — JLL and HJ Sims have arranged $239.7 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation — Ativo Portfolio, a seniors housing portfolio in Arizona and California. The portfolio includes 430 independent living, assisting living and memory care units. There are two ground-up development communities and one acquisition — Ativo of Sundance in Buckeye, Ativo of Yuma in Yuma and Ativo of Santa Clarita within the Sand Canyon Plaza master-planned community in Santa Clarita. On behalf of Integrated Senior Foundation, JLL’s Seniors Housing Capital Markets team, in collaboration with the bond underwriting team of HJ Sims and JLL Securities, secured fixed-rate financing with a final maturity of 40 years. The financing consisted of $218.2 million of publicly offered tax-exempt senior series 2025A bonds, $5.9 million of taxable senior series 2025B bonds and $15.5 million of tax-exempt subordinate 2025C bonds. Slated for completion in 2027, Ativo of Sundance will feature 102 independent living units, 75 assisted living units and 30 memory care beds, while Ativo of Santa Clarita will feature 51 independent living units, 65 assisted living units and 28 memory care beds, with completion scheduled for later this year. Ativo …
ANAHEIM, CALIF. — NewPoint Real Estate Capital has provided an $82 million Fannie Mae loan to facilitate the acquisition of Park Vista Apartment Homes, a garden-style affordable housing community in Anaheim. Los Angeles-based BLDG Partners purchased the 392-unit property, which is 100 percent mission with all units being affordable at 60 percent of the area median income or lower. Martin Fayer of NewPoint originated the fixed-rate loan, which has a seven-year term with five years of interest-only payments. Originally constructed in 1959 and renovated in 2001, Park Vista consists of 93 two-story buildings spread across 20 acres in southeast Los Angeles. Community amenities include laundry facilities, a pool and barbecue grill, as well as picnic and playground areas.
CHICAGO — Newmark has arranged a $110 million loan for the refinancing of Cityfront Place, a 39-story luxury apartment tower in downtown Chicago. The borrowers, Strategic Properties of North America and Mirae Asset Securities, acquired the 480-unit property in 2020 and implemented a renovation plan, modernizing unit interiors and common areas while maintaining occupancy above 95 percent throughout the improvement period. The renovations contributed to a more than 60 percent increase in net operating income. Positioned along the Chicago River in the Streeterville neighborhood, Cityfront Place offers studio, one- and two-bedroom units. Amenities include a fitness center, indoor pool, rooftop terrace, resident lounge, indoor parking and direct access to the Riverwalk. Charles Han, Henry Stimler, Bill Weber, Matt Mense, Dan Sarsfield and Ricky Warner of Newmark arranged the financing.