Loans

JLL Arranges $43.2M Loan for Varenita of Westlake Seniors Housing Property in Thousand Oaks, California

by Amy Works September 27, 2023

THOUSAND OAKS, CALIF. — JLL Capital Markets has arranged $43.2 million in financing for Varenita of Westlake, an 86-unit assisted living and memory care community in Thousand Oaks, approximately 40 miles west of Los Angeles. JLL represented the borrower, Westlake Senior Living Center LLC, to secure the five-year loan from a regional bank. The Class A community consists of 58 assisted living units and 28 memory care units across three stories with surface and underground parking. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. Varenita of Westlake is located within walking distance of some of the nation’s largest retailers and less than four miles from The Oaks, an open-air and enclosed shopping center. Alanna Ellis and Ace Sudah led the JLL team.

September 27, 2023

Development Hospitality Loans Texas

Zachry Hospitality to Develop 200-Room Hilton-Branded Hotel in Downtown San Antonio

by Taylor Williams September 27, 2023

SAN ANTONIO — Locally based developer Zachry Hospitality will develop a 200-room hotel within the Hemisfair Park mixed-use development in downtown San Antonio. The hotel will operate under the Curio Collection by Hilton brand and will feature a signature restaurant and bar, café, rooftop bar, underground speakeasy bar, pool with cabanas, spa, fitness center and a public garden. Jay Wagley, Frank Piasta, Bond Foster and Ham Berry of CBRE arranged construction debt on behalf of Zachry Hospitality. Interbank is the senior lender on the construction loan.

September 27, 2023

Acquisitions Industrial Loans Southeast Tennessee

JLL Arranges $40M Acquisition Financing for Alligood Industrial Park in Metro Nashville

by Hayden Spiess September 27, 2023

LEBANON, TENN. — JLL Capital Markets has arranged a $40 million loan for the acquisition of Alligood Industrial Park, a two-building industrial development located in Lebanon, roughly 30 miles east of Nashville. Totaling 410,370 square feet, the development features 32-foot clear heights, 135-foot truck courts, 76 dock doors and ESFR sprinklers. Aldon Cole, Brian Carlton and Brad Vansant of JLL secured the five-year, fixed-rate financing on behalf of the buyer, Pearlmark Real Estate.

September 27, 2023

California Loans Retail Western

Marcus & Millichap Arranges $3.8M Refinancing for Retail Property in San Jose, California

by Amy Works September 26, 2023

SAN JOSE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.8 million loan for the refinancing of Tully Commercial Center, a retail property in San Jose. Located at 1055-1095 Tully Road, Tully Commercial Center features 15 freestanding retail spaces. Current tenants include Little Caesars, Hawaiian BBQ, a hair and nail salon, and a dry cleaner. David Campbell of MMCC’s Palo Alto office secured the financing, which features a seven-year term and 25-year amortization.

September 26, 2023

Industrial Loans New York Northeast

iBorrow Provides $5.1M Acquisition Loan for Industrial Property in Medford, New York

by Taylor Williams September 26, 2023

MEDFORD, N.Y. — iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided a $5.1 million acquisition loan for a 41,000-square-foot industrial property located in the Long Island community of Medford. The facility sits on 3.1 acres and features a clear height of 22 feet, five drive-in doors and one loading dock, as well as proximity to Montauk Highway and the Long Island Expressway. The borrower was not disclosed.

September 26, 2023

Development Industrial Loans Michigan Midwest Self-Storage

Basis Industrial Receives $8.3M Construction Loan for Self-Storage Facility in Detroit

by Kristin Harlow September 26, 2023

DETROIT — Basis Industrial has received an $8.3 million construction loan for a self-storage facility in Detroit. Basis acquired the land at 1610 Algonquin St. in October 2021. Berkadia arranged the construction loan through Old National Bank. Basis plans to break ground on the 78,187-square-foot project in October. The facility will feature 645 climate-controlled units, advanced security systems and other amenities. Completion is slated for fall 2024. Basis plans to have a third party, Public Storage, manage the facility upon completion.

September 26, 2023

Hospitality Loans Midwest Missouri

Bayview PACE Provides $3.5M in C-PACE Funding for Hotel Expansion in Columbia, Missouri

by Kristin Harlow September 26, 2023

COLUMBIA, MO. — Bayview PACE has provided $3.5 million in C-PACE funding for a hotel expansion project in Columbia. The funding will add significant capacity to the Double Tree Hilton hotel. The 20-year, fixed-rate loan features a loan-to-cost ratio of 10.36 percent. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing buildings. Eligible improvements include energy efficiency, water efficiency, renewable energy and resiliency measures such as seismic and stormwater measures. C-PACE loans are structured as assessments that are repaid through the owner’s property tax bill over a 20- to 30-year period, according to Bayview.

September 26, 2023

Arizona Development Industrial Loans Western

Trez Capital Funds Construction Loan for 153,000 SF Hawes Commerce Park Industrial Project in Mesa, Arizona

by Amy Works September 25, 2023

MESA, ARIZ. — Trez Capital has closed a construction loan for Dale Cavan for the development of Hawes Commerce Park, an industrial project at the intersection of East Pecos and South Hawes roads in Mesa. Currently under construction, Hawes Commerce Park will feature 10 buildings with a combined 16 units and a total of 153,000 net rentable square feet. The property sits adjacent to Phoenix’s secondary airport, Phoenix-Mesa Gateway Airport. Completion is slated for third-quarter 2024.

September 25, 2023

Development Industrial Loans New Jersey Northeast Self-Storage

CrownPoint, Lamar Cos. to Develop 1,200-Unit Self-Storage Facility in Newark

by Taylor Williams September 25, 2023

NEWARK, N.J. — A joint venture between two locally based development and investment firms, CrownPoint Group Inc. and Lamar Cos., will develop a 1,200-unit self-storage facility in Newark’s Ironbound district. The site is a former salvage yard that comprises four lots totaling roughly one acre, and the six-story, climate-controlled facility will span 135,000 gross square feet. Construction is set to begin in the fourth quarter. Extra Space Storage will operate the property. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged a $19 million construction loan through Provident Bank on behalf of the development team.

September 25, 2023

Florida Loans Retail Southeast

CBRE Secures $15.2M Refinancing for Grocery-Anchored Retail Center in Metro Tampa

by John Nelson September 25, 2023

RIVERVIEW, FLA. — CBRE has secured a $15.2 million loan for the refinancing of Shoppes of Southbay, a 99,542-square-foot retail center located in Riverview. Tenants at the property, which was fully leased at the time of financing, include Winn-Dixie, Tampa General Hospital, Buffalo Wild Wings, Panera Bread and Leslie’s Pool Supplies. Paul Ahmed and Mackenzie Lampman of CBRE arranged the loan through a life insurance company on behalf of the borrower, a partnership between Peter Wenzel of Wenzel Investment Group and Victor Ferraez. The partnership acquired the property, which was originally built in 2007, in 2013.

September 25, 2023

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