Loans

JLL Arranges Refinancing of 450-Unit Apartment Community in Somerville, Massachusetts

by Taylor Williams February 10, 2025

SOMERVILLE, MASS. — JLL has arranged a loan of an undisclosed amount for the refinancing of Prospect Union Square, a 450-unit apartment community in Somerville, located just outside of Boston. Prospect Union Square is a two-building complex that was completed in 2023 and houses one-, two- and three-bedroom units, with 90 residences designed as affordable housing. The property also features an outdoor pool, courtyard, fitness center and indoor dog run, as well as 18,264 square feet of retail space. Danny Kaufman, Brett Paulsrud, Madeline Joyce and Ali Howard of JLL arranged the loan through Northwestern Mutual on behalf of the owner, a joint venture between affiliates of Magellan Development Group, RAS Union Square Development, Cypress Equity Investments and Affinius Capital.

February 10, 2025

Florida Hospitality Loans Southeast

Hunter Hotel Advisors Arranges $35.5M Loan for Moxy Miami Wynwood Hotel

by John Nelson February 10, 2025

MIAMI — Atlanta-based Hunter Hotel Advisors has arranged a $35.5 million loan for the recapitalization of the Moxy Miami Wynwood, a 120-room hotel that opened in October. The developer of the eight-story hotel was a 50/50 joint venture between Baywood Hotels and Dolphin Capital Partners. Charlie Ryan and Adeel Amin of Hunter’s capital markets team arranged the loan through Synovus Bank on behalf of Baywood Hotels. Moxy Miami Wynwood is located at 255 N.W. 25th St. in the city’s Wynwood district. The 110,000-square-foot property includes two signature restaurants (Sparrow Italia and Casa Madera), as well as fitness center, event space and 49 parking spaces.

February 10, 2025

Industrial Loans New York Northeast

Customers Bank Provides $13M Loan for Refinancing of Industrial Building in Newburgh, New York

by Taylor Williams February 10, 2025

NEWBURGH, N.Y. — Customers Bank has provided a two-year, $13 million bridge loan for the refinancing of a 348,352-square-foot industrial building in Newburgh, about 70 miles north of New York City. Built in 1985, the facility at 3 Enterprise Drive features 37 dock-high loading doors, six drive-in loading doors, a clear height of 24 feet, 81 parking spaces and 5,000 square feet of office space. Local investment firm GFP Real Estate owns the building, which was fully leased at the time of sale to FedEx and organic food distributor UNFI.

February 10, 2025

Illinois Loans Midwest Multifamily

Habitat Receives $72.9M Loan, $29.5M in Equity to Refinance Columbus Plaza Apartments in Chicago

by Kristin Harlow February 10, 2025

CHICAGO — Habitat has received a $72.9 million Freddie Mac loan plus $29.5 million in equity from New York-based Torchlight Investors for the refinancing of Columbus Plaza in downtown Chicago. Torchlight Investors joins Habitat as an equity partner in the apartment property, which rises 47 stories with 534 units. Northmarq arranged the Freddie Mac loan. The refinancing replaces a $93 million loan from 2017 that matured in November. The new loan and capital structure enable Habitat and its partners to plan renovations and other capital improvements. Completed in 1980, Columbus Plaza comprises studio, one- and two-bedroom units. Monthly rents average from $1,700 to $3,350. The building was 95 percent leased at the time of loan closing. Onsite amenities include a fitness center, sunroom, business lounge, patio and bicycle storage. Located on East Wacker Drive, the asset features views of Lake Michigan and the surrounding downtown cityscape. Habitat was the original developer of the building and continues to serve as property manager.

February 10, 2025

Affordable Housing Indiana Loans Midwest Multifamily

BWE Arranges $10.8M in Financing for Two Affordable Housing Properties in Indiana

by Kristin Harlow February 10, 2025

FOWLER AND RENSSELAER, IND. — BWE has arranged a $10.8 million USDA RHS 538 GRRHP loan to provide permanent financing for the renovation of two affordable housing properties totaling 132 units in Indiana. Madison Cottages of Benton County, located in Fowler, totals 61 units across eight buildings. Madison Cottage of Rensselaer features 71 units across 12 buildings. All of the units are reserved for tenants earning up to 60 percent of the area median income. Lundat Kassa and Bob Morton of BWE structured the loan with a 40-year term and amortization. The project received additional financing through the use of 4 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.

February 10, 2025

California Development Loans Mixed-Use Multifamily Retail Western

Adept Urban Development Receives $107M in Construction Financing for Mixed-Use Project in Ontario, California

by Amy Works February 7, 2025

ONTARIO, CALIF. — Adept Urban Development has obtained $107 million in financing for the construction of Adept Ontario, a master-planned, mixed-use development at 4117 E. Concours St. in Ontario. Situated adjacent to Toyota Arena, the first phase of Adept Ontario will include 384 multifamily units and 26,000 square feet of retail space, as well as several digital media signs. Stefen Chraghchian of Marcus & Millichap Capital Corp. secured the financing with Affinius Capital and Bank OZK on behalf of the developer.

February 7, 2025

California Industrial Loans Western

Gantry Secures $11M in Refinancing for Two Bay Area Industrial Buildings

by Amy Works February 7, 2025

SANTA CLARA AND SAN JOSE, CALIF. — Gantry has secured an $11 million permanent loan to refinance two industrial properties in Santa Clara and San Jose. Totaling 78,250 rentable square feet, the properties are a flex-industrial building at 3175 De La Cruz Blvd. in Santa Clara and a single-tenant industrial facility at 1941 Ringwood Ave. in San Jose. Murphy Osborne and Alex Poulos of Gantry’s San Francisco office represented the borrower, a private real estate investor, in the financing. The 10-year, fixed-rate, cross-collateralized loan was secured through one of Gantry’s correspondent life company lenders. Terms include prepayment flexibility and 25-year amortization.

February 7, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

Thorofare Capital Provides $42.9M Loan for Refinancing of Active Adult Community Near Minneapolis

by Kristin Harlow February 7, 2025

ST. LOUIS PARK, MINN. — Thorofare Capital, an affiliate of asset management platform Callodine Group LLC, has provided a $42.9 million bridge loan to refinance Risor of St. Louis Park, a 170-unit active adult community in the Minneapolis suburb of St. Louis Park. The borrower, Roers Cos., will use the financing primarily to retire an existing construction loan on the Class A property at 3510 Beltline Blvd. Completed in November 2023, the community is 78 percent leased. The six-story building features an interior courtyard and 4,000 square feet of ground-floor retail space. Amenities include a coffee bar, golf simulator, pet wash, fitness center, movie theater, library lounge, clubroom, pool, spa and pickleball court. Scott Loving, William Hintz, Scott Streiff and Gary Marchiori of JLL arranged the loan.

February 7, 2025

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $25M Refinancing of Two Long Island Hotels

by Taylor Williams February 7, 2025

GREENPORT, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged the $25 million refinancing of two Long Island hotels. The Sound View Hotel and Harbor Front Inn are both boutique waterfront properties that are located in the North Fork community of Greenport. Both hotels offer a variety of accommodations, and Sound View also houses food-and-beverage establishments. The sponsor is Eagle Point Hotel Partners. The direct lender was not disclosed.

February 7, 2025

Acquisitions Georgia Industrial Loans Southeast Tennessee

CBRE Arranges Sale of 1.6 MSF Industrial Portfolio in Metro Atlanta, Memphis

by John Nelson February 6, 2025

BRASELTON, GA. AND MEMPHIS, TENN. — CBRE has arranged the sale of a two-property industrial portfolio in Braselton and Memphis totaling more than 1.6 million square feet. The facilities include a 613,440-square-foot cross-dock warehouse in Braselton, a city on the northeast outskirts of the metro Atlanta area, and a 1 million-square-foot cross-dock warehouse in Memphis. The Braselton facility was built in 2016 and is fully leased to a large e-commerce company, and the Memphis property was built in 2021 and is fully occupied by Medtronic. Frank Fallon, Trey Barry, José Lobon, Royce Rose, George Fallon, Ryan Bain, Zach Graham and Bentley Smith of CBRE represented the seller, JW Mitchell Co., in the transaction. The buyer and sales price were not disclosed. Additionally, Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE’s debt and structured finance team in Atlanta arranged a $69.9 million acquisition loan through Wells Fargo on behalf of the buyer.

February 6, 2025

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