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Loans

230-Classon-Ave.-Brooklyn
LoansMultifamilyNew YorkNortheast

Cushman & Wakefield Arranges $56M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has arranged a $56 million loan for the refinancing of a 138-unit apartment building located at 230 Classon Ave. in Brooklyn’s Clinton Hill neighborhood. The building houses one- and two-bedroom units and offers amenities such as a private landscaped park, coworking lounge, gaming terrace, fitness center and outdoor grilling and dining stations. Gideon Gil, Zach Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the fixed-rate loan through QuadReal Property Group on behalf of the borrower, Quinlan Development Group.

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LoansMultifamilyStudent HousingTexas

BWE Arranges Acquisition Financing for 488-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — BWE has arranged an undisclosed amount of acquisition financing for The Junction, a 488-bed student housing property located near Texas State University in San Marcos. The community offers a mix of two-, three- and four-bedroom units. Amenities include a pool and a fitness center. The borrower, Campus Realty Advisors, will use a portion of the proceeds to fund capital improvements, including the addition of a new clubhouse, leasing center, study areas and community gathering space. Renovations will also include refreshed exterior paint, upgraded HVAC systems and water heater replacement, new property fencing and updates to the community’s security system, signage and landscaping. Chris Carroll and Max Miller of BWE arranged the financing through Byline Bank.

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ConnecticutLoansNortheastRetail

Cronheim Mortgage Arranges $24M Permanent Loan for Shopping Center in Avon, Connecticut

by Taylor Williams

AVON, CONN. — New Jersey-based Cronheim Mortgage has arranged a $24 million permanent loan for Avon Marketplace, a 78,687-square-foot shopping center located on the western outskirts of Hartford. The center was built on 17.3 acres in 1994 and is home to tenants such as ULTA Beauty, Athleta, LensCrafters, GAP Factory, New Balance, Starbucks and Verizon Wireless. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim arranged the loan, which carried two years of interest-only payments and a 25-year amortization schedule. The borrower and direct lender were not disclosed.

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LoansMixed-UseSoutheastTennessee

JLL Arranges $135M Refinancing for Cummins Station Mixed-Use Development in Nashville’s Gulch District

by John Nelson

NASHVILLE, TENN. — JLL has arranged a $135 million loan for the refinancing of Cummins Station, an adaptive reuse mixed-use development in Nashville’s Gulch district spanning 408,000 square feet. JLL arranged the five-year, fixed-rate loan on behalf of the borrower, DZL Management. Located at 209 10th Ave. S, Cummins Station features creative office spaces and 46,000 square feet of retail space. According to the property website, current office tenants include DZL, Gibson Brands, Serendipity Labs, Bohler, Unlock Health, Eventbrite, Revive and Wayspring. Retailers include Gibson Garage, Morning Glory Deli, Pullman Standard and Wild Wasabi. The brick property dates back to 1906.

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LoansMultifamilySoutheastTennessee

Woodfield Development Obtains $53.7M Loan for Margaux Midtown Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — Woodfield Development has obtained a $53.7 million loan for the refinancing of Margaux Midtown, a 292-unit apartment community located in Nashville’s Midtown neighborhood. Adam Bieber and Alec Jenkins of BWE’s Washington, D.C., office arranged the senior loan through the company’s bridge program on behalf of Woodfield Development. Delivered in 2023, Margaux Midtown features a fitness center, clubroom with mini duck bowling, private yoga room, dedicated work pods, complimentary coffee, sky lounge and rooftop terrace, speakeasy with a performance stage, resort-style swimming pool and a podcast room.

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Affordable HousingDevelopmentLoansMidwestMinnesotaMultifamily

Wells Fargo Provides $65.5M in Construction Financing for Affordable Housing Project in South Minneapolis

by Kristin Harlow

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing. The 110-unit affordable housing project marks the first mixed-use affordable housing development to be built in South Minneapolis since the 2020 social uprisings, according to a news release. In addition to the units, the six-story property will feature first-floor commercial space for small businesses and a new Wells Fargo branch. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The redevelopment at 3030 Nicollet Ave. is the result of a community outreach process that included eight community listening sessions hosted by the developer, Project for Pride in Living, as well as the Cultural Wellness Center and Wells Fargo.

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Syracuse-MOB-Syracuse-UT
DevelopmentHealthcareLoansOfficeUtahWestern

JLL Arranges Equity for Development of Syracuse Medical Office Building in Utah

by Amy Works

SYRACUSE, UTAH — JLL has arranged an equity placement for the Syracuse Medical Office Building development in Syracuse, approximately 30 miles north of Salt Lake City. CJ Kodani and Mark Root of JLL Capital Markets secured the equity through Chesnut Healthcare Real Estate for the developer, Fort Street Partners. Located at 3000 W. Antelope Drive, the 20,399-square-foot medical office building is fully pre-leased by three regional physical groups. Completed is slated for 2025.

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LoansMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $9.4M Agency Loan for Refinancing of East Harlem Apartment Complex

by Taylor Williams

NEW YORK CITY — Locally based financial intermediary Ariel Property Advisors has arranged a $9.4 million Fannie Mae loan for the refinancing of Olga Mendez Apartments, a 77-unit multifamily complex in East Harlem. The two-building property is located at 1652 Park Ave. and 91 E. 116th St. Matt Swerdlow and Matt Dzbanek of Ariel Property Advisors placed the nonrecourse loan, which was structured with three years of interest-only payments and seven years of payments at a fixed interest rate of 5.56 percent, through PGIM. The borrower was not disclosed.

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GeorgiaLoansMultifamilySoutheast

KeyBank Provides $42.9M Agency Refinancing for Apartment Community in Dawsonville, Georgia

by John Nelson

DAWSONVILLE, GA. — KeyBank Real Estate Capital has provided a $42.9 million Fannie Mae loan for the refinancing of Pointe Grande Dawsonville, a 300-unit apartment community in metro Atlanta. Justin Ownby and Patrick Fitzgerald of KeyBank’s Commercial Mortgage Group originated the financing on behalf of the borrower, Central Florida-based Hillpointe. Built between 2022 and 2023, the garden-style property is situated on a 23.5-acre parcel and features 12 three-story apartment buildings, as well as a 24-hour fitness center, resort-style pool with private cabanas, 24-hour conference and business center, Starbucks coffee/tea bar and a bark park with agility equipment and a pet spa.

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AcquisitionsDistrict of ColumbiaLoansRetailSoutheast

Gantry Arranges $22.3M Acquisition Financing for Target-Anchored Shopping Center in DC

by John Nelson

WASHINGTON, D.C. — Gantry has arranged a $22.3 million acquisition loan for Cityline at Tenley, a Target-anchored shopping center located at 4500 Wisconsin Ave. NW in Washington, D.C.’s Tenleytown neighborhood. The center is part of a mixed-use development that also features 204 condominiums. Other retail tenants at the 89,000-square-foot retail property include Ace Hardware and Bank of America. Cityline at Tenley is situated above a Metro station near American University and across Wisconsin Avenue from a Whole Foods Market grocery store, Wawa and Chick-fil-A. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the fixed-rate financing through a life insurance company on behalf of the borrower, Lincoln Property Co. The loan features a seven-year term with five years of interest-only payments followed by a 30-year amortization schedule.

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