KILLEEN, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Hillcrest Apartments, a 60-unit multifamily property located in the Central Texas city of Killeen. The market-rate property was built in 1974 and houses one- and two-bedroom units. Fritz Waldvogel of Colliers Mortgage originated the seven-year, interest-only loan through a partnership with Old Capital Lending. The borrower was not disclosed.
BUCKS COUNTY, PA. — JLL has arranged a $114 million construction loan for Lower Bucks Logistics Hub, an 814,567-square-foot speculative industrial project in Bucks County. The address of the site was not disclosed, but the development’s two buildings will be located at I-295, with one building on either side of Route 213 in Middletown Township, New Jersey. The buildings will have rear-load and cross-deck configurations, clear heights of 40 feet, six total drive-in doors and over 800 car and trailer parking spaces. Mike Pagniucci led the JLL team that originated the financing through Mesa West Capital on behalf of the borrower, Foxfield LLC. A construction timeline was not disclosed.
PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.
GOODYEAR, ARIZ. — Phoenix-based Baker Development Corp., along with joint venture partner GTIS Partners, has secured a $39 million loan to refinance Yuma|143, a Class A industrial project in Goodyear. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Tim Polglase of Newmark Debt and Structured Finance arranged the financing, which Arizona Bank and Trust provided. Located at 14160 and 14170 W. Yuma Road, the 490,278-square-foot property features a 300,100-square-foot building, fully leased by HelloFresh subsidiary Factor 75, and a 190,178-square-foot facility occupied by Apex Tool Group and Romac Industries. Yuma|143 features up to 40-foot clear heights, insulated dock-high and grade-level doors, full concrete truck courts, clerestory windows and generous parking. The project’s development team included Butler Design Group as architect and Hunter Engineering as engineer. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are the project’s leasing brokers.
VALENCIA, CALIF. — Kairos Investment Management has provided a senior bridge loan to Harbor Associates for the acquisition of The Commons of Valencia, a 156,600-square-foot, Class A office complex in Valencia. Terms of the financing were not released. Located at 25152 and 25124 Springfield Court, the complex features two three-story buildings and a two-story parking structure, with 12 electric vehicle charging spots, 170 stalls within a covered structure and 622 stalls in total. Recent renovations at the property include added tenant-friendly updates to the common areas, including the lobbies, furnished outdoor spaces and landscaping.
MILPITAS, CALIF. — Gantry has secured a $14.2 million permanent loan to refinance a neighborhood retail center in Milpitas. The shopping center features 48,000 square feet of retail space. Andrew Mekjavich, Ben Johnson and Erinn Cooke of Gantry’s San Francisco production office secured the loan for the borrower, a private real estate entity. A regional bank provided the fixed-rate loan, which was structured to retire a debt facility that Gantry placed in 2018.
LELAND, N.C. — Cushman & Wakefield has arranged $62 million in construction financing for The Village at Compass Pointe, a 268-unit multifamily development coming to a 25-acre site in Leland, about 10 miles west of Wilmington, N.C. The property will feature 140 single-family rental townhomes and 128 traditional apartments in two four-story, elevator-serviced buildings. Gideon Gil, Zachary Kraft, Sebastian Sanchez and Dale Braverman of Cushman & Wakefield originated the loan through Dwight Mortgage Trust on behalf of the borrowers, SR Real Estate Partners and Circle Squared Alternative Investments. Upon completion, Village at Compass Pointe will feature two clubhouses, cabana pools and pickleball courts. The first units are expected to be delivered in January 2025.
NEW YORK CITY — JLL has arranged a $233 million construction loan for the ground-up development of a 569-unit multifamily project in Brooklyn. The site is located at 54 Crown St. in the borough’s Crown Heights neighborhood. Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley of JLL arranged the floating-rate loan through Goldman Sachs Asset Management. According to Crain’s New York Business, the borrower was San Francisco-based Carmel Partners. Information on floor plans, amenities and a construction timeline was not disclosed.
CHICAGO — Wells Fargo’s Multifamily Capital group has arranged $145 million in construction take-out financing for Porte Apartments, a 586-unit apartment complex in Chicago’s West Loop. Intercontinental Real Estate Corp. was the borrower. The five-year loan features a fixed interest rate. Situated at 845 W. Madison St., Porte Apartments was built in 2020. Units range from 557 to 1,396 square feet. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming areas. Ten percent of the units are designated as affordable and are set aside for residents making less than 60 percent of the area median income.
WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.