NEW BEDFORD, MASS. — Protective Life, the Alabama-based holding company of Protective Life Insurance Co., has provided a $10.5 million loan for the refinancing of Rockdale Plaza, a 100,015-square-foot shopping center located in the southern Massachusetts city of New Bedford. Grocer Stop & Shop anchors the center. The borrower, Yale Realty Services Corp., acquired the property in 1997.
CHARLOTTE, N.C. — Atlanta-based mixed-use developer Third & Urban has obtained $64.5 million in construction financing for Residences at The Pass, a 335-unit multifamily development located in Charlotte’s NoDa district. CrossHarbor Capital Partners provided the financing. The property will feature a mix of studios, one- and two-bedroom apartments anchored around a resident club room, work lounge and café that Pixel Design Collaborative designed. Residences at The Pass will also feature a rooftop terrace overlooking the courtyard and pool deck and will offer direct access to the Cross Charlotte Trail. First residents are expected to move in by summer 2025. The community will be the multifamily component of The Pass, a mixed-use development that will also feature 260,000 square feet of office and retail space. The project’s first phase, dubbed Pass41, is under construction and will span 80,000 square feet of commercial space with its first round of tenants opening this fall, including Soul Gastrolounge. The design-build team for The Pass includes architect Niles Bolton, civil engineer Thomas & Hutton and general contractor NRP Group. Foundry Commercial handles office leasing at The Pass, and Thrift Commercial Real Estate handles retail leasing. Blueprint Local serves as Third & Urban’s primary capital partner …
NEW YORK CITY — BLDG Management Co. has received $425 million in construction financing for The Orchard, a multifamily project located in the Long Island City neighborhood of Queens. The 69-story development will be the tallest residential tower in Long Island City, according to Greystone, which arranged the financing. Plans for the development include 824 residential units, including a penthouse with a rooftop deck; 207 parking spaces; and 13,000 square feet of above-grade retail. The development’s 100,000 square feet of amenity space will include a fitness center; indoor and outdoor swimming pools; a spa with a steam room and sauna; basketball court; multi-sport simulator; lounge areas; a children’s playroom; game room; movie screening rooms; work pods; a dog spa; bike room; package room with refrigerated storage; on-site laundry; and self-storage space. The Orchard will also feature a landscaped rooftop deck offering panoramic views of the New York City skyline. The space will include a pickleball court, barbecue area, yoga and fitness space, a lawn for movie screenings and a running track. A timeline for the project was not announced. M&T Bank acted as administrative agent for the $425 million construction financing, with U.S. Bank and the Bank of China acting …
BERKELEY, CALIF. — Gantry has secured an $11.3 million permanent loan to refinance a multi-tenant office tower located at 2855 Telegraph Ave. in Berkeley. The six-story, 83,557-square-foot office building accommodates more than 35 tenants, including professional services, medical offices and small businesses. It was originally constructed in the 1960s. Gantry’s Tony Kaufmann and Alex Poulos secured the 30-year, fixed-rate loan, which one of Gantry’s correspondent life company lenders provided. The financing replaces a maturing CMBS loan, providing stability and financial flexibility for the building’s tenant base.
AUSTIN, TEXAS — CBRE has arranged a $67.1 million acquisition loan for a portfolio of 12 office buildings and one retail building totaling 547,395 square feet in Austin. The buildings are situated on a combined 42 acres within Braker Business Park. Bill Chiles, Scott Peterson, Colby Matzke and Brian Cruz of CBRE arranged the five-year, nonrecourse loan on behalf of the borrower, California-based M.I.G. Capital. The direct lender was not disclosed. The buyer previously purchased three other buildings within Braker Business Park in 2016.
WATERTOWN, MASS. — Boylston Properties and J.P. Morgan Global Alternatives have received a $150 million loan from Northwestern Mutual for the refinancing of 100 Forge, a life sciences building located in Arsenal Yards in Watertown, approximately nine miles west of Boston. The nine-story, 165,600-square-foot building opened in January and is now fully occupied by five life sciences companies: Abata Therapeutics, Remix Therapeutics, Mariana Oncology, Vigil Neuroscience and Affini-T Therapeutics. Ayers Saint Gross designed the building. The owners will use the funds to pay off a construction loan sourced from Bank OZK in 2021. JLL Capital Markets arranged the refinancing, with Northwestern Mutual as the lender. The life sciences campus at Arsenal Yards now includes 10 life sciences businesses across three buildings: 100 Forge, 500 Forge and 200 Arsenal Yards Blvd. In addition to owning the properties, Boylston is also the property manager. Arsenal Yards and its proximity to Cambridge and Boston creates a unique urban-suburban experience for life sciences users, according to Boylston. There are dozens of restaurants, bars, shops and fitness studios nearby, as well as a hotel, grocery store, movie theater, childcare services, apartments and open outdoor spaces. “Despite the significant headwinds experienced this year, greater Boston is …
MORGANTOWN, W.VA. — Maverick Commercial Mortgage Inc. has arranged a $5.4 million loan for the refinancing of a 114-bed student housing property situated adjacent to the campus of West Virginia University in Morgantown. The 34-unit property is located at 251 Stewart St. and features controlled access, 24-hour maintenance and a fitness center. Maverick Commercial arranged the 10-year, fixed-rate loan with a 25-year amortization schedule through an unnamed national bank on behalf of the borrower, a national developer based in Indianapolis.
BOSTON — Boston-based lender UC Funds has provided an $11 million acquisition loan for a portfolio of four West Texas workforce housing properties totaling 275 units. The properties — Winwood Village of Amarillo, Casa Orlando, Plains Village and Winwood Village of Plainview — are located in Amarillo, Lubbock and Plainview. The loan carried a floating interest rate. The borrower was not disclosed.
LARKSPUR, CALIF. — California Landmark has secured $24.6 million to refinance Woodlark Residences, an 80-unit multifamily community in Larkspur. California Landmark acquired the property in 2014 and has since invested $3.7 million toward capital improvements, including renovations to all units as well as common areas and amenities. According to Apartments.com, the community currently offers amenities such as a pool, fitness center, grill and picnic area, a lounge and internet access. Greg Reed, Kristen Croxton and Tina Quirin of Capital One arranged the five-year, fixed-rate, Freddie Mac loan.
For real estate investors who have an acquisition teed up or who need to refinance, the prospects of finding debt today are arguably the bleakest they have been since the financial crisis 15 years ago. Higher interest rates and concerns over growing distress convinced banks and other lenders to move to the sidelines several months ago, thwarting commercial real estate investment sales. In turn, that is fueling broad uncertainty over what properties are really worth, which only begets more unease among banks. But private debt funds, which typically provide short-term rate bridge loans, are more likely to make deals when banks will not, says Jeff Salladin, a managing director with Dallas-based debt fund Revere Capital. That’s because debt funds like Revere raise capital from sophisticated investors to fund their loans, he says, while banks rely on deposits. That subjects banks to stringent regulatory oversight, which is especially intense in today’s debt climate. “All investors dislike uncertainty, and banks are investors by another definition,” states Salladin, who oversees real estate lending for Revere. “As a result, we could be in the first inning of a golden era for debt funds like ourselves, because we’re more flexible in way banks can’t be.” …