PHILADELPHIA — New York City-based Trevian Capital has provided a $17.1 million bridge loan for the acquisition of an undisclosed, 71-unit multifamily property located in Philadelphia’s Fishtown neighborhood. The newly constructed property includes ground-floor retail space and was 74 percent occupied at the time of the loan closing. The borrower was not disclosed.
SALT LAKE CITY — KeyBank Real Estate Capital has arranged a $68.3 million permanent loan through Freddie Mac for The Woodbury Corp., Colmena Group and Western States Lodging. The loan refinances existing debt on Legacy Village of Sugar House, a seniors housing property in Salt Lake City. The 10-story Legacy Village of Sugar House features independent living, assisted living and memory care units. The property also offers retail space, parking and commercial space. Morgin Morris of KeyBank structured the 10-year, fixed-rate loan with an initial five years of interest-only payments. The property is within the master-planned Sugar House neighborhood of Salt Lake City.
HOBOKEN, N.J. — Northmarq has arranged a $26.4 million acquisition loan for the Hudson Tea Parking Garage in Hoboken. Built in 2004 by multifamily developer Toll Brothers (NYSE: TOL), the eight-story structure spans 389,984 square feet and houses 1,250 parking spaces. Daniel Karp of Northmarq arranged the fixed-rate financing on behalf of the borrower, Boston-based LAZ Parking Realty Investors. The loan carried a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.
KEY WEST, FLA. — Sonnenblick-Eichner Co. has arranged $82.4 million in financing for Ocean Key Resort & Spa, a 100-room waterfront hotel in Key West. The borrower, Kirkland, Wash.-based Noble House Hotels & Resorts, will use the five-year, fixed-rate loan to pay off an existing loan and fund a $10.5 million renovation of the property. An unnamed life insurance company provided the nonrecourse loan, which is interest-only for the entire term. Ocean Key’s amenities include a full-service restaurant, oceanfront pool with cabanas and a poolside bar and spa. The resort also includes Sunset Pier and the Sunset Pier Restaurant and Bar.
LOS ANGELES — Parkview Financial has provided a $35 million loan to CMNTY Culture for the acquisition of a land assemblage situated at the northeast corner of the intersection of Sunset Boulevard and Highland Avenue in Los Angeles’ Hollywood district. The site comprises four contiguous parcels totaling 1.88 acres at 1518-1836 N. Highland Ave. and 6751-6767 W. Sunset Blvd. One parcel at 6767 W. Sunset Blvd. was purchased in July 2021 for $9.1 million. Parkview provided the loan to facilitate the acquisition of the three remaining parcels, which were recently purchased for $44 million. Once fully rezoned and entitled, the ownership plans to construct CMNTY Culture Campus that will include two towers – one 13 stories and one 14 stories – totaling approximately 500,000 square feet of creative office and studio/production space with six subterranean parking levels. The four parcels consist of U-shaped land that currently features a strip retail center, live performance venue, plant nursery and two surface parking plots. The owner plans to demolish the buildings for the new development. HKS Architects is serving as project architect and Oakland-based Hood Design Studio is serving as landscape designer.
HILLSBORO, ORE. — CIT, a division of First Citizens Bank, has provided a $50.8 million loan to Seavest Healthcare Properties for the refinancing of Providence Family Wellness Center and Medical Office Building in Hillsboro. CIT’s healthcare finance unit provided the financing. Providence Family Wellness Center is a newly delivered, 118,000-square-foot medical office building and wellness center. Providence Health & Services – Oregon, a subsidiary of Providence St. Joseph, leases the building. The property offers clinical space for services, including primary care, pediatrics, behavioral health, sports medicine, women’s health, dermatology, cardiology, urgent care, diagnostics imaging, lab, rehabilitation and sports therapy. Additionally, the building features a comprehensive active wellness center complete with indoor warm water and outdoor lap pools.
DENTON, TEXAS — Lument has provided a $15.4 million bridge loan for the acquisition of Village on University, a 133-unit apartment complex located in the North Texas city of Denton. The 12-building property was built on 6.9 acres in 1968. John Sloot of Lument originated the financing, which was structured with interest-only payments throughout the entirety of the three-year term, as well as two 12-month extension options. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — JLL has arranged a $142 million construction loan for Majestic, a 255-unit multifamily project located within a Qualified Opportunity Zone in Brooklyn’s Gowanus neighborhood. Designed by Handel Architects, the 12-story building will include 18,000 square feet of commercial space, and 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through U.S. Bank on behalf of the borrower, a partnership led by Domain Cos.
PASSAIC, N.J. — Seven Hills Realty Trust (NASDAQ: SEVN), an affiliate of The RMR Group, has provided a $47 million acquisition loan for a 330,000-square-foot industrial property located at 153 Linden St. in the Northern New Jersey community of Passaic. JLL arranged the financing on behalf of the borrower, Thor Equities, which will use a portion of the proceeds to fund capital improvements.
FREMONT, NEB. — Grandbridge Real Estate Capital has arranged a $6.9 million loan for the refinancing of a 72-unit multifamily property in Fremont, about 40 miles northwest of Omaha. Brett Olson and Jeff Witt of Grandbridge arranged the permanent, fixed-rate loan. The borrower and lender were not disclosed.