Loans

Urban Standard Capital Provides $8M Construction Financing for Apartment Development in Durham

by John Nelson January 8, 2024

DURHAM, N.C. — Urban Standard Capital has provided an $8 million loan to finance the construction of 555 Abranova, an apartment development in Durham, near the city’s downtown and Research Triangle Park. Abranova Real Estate is the borrower and developer. Upon completion, the property will feature 48,000 square feet of residential space across 37 units, with 5,000 square feet and 1,500 square feet of coworking and retail space, respectively. Other amenities will include a gym, yoga studio, outdoor terrace with grills and a communal lounge. Residents will also have access to the basketball court, dog park and walking paths within the developer’s adjacent townhome project. Site work has been completed at 555 Abranova, and completion is expected for either the fourth quarter of this year or the first quarter of 2025.

January 8, 2024

Loans Multifamily Texas

JLL Arranges Loan for Refinancing of 224-Unit Apartment Complex in Arlington

by Taylor Williams January 8, 2024

ARLINGTON, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of The Jones, a 224-unit apartment complex in Arlington. The Jones, which was built in 1977 and offers studio, one-, two- and three-bedroom units, is currently undergoing a capital improvement program. Kris Lowe and Kristi Leonard of JLL arranged the floating-rate loan through New York City-based Benefit Street Partners on behalf of the borrower, locally based investment firm WindMass Capital.

January 8, 2024

Loans Massachusetts Multifamily Northeast Seniors Housing

BWE Provides $13.1M Agency Acquisition Loan for Seniors Housing Property Near Providence

by Taylor Williams January 8, 2024

NORTH ATTLEBOROUGH, MASS. — BWE has provided a $13.1 million Freddie Mac acquisition loan for Branches of North Attleboro, a 104-unit seniors housing property in North Attleborough, located near the Massachusetts-Rhode Island border. The property offers assisted living and memory care services and amenities such as a salon, fitness center, library, courtyards and various recreational spaces. Taylor Mokris and Ryan Stoll of BWE originated the nonrecourse, fixed-rate loan on behalf of the undisclosed borrower. Benchmark Senior Living operates the property.

January 8, 2024

California Industrial Loans Western

PSRS Arranges $25M Refinancing for Industrial Property in Paramount, California

by Amy Works January 8, 2024

PARAMOUNT, CALIF. — PSRS has arranged $25 million in cash-out refinancing for an industrial property in the Los Angeles suburb of Paramount. Built in 1979, the property is a concrete tilt-up, 282,000-square-foot facility with 270 parking spaces. David Semmer of PSRS provided the undisclosed borrower with a nonrecourse loan with an eight-year term and 25-year amortization schedule. The loan was financed with a life insurance company.

January 8, 2024

Florida Loans Retail Southeast

CBRE Secures $17M Refinancing for Grocery-Anchored Shopping Center in South Florida

by John Nelson January 5, 2024

FORT LAUDERDALE, FLA. — CBRE has secured a $17 million loan for the refinancing of Galt Ocean Marketplace, a 105,589-square-foot shopping center located at 3700-4032 N. Ocean Blvd. in Fort Lauderdale. Winn-Dixie anchors the property, which was built in 1988 and was 96 percent occupied at the time of sale. Other tenants at the center include CVS/pharmacy, Holy Cross Hospital and McDonald’s. Palm Beach Gardens, Fla.-based Kitson & Partners acquired the property in 2006. Paul Ahmed and Mackenzie Lampman of CBRE arranged the financing through a regional bank on behalf of the borrower.

January 5, 2024

Loans New Jersey Northeast Retail

JLL Arranges $8.3M Loan for Refinancing of Jersey Shore Shopping Center

by Taylor Williams January 5, 2024

BARNEGAT, N.J. — JLL has arranged an $8.3 million loan for the refinancing of Barnegat Village Square, a 70,491-square-foot shopping center on the Jersey Shore. The center was built in 1998 and was 97 percent leased at the time of the loan closing, with grocer ACME Markets serving as the anchor tenant. Other tenants include Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni’s, Dazzlz Salon and Burger King. Jim Cadranell and Michael Mataras of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an affiliate of Walters Group.

January 5, 2024

Affordable Housing Loans Midwest Multifamily Seniors Housing Wisconsin

Associated Bank, Johnson Financial Originate $54.6M in Construction Financing for Affordable Housing Project in Madison

by Kristin Harlow January 5, 2024

MADISON, WIS. — Associated Bank and Johnson Financial Group have originated a $13 million construction loan and a $41.6 million tax-exempt bond loan for the development of Rise Madison. The Wisconsin Housing Preservation Corp. is developing the affordable housing project in the state’s capital. The 4 percent Low-Income Housing Tax Credits project will provide affordable housing for both seniors and families. The senior financing structure will take the form of tax-exempt bonds issued by the Wisconsin Housing and Economic Development Authority and held by both Associated Bank and Johnson Financial Group. Bryan Schreiter of Associated Bank and Steve Sosnowski of Johnson Financial Group handled the loan arrangements and closing. The four-building project is situated on Rise Lane. Units will be offered to tenants with income levels at or below 80 percent of the Dane County median income. Two five-story buildings will be marketed for families. One will have a total of 110 units while the other will feature 77 units. A three-story building will have a total of 46 units designed for senior living. The fourth building will consist of 12 two-story townhomes. Older buildings on the project site have been demolished, and phased construction is underway. The first building …

January 5, 2024

Loans Multifamily New Jersey Northeast

JLL Arranges $26.8M Loan for Refinancing of Apartment Complex in Toms River, New Jersey

by Taylor Williams January 4, 2024

TOMS RIVER, N.J. — JLL has arranged $26.8 million in financing for Camelot at Toms River, a 128-unit apartment complex in coastal New Jersey. Built in 2023, the property features one- and two-bedroom units with an average size of 1,109 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and full-size washers and dryers. About 20 percent (26) of the units are reserved as affordable housing. Amenities include a pool, fitness center, clubhouse, outdoor grilling and dining areas and a dog park. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Kaplan Cos.

January 4, 2024

Industrial Loans Texas

Gantry Arranges $23.4M in Financing for Industrial Flex Property in Grand Prairie, Texas

by Taylor Williams January 3, 2024

GRAND PRAIRIE, TEXAS — Gantry has arranged $23.4 million in senior financing and preferred equity for the acquisition of DFW Corporate Park, a 211,385-square-foot industrial flex property in the central metroplex city of Grand Prairie. The 22-building development is located at 2100 N Highway 360. Braden Turnbull and Keegan Bridges of Gantry arranged the financing through an undisclosed life insurance company. The borrower was also not disclosed.

January 3, 2024

Development Florida Loans Mixed-Use Southeast

Pebb Capital Obtains $173M Construction Loan for Sundy Village Development in South Florida

by John Nelson January 3, 2024

DELRAY BEACH, FLA. — Pebb Capital has obtained a $173 million construction loan for Sundy Village, a mixed-use development underway at 22 W. Atlantic Ave. in Delray Beach, a city in South Florida’s Palm Beach County. Monroe Capital and J.P. Morgan provided the construction loan. Pebb Capital broke ground on the $240 million development in early 2023 with plans for a summer 2024 opening. Sundy Village will feature more than 28,000 square feet of experiential retail space and 180,000 square feet of Class A offices, of which Pebb Capital has preleased 141,400 square feet. The tenant roster includes restaurants Barcelona Wine Bar and Double Knot and office tenant Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee Sundy Village’s office leasing and Sara Wolfe of Vertical Real Estate handles retail leasing. The design-build team includes general contractor Bluewater Builders.

January 3, 2024

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