Loans

Joint Venture Receives $160M C-PACE Financing for Summit Vista CCRC in Taylorsville

by Jeff Shaw May 30, 2023

TAYLORSVILLE, UTAH — D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, has arranged $160 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Summit Vista, Utah’s first life plan retirement community. Representing the largest C-PACE deal in history, according to the arrangers, the proceeds will be dedicated toward ongoing construction with a focus on enhancing the development’s energy efficiency, renewable energy and water efficiency. Owned in partnership with Gardner Group, Wasatch Group and Solamere Capital, Summit Vista offers a full continuum of care, including independent living, assisted living, memory care and comprehensive skilled nursing in conjunction with its affiliated healthcare campus. Upon full build-out, the community will feature nearly 1,600 units. Approximately 13 miles south of downtown Salt Lake City, Summit Vista is nestled in the fast-growing region of Taylorsville. It is centrally located near major transportation corridors, enabling connectivity to surrounding neighborhoods. C-PACE is a financing mechanism that allows property owners and developers to fund up to 100 percent of building retrofits and new construction to improve a building’s energy efficiency, renewable energy and water efficiency.

May 30, 2023

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $58M Refinancing for Two Seniors Housing Communities in Oregon

by Jeff Shaw May 30, 2023

LAKE OSWEGO AND WILSONVILLE, ORE. — CBRE National Senior Housing has arranged a $58 million refinancing for The Springs at Carman Oaks and The Springs at Wilsonville on behalf of The Springs Living (TSL). Nestled in the northwestern corner of Clackamas County, The Springs at Carman Oaks is situated in the affluent suburb of Lake Owego, while The Springs at Wilsonville is located in Wilsonville, approximately 17 miles south of downtown Portland. The communities combined offer 294 independent living, assisted living and memory care units. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing arranged the financing. The three-year loan features two years of interest-only payments. A syndication of two regional banks provided the capital. This financing represents the second time that CBRE has refinanced the portfolio over the past three years. TSL is headquartered in McMinnville and owns and operates 19 senior living communities across Oregon and Montana, with one additional community under construction.

May 30, 2023

Florida Loans Retail Southeast

Dwight Mortgage Trust Provides $12.8M Loan for Pine Island Plaza Shopping Center in Sunrise, Florida

by John Nelson May 26, 2023

SUNRISE, FLA. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June. This transaction marks Dwight Mortgage Trust’s entry into the retail sector.

May 26, 2023

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $45M Loan for Refinancing of Eastern Pennsylvania Industrial Facility

by Taylor Williams May 26, 2023

TOBYHANNA, PA. — Cushman & Wakefield has arranged a $45 million loan for the refinancing of Arcadia North, a 1 million-square-foot industrial facility located in the Eastern Pennsylvania community of Tobyhanna. The property was built in 2020 and was fully leased to Lowe’s Home Center at the time of the loan closing. Building features include a clear height of 36 feet, four drive-in doors, 105 dock doors, 316 car parking spaces, 469 trailer parking stalls and an ESFR sprinkler system. Steve Kohn, John Alascio, Alex Hernandez, Aaron Graves, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through Northwestern Mutual on behalf of the borrower, institutional investors advised by J.P. Morgan Global Alternatives.

May 26, 2023

Colorado Loans Office Western

Crestone Partners Receives $66M Refinancing for Office Complex in Denver

by Jeff Shaw May 26, 2023

DENVER — Crestone Partners has received a $66 million refinancing for a 279,188-square-foot office property in Denver. The asset consists of two interconnected, Class A office towers in Denver’s LoDo submarket. The space is nearly 95 percent leased to 13 tenants. There is also 25,188 square feet of ground-floor retail space and a 467-space parking garage on the first and second floors. JLL’s Bob Flynn, Garth Tait, Dave Meares and Heidi McKernan represented the borrower and operator, Crestone Partners, to secure the five-year, fixed-rate loan through an international correspondent life insurance company.

May 26, 2023

California Development Hospitality Loans Western

JLL Arranges $36.8M Construction Financing for AC Hotel by Marriott in Pasadena, California

by Jeff Shaw May 26, 2023

PASADENA, CALIF. — JLL has arranged $36.8 million in construction financing for a 194-room AC Hotel by Marriott development in Pasadena. The six-story hotel will be situated in the Playhouse District. It will feature a rooftop lounge, Peloton fitness room, event space and AC Lounge. JLL’s Marc Schillinger and Matt Stewart represented the developer, Welcome Group Inc., to secure the three-year loan with two one-year extension options.

May 26, 2023

Loans Office Texas

MMCC Arranges $4.7M Acquisition Loan for Office Building in Richardson, Texas

by Taylor Williams May 25, 2023

RICHARDSON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million acquisition loan for a roughly 10,000-square-foot office building located at 1140 W. Campbell Road in Richardson, a northeastern suburb of Dallas. The borrower, a partnership between Brytar Cos. and EvCap Investment, plans to convert the building into an early learning and daycare facility that will be operated by The Montessori School. Kevan McCormack of MMCC originated the financing through an undisclosed direct lender.

May 25, 2023

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $8.5M Loan for Refinancing of Northern New Jersey Industrial Building

by Taylor Williams May 25, 2023

TETERBORO, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged an $8.5 million loan for the refinancing of an 86,150-square-foot industrial building located in the Northern New Jersey community of Teterboro. The building was constructed in the 1960s and was leased to 21 tenants at the time of the loan closing. Gretchen Wilcox and Al Raymond of G.S. Wilcox arranged the debt through Mutual of Omaha on behalf of the borrower, The Hampshire Cos.

May 25, 2023

Acquisitions Arizona Loans Multifamily Top Stories Western

IPA Arranges Sale of 234-Unit High-Rise Apartment Complex in Downtown Phoenix

by Katie Sloan May 25, 2023

PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix. The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces. Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …

May 25, 2023

Georgia Loans Multifamily Southeast

ACRE Provides $26.5M Loan for Lowe Apartments in Savannah

by John Nelson May 25, 2023

SAVANNAH, GA. — ACRE has provided a $26.5 million loan for the refinancing of The Lowe, a newly built apartment community located at 1501 Montgomery St. in Savannah. The borrower, MED Developers, is using the loan proceeds to refinance its existing construction debt on the project, which began welcoming its first residents in March. John Gavigan of JLL arranged the loan on behalf of MED. The Lowe comprises 135 studio, one- and two-bedroom apartments ranging in size from 421 to 1,079 square feet. Community amenities include a resort-style swimming pool, 24-hour fitness center, club room, pet spa, outdoor grilling area, covered parking garage and a bicycle storage room. Pegasus Residential manages the property.

May 25, 2023

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