Loans

JLL Arranges $99M Refinancing for The Fitzgerald Apartment Community in Denver

by Amy Works November 15, 2023

DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, an 11-story multifamily property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital for the borrower, Greystar. Built in 2022, The Fitzgerald features 282 studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Community amenities include an indoor/outdoor fitness and wellness studio; onsite retail collection; coworking spaces; private meeting rooms; and a pool deck, spa and a social lounge with barbecues, fire pits and TVs. The Fitzgerald is located at 1840 Market St.

November 15, 2023

Loans Maryland Multifamily Southeast

PGIM Provides $188M Refinancing for Multifamily Portfolio in Downtown Silver Spring, Maryland

by John Nelson November 14, 2023

SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for a five-property multifamily portfolio in downtown Silver Spring. The borrower, Tower Cos., is using the fixed-rate loan to refinance The Blairs, a 1,396-unit portfolio that comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are situated within a master-planned community that Tower Cos. owns. In 2012, The Blairs was the first multifamily residential campus to receive the LEED Gold certification for operations and maintenance, according to PGIM.

November 14, 2023

Georgia Loans Southeast Student Housing

Vesper Recapitalizes 850-Bed Student Housing Community Near Kennesaw State University in Metro Atlanta

by John Nelson November 14, 2023

KENNESAW, GA. — Vesper Holdings has recapitalized West 22, an 850-bed student housing property located near the Kennesaw State University campus in metro Atlanta. Vesper owns the community through a joint venture partnership with an undisclosed investor. West 22 offers a mix of cottage and apartment units in one- through five-bedroom configurations. Shared amenities include a two-story fitness center, outdoor kitchen, basketball court, sand volleyball court, firepit and a hammock garden. The partnership plans to execute $3 million in capital improvements at the property over the next two years, including the addition of new flooring in units, lighting and cabinet upgrades, the addition of Nest thermostats and smart locks, and renovations to the clubhouse, gym and swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team represented Vesper in the transaction, along with CBRE’s Kevin Geiger and Shea Campbell. Timothy Bradley and Austin Kinn of TSB Capital Advisors arranged the financing on behalf of the joint venture.

November 14, 2023

California Development Hospitality Loans Western

Greenrock Capital, Petros PACE Arrange $62.6M C-PACE Financing for Appellation Healdsburg Hotel in Sonoma County

by Amy Works November 14, 2023

HEALDSBURG, CALIF. — Greenrock Capital and Petros PACE Finance have arranged $62.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the construction of the Appellation Healdsburg in Sonoma County. CCS Healdsburg Hotel LLC — a partnership between Comstock Development Co., Wine Country Holdings (an affiliate of Appellation) and HVH Investment — will develop the property for the new culinary-forward luxury hotel brand and operator, Appellation. Slated to open in 2025, the 108-room hotel will offer a 160-seat Charlie Palmer signature restaurant and bar, a rooftop bar, fitness club, spa, two pools and 15,000 square feet of meeting and event space. The project is being developed as part of the broader North Village mixed-use master plan, which is located two miles north of downtown Healdsburg.

November 14, 2023

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Rockabill, BWE Provide $16.9M Agency Loan for Refinancing of Yonkers Seniors Housing Property

by Taylor Williams November 14, 2023

YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan for the refinancing of Monastery Manor, a 147-unit affordable seniors housing property located just north of New York City in Yonkers. Units are designated for persons 62 years and older who earn no more than 50 percent of the area median income (AMI). The borrower, nonprofit owner-operator Finian Sullivan Corp., will use a portion of the proceeds to fund renovations and extend the property’s affordability status. Jim Gillespie and Ilya Weinstein of BWE originated the loan.

November 14, 2023

Loans New Jersey Northeast Retail

G.S. Wilcox Arranges $16M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams November 14, 2023

FLEMINGTON, N.J. — Locally based financial intermediary G.S. Wilcox Co. has arranged a $16 million loan for the refinancing of a 170,000-square-foot shopping center in the Northern New Jersey community of Flemington. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the loan, which carried a 10-year term, 30-year amortization schedule and flexible prepayment options, through an undisclosed life insurance company. The borrower was also not disclosed.

November 14, 2023

Loans Multifamily North Carolina Southeast

NewPoint Provides $58M Refinancing for Apartment Community in Metro Raleigh

by John Nelson November 13, 2023

RALEIGH, N.C. — NewPoint Real Estate Capital has provided a $58 million Freddie Mac loan for the refinancing of an apartment community located in the greater Raleigh area. Built in two phases, the unnamed property comprises 400 residences in a mix of one-, two- and three-bedroom units. Amenities at the community include a swimming pool with a splash pad and outdoor cabanas, 24-hour fitness center, game room, business center, playground, pet park, grilling areas and an outdoor multi-sport court. Mike Ortlip of NewPoint originated the fixed-rate loan, which features a five-year term with full interest-only payments. The borrower was not disclosed.

November 13, 2023

Industrial Loans Texas

JLL Arranges Permanent Financing for 301,120 SF Industrial Facility in Rockwall, Texas

by Taylor Williams November 13, 2023

ROCKWALL, TEXAS — JLL has arranged an undisclosed amount of permanent financing for Rockwall Distribution Center, a 301,120-square-foot industrial facility located on the eastern outskirts of Dallas. Delivered in March, Rockwall Distribution Center features 32-foot clear heights, an ESFR sprinkler system, 68 dock-high loading doors, 62 trailer parking spots and 185-foot truck court depths. Aldon Cole, John Rose, Will Mogk and Brad Vansant of JLL arranged the financing through an undisclosed direct lender on behalf of the borrower, San Diego-based investment firm Westcore.

November 13, 2023

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $8.9M Refinancing for Industrial Outdoor Storage Site in New Jersey

by Taylor Williams November 13, 2023

SOUTH PLAINFIELD, N.J. — Cushman & Wakefield has arranged an $8.9 million refinancing for an industrial outdoor storage site in South Plainfield, about 40 miles south of Manhattan. The site spans 3.9 acres and houses an 11,500-square-foot warehouse, a paved and lit parking and outdoor storage space. The property is leased to EquipmentShare, a Missouri-based construction technology firm. John Alascio, T.J. Sullivan, Chuck Kohaut and Chris Meloni of Cushman & Wakefield arranged the financing through Lakeland Bank on behalf of the borrower, a partnership between Boston-based investment firm Marcus Partners and New Jersey-based Ridgecut Road.

November 13, 2023

California Industrial Loans Western

CBRE Arranges $9M in Financing for Industrial Asset in Alameda, California

by Amy Works November 13, 2023

ALAMEDA, CALIF. — CBRE has arranged $9 million in refinancing for a multi-tenant industrial building located at 800 W. Tower Ave. in the Bay Area city of Alameda. Situated on 6.8 acres, the fully occupied facility features 32-foot clear heights and 20 hanger-style doors, which form the east and west facades of the building. Bob Ybarra, Jim Korinek, Bruce Francis, Shaun Moothart, Doug Birrell and Nick Santangelo of CBRE Capital Markets Debt and Structured Finance secured the 25-year loan, which is fully amortizing with a rate reset at the end of every five years of the loan. The borrower and use of the funds were not disclosed.

November 13, 2023

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