Loans

JLL Arranges $190M Refinancing for Legacy Place Shopping Center in Dedham, Massachusetts

by Taylor Williams June 5, 2023

DEDHAM, MASS. — JLL has arranged a $190 million loan for the refinancing of Legacy Place, a 675,000-square-foot shopping center in Dedham, a southwestern suburb of Boston. Whole Foods Market, The Apple Store, L.L. Bean and Showcase Cinemas anchor the center, which was built in phases between 2008 and 2009 and renovated between 2020 and 2022. Other tenants include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House. The property sits on a 37-acre site at the corner of I-95 and U.S. Route 1 within a trade area that totals more than 1.3 million people. A syndicate of lenders consisting of Wells Fargo and Truist provided the financing to the borrower, a partnership between Boston-based WS Development and Nuveen Real Estate. Brett Paulsrud, Henry Schaffer, Hugh Doherty, Chris Angelone and Zach Nitsche of JLL arranged the debt. Specific loan terms were not disclosed. According to the capital markets team that worked on the deal, Whole Foods is the most highly trafficked store in Massachusetts for the Austin-based grocer, and Legacy Place as a whole is the most visited lifestyle center in New England. “This transaction further proves that in spite of macroeconomic headwinds, large-format retail properties in premier …

June 5, 2023

California Loans Retail Western

CBRE Arranges $15M Refinancing for Lincoln Square Shopping Center in Oakland, California

by Jeff Shaw June 2, 2023

OAKLAND, CALIF. — CBRE has arranged a $15 million loan for the refinancing of Lincoln Square Shopping Center in Oakland. Safeway anchors the property, which comprises three buildings with 14 tenant suites. Other tenants at the center include CVS/pharmacy, Peet’s Coffee, Jamba Juice and the UPS Store. Originally built in 1963, the property underwent extensive redevelopment in 2019. Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra of CBRE arranged the non-recourse, 10-year, interest-only loan on behalf of the borrower, a California-based private retail real estate operating company.

June 2, 2023

Loans Multifamily New Jersey Northeast

Pearlmark Provides $10M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams June 2, 2023

ELIZABETH, N.J. — Chicago-based lender and investment firm Pearlmark has provided a $10 million mezzanine loan for the refinancing of Vinty Apartments, a 267-unit multifamily property located in the Northern New Jersey community of Elizabeth. The five-story building includes 27,000 square feet of retail space that is 68 percent leased. The property offers studio, one- and two-bedroom units and amenities such as a game room, fitness center and a juice bar. Michael Klein and Steven Klein of JLL arranged the debt on behalf of the sponsor, a partnership between LeCesse Development Corp. and MAS Development Group. Vinty Apartments was 85 percent occupied at the time of the loan closing. Argentic Investment Management provided the senior loan, which totaled $97.2 million.

June 2, 2023

Arizona Development Loans Mixed-Use Multifamily Top Stories Western

McBride Cohen Receives Financing for First Phase of 3.2 MSF Mixed-Use Project in Tempe, Arizona

by Jeff Shaw June 2, 2023

TEMPE, ARIZ. — The McBride Cohen Co. has received a $53.2 million mezzanine loan to develop the first phase of South Pier at Tempe Town Lake, a waterfront mixed-use project in Tempe. South Pier is a seven-phase project that will span 18 acres and 3.2 million square feet along the southern shoreline of Tempe Town Lake. The first phase of South Pier will consist of 724 multifamily units across three towers, as well as parking garage with 850 spaces, 280 spaces of surface parking and 26,500 square feet of ground-floor commercial space. Construction on the first phase began in January and is slated for completion by spring 2026. The Davis Experience is the architect for the project and Clayco is the general contractor. At full build-out, South Pier will offer 18 total buildings, including thousands of housing units, 600,000 square feet of high-rise office space, two hotels and South Pier Isle, an entertainment district providing dining, retail, night life and entertainment venues. South Pier Isle also includes the Arizona Amazing Wheel, an 80-meter-tall observation wheel. The development site is located adjacent to the main campus of Arizona State University. Pearlmark originated the mezzanine loan on behalf of Pearlmark Mezzanine Realty …

June 2, 2023

Loans Lument Multifamily Oregon Seniors Housing Western

Lument Funds $14.7M Bridge Loan for Arcadia Senior Living in Portland, Oregon

by Jeff Shaw June 1, 2023

PORTLAND, ORE. — Lument has provided a $14.7 million proprietary bridge loan to refinance Arcadia Senior Living, a 68-unit assisted living community in Portland. Casey Moore, managing director with Lument in San Diego, led the transaction for Lument. The bridge loan refinances outstanding debt, provides earn-out proceeds and positions Arcadia for a future HUD refinancing. Built in 2019, Avant Senior Housing & Consulting LLC operates the community. Arcadia is owned by a partnership whose principal, Kelvin Ng, represented the borrower in this transaction.

June 1, 2023

Arizona Healthcare Loans Multifamily Seniors Housing Western

CFG Provides $10.3M HUD Refinancing for Skilled Nursing Facility in Arizona

by Jeff Shaw June 1, 2023

ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona. The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing. The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.

June 1, 2023

Development Florida Loans Mixed-Use Southeast

Newmark Arranges $91M Refinancing for Mixed-Use Development in Miami

by Hayden Spiess May 31, 2023

MIAMI — Newmark has arranged a $91 million loan for the refinancing of Wynwood 27 & 28, a mixed-use project currently underway in the Wynwood neighborhood of Miami. Upon completion, the development will feature 52,000 square feet of office space, 33,000 square feet of ground-floor retail space, 152 residential units and 232 parking spaces. Jordan Roeschlaub, Dustin Stolly, Christopher Kramer, Nick Scribani and Danny Matz of Newmark secured the financing through Valley National Bank and Israel Discount Bank on behalf of the borrowers, Kushner Cos. and Block Capital Group.

May 31, 2023

Loans Northeast Office Pennsylvania Retail

Prestige Group Arranges $20M Loan for Refinancing of Office, Retail Property in Jenkintown, Pennsylvania

by Taylor Williams May 31, 2023

JENKINTOWN, PA. — Pennsylvania-based finance and advisory firm Prestige Group has arranged a $20 million loan for the refinancing of an 81,500-square-foot office and retail property in Jenkintown, a northern suburb of Philadelphia. The property comprises a 42,000-square-foot retail building occupied by LA Fitness, a 35,500-square-foot vacant office building and a 4,000-square-foot restaurant. Richard Natow of Prestige Group arranged the loan through an undisclosed regional bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

May 31, 2023

Illinois Loans Midwest Multifamily

Marcus & Millichap Arranges $10.6M Acquisition Loan for Multifamily Portfolio in Chicago

by Kristin Harlow May 31, 2023

CHICAGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.6 million loan for the acquisition of six multifamily properties totaling 118 units in Chicago. The portfolio includes buildings in the Beverly and Ashburn neighborhoods. Dean Giannakopoulos of MMCC arranged the 24-month loan, which features a fixed interest rate and a loan-to-cost ratio of 75 percent. The lender was not provided.

May 31, 2023

Georgia Loans Retail Southeast

Acadia Receives $36M Refinancing for Canton Marketplace in Metro Atlanta

by Hayden Spiess May 30, 2023

CANTON, GA. — Acadia Realty Trust has received a $36 million loan for the refinancing of Canton Marketplace, a 335,445-square-foot shopping center in Canton, roughly 40 miles north of Atlanta. Located at 1810 Cumming Highway, the property is 95 percent leased to tenants including Dick’s Sporting Goods, Best Buy, T.J. Maxx and pOpshelf. Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE secured the financing on behalf of Acadia through Voya Investment Management.

May 30, 2023

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