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FloridaLoansSoutheastStudent Housing

Harrison Street Recapitalizes 1,527-Bed Student Housing Community Near University of Central Florida

by John Nelson

ORLANDO, FLA. — Harrison Street has recapitalized The Aves at Twelve 100, a student housing community located adjacent to the University of Central Florida campus in Orlando. Harrison Street executed the transaction via a new joint venture with The Scion Group. The property was originally acquired by Harrison Street in 2011 and recently underwent extensive renovations. The community offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include four resort-style swimming pools; a 24-hour fitness center and yoga studio; private study rooms; a business center; community clubhouse; courtyard space; and onsite parking garages.

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LoansMarylandRetailSoutheast

JLL Secures $22M Refinancing for Arundel Plaza Shopping Center in Glen Burnie, Maryland

by John Nelson

GLEN BURNIE, MD. — JLL has secured a $22 million loan for the refinancing of Arundel Plaza, a 282,039-square-foot shopping center located at 6620 Governor Ritchie Highway in Glen Burnie, a southern suburb of Baltimore. Michael Klein, Jon Mikula, Evan Parker and John Cumming of JLL arranged the five-year, fixed-rate loan through a life company lender on behalf of the Singapore-based borrower, United Hampshire U.S. REIT. Arundel Plaza was fully leased at the time of financing to tenants including Lowe’s Home Improvement, Giant Food, Jersey Mike’s, FedEx, Hook & Reel, Panda Express and Chipotle Mexican Grill. The six-building property was built in 1967 and renovated in 2017.

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IndianaLoansMidwestMultifamily

Red Oak Capital Holdings Provides $4M Bridge Loan for Renovation of Indianapolis Apartment Property

by Kristin Harlow

INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, an apartment property located in Indianapolis. The funds will be used to pay off an existing loan and complete a renovation. The loan features interest-only payments, a two-year term and two six-month extension options. The nonrecourse debt represents 54.4 percent of the property’s estimated stabilized value of $7.3 million. Stratos Athanassiades, Thomas Gorski and Jesus Martinez of Red Oak originated and underwrote the debt under the firm’s Opportunistic Bridge Loan Program, which is a higher-leverage product with a small equity component for assets with a substantial value-creation element. Paul Meyer of Bristol Capital arranged the loan. The borrower, a group of professionals doing business as 21 West QOZ LLC, has invested $4 million into the property since acquiring it in 2021. Originally built in 1960, the property consists of a trio of three-story buildings with 42 units and 56 parking spaces. The owner is planning a gut renovation of the three buildings as well as constructing a new building on an adjacent vacant parcel. Common area and amenity spaces will connect all four buildings. The borrower ultimately intends to exit the Red …

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ArizonaDevelopmentIndustrialLoansMidwestNew MexicoOhioOregonTop StoriesWestern

US Department of Commerce Proposes $8.5B in Funding for Intel Semiconductor Projects in Four States

by Kristin Harlow

ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …

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AcquisitionsFloridaLoansMultifamilySoutheast

Berkadia Arranges $21.2M Acquisition Loan for Two Multifamily Communities in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Berkadia has arranged a $21.2 million acquisition loan for two garden-style apartment communities in Jacksonville. The properties, which total 328 units combined, include Colonial Forest at 5928 Firestone Road and Northwood Apartments at 1601 Dunn Ave. Matthew Robbins, Wesley Moczul, Mitch Sinberg, Scott Wadler and Brad Williamson of Berkadia arranged the bridge loan through The Bancorp on behalf of the borrower, Fort Lauderdale, Fla.-based Southeast Property Group. The fixed-rate, three-year loan includes $9.6 million for future capital expenditures. The seller of Colonial Forest and Northwood Apartments was not disclosed.

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Canyon-Industrial-Center-2-San-Diego-CA
CaliforniaIndustrialLoansWestern

PGIM Provides $51M in Financing for Canyon Industrial Center in San Diego

by Amy Works

SAN DIEGO — PGIM Real Estate has provided $51 million in floating-rate acquisition financing to BKM Capital Partners for the acquisition, renovation and leasing costs of Canyon Industrial Center in San Diego’s Kearny Mesa submarket. BKM previously announced its purchase of the multi-tenant, 198,728-square-foot, shallow-bay industrial asset, which spans 13 buildings.

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The-Shoreline-Brooklyn
DevelopmentLoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $108.1M Bridge Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $108.1 million bridge loan for The Shoreline, a 248-unit multifamily project located near Brooklyn’s Bath Beach neighborhood. Designed by Hill West Architects and developed by NY Developers & Management, the 31-story building houses studio, one- and two-bedroom units and 28,610 square feet of commercial space. Amenities include a pool, fitness center, business center and an outdoor lounge. The borrowers will use the proceeds to retire existing debt and fund additional construction and lease-up costs. Construction is slated for completion by the end of April.

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PSRS-Self-Storage-Las-Vegas-NV
DevelopmentIndustrialLoansNevadaSelf-StorageWestern

PSRS Arranges $12.5M Construction Loan for Self-Storage Facility in Las Vegas

by Amy Works

LAS VEGAS — PSRS has arranged $12.5 million in construction financing for a self-storage facility in Las Vegas. The property will be a 926-unit mini-self-storage facility that consists of two three-story buildings totaling 103,803 rentable square feet. The property will also feature covered stalls for RV, boat or trailer storage. Ricky Giancola of PSRS secured the financing for the undisclosed borrower through a regional bank at a 75 percent loan-to-cost ratio.

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HospitalityLoansNew YorkNortheast

Largo Capital Arranges $4M Loan for Refinancing of Niagara Falls Hotel

by Taylor Williams

NIAGARA FALLS, N.Y. — Locally based financial intermediary Largo Capital has arranged a $4 million loan for the refinancing of a 110-room Wingate by Wyndham hotel in Niagara Falls. An undisclosed life insurance company provided the loan, which was structured with a 10-year term, fixed interest rate and a 25-year amortization schedule. Katie Vivian of Largo Capital arranged the debt. The borrower was also not disclosed.

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IndustrialLoansMidwestOhio

Bernard Financial Group Arranges $11.7M Acquisition Loan for Industrial Building in Grove City, Ohio

by Kristin Harlow

GROVE CITY, OHIO — Bernard Financial Group (BFG) has arranged an $11.7 million loan for the acquisition of a 223,750-square-foot industrial building in Grove City, a southern suburb of Columbus. Dennis Bernard, Joshua Bernard and Dan Duggan of BFG arranged the loan on behalf of the borrower, an entity doing business as 3555 Partners LLC. Ameritas Life Insurance Corp. was the lender.

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