Loans

PCCP Provides $252.3M Construction Financing for 2.2 MSF Industrial Project in Fredrickson, Washington

by Amy Works October 31, 2023

FREDRICKSON, WASH. — PCCP has provided $252.3 million of construction financing to a joint venture between Panattoni Development Co. and a real estate fund advised by Crow Holdings Capital. The funds will be used for the development of three industrial buildings in Fredrickson, approximately 40 miles south of downtown Seattle. Eastdil Secured arranged the construction financing on behalf of the borrowers. Totaling 2.2 million square feet, the cross-docked distribution buildings will feature 40-foot clear heights. The project includes two speculative buildings, Building G (611,206 square feet) and Building D (753,069 square feet). It also features a build-to-suit Building E (782,875 square feet), which a national tool and equipment retailer has already reserved. The three warehouse/distribution buildings are slated for delivery in summer 2024. The facilities are the first phase of FRED310, a 310-acre, five-building industrial parking totaling 3.7 million square feet at Canyon Road East and E. 176th St.

October 31, 2023

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Provides $11.3M in Financing for New Affordable Seniors Housing Project in Cleveland

by Kristin Harlow October 31, 2023

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million in 9 percent tax credit equity to finance the new construction of Garrett Square Apartments in Cleveland. The 49-unit affordable seniors housing community will be situated in the city’s Glenville neighborhood. The four-story building will be reserved for seniors age 55 and older. The project will be partially subsidized with 19 units supported by 20-year project-based vouchers through Cuyahoga Metropolitan Housing Authority. The project site is currently home to a parking lot and vacant retail building, which will be razed prior to development. The borrower and developer is Volker Development Inc., and Marous Brothers Construction is the general contractor. The Famicos Foundation will serve as the property manager. Famicos will also offer supportive services such as financial literacy, cooking classes, gardening programs, emergency preparedness workshops, food delivery and distributions, neighborhood events, healthcare referrals, tax preparation and access to its legal clinic, Famicos CARES. Derek Reed and Greg Kiger of KeyBank CDLI structured the tax credit equity and debt financing. KeyBank is providing a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the …

October 31, 2023

Illinois Industrial Loans Midwest Self-Storage

Gantry Arranges $8M Loan for Refinancing of Self-Storage Facility in Chicago

by Kristin Harlow October 31, 2023

CHICAGO — Gantry has arranged an $8 million permanent loan to refinance existing debt on a self-storage facility in Chicago’s South Loop. The property at 605 S. Wabash Ave. was formerly a parking structure, but now encompasses 1,184 self-storage units across five stories and 95,000 square feet. The property is under new management, operating as Extra Space Storage. Andy Bratt and Sean Kuang of Gantry arranged the loan on behalf of the borrower, a private real estate investor. An insurance company provided the five-year, fixed-rate loan.

October 31, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $120M Loan for Refinancing of Manhattan Hotel

by Taylor Williams October 31, 2023

NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $120 million loan for the refinancing of the 341-room Renaissance Hotel in Manhattan’s Chelsea neighborhood. The hotel features a variety of rooms and suites, a fitness center, meeting space and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the loan through an undisclosed life insurance company on behalf of the borrower, locally based developer LAM Generation.

October 31, 2023

Development Loans Multifamily Texas

BWE Arranges Construction Debt, Equity for 360-Unit Multifamily Project in San Marcos, Texas

by Taylor Williams October 30, 2023

SAN MARCOS, TEXAS — BWE has arranged undisclosed amounts of construction debt and preferred equity for Riley’s Pointe, a 360-unit multifamily project in the Central Texas city of San Marcos. Specific information about floor plans and amenities was not disclosed, but the residences will have an average size of 914 square feet. Adam Bieber and Alec Jenkins of BWE arranged the debt through an undisclosed regional bank and the equity contribution from an unnamed partner. The sponsor is South Carolina-based Woodfield Development. The first units are expected to be available for occupancy by the third quarter of next year.

October 30, 2023

California Development Hospitality Loans Western

PACE Loan Group Funds $11.2M Construction Loan for Reset Hotel in Twentynine Palms, California

by Amy Works October 30, 2023

TWENTYNINE PALMS, CALIF. — PACE Loan Group has provided a $11.2 million C-PACE loan for the construction of Reset Hotel. The site is near the north entrance of Joshua Tree National Park in Twentynine Palms, a desert city approximately 150 miles east of Los Angeles. Qualifying C-PACE improvements include plumbing, HVAC, electrical, lighting, building envelope and seismic measures. The 30-year loan is combined with a $7.5 million first mortgage. Located at 7000 Split Rock Ave., the independent hotel will use modular construction to reduce construction time by nearly half with delivery slated for early 2025. Offering views of Joshua Tree National Park, the hotel will offer 65 guest rooms with private outdoor patios, an outdoor swimming pool overlooking the park, gift shop, poolside cocktail bar serving small bites, conference room and 65 surface parking spots. Built on 5.8 acres of 11.1 acres of land acquired in 2021, the asset is the only hotel in the area that is removed from the highway and completed adjacent to the national park. The developers own 170 acres of the surrounding land up to the park boundary and are currently leaving the area undeveloped to maintain views and privacy for guests. Sightline Hospitality will manage …

October 30, 2023

California Loans Mixed-Use Multifamily Restaurant Retail Western

Marcus & Millichap Arranges $2.7M Refinancing for North of Market Mixed-Use Building in San Diego

by Amy Works October 30, 2023

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.7 million refinancing for North of Market, a mixed-use retail and multifamily property in San Diego. Located at 701-721 8th Ave., the property comprises a restaurant, salon, clothing store and 10 apartments. Chad O’Connor of MMCC’s San Diego office secured the three-year, fixed-rate, interest-only loan for the undisclosed borrower.

October 30, 2023

Affordable Housing Loans Multifamily New Jersey Northeast

Greystone Provides $21.6M Agency Refinancing for Affordable Housing Complex in Carteret, New Jersey

by Taylor Williams October 30, 2023

CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae loan for the refinancing of Roosevelt Village Apartments, a 101-unit affordable housing complex in the Central New Jersey community of Carteret. Built in 1969, the complex consists of 10 buildings on a 5.2-acre site that house one-, two- and three-bedroom units. Specific income restrictions were not disclosed. The nonrecourse, fixed-rate loan was structured with a 10-year term, 35-year amortization schedule and seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners.

October 30, 2023

Arkansas Development Loans Mixed-Use Multifamily Retail Southeast

CBRE Secures Construction Financing for Whole Foods-Anchored Development in Rogers, Arkansas

by John Nelson October 27, 2023

ROGERS, ARK. — CBRE has secured an undisclosed amount of construction financing for the development of Pinnacle Springs, a planned mixed-use development located at 1800 S. Osage Springs Drive in Rogers. The project will comprise 362 apartments and 91,000 square feet of retail space, including a 37,000-square-foot Whole Foods Market grocery store. The borrower is SJC Ventures, a mixed-use development firm based in Atlanta. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. Arvest Bank provided uncrossed construction loans for the project, while Dome Equities provided both common and preferred equity investments in the multifamily component. SJC Ventures plans to break ground on Pinnacle Springs by the end of the year, with an expected delivery date of 2025.

October 27, 2023

Florida Hospitality Loans Southeast

Berkadia Arranges $26M Refinancing for Dual-Branded Hotel in Jacksonville

by John Nelson October 27, 2023

JACKSONVILLE, FLA. — Berkadia has arranged the $26 million refinancing of the leasehold interest in a 221-room dual-branded hotel in Jacksonville’s Southbank neighborhood. Built in 2009 along the St. Johns River, Hilton Garden Inn-Homewood Suites Jacksonville Downtown Southbank is an eight-story hotel located at 1201 Kings Ave. Amenities include an outdoor pool, fitness center, onsite restaurant, room service and meeting rooms. Michael Weinberg, Alec Fox and Lindsey deButts of Berkadia’s Hotels & Hospitality team secured the five-year loan through an undisclosed regional bank on behalf of the borrower, Excel Group.

October 27, 2023

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