NEW YORK CITY — Los Angeles-based lender PCCP LLC has provided a $43.5 million senior construction loan for a 58,950-square-foot industrial project in The Bronx. The facility at 1100 Leggett Ave. in the Hunts Point neighborhood will be a build-to-suit for a subsidiary of Brambles, an Australian manufacturer of pallets, crates and containers. Chris Peck and Pete Rotchford of JLL placed the loan with PCCP on behalf of the borrower, Innovo Property Group.
PORTLAND, ORE. — NBP Capital has received a $75.5 million loan for the refinancing of Heirloom, a garden-style multifamily community located at 7900 SE Luther Road in Portland. PCCP provided the senior loan. Developed by NBP Capital, Heirloom features 286 apartments spread across 10 residential buildings, as well as a swimming pool and spa with an outdoor shower, a dog park and dog wash, secured bike storage and storage units, fitness center, outdoor kitchen with a grill, dining space and fire pit and a Scandinavian-themed clubhouse with lounge areas, a kitchen and workspaces. Units feature natural wood planking, high-quality construction materials, open floor plans, washer/dryers, walk-in closets and private patios/balconies.
GOLETA, CALIF. — PSRS has secured an undisclosed borrower with $18 million in construction take-out financing for Cabrillo Business Park, a 232,143-square-foot, three-building flex campus in Goleta. PSRS arranged a non-recourse, 12-year fixed-term loan through one of its correspondent life insurance companies.
ELKHART, IND. — Berkadia has provided a $16.8 million Fannie Mae loan for the acquisition of Walnut Trails in Elkhart. Built in 1991, the 210-unit, garden-style apartment community is located at 3530 E. Lake Drive North. Amenities include a pool, business center and clubhouse. John Schorgl of Berkadia originated the 10-year loan on behalf of the borrower, California-based Revitate Cherry Tree.
MINNEAPOLIS — Colliers Mortgage has provided a $12.5 million HUD 221(d)(4) loan for the construction of Greenway Apartments in Minneapolis. The 86-unit affordable housing community will rise five stories at the intersection of 11th and 12th avenues, directly adjacent to the north side of the Midtown Greenway in the Midtown Phillips neighborhood. In addition to underground parking, the property will feature tow lobbies, common area laundry, a roof deck, fitness room, bike repair area, conference room, community room, playground, outdoor promenade and patio space with grills. Reuter Walton Development was the borrower for the 40-year loan. Income restrictions for the units were not provided.
NASHVILLE, TENN. — Northmarq has arranged the $55 million refinancing of the Drury Plaza Hotel Nashville Downtown, a 22-story hotel situated at the corner of Korean Veterans Boulevard and Third Avenue South in downtown Nashville. An unnamed life insurance company provided the 10-year, fixed-rate, non-recourse loan, which was underwritten with a 25-year amortization schedule. Jeff Chaney and Dan Baker of Northmarq arranged the loan on behalf of the borrower, Drury Development Corp. Delivered in 2019, the Drury Plaza features 389 guest rooms and more than 8,000 square feet of meeting and event space, as well as a full bar and restaurant called The Kitchen + Bar @ SOBRO. The hotel is located near Bridgestone Arena, Nashville Music City Center and the Country Music Hall of Fame.
LOUISVILLE, KY. — Thorofare Capital Inc., a Los Angeles-based affiliate of investment manager Callodine Group, has provided $28 million in construction financing for NuLu Yards, a 189-unit multifamily project in Louisville. The Class A property will anchor a larger mixed-use development in the NuLu neighborhood of Louisville. The borrower, Weyland Ventures, is also developing the first Tempo by Hilton adjacent to NuLu Yards, as well as a structured parking deck. David Perlman, Jacob Yi and Paul Kim of Thorofare Capital originated the financing. Wave Capital Partners arranged the loan on behalf of the borrower. The construction timeline was not released.
PHILADELPHIA — JLL has arranged a $56.3 million acquisition loan for the 306-room Sofitel Philadelphia Hotel, located in the city’s Rittenhouse Square area. The luxury hotel offers a variety of room plans, including suites, as well as multiple onsite dining options. Mark Fisher and Ryan Ade of JLL arranged the loan through Square Mile Capital Management on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital.
NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $34.5 million construction loan for the redevelopment of a 62,428-square-foot office building located at 132 W. 14th St. in Manhattan’s Greenwich Village area. The borrower, KPG Funds, plans to update the building’s structure, façades, lobby, windows and mechanical systems and reposition the property as a boutique office building. Marvel Architects is designing the redevelopment. Aaron Niedermayer led a JLL team that arranged the loan on behalf of KPG Funds.
PHOENIX — Northmarq has brokered the sale of The Residences of Central Phoenix, a 265-unit, garden-style community located at 2020 W. Glendale Ave. in Phoenix. Scottsdale-based Renue Properties sold the property to Newport Beach, Calif.-based InTrust Property Partners for $63.1 million. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Joe Giordani of Northmarq’s Newport Beach debt/equity team arranged financing for the acquisition with a $50.8 million bridge loan. Built in 1973, The Residences of Central Phoenix includes 27 two-story buildings with one-, two- and three-bedroom units ranging in size from 650 square feet to 1,150 square feet. Situated on 13 acres, the 242,825-square-foot community features a clubhouse, pool, hot tub, on-site laundry facilities, basketball court and children’s playground. At the time of sale, the property was 98 percent leased. Renue Properties recently invested $1.7 million into deferred maintenance and property enhancements at the property, including HVAC units, new roofs, windows, electrical panels and exterior paint.