SAN ANTONIO — Byline Bank has provided a $14 million construction loan for a 257,000-square-foot industrial project in San Antonio. The 16-acre site is located near the intersection of Rittiman Road and Woodlake Center Drive on the city’s northeast side. The rear-load building will feature 32-foot clear heights and dedicated trailer parking. The borrower is a joint venture between TradeLane Properties and Phelan Development Co. A tentative completion date was not disclosed.
DENVER — Walker & Dunlop has arranged a $55 million refinancing for DoubleTree by Hilton Hotel Denver, a two-tower hotel in Denver’s Central Park submarket. Located at 3203 Quebec St., the 561-key hotel offers an indoor pool, hot tub, fitness center, on-site restaurant, business center and meeting rooms. Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Diaz, Triston Stegall and Christopher de Raet of Walker & Dunlop arranged the loan for the borrowers, Taconic Capital Advisors LP, Pyramid Global Hospitality and Triangle Capital Group. Hudson Bay Capital provided the nonrecourse loan that carries an initial two-year term with a 12-month extension option.
GRAPEVINE, TEXAS — New York City-based development and investment firm GTIS Partners has broken ground on 121 Commerce Center, a 272,160-square-foot industrial project located near Dallas-Fort Worth International Airport in Grapevine. The site spans 17 acres, and the facility will feature 36-foot clear heights, 135-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Construction is scheduled to be complete before the end of the year. Stream Realty Partners has been appointed as the leasing agent. First Citizens Bank provided $24.5 million in financing for the project.
ANAHEIM, CALIF. — PSRS has arranged $9.1 million in refinancing for Cortona Inn and Suites, a hotel property in Anaheim. Situated in the heart of Anaheim Resort, the hotel features 127 guest rooms. Cortona Inn and Suites is adjacent to Anaheim Convention Center and walking distance from Disneyland. Mike Thorp and Ari Zeen of PSRS secured a seven-year loan, provided with a bank execution, for the undisclosed borrower.
MassDevelopment Provides $11M Bond Financing for Student Housing Project in Fitchburg, Massachusetts
FITCHBURG, MASS. — MassDevelopment has provided $11 million in tax-exempt bond financing for a student housing project in Fitchburg, about 55 miles west of Boston. The project will add a two-story building to the campus of Applewild School, a private day and boarding school, that will house 20 bedrooms for 40 students and six faculty apartments. Construction is underway and expected to be complete before the start of the fall 2024 semester. Proceeds will also be used to fund renovations to the preschool and toddler facilities in the Marshall Building. Enterprise Bank purchased the bond.
BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $6 million bridge loan for a multifamily conversion project in Buffalo. The project will convert a 272,000-square-foot office complex in the downtown area that was formerly known as the Atrium Building into a residential building with an undetermined number of units. Kevin Coscia and Ned Perlman of Largo arranged the debt. The direct lender and borrower were not disclosed.
ELWOOD, ILL. — PGIM Real Estate has provided a $74.5 million loan for the acquisition of a three-property industrial portfolio in Elwood, about 40 miles southwest of Chicago. The fully leased buildings total 1.7 million square feet and are located within the CenterPoint Intermodal Center. The properties feature access to the BNSF intermodal terminal. PGIM provided the fixed-rate financing on behalf of Stonepeak.
WAUKEGAN, ILL. — BWE has provided an $8.3 million Fannie Mae loan for the acquisition of Brookstone Apartments in the Chicago suburb of Waukegan. Built in 1986, the garden-style affordable housing property features 168 units across four buildings. Of the total units, 50 are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are designated for residents earning up to 60 percent of AMI. Adam Gould of BWE originated the 10-year loan, which features 36 months of interest-only payments and a 30-year amortization secured by a first lien.
CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing building in Cincinnati. The 14-story property was constructed in 1971. Amenities include a community room, mail room and central laundry area. The first floor features 7,500 square feet of commercial space. Victor Agusta Jr. of BWE originated the seven-year loan, which features 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years.
NEWARK, N.J. — JLL has arranged $81 million in permanent financing for a 224,900-square-foot, newly constructed industrial building located in Newark. The 12.2-acre site at 100 Frontage Road is adjacent to Newark Liberty International Airport, and the building is fully leased to United Airlines. Building features include a clear height of 40 feet, 41 dock-high doors and parking for 130 cars and 38 trailers. Jim Cadranell, Greg Nalbandian and Michael Lachs of JLL arranged the five-year, interest-only loan through an undisclosed life insurance company. The borrower was Seagis Property Group.