DETROIT — Bernard Financial Group (BFG) has arranged a $31 million loan for the construction of a new AC Hotel in Detroit. Dennis Bernard, Dan Duggan, Joshua Bernard and Adam Ferguson of BFG structured the loan on behalf of the borrower, an entity doing business as AC Detroit Holdings LLC. Further details of the transaction were not provided. The AC Hotel chain is under Marriott.
BEAUFORT, S.C. — Denver-based Forum Capital Advisors LLC has provided a $10.4 million preferred equity investment for the development of a 264-unit multifamily community in Beaufort. Located on Grober Hill Road, the property will be situated within a larger, master-planned community. A construction timeline for the project was not disclosed.
ANCHORAGE, ALASKA — PACE Loan Group (PLG) has arranged $5.5 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) financing for the Aviator Hotel in Anchorage. The historic hotel, located at 239 W. 4th Ave., is undergoing renovations. Once renovation is complete in 2024, the Aviator Hotel will be a high-end boutique hotel with 252 rooms and suites, a retail store, coffee shop, brewery and a bar and restaurant that will feature a year-round outdoor deck with views of Denali. The C-PACER financing is the largest of its kind to date in Alaska, according to PLG. The loan funds the renovations at the 1970s-era, three-story hotel, including energy conservation measures such as HVAC upgrades, building envelope, water fixtures, lighting and energy-efficient heating. The municipality of Anchorage launched C-PACER in May of 2021, with the first loan closing in August 2022.
ENGLEWOOD, OHIO — Red Oak Capital Holdings LLC has provided a $5.5 million bridge loan for the acquisition and conversion of a former Kmart store in Englewood, a northwest suburb of Dayton. The borrower, United Storage 360 LLC, plans to convert the property into an Extra Space Storage-branded facility. The site includes an 85,000-square-foot building that was constructed in 1975. Redevelopment plans call for a 60,000-square-foot self-storage facility with 546 units. The borrower plans to exit Red Oak’s bridge loan with permanent financing or a sale following completion of renovations, which are scheduled for later this year.
HYATTSVILLE, MD. — EJF Capital LLC and The NRP Group have obtained a $61 million construction loan for the development of a multifamily community in Hyattsville, a suburb of Washington, D.C. First National Bank and Flagstar Bank provided the financing. The five-story, 361-unit property will be situated within a 3.2-acre opportunity zone at the corner of Belcrest and Toledo roads. The unnamed property will have a six-level, 441-space parking garage, as well as a fitness center, bike room, pet wash area, courtyard, pool and multiple lounge spaces. EJF Capital and NRP Group expect to deliver the property in the third quarter of 2025.
ORLANDO, FLA. — Berkadia has secured a $40.7 million loan for the recapitalization of One Eleven, a 30-story mixed-use tower located at 111 E. Washington St. in downtown Orlando. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s South Florida office originated the five-year, interest-only loan through Morgan Stanley on behalf of the borrower, Lincoln Orlando Holdings LLC. Built in 2008, One Eleven features a mix of 11,076 square feet of ground-floor retail space with outdoor patio seating, nine levels of parking, 152,360 square feet of office space and a 164-unit apartment component called Aspire. Commercial tenants include Ocean Bank, Daily Bread, Innovative Systems Group of Florida, McDonald Toole Wiggins PA, National Society of Leadership and Success, Atwell Engineers, Skanska and Huitt-Zollars Inc. The residential and office portion have separate lobbies, and residential amenities include the highest rooftop pool deck in the city and an amenity level with a balcony, health club and fitness center.
ARLINGTON, TEXAS — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $2.8 million acquisition loan for a retail property in Arlington. The newly constructed property was fully occupied at the time of the loan closing by a car wash operator on a 20-year lease. The borrower was an undisclosed private investor based in the Northeast. The direct lender was also not disclosed.
DOVER, N.H. — The Washington Trust Co., a regional bank, has provided a $7.4 million acquisition loan for an 80,000-square-foot industrial property in Dover, located near the Maine-New Hampshire border. According to LoopNet Inc., the property at 44 Industrial Drive was constructed on 8.5 acres in 1971 and renovated in 1996. The facility was fully leased at the time of sale. The borrower was an affiliate of Massachusetts-based investment firm R.J. Kelly.
MIAMI — Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months. Units at Oak Plaza range from 800 to 1,213 square feet, according to Apartments.com. Amenities include a clubhouse, pool, fitness center, controlled access and a business center.
ATLANTA — CBRE has arranged a loan for the refinancing of Platinum Tower, a 312,591-square-foot office building located at 400 Interstate N. Parkway in Atlanta’s Cumberland/Galleria submarket. The 17-story office tower is situated near the intersection of I-75 and I-285 and within walking distance of the Chattahoochee River and The Battery, a mixed-use development surrounding Truist Park, the home ballpark of the Atlanta Braves. Brian Linnihan, Mike Ryan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta represented the borrower, Accesso, in the deal. An undisclosed financial services firm provided the five-year CMBS loan, the amount of which was not disclosed.
