Loans

Bayview Arranges $13M in C-PACE Financing for Varenita of Simi Valley Seniors Housing Community in California

by Jeff Shaw March 15, 2023

SIMI VALLEY, CALIF. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley. The Class A property, which opened in February 2022, totals 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants. The C-PACE loan is being utilized to pay down senior debt and provide cash-out proceeds to the borrower for future projects. The borrower, Griffin Living, is a privately owned development firm based in Calabasas. The financing features a 29-year term and a loan-to-value ratio of 24.4 percent. It is structured as a bridge refinancing.

March 15, 2023

California Development Industrial Loans Western

Lovett Industrial Receives $24.9M Construction Financing for Rialto, California Project

by Jeff Shaw March 14, 2023

RIALTO, CALIF. — Lovett Industrial has received $24.9 million in construction financing to develop Rialto II, a 114,115-square-foot, Class A industrial development in Rialto. Once completed, Rialto II will feature 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court and 90 parking stalls. The six-acre site is located at 1910 W. Renaissance Parkway. The three-year, fixed-rate loan is through American Realty Advisors. Peter Thompson, Samuel Godfrey and Jordan Leake led the JLL Capital Markets debt advisory team.

March 14, 2023

Acquisitions Loans Office Southeast Virginia

Progress Capital Arranges $60.5M Acquisition Loan for Office Building in Herndon, Virginia Leased to Amazon

by John Nelson March 14, 2023

HERNDON, VA. — Progress Capital has arranged a $60.5 million acquisition loan for South Lake at Dulles Corner Business Park, a 270,000-square-foot office building in Herndon leased to Amazon. Brad Domenico of Progress Capital arranged the loan through Societe Generale Corp. on behalf of the borrower, Vision Properties. The loan features five years of interest-only payments. The seller was not disclosed. Built in 2008 and renovated in 2020 ahead of Amazon’s occupancy, the 10-story office building features a new fitness center, full-service café, modern conference facilities, tenant gaming rooms, outdoor dog park, bicycle room and a 921-space parking garage with EV charging stations. South Lake is located within Dulles Corner Business Park at 13820 Sunrise Valley Drive, which is near Dulles International Airport and the Silver Line Innovation Center Metro station.

March 14, 2023

Indiana Industrial Loans Michigan Midwest

iBorrow Provides $13.5M Loan for Refinancing of Two Industrial Properties in Michigan, Indiana

by Kristin Harlow March 14, 2023

ALMA, MICH. AND MUNSTER, IND. — iBorrow has provided a $13.5 million loan for the refinancing of two industrial properties in Alma and Munster. The two manufacturing facilities are fully leased and total 301,000 square feet. The loan will enable the borrower to refinance $12 million in existing debt on the portfolio, as well as recapitalize the ownership structure by buying out an equity partner. The properties are located at 2000 Michigan Ave. in Alma, a city in central Michigan, and 9325 Kennedy Court in Munster, a city in Northwest Indiana.

March 14, 2023

Affordable Housing Illinois Loans Midwest Multifamily

Hunt Capital Partners Provides $9M in Acquisition Financing for 74-Unit Affordable Housing Community in Illinois

by Kristin Harlow March 14, 2023

PETERSBURG, ILL. — Hunt Capital Partners has provided $9 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Lukin’s Landing. Located in Petersburg, about 24 miles north of Springfield, Lukin’s Landing is a 74-unit affordable housing property. Central Illinois Services and Windsor Development Group plan to rehabilitate the community and set aside 12 units for households with disabilities or those who are prone to homelessness. Lukin’s Landing was originally built in 1981 as part of a 126-unit scattered public housing site known as Menard Family Homes. In 2018, under the Rental Assistance Demonstration program, Menard County Homes converted Lukin’s Landing from public housing to Section 8 housing. The project team for the rehabilitation includes Bedrock Housing Consultants as development consultant, Windsor Homes Inc. as general contractor and Designed Architecture Inc. as architect. Christian County Development Corp. will serve as property manager. Completion is slated for August 2024. The total development cost for the project is $12.8 million. Hunt Capital Partners syndicated the federal tax credits through its multi-investor funds, Hunt Capital Partners Tax Credit Funds 37 and 41. Carrollton Bank provided an $8.3 million construction loan and a $1.2 million permanent loan. The …

March 14, 2023

Loans Multifamily Seniors Housing Texas

CBRE Provides $18.2M Agency Loan for Refinancing of Austin Seniors Housing Property

by Taylor Williams March 14, 2023

AUSTIN, TEXAS — CBRE has provided an $18.2 million Freddie Mac loan for the refinancing of Village on the Park Onion Creek, a 124-unit seniors housing community in Austin. The borrower is Bridgewood Property Co. Operated by The Aspenwood Co., the property sits on nine acres and predominantly offers independent living services. Aron Will, Tim Root and Michael Cregan of CBRE arranged the 10-year, floating-rate loan, which carried five years of interest-only payments.

March 14, 2023

Loans New York Northeast Office

Newmark Places $90M Loan With German Bank for Refinancing of Manhattan Office Building

by Taylor Williams March 14, 2023

NEW YORK CITY — Newmark has placed a $90 million loan for the refinancing of 1245 Broadway, a 23-story, 200,000-square-foot office building in Manhattan’s NoMad district. German bank Deutsche Pfandbriefbank AG provided the loan to the borrower and developer, a partnership between Swedish developer Corem Property Group AB and locally based firm GDS Development LLC. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark originated the debt. Ownership will use a portion of the proceeds to fund capital improvements.

March 14, 2023

Development Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $20M Construction Loan for Central New Jersey Industrial Project

by Taylor Williams March 14, 2023

EAST BRUNSWICK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $20 million construction loan for a 146,570-square-foot industrial project in the Central New Jersey community of East Brunswick. The speculative warehouse will feature a clear height of 36 feet, 18 loading docks and parking for 91 vehicles and 15 trailers. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the three-year loan through an undisclosed regional bank. The borrower/developer was also not disclosed.

March 14, 2023

Loans Lument Massachusetts Multifamily Northeast Seniors Housing

Lument Provides $15M HUD Loan for Refinancing of Metro Boston Seniors Housing Property

by Taylor Williams March 14, 2023

BROCKTON, MASS. — Lument has provided a $15 million HUD-insured loan for the refinancing of Alliance Health at West Acres, a seniors housing property located in the southern Boston suburb of Brockton. Built in 1965 and renovated in 2017, the property offers 130 beds. Aaron Becker of Lument originated the financing, which was structured with a 35-year term and fixed interest rate, on behalf of the owner-operator, Alliance Health & Human Services.

March 14, 2023

Loans Mixed-Use Multifamily New Jersey Northeast Top Stories

Greystone Provides $257.2M Refinancing for 1,155-Unit The Beacon Apartments in Jersey City

by John Nelson March 14, 2023

JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units. The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT. “The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.” Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two …

March 14, 2023

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