NEWARK, N.J. — JLL has arranged a $64.3 million construction loan for Bridge Point 15E, a 211,388-square-foot speculative industrial project in Newark. The site is located less than three miles from the city’s airport and seaport facilities. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the three-year loan through global investment management firm Heitman LLC on behalf of the borrower, Bridge Industrial. A tentative completion date was not disclosed.
DAYTONA BEACH, FLA. — JLL has secured $77 million in construction financing for the development of Atlantica at Daytona, a 341-unit apartment community located at 1799 N. Williamson Blvd. in Daytona Beach. The borrower, a joint venture between Sovereign Properties and Invest Capital Group, plans to open first units at the garden-style property in October 2024. Gregory Nalbandian, Jesse Wright and Joshua Odessky of JLL arranged the three-year loan with a 75 percent loan-to-cost ratio through Broadshore Capital Partners. Atlantica at Daytona will feature one-, two- and three-bedroom units averaging 981 square feet in size. Amenities will include a resort-style pool, grill station, screened lanai with a fireplace, bar and TVs, outdoor summer kitchen, dog park, coworking space, game room and a high-tech fitness center.
KISSIMMEE, FLA. — PCCP LLC has provided a $67.8 million construction loan for Parkway Crossings, a 309-unit apartment development in Kissimmee, about 20 miles south of Orlando. The borrower, Fore Property Co., has broken ground and plans to wrap up construction in 2025. Located on a six-acre site near the intersection of Orange Avenue and Osceola Parkway, Parkway Crossings will feature a mix of studios, one-, two- and three-bedroom units with an average size of 939 square feet. Amenities will include a tenant clubhouse, 24-hour fitness center, outdoor barbecue area, pool and lounge area, dog park and EV chargers, as well as a 570-space parking garage.
BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan for the refinancing of Barnbeck Place Apartments, a 165-unit multifamily property located in southern Connecticut’s Fairfield County. Built in 2015, the property offers studio, one- and two-bedroom units and amenities such as a fitness center and a clubhouse. Twenty percent of the units are reserved for households earning 80 percent or less of the area median income. Dan Sacks and Avi Kozlowski of Greystone originated the financing, which was structured with a fixed interest rate and a five-year term, on behalf of the undisclosed borrower. Barnbeck Place was 98 percent occupied at the time of the loan closing.
NEW YORK CITY — Deutsche Bank and Naftali Credit Partners have provided an undisclosed amount of construction financing for a residential project in Manhattan’s Greenwich Village area. Designed by Kohn Pedersen Fox, the project will consist of 28 for-sale condos and ground-floor retail space. Deutsche Bank provided the senior loan, and Naftali issued mezzanine debt. The borrower was a joint venture between New York City-based Argo Real Estate and Indian developer B Safal. Project completion is slated for 2024.
OCEANSIDE, CALIF. — Milan Capital Management has received a $12.1 million loan for the refinancing of Mission Promenade, a 105,700-square-foot retail center in Oceanside, approximately 40 miles northwest of San Diego. Built in 1972 and renovated in 1999, the property was 97 percent leased at the time of financing to tenants including El Super and dd’s Discounts. Jeff Sause and John Chun arranged the 10-year loan through a regional bank on behalf of the borrower.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.5 million loan for the refinancing of two multifamily properties totaling 206 units in Houston. Fairmount and Atwell Village, both of which are located in the Bellaire submarket on the city’s west side, total 164 and 42 units, respectively. Both properties are currently in the midst of being renovated. Adam Pike and Brad Korndorffer of MMCC arranged the financing. The borrower and direct lender were not disclosed.
FAIRFIELD, OHIO — Northmarq has arranged a $6.1 million loan for the refinancing of a four-building retail portfolio in Fairfield, about 25 miles north of Cincinnati. The portfolio is 99 percent leased and totals 62,720 square feet. Built in 1987, Diplomat Village consists of three buildings totaling 50,650 square feet. Kemper Ponds Plaza, built in 2005, totals 12,070 square feet. Noah Juran of Northmarq arranged the fixed-rate, three-year loan with a local bank.
DEDHAM, MASS. — JLL has arranged a $190 million loan for the refinancing of Legacy Place, a 675,000-square-foot shopping center in Dedham, a southwestern suburb of Boston. Whole Foods Market, The Apple Store, L.L. Bean and Showcase Cinemas anchor the center, which was built in phases between 2008 and 2009 and renovated between 2020 and 2022. Other tenants include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House. The property sits on a 37-acre site at the corner of I-95 and U.S. Route 1 within a trade area that totals more than 1.3 million people. A syndicate of lenders consisting of Wells Fargo and Truist provided the financing to the borrower, a partnership between Boston-based WS Development and Nuveen Real Estate. Brett Paulsrud, Henry Schaffer, Hugh Doherty, Chris Angelone and Zach Nitsche of JLL arranged the debt. Specific loan terms were not disclosed. According to the capital markets team that worked on the deal, Whole Foods is the most highly trafficked store in Massachusetts for the Austin-based grocer, and Legacy Place as a whole is the most visited lifestyle center in New England. “This transaction further proves that in spite of macroeconomic headwinds, large-format retail properties in premier …
OAKLAND, CALIF. — CBRE has arranged a $15 million loan for the refinancing of Lincoln Square Shopping Center in Oakland. Safeway anchors the property, which comprises three buildings with 14 tenant suites. Other tenants at the center include CVS/pharmacy, Peet’s Coffee, Jamba Juice and the UPS Store. Originally built in 1963, the property underwent extensive redevelopment in 2019. Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra of CBRE arranged the non-recourse, 10-year, interest-only loan on behalf of the borrower, a California-based private retail real estate operating company.
