Loans

PCCP Provides $42M Refinancing for 610,025 SF Industrial Building in Lathrop, California

by Amy Works November 21, 2023

LATHROP, CALIF. — PCCP has provided a $42 million senior loan to a joint venture between Phelan Development and LaSalle Investment Management. The transaction will refinance debt on an industrial building in the San Joaquin Valley city of Lathrop. Situated on 26.3 acres at 18755 Business Park Court, the 610,025-square-foot, cross-dock distribution building was built in December 2021. The facility features 36-foot clear height, excess trailer parking (130 stalls), truck court depths of 175 feet to 180 feet and finished office space. The property is currently 50 percent leased to a third-party logistics company. The asset is part of Lathrop Gateway, a 10-building, 175-acre site that the borrower is building across three phases, with the first two phases already complete.

November 21, 2023

California Development Hospitality Loans Western

Gantry Arranges $8.5M Loan for Hard Rock Hotel Development in Long Beach, California

by Amy Works November 21, 2023

LONG BEACH, CALIF. — Gantry has arranged $8.7 million of early-phase financing covering the land acquisition for a Hard Rock Hotel development at 100 E. Ocean Blvd. in Long Beach. Project details were announced last week. The planned hotel will feature 427 rooms and suites, a rooftop bar, speakeasy theater and other Hard Rock-brand amenities. Construction is scheduled to commence in summer 2024 for an opening in spring 2027. Andy Bratt, Amit Tyagi, Stefan Malmlund and Sean Kuang of Gantry’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned hotel. One of Gantry’s affiliated debt fund lenders provided the loan, which offers interest-only terms at a fixed rate with extension options.

November 21, 2023

Loans Multifamily Texas

Eastern Union Arranges $17.5M Acquisition Loan for Metro Houston Apartments

by Taylor Williams November 20, 2023

BAYTOWN, TEXAS — New York City-based Eastern Union has arranged a $17.5 million acquisition loan for The Lakes at Madera, a 392-unit apartment complex located in the eastern Houston suburb of Baytown. Built in 1983, The Lakes at Madera comprises 22 two-story buildings on a 20-acre parcel. The unit mix consists of 242 one-bedroom units, 120 two-bedroom apartments and 30 three-bedroom residences. Yoel Goldberg, Michael Muller, Alex Jaffa and Mikael Rechdiener led the transaction for Eastern Union. Arbor Realty Trust provided the debt. The borrower was not disclosed.

November 20, 2023

California Loans Office Western

Gantry Arranges $15.3M Loan for DaVita-Occupied Office Building in El Segundo, California

by Amy Works November 20, 2023

EL SEGUNDO, CALIF. — Gantry has arranged $15.3 million in permanent financing for a single-tenant office building located at 601 Hawaii St. in El Segundo, a suburb of Los Angeles. Mark Ritchie, Amit Tygai and Alicia Sabanero of Gantry secured the financing on behalf of the borrower, a private real estate investor. A conduit lender provided the five-year, fixed-rate loan, which features interest-only payments for the life of the loan. Healthcare provider DaVita occupies the 51,000-square-foot property as its regional headquarters and national training facility. The asset features extensive tenant improvements, including an energy management system that generates 75 percent of energy used on site.

November 20, 2023

Loans New Jersey Northeast Retail

JLL Arranges Refinancing of 700,000 SF Roxbury Mall in Northern New Jersey

by Taylor Williams November 20, 2023

SUCCASUNNA, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of Roxbury Mall, a 700,000-square-foot regional power center located in the Northern New Jersey community of Succasunna. Grocer ShopRite anchors the center, and other tenants include Home Depot, Kohl’s, Ramsey Outdoors, Petco, Panera and Planet Fitness. Roxbury Mall also includes a 60,000-square-foot medical office building with a surgery center and a 30,000-square-foot office building. Jon Mikula, Jim Cadranell and Ryan Carroll of JLL arranged the 10-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Roxville Associates.

November 20, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $6.2M in Financing for Affordable Seniors Housing Complex in Sandwich, Massachusetts

by Taylor Williams November 20, 2023

SANDWICH, MASS. — MassHousing has provided $6.2 million in financing for Shawme Heights Apartments, a 44-unit affordable seniors housing complex located in the Cape Cod town of Sandwich. The borrower, nonprofit owner-operator Sandwich Senior Housing Corp., will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert.

November 20, 2023

Loans Multifamily Seniors Housing Texas

CRC Provides $2.1M HUD-Insured Loan for Refinancing of Metro Austin Seniors Housing Complex

by Taylor Williams November 17, 2023

PFLUGERVILLE, TEXAS — Cambridge Realty Capital (CRC), a lender with offices in Chicago and Los Angeles, has provided a $2.1 million HUD-insured loan for the refinancing of Wells Point Lodge, a 60-bed seniors housing complex located in the northern Austin suburb of Pflugerville. Anthony Marino of CRC originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company.

November 17, 2023

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $225M in Agency Financing for Bronx Affordable Housing Properties

by Taylor Williams November 17, 2023

NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in The Bronx. The properties comprise 18 buildings and 983 units that carry a range of income restrictions. The borrower is a joint venture between The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. Proceeds will be used to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, plumbing improvements and common area maintenance. Completion is slated for September 2025.

November 17, 2023

Loans Multifamily New Jersey Northeast

Eastern Union Arranges $74.2M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams November 17, 2023

TEANECK, N.J. — Eastern Union has secured a $74.2 million construction loan for a 256-unit, six-story multifamily project that is currently under development at 329 Alfred Ave. in the Northern New Jersey community of Teaneck. The loan carries a 36-month term, 75-percent loan-to-cost ratio and a fixed interest rate of 7.8 percent with interest-only payments for the full term. Gabriel Sasson of Eastern Union originated the financing, a portion of which will be used to retire existing debt. The borrower and direct lender were not disclosed.

November 17, 2023

Illinois Loans Midwest Multifamily

American Street Capital Arranges $4.2M Loan for Refinancing of Apartment Complex in Loves Park, Illinois

by Kristin Harlow November 17, 2023

LOVES PARK, ILL. — American Street Capital (ASC) has arranged a $4.2 million CMBS loan for the refinancing of an apartment complex in Loves Park, about five miles north of Rockford. Built in 1969, the complex consists of 60 units across eight buildings. Units come in one-, two- and three-bedroom layouts. Igor Zhizhin of ASC arranged the 10-year loan, which features a fixed interest rate and two years of interest-only payments. The borrower was a seasoned owner-operator in the market.

November 17, 2023

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