NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The properties are scattered throughout Manhattan, Brooklyn, Queens and The Bronx and total 1,115 units across approximately 304,000 square feet. Each property is leased to a unique nonprofit operator and backed by a contract with the New York City Department of Homeless Services. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors.
LYNDHURST, N.J. — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $14.6 million construction loan for a Marriott-branded hotel project in the Northern New Jersey community of Lyndhurst. The hotel will total 128 rooms and will be operated under Marriott’s TownePlace Suites brand. David Turley of Cronheim Mortgage placed the loan through an undisclosed local bank on behalf of the borrower, regional hospitality owner-operator BDG Hotels. Construction is slated for a late 2025/early 2026 completion.
DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.8 million acquisition loan for Sam Moon Center, a 126,513-square-foot retail property located at 11814 Harry Hines Blvd. in North Dallas. The shopping center was built in 2003. Robert Bhat of MMCC arranged the financing through an undisclosed local bank on behalf of the borrower, which also requested anonymity. The loan carried a 7 percent interest rate, 10-year term, 25-year amortization schedule and 12 months of interest-only payments.
TAMPA, FLA. — CBRE has arranged a $32.5 million loan for the refinancing of Westshore Center, a nine-story office building in Tampa. Amy Julian and Andrew Chilgren of CBRE arranged the loan through BMO on behalf of the borrower, a joint venture between C-III Capital Partners and America’s Capital Partners. The 219,992-square-foot office property was 85 percent leased at the time of financing to 25 tenants with an average weighted lease term of nearly five years.
AURORA, COLO. — CBRE has arranged a $15.4 million loan for Stratford Partners’ acquisition of Del Arte Townhomes in Aurora, just east of Denver. Located at 11135 E. Alameda Ave., Del Arte Townhomes offers 94 one- and two-bedroom apartments with washers/dryers and attached garages. Built in 2001, the community features eight two-story buildings across 6.5 acres. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured a five-year, interest-only agency loan. CBRE’s Shane Ozment, Terrance Hunt, Andy Hellman and Justin Hunt facilitated the sale of the community.
CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program, which provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. While all FHLBank Chicago members are eligible to participate, up to $200 million of the LIHTC Collateral Pilot Program funding will be reserved for members with assets under $1.46 billion, including CDFIs. The LIHTC program is a key federal tax policy designed to incentivize private investment in the development and preservation of affordable rental housing in the United States for lower-income households. Loans needed to fund LIHTC projects are often sold to investors for securitization, but projects meeting local or specialized needs may have smaller loan amounts that can be challenging and more expensive to finance, since the lender may have to hold the loans in their portfolio. “Our members are working to address needs and gaps in affordable housing …
CHICAGO — JLL Capital Markets has arranged a $31 million loan in the form of a participating mortgage for the construction of 1529 N Fremont, a 132-unit apartment building in Chicago’s Lincoln Park neighborhood. Construction is expected to begin this quarter on the five-story project, which will feature four stories of rental units above 9,500 square feet of retail space and 29 parking spaces. Units will average 500 square feet each. Amenities will include a fitness studio, coworking lounge and activated outdoor space. Lucas Borges and Ryan Sullivan of JLL arranged the loan on behalf of the borrowers, CityPads and Wayland Real Estate Capital. A life insurance company provided the four-year loan.
NEW YORK CITY — JLL has arranged a $52 million construction loan for a multifamily project located at 133 E. 55th St. in Manhattan’s Midtown East neighborhood. The project currently rises 12 stories and will reach 21 stories upon completion, which is scheduled for winter 2025. Designed by Zproekt Architecture, the building will house one-, two- and three-bedroom units as well as one three-bedroom duplex penthouse. Amenities will include a spa complex with a sauna, steam room and plunge pool, as well as a fitness center, package room and an outdoor recreation area. Locally based bridge lender Emerald Creek Capital provided the loan to the developer, a joint venture between Rybak Development and BK Developers. Robert Tonnessen and Aaron Neidermayer led the tranasaction for JLL.
YONKERS, N.Y. — Bayview PACE has provided $3.5 million in C-PACE financing for a 170-unit apartment building in Yonkers, located north of New York City. The 10-story building at 66 Main St. was originally built in 2008 and offers amenities such as a fitness center, basketball court, community room, media room and rooftop terrace, as well as nearly 20,000 square feet of ground-floor retail space. The undisclosed owner will use the financing to fund energy-efficiency initiatives and HVAC repairs and replacements. To close the loan, Bayview worked with Energy Improvement Corp. (EIC), a nonprofit development corporation that provides long-term alternative financing to fund clean energy projects in commercially owned buildings in New York.
NEW YORK CITY — A joint venture between Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC has received $985 million in financing for the development of 80 Clarkson, a full-block condominium project along the Hudson River in Manhattan’s West Village neighborhood. The two towers of the development will rise 450 feet and total 100 ultra-luxury units. The first tower is scheduled for completion in 2026, with the second following in 2027. Newmark arranged the loan for the project on behalf of the developers. Jordan Roeschlaub, Chris Kramer and Jonathan Firestone of Newmark secured the financing from Cale Street Partners and Farallon Capital Management. The community will feature outdoor space, luxury finishes, an amenity package and ground-floor retail space. 80 Clarkson is located on the northernmost portion of the former St. John’s Terminal Building, which was originally built in 1934 as the terminus to the High Line Rail Road. The building spanned almost four city blocks, nearly 850 feet along the Hudson River. In 2016, Atlas led a prior venture in a complex rezoning which allowed for significantly increased density on the site. After negotiating early terminations with the building’s office tenants, the venture sold the portion of the …