INDIANAPOLIS — Indianapolis-based Scannell Properties has received funding from Manulife Investment Management for the recapitalization of a 35-property industrial portfolio. The portfolio includes assets in 17 markets totaling 10.4 million square feet and valued at $1.2 billion. Scannell says the financing provides additional liquidity that it will use to create further value through completion of construction, leasing management and operation. The portfolio includes properties in various stages of development. Further details were not provided.
MARYSVILLE, WASH. — CBRE has arranged $47 million in construction financing for Motto Apartments, a multifamily property in Marysville, 35 miles north of Seattle. Intracorp Homes is developing the 228-unit community. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Construction of the project will begin with the close of financing. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Completion is slated for early 2026.
LAS VEGAS — Calmwater Capital has provided $23.2 million in short-term, first-mortgage debt to a Los Angeles-based private investor for the purchase of Decatur 215 Plaza, a shopping center in northwest Las Vegas. Built in 2013, the 126,678-square-foot property is fully leased to a mix of national and regional tenants including Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. Approximately 90 percent of the tenants have occupied the center since 2016. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater originated the loan for the borrower.
CHAMPAIGN, ILL. — BWE has arranged a $10 million preferred equity investment to finance the acquisition of a portfolio of student housing properties near the University of Illinois Urbana-Champaign. The portfolio includes 616 beds across 170 units. Mike Guterman of BWE arranged the financing on behalf of an East Coast-based student housing owner and operator. The capital stack includes a five-year senior loan with a loan-to-cost ratio of 60 percent from a Midwest regional bank. The seller was a multigenerational ownership group that had held the properties for 100 years. The buyer plans to renovate and redevelop some of the properties.
SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit, garden-style affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Built in 2003 and recently renovated, Canvas at Savannah features one-, two- and three-bedroom units averaging a little more than 1,000 square feet in size. Amenities include a fitness center, coffee bar, package lockers and a resort-style swimming pool.
NORTH BETHESDA, MD. — JLL has arranged a $92.3 million construction loan for a 354-unit, 12-story luxury apartment community planned for North Bethesda, a Maryland suburb of Washington, D.C. Located at 5400 McGrath Blvd., the project is dubbed Parcel H. Jon Mikula, Jim Cadranell, Jamie Leachman and Ryan Carroll of JLL arranged the four-year, floating-rate loan through SMBC on behalf of the borrower, LCOR. Upon completion, the development will offer one-, two- and three-bedroom units, as well as nine penthouse units, averaging 881 square feet in size. Amenities will include a fitness center, outdoor pool, courtyard with grilling stations and fire pits, resident lounge with coworking stations, designated meeting rooms and tech pods, indoor and outdoor children’s’ playrooms, a dog park and a penthouse lounge featuring gaming areas and a golf simulator. Parcel H represents the final property within The Quad, a four-property portfolio of apartment communities in North Bethesda built by LCOR. The other three properties include Wentworth House (built in 2008), Aurora (2014) and Arrowood (2021). Together, The Quad will total 1,300 adjacent apartments operated by LCOR.
LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the proceeds to refinance debt on The View, a 13-story multifamily building in the Koreatown neighborhood of Los Angeles. Located at 3460 W. 7th St., The View features 158 studio, one- and two-bedroom units in a variety of floorplans. CIM Group acquired The View in August 2013 following the completion of a comprehensive renovation of the property, which was originally built in 1965. MWest and BGO purchased the asset in December 2018 after CIM Group completed a variety of improvements to the residences and the property’s leasing and management. The current owners have continued to invest in upkeep and improvements to the property, including its common areas and community amenities.
SALT LAKE CITY — JLL Capital Markets has arranged the sale of and financing for Sandy Commerce Park, a Class A creative office property at 9490 S 300 West in Salt Lake City. Nuveen Real Estate sold the asset to Alturas Capital Partners for an undisclosed price. Completed in 2017, the five-story 121,197-square-foot building features 25,000-square-foot average floorplates, floor-to-ceiling glass curtain walls and 360-degree views of the Wasatch and Oquirrh mountains. At the time of sale, the property was fully leased to eight tenants with an average weighted lease term of 3.7 years. Phil Brierly and Cole Macadaeg of JLL’s investment sales and advisory team represented the seller in the deal. Mark Root and Will Haass of JLL’s debt advisory team secured a five-year, fixed-rate acquisition loan through a life insurance company for the buyer.
LOS ANGELES — Gantry has arranged $21.6 million in construction-to-permanent financing for the development of a grocery-anchored retail project in the Studio City submarket of Los Angeles. Located at 11265-11321 Ventura Blvd., the project will feature 33,700 square feet of retail space. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year loan, which one of the firm’s correspondent lenders provided, for the private real estate entity borrower.
AMHERST, MASS. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, about 90 miles west of Boston. The property will house a mix of one-, two- and three-bedroom units and roughly 7,000 square feet of ground-floor commercial space. Ned Perlman of Largo Capital arranged the financing. The names of the direct lender and borrower were not disclosed.