Loans

JLL Arranges $29.5M Loan for Industrial Park in Southwest Charlotte

by John Nelson May 2, 2023

CHARLOTTE, N.C. — JLL has arranged $29.5 million in financing for Whitehall Tech Center, a three-building industrial park totaling 279,150 square feet in Charlotte’s Southwest submarket. The third building in the development, Whitehall III, will break ground this quarter. Kevin MacKenzie, Peter Thompson and Taylor Alison of JLL arranged the three-year, floating-rate loan through an undisclosed life insurance company on behalf of the borrower, CIP Real Estate. Whitehall Tech Center is situated on nearly 27 acres close to I-77 and I-485. At full completion, the park will feature a combined 493 parking stalls, clear heights ranging from 20 to 28 feet and 57 dock-high doors.

May 2, 2023

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $23.3M Refinancing for Queen Anne Manor Seniors Housing Community in Seattle

by Jeff Shaw May 2, 2023

SEATTLE — CBRE National Senior Housing has arranged a $23.3 million refinancing for Queen Anne Manor, a 93-unit assisted living and memory care community in Seattle. Aron Will, Adam Mincberg and Michael Cregan of CBRE National Senior Housing arranged the 10-year bridge loan with three years of interest-only payments through a national bank. The borrower is Capitol Seniors Housing. Originally built in 1908 as Seattle’s Children’s Orthopedic Hospital, the community was converted to seniors housing in 1982. Extensively renovated in 2015, the community is located two miles from downtown Seattle in the prominent, high-barrier-to-entry Queen Anne Hill neighborhood. The community offers views of Seattle’s downtown skyline to its south, the Olympic Mountains and the Puget Sound to its west and the Cascade Mountains to its east. Nearby amenities include marinas, Seattle’s waterfront, and the Seattle Center that features the Space Needle, Key Arena, Pacific Science Center, Seattle Opera House and the Monorail train system. Capitol originally acquired the property in 2016 to complement a portfolio of assets in the Pacific Northwest. Senior Services of America operates the asset under a third-party management agreement.

May 2, 2023

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $4M Loan for Refinancing of Multifamily Property in Traverse City, Michigan

by Kristin Harlow May 2, 2023

TRAVERSE CITY, MICH. — Bernard Financial Group has arranged a $4 million loan for the refinancing of Tradewinds Terrace, a 122-unit multifamily property in Traverse City. Dennis Bernard and Joshua Bernard of the firm arranged the loan on behalf of the borrower, an entity doing business as Tradewinds Terrace Owner LLC. Ameritas Life Insurance Co. provided the loan, terms of which were undisclosed.

May 2, 2023

Loans Midwest Missouri Retail

Axiom Capital Arranges $3M Loan for Refinancing of Retail Building in Farmington, Missouri

by Kristin Harlow May 2, 2023

FARMINGTON, MO. — Axiom Capital Corp. has arranged a $3 million loan for the refinancing of a 51,373-square-foot retail building in Farmington, a city in eastern Missouri. Built in 2016, the single-tenant property is occupied by Hobby Lobby. The nonrecourse loan features a five-year term and a fixed interest rate. The lender and borrower were not provided.

May 2, 2023

California Loans Retail Western

RA Centers Arranges $72M Refinancing for Western Retail Portfolio

by Jeff Shaw May 1, 2023

NEWPORT BEACH, CALIF. — RA Centers has arranged $72 million for the refinancing of a portfolio comprising four shopping centers. Located in Redlands, California, the first property, Orange Street Plaza, totals 155,000 square feet. Vons, Trader Joes, Office Depot and U.S. Bank anchor the center, which was 99 percent occupied at the time of financing. The second property, Front Gate Plaza, is located in Lancaster, California, and comprises 150,000 square feet. Stater Brothers, Goodwill, Wells Fargo, McDonalds, Taco Bell and The Habit anchor the center, which was 90 percent occupied at the time of financing. Pueblo Shopping Center in Pueblo, Colorado, was 90 percent occupied and is anchored by King Soopers, CATO, Dollar Tree, Dominos and Sally Beauty. Essencia Medical Facility, VA Clinic, Harbor Freight, Hobby Lobby, JoAnn’s Fabrics, Planet Fitness, LongHorn Steakhouse, Gate City Bank and Perkins anchor the fourth property, Gateway Fashion Mall. Located in Bismarck, North Dakota, the center totals 385,000 square feet and was 85 percent occupied at the time of financing. Raymond Arjmand of RA Centers secured the financing through JP Morgan with Logan Ahlers.

May 1, 2023

Loans New York Northeast Office Top Stories

SL Green Receives $500M Refinancing for Third Avenue Office Building in Midtown Manhattan

by Taylor Williams May 1, 2023

NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $500 million in funds to refinance debt on 919 Third Avenue, a 1.5 million-square-foot office building in Midtown Manhattan. Designed by international architecture firm Skidmore, Owings & Merrill, the 47-story building was originally completed in 1970. It was designed to accommodate an existing New York City landmark, famed restaurant and saloon P.J. Clarke’s. SL Green owns the building in partnership with an institutional investor advised by J.P. Morgan Global Alternatives. The property is 80 percent leased to tenants such as Bloomberg, which expanded by an additional five floors last winter, as well as law firm Shulte Roth & Zabel LLP. Another law firm, Cohen Clair Lans Greifer & Simpson LLP, became the building’s newest tenant when it inked a 17,862-square-foot deal last month. A consortium of lenders led by New York City-based Aareal Capital Corp. and French lender Credit Agricole Corporate & Investment Bank provided the financing. James Millon, Tom Traynor and Mark Finan of CBRE arranged the debt. The loan bears interest at a rate of 250 basis points above the Secured Overnight Financing Rate (SOFR), which closed at 4.81 percent on Friday, …

May 1, 2023

Acquisitions Loans Multifamily Southeast West Virginia

KeyBank Arranges $33M Acquisition Financing for Meadow Creek Apartments in Bridgeport, West Virginia

by John Nelson April 28, 2023

BRIDGEPORT, W.VA. — KeyBank Real Estate Capital (KBREC) has arranged a $33 million loan for the acquisition of Meadow Creek Apartments, a multifamily community located in Bridgeport. Built in 2017 on 31.5 acres, the property comprises 29 buildings ranging from two to four stories. Alan Isenstadt, Pranav Sarda and John Ward of KBREC structured the fixed-rate Fannie Mae loan. Moshe Feiner of Sevenstone Capital arranged the financing on behalf of the undisclosed borrower.

April 28, 2023

Development Florida Loans Mixed-Use Southeast

Forman Capital Acquires $24.1M Loan Secured by Development Site in Miami

by John Nelson April 28, 2023

MIAMI — Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans for a mixed-use development. The property is zoned for up to 1,800 residential units. Hermitage Palmer Land LLC provided the acquisition loan.

April 28, 2023

Indiana Loans Midwest Multifamily

Greystone Provides $40.1M in Fannie Mae Financing for Two Multifamily Properties in Indianapolis

by Kristin Harlow April 28, 2023

INDIANAPOLIS — Greystone has provided $40.1 million in Fannie Mae DUS financing for two multifamily properties totaling 408 units in Indianapolis. Dan Sacks and Avi Kozlowski of Greystone originated the loans. In the first transaction, Greystone provided a $23.5 million Fannie Mae Green Rewards loan with a 10-year term and 30-year amortization. The 26-building property was constructed in 1972 and features 200 units. Loan proceeds enable the borrower to acquire and make improvements to the community. In the second transaction, Greystone secured a $16.6 million fixed-rate loan that features a 10-year term and 35-year amortization. The garden-style community was built in 1970 and consists of 208 units across 24 buildings. In addition to refinancing, loan proceeds enable the borrower to make improvements and monetize a portion of its equity.

April 28, 2023

Loans Midwest Retail Wisconsin

Bellwether Enterprise Arranges $6.2M Acquisition Loan for Retail Center in Brookfield, Wisconsin

by Kristin Harlow April 27, 2023

BROOKFIELD, WIS. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $6.2 million loan for the acquisition of Shoppes of Brookfield Commons, a retail center in the Milwaukee suburb of Brookfield. The two-building property totals 42,356 square feet. At the time of loan closing, the asset was 54 percent leased. Ryan Morris of BWE arranged the loan on behalf of the borrower, CapRock Real Estate. Ameritas Investment Partners provided the three-year loan, which features a fixed interest rate along with $1 million of future funding for capital improvements and leasing efforts.

April 27, 2023

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