Thursday, November 28, 2024
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CaliforniaLoansRetailWestern

PSRS Arranges $5M Refinancing for Six Retail Properties in Southern California’s Inland Empire

by Amy Works

RIVERSIDE AND SAN BERNARDINO, CALIF. — PSRS has arranged a $5 million loan for the refinancing of six non-contiguous retail properties, totaling 38,000 square feet in Riverside and San Bernardino counties. The portfolio loan enabled the undisclosed borrower to cash out and restructure high-interest-rate private financing. Michael Warner of PSRS secured the financing, which features five years of interest-only payments, a 30-year amortization and no prepayment penalties. A credit union is providing the capital.

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1600-S-Azusa-Ave-City-of-Industry-CA
AcquisitionsCaliforniaLoansRetailWestern

RCB Equities, REDA Receive $115M Acquisition Loan for Puente Hills Mall in City of Industry, California

by Amy Works

CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.

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LoansMixed-UseMultifamilyRetailWashingtonWestern

MainStreet Property, HAL Real Estate Obtain $77M Refinancing for Mixed-Use Property in Woodinville, Washington

by Amy Works

WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.

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LoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $8.9M Acquisition Loan for Multifamily Property in Suburban Minneapolis

by Kristin Harlow

BROOKLYN PARK, MINN. — Colliers Mortgage has provided an $8.9 million Fannie Mae loan for the acquisition of The Groves of Brooklyn Park Apartment Homes. The 120-unit multifamily property is situated in the Minneapolis suburb of Brooklyn Park. Tony Carlson of Colliers originated the nonrecourse loan, which features a five-year term. The borrower was undisclosed.

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AcquisitionsLoansMultifamilySoutheastTennessee

Colliers Mortgage Provides $8.1M Agency Acquisition Loan for Apartment Community in Clarksville, Tennessee

by John Nelson

CLARKSVILLE, TENN. — Colliers Mortgage has provided an $8.1 million Fannie Mae loan for the acquisition of East Johnson Apartments, an 86-unit market-rate community in Clarksville, about 50 miles northwest of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the five-year loan on behalf of the borrower, an entity doing business as East Johnson LLC. Built in 2023, East Johnson Apartments features amenities including electric vehicle charging stations and a dog park.

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HospitalityLoansTexas

Benefit Street Partners Funds $48.7M Loan for Refinancing of Downtown Austin Hotel

by Taylor Williams

AUSTIN, TEXAS — Benefit Street Partners has funded a $48.7 million bridge loan for the refinancing of the 212-room Cambria Austin Downtown hotel. The 16-story, 223,975-square-foot hotel opened last fall. Amenities include a pool, fitness center, 24-hour market and 15,000 square feet of meeting/event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. Charlie Ryan of Atlanta-based Hunter Hotel Advisors arranged the loan on behalf of the borrower, a partnership between an affiliate of California-based Stratus Development Partners and Maryland-based operator Choice Hotels International Inc.

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LoansMultifamilyTexas

PACE Equity Provides $5.1M in C-PACE Financing for Downtown San Antonio Apartment Building

by Taylor Williams

SAN ANTONIO — PACE Equity has provided $5.1 million in C-PACE (commercial property-assessed clean energy) financing for The Travis Building, an apartment building in downtown San Antonio. According to Apartments.com, the Travis Building was redeveloped in 2023 and offers one- and two-bedroom units, as well as amenities such as a fitness center, business center and onsite laundry facilities. The borrower was not disclosed.

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LoansNew YorkNortheastRetail

Largo Capital Arranges $9.3M Permanent Loan for Shopping Center in Orange County, New York

by Taylor Williams

ORANGE COUNTY, N.Y. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $9.3 million permanent loan for a shopping center in Orange County. The site is located near the nexus of New York, New Jersey and Pennsylvania. Grocer Save a Lot anchors the unnamed center, which totals 97,740 square feet and was 85 percent leased at the time of the loan closing. Jack Phillips of Largo Capital originated the debt. The direct lender and borrower were not disclosed.

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4080-N-Palm-St-Fullerton-CA
CaliforniaIndustrialLoansWestern

Gantry Arranges $15.5M Recapitalization for Fullerton Brea Business Park in Fullerton, California

by Amy Works

FULLERTON, CALIF. — Gantry has arranged a $15.5 million permanent loan to recapitalize the Fullerton Brea Business Park in Fullerton following the recent all-cash purchase of the asset. Located at 4010-4080 N. Palm St. in the Orange County city, the industrial park offers 111,000 square feet of rentable space spread across eight multi-tenant buildings. Andy Bratt, Peter Welsh and Sean Kuang of Gantry secured the loan on behalf of the borrower, a private real estate investor. One of Gantry’s life company correspondents provided the five-year, fixed-rate loan with full-term interest-only payments and prepayment flexibility.

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IndustrialLoansTexas

CanTex Capital Refinances 893,738 SF Manufacturing Facility in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based investment firm CanTex Capital has refinanced Sylvania Industrial Park, an 893,738-square-foot manufacturing facility in Fort Worth. Sylvania Industrial Park sits on 55 acres and was leased to 15 tenants at the time of the loan closing, including Tyson Foods, TK Airport Solutions, JR New Energy and Andes Coil Processors. Jim Curtin, Jarrod McCabe, Luke Rogers and Jordan Buck of JLL arranged the three-year, floating-rate loan through MetLife Investment Management on behalf of CanTex Capital. The loan amount was not disclosed.

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