Loans

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Residential Project in Port St. Lucie, Florida

by John Nelson August 16, 2023

PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.

August 16, 2023

Arizona Industrial Loans Western

Baker Development Receives $39M Refinancing for Yuma143 Industrial Property in Goodyear, Arizona

by Amy Works August 16, 2023

GOODYEAR, ARIZ. — Phoenix-based Baker Development Corp., along with joint venture partner GTIS Partners, has secured a $39 million loan to refinance Yuma|143, a Class A industrial project in Goodyear. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Tim Polglase of Newmark Debt and Structured Finance arranged the financing, which Arizona Bank and Trust provided. Located at 14160 and 14170 W. Yuma Road, the 490,278-square-foot property features a 300,100-square-foot building, fully leased by HelloFresh subsidiary Factor 75, and a 190,178-square-foot facility occupied by Apex Tool Group and Romac Industries. Yuma|143 features up to 40-foot clear heights, insulated dock-high and grade-level doors, full concrete truck courts, clerestory windows and generous parking. The project’s development team included Butler Design Group as architect and Hunter Engineering as engineer. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are the project’s leasing brokers.

August 16, 2023

Acquisitions California Loans Office Western

Kairos Investment Provides Acquisition Financing for 156,600 SF The Commons of Valencia Office Complex in California

by Amy Works August 15, 2023

VALENCIA, CALIF. — Kairos Investment Management has provided a senior bridge loan to Harbor Associates for the acquisition of The Commons of Valencia, a 156,600-square-foot, Class A office complex in Valencia. Terms of the financing were not released. Located at 25152 and 25124 Springfield Court, the complex features two three-story buildings and a two-story parking structure, with 12 electric vehicle charging spots, 170 stalls within a covered structure and 622 stalls in total. Recent renovations at the property include added tenant-friendly updates to the common areas, including the lobbies, furnished outdoor spaces and landscaping.

August 15, 2023

California Loans Retail Western

Gantry Arranges $14.2M Refinancing for Retail Center in Milpitas, California

by Amy Works August 15, 2023

MILPITAS, CALIF. — Gantry has secured a $14.2 million permanent loan to refinance a neighborhood retail center in Milpitas. The shopping center features 48,000 square feet of retail space. Andrew Mekjavich, Ben Johnson and Erinn Cooke of Gantry’s San Francisco production office secured the loan for the borrower, a private real estate entity. A regional bank provided the fixed-rate loan, which was structured to retire a debt facility that Gantry placed in 2018.

August 15, 2023

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Cushman & Wakefield Arranges $62M Construction Financing for Multifamily Development in Leland, North Carolina

by John Nelson August 15, 2023

LELAND, N.C. — Cushman & Wakefield has arranged $62 million in construction financing for The Village at Compass Pointe, a 268-unit multifamily development coming to a 25-acre site in Leland, about 10 miles west of Wilmington, N.C. The property will feature 140 single-family rental townhomes and 128 traditional apartments in two four-story, elevator-serviced buildings. Gideon Gil, Zachary Kraft, Sebastian Sanchez and Dale Braverman of Cushman & Wakefield originated the loan through Dwight Mortgage Trust on behalf of the borrowers, SR Real Estate Partners and Circle Squared Alternative Investments. Upon completion, Village at Compass Pointe will feature two clubhouses, cabana pools and pickleball courts. The first units are expected to be delivered in January 2025.

August 15, 2023

Loans Multifamily New York Northeast

JLL Arranges $233M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams August 15, 2023

NEW YORK CITY — JLL has arranged a $233 million construction loan for the ground-up development of a 569-unit multifamily project in Brooklyn. The site is located at 54 Crown St. in the borough’s Crown Heights neighborhood. Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley of JLL arranged the floating-rate loan through Goldman Sachs Asset Management. According to Crain’s New York Business, the borrower was San Francisco-based Carmel Partners. Information on floor plans, amenities and a construction timeline was not disclosed.

August 15, 2023

Illinois Loans Midwest Multifamily

Wells Fargo Arranges $145M in Financing for Porte Apartments in Chicago

by Kristin Harlow August 14, 2023

CHICAGO — Wells Fargo’s Multifamily Capital group has arranged $145 million in construction take-out financing for Porte Apartments, a 586-unit apartment complex in Chicago’s West Loop. Intercontinental Real Estate Corp. was the borrower. The five-year loan features a fixed interest rate. Situated at 845 W. Madison St., Porte Apartments was built in 2020. Units range from 557 to 1,396 square feet. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming areas. Ten percent of the units are designated as affordable and are set aside for residents making less than 60 percent of the area median income.

August 14, 2023

Loans Midwest Multifamily Ohio Seniors Housing

Ziegler Arranges $59.9M Bond Financing for Seniors Housing Operator Ohio Living

by Kristin Harlow August 11, 2023

WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.

August 11, 2023

Development Loans Mixed-Use Multifamily Southeast Student Housing Tennessee Top Stories

Joint Venture Receives $233.3M Construction Financing for Hub Knoxville Student Housing Project Near University of Tennessee

by Jeff Shaw August 11, 2023

KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

August 11, 2023

Development Florida Hospitality Loans Southeast

Madison Realty Capital Originates $240M Acquisition Loan for Orlando Resort

by John Nelson August 10, 2023

ORLANDO, FLA. — Madison Realty Capital has originated a $240 million acquisition loan for a 526-unit single-family rental development underway in Orlando. The borrowers, Baseline Property Group and JSB Capital Group, also secured a $40 million mezzanine loan from a private foreign family office. The previous owner was not disclosed. Baseline’s sister company, Villatel, will operate the units as resort-style, short-term rentals upon completion. Situated on 77 acres along International Drive, the Villatel Orlando Resort will comprise 256 condominiums, 200 townhomes and 70 single-family homes. Many units will include private pools, movie theaters and arcade and gaming spaces. The resort will also feature a private $20 million amenity center that will include a clubhouse, water park with seven slides, lazy river, water playground, pool, fitness center, golfing swing suite, arcades, children’s playrooms and eateries. The resort’s initial homes are expected to be available for rent in the fourth quarter, and all units are expected to be delivered into the rental pool by summer 2025.

August 10, 2023

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