OXNARD, CALIF. — JLL Capital Markets has arranged $69.7 million in acquisition financing for The Vines at Riverpark, a two-story attached townhome community in Oxnard. JLL represented the borrower, Interstate Equities Corp., to secure a two-year, floating-rate loan through Prime Finance with four one-year extension options. Located at 3040 N. Oxnard Blvd., The Vines at Riverpark features 164 two- and three-bedroom townhomes with an average size of 1,369 square feet. Units offer private two-car garages, full-size washers/dryers, separate water heaters, central air and heat, front porches or balconies, stainless steel appliances and granite countertops. The residential property is part of Riverpark, a 700-acre, master-planned community that features parks, jogging trails, bike paths and playgrounds. Peter Smyslowski, Charles Halladay, Jonah Aelyon, Spencer Bergthold and Elijah Lax of JLL Capital Markets represented the undisclosed seller in the deal.
CHICAGO — JLL has arranged $215.1 million in financing for the redevelopment of 801 S. Canal St., a 684,000-square-foot office building in Chicago’s West Loop neighborhood. The borrower is New York City-based 601W Cos. Once completed, the creative office space will be rebranded as Canal Station. The redeveloped property will feature open floorplates and continuous glass windows on its exterior. Amenities will include a fitness center, tenant lounge, conference center, outdoor terraces and lobby. The building will offer 376 parking spaces. JLL represented the borrower in securing the senior loan through Bank OZK and a mezzanine loan and preferred equity through Lionheart Strategic Management LLC on behalf of Milestone Asset Management. 601W Companies’ development portfolio in Chicago consists of The Old Post Office, Prudential Plaza and Aon Center. Keith Largay, Lucas Borges and Ryan Sullivan led the JLL Capital Markets team representing the borrower. Other office tenants in Chicago’s West Loop neighborhood include Uber, Walgreens and Home Chef. The property is further benefited by Chicago’s vast transportation network with access to interstates 90, 94, 290 and 55 and four L Train lines. The redevelopment of Canal Station will continue the transformation of the West Loop and will be a sister property …
NASHVILLE, TENN. — Mag Mile Capital has arranged a $43.1 million construction loan for the development of a four-story hotel located at 2221 Elliston Place in Nashville. Situated near Vanderbilt University in the city’s West End submarket, the 184-room hotel will feature a 70-space parking garage and nearly 30,000 square feet of commercial space. Francisco Nacorda of Mag Mile originated the three-year loan through an undisclosed lender on behalf of the borrower, an entity doing business as Elliston Hospitality LLC. The loan features interest-only payments, two one-year extension options, a loan-to-cost (LTC) ratio of 82.5 percent and a 10.35 percent interest rate. The borrower plans to receive the certificate of occupancy for the hotel next summer and reach full stabilization by spring 2024.
CHESTERFIELD, MO. — Northmarq has arranged a $23.5 million loan for the construction of the Terraces at Wildhorse Village in Chesterfield, a western suburb of St. Louis. The 70-unit, luxury build-to-rent project is part of the larger Wildhorse Village, a $500 million mixed-use development. Each of the townhomes will feature three bedrooms spanning 2,250 square feet and include two-car garages. Construction is expected to begin later this summer and be completed in roughly 12 months. David Garfinkel of Northmarq arranged the five-year, fixed-rate loan through regional bank INB. St. Louis-based Pier Property Group (PPG) was the borrower. The Terraces will be located immediately adjacent to the Flats at Wildhorse Village, PPG’s 266-unit luxury apartment development that is slated for completion in fall 2023.
EWING, N.J. — JLL has arranged a $14.5 million loan for the refinancing of a 130,000-square-foot distribution center located in the Central New Jersey city of Ewing. The newly built property sits on 22.6 acres and features a clear height of 40 feet, 18 dock-high doors and 32 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan through Nationwide Life Insurance Co. on behalf of the borrower, Herring Properties. At the time of the loan closing, the facility was fully leased to Binsky & Snyder, a provider of mechanical construction services.
PENNSYLVANIA — VIUM Capital has provided a $14.3 million bridge-to-HUD loan for the refinancing of a 144-unit seniors housing community in Pennsylvania. The name and address of the property, which provides independent living, assisted living and memory care services, were not disclosed. The undisclosed borrower will use a portion of the proceeds to fund a change in unit mix and other capital upgrades.
NEW YORK CITY — JLL has arranged a $176 million construction loan for a 360-unit multifamily project that will be located at 420 Carroll St. in Brooklyn’s Gowanus neighborhood. Designed by FX Collaborative and Studio Mainer, the transit-served, waterfront building will rise 20 stories and include roughly 27,500 square feet of retail and commercial space. In addition, 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 Bank OZK on behalf of the developer, a joint venture led by The Domain Cos. Completion is slated for December 2024.
NEW YORK CITY — ACORE Capital has provided a $127.5 million loan for the refinancing of 77 Water Street, a 26-story office building in Manhattan’s Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Sage Realty and Principal Real Estate Investors that will use a portion of the proceeds to fund capital improvements. William Kaufman Co., the parent company of Sage Realty, originally constructed the 614,000-square-foot building in 1970.
TAMPA, FLA. — Berkadia has arranged a $64.1 million acquisition loan for Arbors at Carrollwood, a 325-unit apartment community located at 3939 Ehrlich Road in Tampa. Built in 2001 and renovated in 2019, the 15-building property is situated on 56 acres in Tampa’s Carrollwood submarket. Mitch Sinberg, Matthew Robbins, Brad Williamson and Scott Wadler of Berkadia arranged the five-year, floating-rate loan through an unnamed bank on behalf of the borrower, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management LP. Arbors at Carrollwood features one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washers/dryers and kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a resort-style pool; cabanas, fire pits and a summer kitchen; 24-hour fitness center; fenced-in bark park with agility equipment and pet spa; a renovated clubhouse with a Wi-Fi café and business center; and attached and detached garages.
CLEMSON, S.C. — Newmark has secured $29 million in acquisition financing for Cambridge Creek, a 380-bed student housing community near Clemson University. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, Holden Witkoff and Marshall Dickson of Newmark arranged the loan through Synovus Bank on behalf of the borrower, Center Court Mass. Cambridge Creek’s floor plans include two- and three-bedrooms that span up to 1,431 square feet of living space. Amenities include a 5,000-square-foot clubhouse, resort-style pool, fitness studio, cabanas, a coffee bar and a study lounge.