CUTCHOGUE, N.Y. — Boutique financial advisory firm Talonvest Capital has arranged $27.8 million bridge loan for GoodFriend Storage North Fork, a self-storage facility located in the Long Island community of Cutchogue. The borrower, GoodFriend Storage, will use the proceeds to partially fund an expansion project, retire existing debt and support the lease-up of the expansion. The facility currently features 690 climate-controlled units, 213 non-climate-controlled units and 87 warehouse/portable units for a total of 123,174 net rentable square feet. Britt Taylor, Jim Davies, Tom Sherlock, Ivan Viramontes and Lauren Maehler of Talonvest arranged the financing through an undisclosed direct lender.
OKLAHOMA CITY — RRA Capital, a commercial bridge lender with offices in Phoenix and New York City, has provided a $20.6 million acquisition loan for a 252-unit apartment community in Oklahoma City. The property at 11239 Pennsylvania Ave. was built in the 1970s and offers one- and two-bedroom units. The borrower, GreenLite Holdings, plans to implement a value-add program that will upgrade the pool and clubhouse and install new appliances, flooring, lighting, plumbing and windows in the unit interiors. Bryan Liu and Bryan Mummaw of Northmarq arranged the debt.
SCOTTSDALE, ARIZ. — Seven Hills Realty Trust (NASDAQ: SEVN) has arranged a $17.3 million first mortgage floating-rate bridge loan for the recapitalization of Home2 Suites by Hilton in Scottsdale. The borrower is a joint venture between Highgate and Rockpoint. Located at 20001 N. Scottsdale Road, the recently constructed hotel features 130 guest rooms. CBRE introduced SEVN’s manager, Tremont Realty Capital, to the transaction. Tremont Realty Capital is an affiliate of The RMR Group (Nasdaq: RMR).
BRIDGEPORT, CONN. — Eastern Union has arranged a $19.6 million construction loan for the conversion of a former healthcare facility in Bridgeport, located in southern coastal Connecticut, into a 150-unit multifamily complex. The healthcare complex was originally built in 1971 on a 15-acre site at 600 Bond St. in the North Bridgeport section of the city. The facility will undergo a gut renovation into a two-story apartment building that will include a 7,069-square-foot fitness center. Motti Blau, Mendy Pfeifer and Hershy Fried of Eastern Union arranged the debt. The borrower and direct lender were not disclosed.
QUINCY, MASS. — JLL has arranged a $27 million loan for the refinancing of One Heritage Drive, a 172,849-square-foot office building located in the southern Boston suburb of Quincy. The building is fully leased to Granite Telecommunications. Jonathan Schneider led the JLL team that arranged the five-year, fixed-rate loan through Metro Credit Union on behalf of the borrower, regional development and investment firm FoxRock Properties. A portion of the proceeds will be used to fund capital improvements.
CARPINTERIA, CALIF. — PSRS has arranged $5.1 million in refinancing for Baker Bradford Complex, a 172,000-square-foot industrial complex in Carpinteria. PSRS secured the nonrecourse, 10-year, interest-only loan through a correspondent life insurance company. The borrower was not disclosed.
WEST PALM BEACH, FLA. — Berkadia’s Hotels & Hospitality team has arranged the $47 million refinancing for Canopy by Hilton West Palm Beach Downtown, a 150-room hotel located at 380 Trinity Place in West Palm Beach. Michael Weinberg and Scott Wadler of Berkadia arranged the three-year loan through Bank of America on behalf of Driftwood Capital, a Miami-based hotel owner. The interest-only loan features two one-year extension options. Built in 2020, Canopy by Hilton West Palm Beach Downtown features a fitness center, more than 3,000 square feet of meeting space, an outdoor rooftop pool deck and two food-and-beverage venues: Banter and Treehouse Rooftop Bar.
CHICAGO — Development firm Fulton Street Cos. (FSC) has received $233 million for the financing of its 919 West Fulton office project in the Fulton Market neighborhood of downtown Chicago. Led by Shanna Khan, SNK Capital has signed on to serve as the lead equity investment partner on the project. Bank OZK and Manulife Investment Management are also providing capital. A groundbreaking ceremony is scheduled for today. Upon completion in 2025, the 11-story building will total 360,000 square feet. FSC and JDL Development will develop the property, which will feature factory-style facades, architectural masonry and large outdoor terraces on each floor. Amenities at the building will include a conference center, 24-hour health club and a tenant lounge. The ground floor will offer 40,000 square feet of retail space. Khan, who has a background in mixed-use real estate development, interior design, manufacturing, leisure and hospitality, will act as lead designer on the project. “Her creativity and vision embody the essence and unique qualities of the very unique neighborhood,” says Alex Najem, founder and chief executive officer of FSC. He adds that the “goal is to retain the character of the neighborhood while introducing a property that attracts those tenants who want …
HUMBLE, TEXAS — New York City-based Lument has provided a $13.4 million Fannie Mae loan for the refinancing of The Fordham at Eagle Springs, a 137-unit seniors housing complex in Humble, a northern suburb of Houston. The six-building, age-restricted community was built in 2020 within the Eagle Springs master-planned development and offers a pool, salon and a coffee bar. Tom Dixon of Lument originated the financing, which was structured with a 10-year term (four years of which are interest-only), fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
DIXON, CALIF. — CBRE has secured $30 million in refinancing for Dixon Commerce Center, a warehouse facility at 2299 Commerce Way in Dixon, approximately midway between Sacramento and the Bay Area. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek of CBRE Capital Market Debt and Structured Finance secured the fixed-rate, nonrecourse loan through a large regional bank. The borrower was Nearon Enterprises. Totaling 447,042 square feet, the building was built in two phases — one in 1997 and the second in 2007. Situated on 30 acres, the single-tenant asset was renovated in 2019 and features 27.5-foot to 32-foot clear heights, 30 dock doors and two grade-level doors with ample parking.