HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 17,250-square-foot industrial flex property located at 850 E. Little York Road in Houston. According to LoopNet Inc., the property was built in 1975 and features 12-foot clear heights, two dock-high doors and six drive-in doors. Michael Borden of Northmarq arranged the nonrecourse loan, which carried a five-year term, fixed interest rate and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
NEW YORK CITY — Locally based investment firm Ashkenazy Acquisition Corp. has received a $20.6 million loan for the refinancing of a 25,673-square-foot retail property located along Third Avenue on Manhattan’s Upper East Side. The property was fully leased at the time of the loan closing. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the 10-year, fixed-rate acquisition loan through Bank of Montreal on behalf of ownership.
DALLAS — KeyBank Real Estate Capital has provided NexPoint Residential Trust (NYSE: NXRT) with an $807.5 million Freddie Mac loan to refinance debt on 19 garden-style, market-rate multifamily properties across Texas, Florida, Nevada, Georgia, Arizona and North Carolina. NexPoint is a publicly traded real estate investment trust based in Dallas. Various properties in the portfolio are equipped with smart home technology, as well as a variety of individual and community amenities. Creekside at Matthews, for instance, is a 240-unit complex located in the Matthews suburb of Charlotte, North Carolina. The property offers one-, two- and three-bedroom floor plans with features such as slate or stainless steel appliances, washers and dryers, patios and garden-style bathtubs. Community amenities at Creekside include a playground, business center, clubhouse, courtyard, nature trail, a swimming pool and Wi-Fi in common areas. Meanwhile, Silverbrook Apartments in Grand Prairie, Texas, comprises 642 one-, two- and three-bedroom units and includes community amenities such as a business center, fitness center, dog park, volleyball court, tennis court, picnic area and three swimming pools. Individual units feature washers and dryers, ceiling fans, fireplaces and private patios. Christopher Black, Brendan O’Keefe and Christopher Neil of KeyBank’s Commercial Mortgage Group originated and structured the …
HOUSTON — Northmarq has arranged a $5.5 million acquisition loan for a 72,649-square-foot industrial flex property in northeast Houston. Matt Franke of Northmarq arranged the loan, which carried a five-year term and a 25-year amortization schedule, through a national bank. The borrower was not disclosed. According to LoopNet Inc., the property at 6410 Cavalcade St. was built on 4.9 acres in 1976 and features 17- to 22-foot clear heights.
TROY, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged $3.8 million in construction and permanent financing for a mixed-use redevelopment project in Troy, a northern suburb of Albany. The project will convert a 21,235-square-foot historic building into a 14-unit multifamily complex with 6,048 square feet of commercial space. A local bank provided the loan to the borrower and developer, with both parties requesting anonymity. Construction is expected to last about 18 months.
CHARLOTTE, N.C. — Urban Atlantic, in partnership with Inlivian and its nonprofit development subsidiary, Horizon Development Properties (HDP), has secured $84 million in debt and public financing for the construction of Trella Uptown, a mixed-income apartment community to be built at 426 North Tryon Street in uptown Charlotte. Inlivian is the City of Charlotte’s housing authority. Totaling 353 units and 330,000 square feet, the community will feature 106 affordable housing units. Of these, 35 will be reserved for residents earning 80 percent of area median income (AMI); two will be for residents earning 60 percent of AMI; 37 will be for residents earning 50 percent of AMI; and 32 will be for residents earning 30 percent or less of AMI. C.O.R.E. Programs Inc. will provide supportive services to residents in the latter category. Chase Bank provided two separate loans, including $50.6 million for the construction of Trella Uptown’s market-rate units and $16.3 million for the construction of the property’s affordable units. HDP will also provide a $7.8 million construction loan. The City of Charlotte is providing $3.2 million from its Housing Trust Fund, and Mecklenburg County is providing $6 million in the form of an affordable housing grant. Other capital …
RESTON, VA. — Artemis has provided $74.7 million in financing for the construction of a dual-branded Marriott AC Hotel and Residence Inn at Reston Town Center in Reston, approximately 20 miles northwest of Washington, D.C. Jamie Leachman and Chris Hew of JLL arranged the financing on behalf of the borrow and developer, The Donohoe Cos. Totaling 267 guest rooms and designed by Atlanta-based Cooper Carry Architects, the project will include a 120-room extended-stay Residence Inn and a 147-room boutique AC Hotel. Additionally, the development will feature 34,000 square feet of restaurant and retail space. Amenities will include a shared lobby, 8,000 square feet of meeting space, an indoor pool and a fitness facility. Completion of the project, which is already under construction, is scheduled for late 2024. Donohoe Hospitality will operate the hotels, and Complete Building Services will provide facilities management services.
ROCHESTER, MINN. — Northmarq has provided a $12.5 million Freddie Mac loan for the acquisition of Timberland Heights in Rochester. The 147-unit multifamily property, built in 1975, is located at 1515 41st St. NW. Amenities include a fitness center, pool, clubhouse, playground and laundry facilities. Mike Padilla of Northmarq originated the 10-year loan, which features four years of interest-only payments and a 30-year amortization schedule. The borrower was not provided.
PARSIPPANY, N.J. — New York Life has provided a $146.6 million construction loan for The District at 15fifteen, a 498-unit multifamily project that will be located in the Northern New Jersey community of Parsippany. The three-building development will include 58,866 square feet of retail space and 1,062 parking spaces. The amenity package will comprise a pool, rooftop lounge, fitness center, conference center and sport simulator rooms. John Alascio, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, a joint venture between Claremont Development, Stanbery Development Group and PCCP.
OCOEE, FLA. — JLL has arranged a $45.1 million construction loan for Commerce 429, an eight-building industrial park located on a 40-acre site at 1290 Ocoee Apopka Road in the Orlando suburb of Ocoee. The borrower, locally based industrial developer McCraney Property Co., plans to develop Commerce 429 in two phases, the first of which will comprise six rear-load buildings with sizes ranging from 27,000 to 131,000 square feet. Phase II will feature two rear-load buildings spanning approximately 76,000 square feet and 95,000 square feet. Melissa Rose, Michael DiCosimo and Mateo Bolivar of JLL arranged the four-year loan through an undisclosed lender on behalf of McCraney.