Loans

Birtcher Development Receives $75M Construction Financing for 492,631 SF Logistics Center in Rialto, California

by Amy Works August 23, 2023

RIALTO, CALIF. — Birtcher Development LLC has received $75 million in construction financing for the development of Birtcher Logistics Center Rialto, a Class A logistics facility currently under construction in the Inland Empire city of Rialto. Situated on 21 acres, the 492,631-square-foot property will feature 40-foot clear heights, 62 dock-high doors, 5,642 square feet of ground-floor office space and 5,221 square feet of mezzanine space. Additionally, the site will offer 90 trailer parking spaces and 287 auto parking spaces. Greg Brown, Peter Thompson and Spencer Seibring of JLL Capital Markets’ debt advisory team secured the nonrecourse loan from the lender, Principal Global Investors.

August 23, 2023

Georgia Loans Multifamily Southeast

Greystone Monticello Provides $68.3M Refinancing for Irby Apartments in Atlanta’s Buckhead District

by John Nelson August 22, 2023

ATLANTA — Greystone Monticello, a joint venture between Greystone and Monticelloam LLC, has provided two loans totaling $68.3 million for the refinancing of The Irby, a 12-story apartment building in Atlanta’s Buckhead district. The financing comprised a $60.3 million bridge loan and an $8 million mezzanine loan. Greystone Commercial Capital, a division of Greystone, arranged the financing on behalf of the borrower, an affiliate of Lone Star Funds. The Irby was developed in 2020 and features 277 studio, one- and two-bedroom apartments, as well as a resort-style saltwater pool, elevated courtyard with a fire pit and grilling station, private cabanas, 24-hour athletic club and yoga studio, complimentary wine on-tap, sauna, media and game room, onsite pet spa, bike room and repair station, Peloton bikes, high-rise lookout terrace, 24/7 concierge and a curated art program.

August 22, 2023

Florida Loans Retail Southeast

Concord Summit Capital Arranges $42M Refinancing for Shopping Center in Kissimmee, Florida

by John Nelson August 22, 2023

KISSIMMEE, FLA. — Concord Summit Capital has arranged a $42 million bridge loan for the refinancing of The Promenade at Sunset Walk – Margaritaville Resort, a 192,659-square-foot shopping center within the Sunset Walk master-planned development in Kissimmee. The property is situated along U.S. Highway 192 near Walt Disney World’s Magic Kingdom, EPCOT Center and MGM Studios. Kevin O’Grady and Justin Neelis of Concord Summit’s Miami office arranged the loan on behalf of the borrower, Encore Capital Management. The sponsor will use the loan to repay the original construction loan and access excess cash. Built in late 2019 and early 2020, The Promenade was fully leased at the time of financing to tenants including Skechers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays and Ford’s Garage.

August 22, 2023

Hospitality Loans New York Northeast

JLL Arranges Loan for Refinancing of 774-Room Hotel in Midtown Manhattan

by Taylor Williams August 22, 2023

NEW YORK CITY — JLL has arranged a loan of an undisclosed amount for the refinancing of Westin Grand Central, a 774-room hotel located at 212 E. 42nd St. in Midtown Manhattan. Built in 1981, the property features 13,000 square feet of meeting and event space, a restaurant and lobby bar, fitness center and a 144-space parking deck. Kevin Davis and Mark Fisher of JLL arranged the floating-rate financing through funds managed by Apollo Global Management. The borrower was an undisclosed global investment management firm that has owned the hotel since early 2019.

August 22, 2023

Connecticut Loans Multifamily Northeast

Greystone Provides $11M Agency Loan for Refinancing of Multifamily Property in Meriden, Connecticut

by Taylor Williams August 22, 2023

MERIDEN, CONN. — Greystone has provided an $11 million Fannie Mae loan for the refinancing of The Kennedy Building, a 135-unit multifamily property in Meriden, located roughly midway between Hartford and New Haven. The property was built in 1921 and offers studio, one- and two-bedroom units. Dan Sacks of Greystone originated the 10-year, nonrecourse loan, which carried a fixed interest rate, 30-year amortization schedule and seven years of interest-only payments. The borrower was Kennedy Holdings Inc.

August 22, 2023

California Loans Multifamily Western

JLL Arranges $28M in Financing for Casa Verde Multifamily Community in San Diego

by Amy Works August 22, 2023

SAN DIEGO — JLL Capital Markets has arranged $28 million in construction take-out financing for Casa Verde, an urban infill multifamily property in San Diego’s North Park neighborhood. The borrower is Champion Real Estate Investments. Olga Walsh and Jack Wood of JLL Capital Markets secured the nonrecourse, floating-rate bridge loan for the borrower. The new loan retired a high-leverage construction loan, covered transaction costs and carry reserves, and provided significant cash out to the sponsor while allowing sufficient time for stabilization in anticipation of permanent financing. Located at 3066 N. Park Way, Casa Verde features 94 studio and one-bedroom units and 3,000 square feet of restaurant space on the ground floor. Community amenities include barbecue and fire pit areas, a rooftop deck and clubhouse, bike repair and storage, gated parking garage, and city and mountain views from the top floors.

August 22, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

JLL Arranges $193M in Construction Financing for Pathside Apartment Tower in Jersey City, New Jersey

by John Nelson August 22, 2023

JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life. The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer. “We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.” Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level. The general contractor on the project is AJD Construction, …

August 22, 2023

California Loans Retail Western

URW Receives $925M in Financing for Westfield Century City Mall in Los Angeles

by Amy Works August 21, 2023

LOS ANGELES — Unibail-Rodamco-Westfield (URW) has received $925 million in new financing for Westfield Century City, a 1.4 million-square-foot mall in Los Angeles. URW fully owns the mall, which was 95 percent occupied at the time of financing. The financing is in the form of a two-year, floating-rate commercial mortgage-backed security (CMBS).

August 21, 2023

Development Industrial Loans Northeast Pennsylvania

Newland Capital Group to Develop 1.2 MSF Industrial Project in Mount Pocono, Pennsylvania

by Taylor Williams August 21, 2023

MOUNT POCONO, PA. — Newland Capital Group will develop Mount Pocono Commerce Center, a 1.2 million-square-foot industrial project that will be located roughly midway between Scranton and Allentown in eastern Pennsylvania. The project is a build-to-suit for an undisclosed third-party logistics group and will feature a clear height of 40 feet, 196 loading docks, four drive-in doors, 384 trailer stalls and 200-foot truck court depths. David Pelaia and Chad Morgan of JLL arranged a senior construction loan through Axos Bank and mezzanine financing from Fidelity Investments, as well as joint venture equity from an undisclosed partner, for the project. A tentative completion date was not disclosed.

August 21, 2023

Loans Multifamily New York Northeast

Axiom Capital Arranges $22M Loan for Refinancing of Manhattan Multifamily Building

by Taylor Williams August 21, 2023

NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $22 million loan for the refinancing of an unnamed multifamily building in Manhattan’s Financial District. The eight-story building houses a mix of studio, one-, two-, three- and four-bedroom units and includes commercial space. The fixed-rate, nonrecourse loan carried a five-year term with three years of interest-only payments. The borrower and direct lender were not disclosed.

August 21, 2023

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