Loans

JLL Arranges $32M Loan for Crenshaw Plaza Retail Center in Los Angeles

by Amy Works February 14, 2025

LOS ANGELES — JLL Capital Markets has secured a $32 million senior loan for Crenshaw Plaza, a shopping center located at 3210 W. Slauson Ave. in Los Angeles. The borrower is a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate. Originally built in 1967 and renovated in 2004, Crenshaw Plaza offers 146,901 square feet of retail space. The asset is currently 97 percent leased and anchored by a new 15-year lease with Vallarta Supermarkets. Additional tenants include Planet Fitness, Foot Locker and AutoZone. Spencer Bergthold, Charles Halladay and Daniel Skerrett of JLL Capital Markets Debt Advisory arranged the three-year, floating-rate loan through Forbright Bank. Loan proceeds will be used to refinance the existing loan, cover closing costs and fund future leasing expenses.

February 14, 2025

Arizona Loans Retail Western

Common Bond Development Receives $16.5M in Financing for Sterling Grove Shopping Center in Surprise, Arizona

by Amy Works February 14, 2025

SURPRISE, ARIZ. — Common Bond Development Group has received $16.5 million in senior financing for Sterling Grove Shopping Center, a grocery-anchored retail property located at 17124 W. Peoria Ave. in Surprise. Developed by the borrower in 2023, Sterling Grove is fully occupied by a mix of national and regional tenants, including Safeway as anchor tenant. Other tenants include a Safeway Fuel station, McDonald’s, Starbucks Coffee and Taco Bell. Jason Carlos of JLL Capital Markets led the Debt Advisory team in securing the permanent financing through a correspondent relationship with Nationwide on behalf of the borrower.

February 14, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

BWE Arranges $20M in Permanent Financing for Active Adult Community in Metro Minneapolis

by Kristin Harlow February 14, 2025

CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.

February 14, 2025

Loans New York Northeast Retail

Cronheim Mortgage Arranges $3M in Financing for Long Island Shopping Center

by Taylor Williams February 14, 2025

MEDFORD, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged $3 million in financing for a 69,350-square-foot shopping center in the Long Island community of Medford. The name of the property was not disclosed. Pool supplies retailer Island Recreational anchors the center, which was originally built in 1968 and has a roster of 15 tenants, including Dollar Tree and Dunkin’. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the debt. The borrower and direct lender were not disclosed.

February 14, 2025

Hospitality Loans Texas

Avatar Financial Provides $4.3M Bridge Loan for IHG-Branded Hotel in Portland, Texas

by Taylor Williams February 13, 2025

PORTLAND, TEXAS — Seattle-based lender Avatar Financial Group has provided a $4.3 million bridge loan for the 95-room hotel Portland, located outside of Corpus Christi. The four-story, newly built hotel is operated by Avid, which is part of the InterContinental Hotel Group (IHG) family of brands. The sponsor is a joint venture between Viriginia-based Loudoun Hospitality Management and Atlanta-based fund manager Octave Acquisitions.

February 13, 2025

BevMo! and Staples are tenants at the 600,000-square-foot The Plaza at Golden Valley in Santa Clarita, Calif.

California Loans Retail Western

Gantry Arranges $46.5M in Refinancing for Shopping Center in Santa Clarita, California

by Amy Works February 13, 2025

SANTA CLARITA, CALIF. — Gantry has arranged $46.5 million in permanent loans for the refinancing of The Plaza at Golden Valley, a regional power center in Santa Clarita, a northern suburb of Los Angeles. Located at 19001-19415 Golden Valley Road, the property offers more than 600,000 square feet of total leasable space. Current tenants include Trader Joe’s, Staples, BevMo!, TJ Maxx, Panera Bread, Chili’s, PetSmart, Popeyes, McDonald’s, Chipotle, Bath & Body Works, Daiso, The Habit Burger and The Kebab Shop. The asset is shadow anchored by Target, Lowe’s Home Improvement and Kohl’s. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry represented the borrower, a single private real estate investor, in the financing. The 10-year, fixed-rate loans were placed with two of Gantry’s insurance company correspondents and feature interest-only introductory periods, nonrecourse terms and 30-year amortizations. Gantry will service the loans.

February 13, 2025

Colorado Loans Multifamily Western

JLL Provides $18.7M Loan for Red Table Apartments in Gypsum, Colorado

by Amy Works February 13, 2025

GYPSUM, COLO. — JLL Capital Markets has provided an $18.7 million Freddie Mac loan for Red Table Apartments, a multifamily property in Gypsum. Tony Nargi of JLL Capital Market’s Debt Advisory led the team that arranged the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Located at 765 Red Table Drive, Red Table Apartments offers 77 studio, one- and two-bedroom units in a three-story building. Units feature hard surface LVP flooring, stainless steel appliances and butcher box countertops. Situated on 3.5 acres, the community offers commercial laundry facilities, a basketball court, community grills, a picnic patio area and 45 attached and detached garages. The property was built in 2009 and expanded in 2018.

February 13, 2025

Hospitality Loans Texas

IPA Arranges $79M in Financing for Renovation of Historic San Antonio Hotel

by Taylor Williams February 12, 2025

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $79 million in financing for the renovation of the historic El Tropicano Hotel in San Antonio. Originally built in 1962, the El Tropicano is located in the city’s River Walk area. Following the renovation, the property will feature 315 guestrooms, an 8,065-square-foot pool deck and more than 16,000 square feet of event space and food-and-beverage outlets. Jordan Ray, James Matheny, Steven Buchwald and Rachael Krawiecki of IPA arranged the financing through Fortress Investment Group on behalf of the owner, Trestle Studio.

February 12, 2025

Illinois Loans Midwest

Mesirow Expands Structured Debt Capabilities with Launch of SASB Platform

by Kristin Harlow February 12, 2025

CHICAGO — Chicago-based financial services firm Mesirow has expanded its structured debt capabilities with the launch of its Single-Asset Single-Borrower (SASB) platform. Mesirow says the platform is designed to address the evolving needs of borrowers in today’s challenging debt capital markets environment by providing access to the highly liquid and efficient CMBS markets, while also delivering customized solutions traditionally reserved for larger issuers. Mesirow’s SASB platform caters to transactions starting at $50 million. Additionally, Mesirow continues its role post-closing as an administrative agent, facilitating post-close borrower dialogue with certificate holders in the securitization trust through its loan servicing platform. This service mirrors the relationship management borrowers typically experience in syndicated bank transactions. To support the growth of its SASB platform, Mesirow is investing in new talent, including the addition of Thomas Chang and Simon Mui, two seasoned capital markets professionals with over 20 years of experience in CMBS.

February 12, 2025

Affordable Housing Loans Multifamily Northeast Pennsylvania

Lument Provides $24.8M Agency Acquisition Loan for Metro Philadelphia Affordable Housing Complex

by Taylor Williams February 12, 2025

LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, a northeastern suburb of Philadelphia. The name of the property, which was built in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations, was not disclosed. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer, an affiliate of New Jersey-based owner-operator Silverstein Properties. Zach Schwartz of Brook Hollow Capital acted as the mortgage broker on the deal.

February 12, 2025

Newer Posts

Older Posts