Loans

Lightstone Capital Provides $27M Refinancing of Office Building in Atlanta’s Cumberland-Galleria District

by John Nelson September 20, 2022

ATLANTA — Lightstone Capital has provided a $27 million loan for the refinancing of 2000 Riveredge Parkway, a 12-story, 240,000-square-foot office building in Atlanta’s Cumberland-Galleria submarket. The Florida-based borrower, Mainstreet Capital Partners, will use the financing to refinance existing debt and fund future leasing costs. Ed Coco and Matt Casey of JLL arranged the financing on behalf of Mainstreet. Situated near the Chattahoochee Nature Center, the property was about 50 percent occupied at the time of the financing to 20 tenants, including Aetna, Atlas Roofing, VITAS Healthcare and Diamond Crystal Brands. The building has 24/7 security, a recently added fitness center with showers and lockers, conferencing facilities, a renovated deli, private balconies, attached structured deck parking and a tenant lounge. Mainstreet Capital plans to use the loan proceeds to upgrade the parking deck terrace, complete multiple spec suites, update the restrooms and make minor mechanical updates.

September 20, 2022

Loans Northmarq Texas

Northmarq Arranges $10.5M Loan for Refinancing of Houston Industrial Property

by Taylor Williams September 20, 2022

HOUSTON — Northmarq has arranged a $10.5 million loan for the refinancing of West Little York Trade Park, a 120,900-square-foot industrial property in Houston. The property was built in 2020 and consists of 15 single-tenant buildings ranging in size from 7,000 to 11,875 square feet. Matt Franke of Northmarq arranged the nonrecourse, fixed-rate loan, which was structured with 18 months of interest-only payments, through an undisclosed regional bank. The borrower was also not disclosed.

September 20, 2022

Arizona Development Industrial Loans Western

JLL Arranges $99M Construction Loan for Five-Building Sossaman Park Industrial Project in Mesa, Arizona

by Amy Works September 20, 2022

MESA, ARIZ. — JLL Capital Markets has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial project in Mesa. Totaling 828,718 square feet, the first phase will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25 to 41 dock-high doors, 50-foot by 52-foot column spacing and 32-foot clear heights throughout. Sossaman Park will be built in two phases with the second phase expected to include three additional buildings that will collectively total 722,000 square feet. A portion of the loan proceeds were used to fund the sponsor’s acquisition of the Phase II land site. The development is located on 108.9 acres at the southwest corner of Sossaman and Warner roads in the Chandler North/Gilbert submarket. Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos of JLL Capital Markets arranged a four-year, floating-rate loan for the borrower, a joint venture led by Contour. Pacific Western Bank provided the loan.

September 20, 2022

Development Loans Massachusetts Multifamily Northeast

Ullico Provides $150M Construction Loan for Metro Boston Multifamily Project

by Taylor Williams September 20, 2022

REVERE, MASS. — Ullico, a Washington, D.C.-based insurance company, has provided a $150 million construction loan for Amaya, a 475-unit multifamily project that will be located in the northeastern Boston suburb of Revere. Designed by ICON Architecture, the project is part of the 16.2 million-square-foot redevelopment of the former Suffolk Downs racetrack and will house 24,000 square feet of ground-floor retail space. Amenities will include a pool, landscaped courtyards, an outdoor kitchen with grilling stations, fitness center and a game room with an arcade. Completion is slated for the second quarter of 2024. The borrower was a partnership between National Real Estate Advisors, Cathexis and The HYM Investment Group.

September 20, 2022

Acquisitions Loans Multifamily Texas

Palladius Capital Management Buys 342-Unit Multifamily Property in Metro Austin

by Taylor Williams September 19, 2022

KYLE, TEXAS — Locally based investment firm Palladius Capital Management has purchased Citizen House Kyle, a 342-unit multifamily property that is located along the I-35 corridor on the southern outskirts of Austin. Built in 2022, the community is situated within Dry River, a 65-acre mixed-use development by Endeavor Real Estate Group. Residences come in one- and two-bedroom formats, and amenities include a pool, fitness center, outdoor lounge, coworking space and a resident clubhouse. Austin-based Endeavor developed and sold the property. The price was not disclosed. Tony Stein and B.K. Newsom of CBRE arranged a $60 million acquisition loan through CBRE Investment Management on behalf of Palladius.

September 19, 2022

Loans New York Northeast Retail

Axiom Capital Arranges $13.2M Refinancing of Upstate New York Retail Center

by Taylor Williams September 19, 2022

EAST GREENBUSH, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $13.3 million permanent loan for the refinancing of a retail center in East Greenbush, roughly six miles southeast of Albany. The 301,894-square-foot property comprises six separate buildings and was leased to 16 tenants at the time of the loan closing. The names of the borrower, a development and management firm, and direct lender, a local bank, were not disclosed.

September 19, 2022

151-Tornillo-Way-Tinton-Falls-New-Jersey

Industrial Loans New Jersey Northeast

Denholtz Properties Refinances Two Northern New Jersey Industrial Facilities Totaling 50,923 SF

by Taylor Williams September 19, 2022

TINTON FALLS, N.J. — New Jersey-based Denholtz Properties has refinanced two industrial facilities located in the Northern New Jersey community of Tinton Falls. The newly constructed properties at 150 and 151 Tornillo Way total 50,923 square feet and were 100 percent leased to five tenants at the time of the loan closing. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the fixed-rate financing, the amount of which was not disclosed, through Spencer Savings Bank on behalf of Denholtz Properties.

September 19, 2022

Acquisitions Florida Loans Multifamily Southeast

PCCP Provides $72.7M Acquisition Loan for Jacksonville Apartment Community

by John Nelson September 19, 2022

JACKSONVILLE, FLA. — PCCP LLC has provided a $72.7 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community located at 14701 Bartram Park Blvd. on the south side of Jacksonville. The borrower, Rose Valley Capital, an affiliate of Hampshire Properties, will use a portion of the proceeds to renovate interiors and amenities at the property, which was built in 2009. Situated near the Bartram Park mixed-use development, Carlyle at Bartram Park was 93 percent occupied at the time of financing. The property includes one-, two- and three-bedroom floor plans with an average size of 991 square feet, as well as a playground, fitness studio, clubhouse with fireplace, gated access, outdoor fireplace and grill area, resort-style pool with sundeck and a walking trail around a lake.

September 19, 2022

Illinois Loans Midwest Multifamily

Inland Green Capital Originates $21.1M in C-PACE Financing for Multifamily Property in New Lenox, Illinois

by Kristin Harlow September 19, 2022

NEW LENOX, ILL. — Inland Green Capital LLC, an environmental finance and investment company, has originated $21.1 million in Commercial Property Assessed Clean Energy (C-PACE) financing for environmental improvements in the construction of a 220-unit multifamily property located at 232 N. Prairie Road in New Lenox. The C-PACE capital will help fund HVAC, LED lighting, roof, building envelope, air sealing, windows, water conservation and hot water system improvements. The improvements are expected to reduce the property’s annual electricity and water consumption by 834,000 kilowatt-hours and 378,000 gallons, respectively, when compared with a standard baseline building performance model. PACE is a financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties.

September 19, 2022

Loans Massachusetts Northeast Office Top Stories

Fortis Property Group Receives $1B Refinancing for One Lincoln Office Tower in Boston

by Taylor Williams September 19, 2022

BOSTON — New York City-based investment and management firm Fortis Property Group has received a $1 billion loan for the refinancing of One Lincoln, a 1.1 million-square-foot office tower in Boston’s Financial District. Proceeds will be used to repay existing debt and provide more than $200 million in capital upgrades geared toward wellness and lifestyle amenities, as well as to fund future leasing costs. In addition, Fortis will renovate the common areas and reconfigure the floor plates to support a wider range of indoor and outdoor amenities. Concurrent with the financing, Fortis also signed HarbourVest Partners to a 250,000-square-foot lease. The company plans to occupy 11 floors of the building as the new anchor tenant. The Boston-based private equity firm will replace fellow financial services firm State Street Corp. in this role, becoming the building’s namesake tenant in the process. HarbourVest plans to take occupancy in 2025. “We are reimagining the post-COVID office environment, and One Lincoln signifies the beginning of a new era for workplaces in Boston,” says Jonathan Landau, CEO of Fortis Property Group. “The Fortis and HarbourVest teams both recognized the tremendous demand for luxury office space that is amenitized with unparalleled wellness and lifestyle-driven experiences in …

September 19, 2022

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