Loans

Canyon Partners, J.P. Morgan Provide $174.6M Recapitalization Loan for One22One Office Tower in Nashville

by John Nelson August 30, 2023

NASHVILLE, TENN. — Canyon Partners Real Estate and J.P. Morgan have co-originated a $174.6 million construction loan for the recapitalization of One22One, a 24-story office tower in Nashville. The borrower, a joint venture between locally based GBT Realty and Koch Real Estate Investments, delivered the Class A property last summer. One22One comprises 373,232 square feet of office space, 16,938 square feet of retail space and 13 stories of parking totaling 930 spaces. Amenities include a conference center, outdoor terrace overlooking downtown Nashville, tenant lounge, port cochere and a fitness center. Tenants include law firm Bradley Arant Boult Cummings LLP, FirstBank, which will also relocate its headquarters to One22One, and Slalom, a global management consulting company.

August 30, 2023

Development Loans Multifamily South Carolina Southeast

GBT Realty Obtains $88M Construction Loan for Village at Carnes Crossroads Apartments in Metro Charleston

by John Nelson August 30, 2023

SUMMERVILLE, S.C. — Brentwood, Tenn.-based development firm GBT Realty Corp. has obtained an $88 million construction loan for The Village at Carnes Crossroads, a 306-unit multifamily community in Summerville. The property will be the latest multifamily component for the 2,300-acre Carnes Crossroads master-planned development in metro Charleston. Matt Stewart and Chip Sykes of JLL arranged the loan through Bank of America and Meta Real Estate Partners. The multifamily community will be situated directly across from The Marketplace at Carnes Crossroads, a Publix-anchored shopping center. Set to open first units in spring 2025, The Village at Carnes Crossroads will feature a mix of studio, one-, two- and three-bedroom units. Amenities will include separate small- and large-breed dog parks, a resort-style saltwater pool with lounge deck, outdoor kitchen, club room with catering kitchen and golf stimulator, fitness complex and a coworking center, as well as 11,000 square feet of retail space. The design-build team includes architect Dynamik Design, civil engineer Thomas & Hutton and general contractor Samet Corp.

August 30, 2023

Illinois Industrial Loans Midwest

Maverick Commercial Mortgage Arranges $7.5M Acquisition Loan for Chicago Industrial Building

by Kristin Harlow August 30, 2023

CHICAGO — Maverick Commercial Mortgage Inc. has arranged a first mortgage loan totaling $7.5 million for a multi-tenant industrial building located at 1120 E. 89th St. in Chicago. The property is fully leased to two tenants, Chicago Transit Authority and SCR Transportation. The borrower was 1788 Holdings LLC, a Maryland-based real estate investment firm specializing in purchasing and repositioning older light industrial properties and industrial outdoor storage properties. A regional bank provided the five-year loan, which will be swapped at closing to provide a competitive five-year, fixed-rate loan. A portion of the loan proceeds will be used for capital improvements to the property post-closing.

August 30, 2023

Development Loans Multifamily Southeast Virginia

Capital Square to Raise $63.3M in Equity, Closes Construction Debt for Richmond Apartment Project

by John Nelson August 29, 2023

RICHMOND, VA. — Capital Square has announced plans to raise $63.3 million in equity from accredited investors through its CSRA Opportunity Zone Fund VII LLC for the development of a 352-unit multifamily development in Richmond. The developer has also closed a construction loan for an undisclosed amount through United Bank. Walker & Dunlop arranged the financing. Capital Square broke ground on the unnamed community in April and expects to deliver the property in summer 2025. Located at 2929 W. Clay St. and 2922 & 2925 W. Marshall St. in Richmond’s Scott’s Addition neighborhood, the community will comprise three adjoining buildings situated atop podium parking and retail space. Planned amenities will include courtyards, a zero-edge pool, gym, clubhouse, dog park and a sky lounge.

August 29, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $22M Loan for Refinancing of Marriott-Branded Hotel in Manhattan

by Taylor Williams August 29, 2023

NEW YORK CITY — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $22 million loan for the refinancing of the 92-room Fairfield Inn & Suiteshotel located at 21 W. 37th St. in Manhattan. Beau Williams and Michael McGuire of Cronheim Mortgage arranged the debt on behalf of the locally based borrower, LAM Management. The direct lender was not disclosed.

August 29, 2023

Development Loans Multifamily New York Northeast

LCOR Underway on 307-Unit Apartment Building in New Rochelle, New York

by Taylor Williams August 28, 2023

NEW ROCHELLE, N.Y. — Locally based developer LCOR is underway on construction of a 307-unit apartment building at 247 North Ave. in New Rochelle, located north of New York City. The 28-story development will include 18,000 square feet of commercial space and offer studio, one- and two-bedroom apartments. Roughly 10 percent (31) of the units will be reserved as affordable housing for renters earning 80 percent or less of the area median income. Bob Tonnessen and Steven Klein of JLL arranged $94 million in construction financing through Pacific Life for the project. Completion is slated for mid-2025.

August 28, 2023

Loans Mixed-Use New York Northeast

Derby Copeland Provides $9.8M Acquisition Loan for Manhattan Mixed-Use Property

by Taylor Williams August 28, 2023

NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided a $9.8 million acquisition loan for 414-416 West Broadway, a 13,396-square-foot, mixed-use property in Manhattan’s SoHo district. The borrower was not disclosed. The four-story building consists of four newly renovated apartments, one unrenovated apartment, one office suite and a ground-floor retail space with a contiguous basement. Marcus & Millichap brokered the $13.2 million sale of the property on behalf on behalf of the seller, Valroge Corp.

August 28, 2023

California Loans Office Western

Red Oak Capital Provides $8M Bridge Loan for Office Building in Sacramento

by Amy Works August 28, 2023

SACRAMENTO, CALIF. — Red Oak Capital Holdings has provided $8 million in financing under its opportunistic bridge loan program to a partnership between Frank Kimball and Scott D. Greenberg for an office building located at 1300 U St. in Sacramento. The borrower will use the loan to pay off outstanding debt and complete space planning and permitting on the property. The loan was structured with a fixed rate of 11 percent and a two-year term with two six-month renewal options. The interest-only loan represents 33.47 percent of the asset’s “as-stabilized” value of $23.9 million. Situated on 1.7 acres, the single-story 47,456-square-foot building is currently in shell condition and will be built out for the California Highway Patrol, which signed a long-term lease for the space. The property provides surface parking for 77 vehicles.

August 28, 2023

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $320M for Renovation of Bronx Affordable Housing Complex

by Taylor Williams August 25, 2023

NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx that was originally developed in the 1950s and is home to more than 5,000 residents. The property is the second-largest New York City Housing Authority property in the state and the largest in The Bronx. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will support an intensive, four-year construction period to fully rehabilitate the property.

August 25, 2023

Loans Multifamily New Jersey Northeast

Walker & Dunlop Arranges $36M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams August 25, 2023

BAYONNE, N.J. — Walker & Dunlop has arranged a $36 million loan for the refinancing of City Line Bayonne, a 162-unit apartment complex in Northern New Jersey. The property features 16 studios, 124 one-bedroom units and 22 two-bedroom residences, as well as amenities such as a rooftop deck, fitness center and a pet spa. John Banas, Kris Wood, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop originated the 10-year loan on behalf of the borrower, locally based developer The PRC Group. The direct lender was not disclosed.

August 25, 2023

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