Loans

Gemdale USA Receives $94.3M Construction Financing for Multifamily Development in Pleasant Hill, California

by Amy Works July 22, 2022

PLEASANT HILL, CALIF. — Gemdale USA has received $94.3 million in construction financing for an apartment community located in the Bay Area city of Pleasant Hill. Located at 85 Cleaveland Road, the four-story property will feature 189 apartments, a fitness center, communal lounges, clubroom, outdoor courtyard with lounge seating, amenitized rooftop and pool deck, co-working lounge, outdoor meeting rooms and fireplaces. Additionally, the property will be adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp of JLL Capital Markets’ Debt and Equity Advisory team arranged the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities for the borrower.

July 22, 2022

Industrial Loans Washington Western

Gantry Arranges $15M Loan for Four-Building Industrial Portfolio in Western Washington

by Amy Works July 22, 2022

KENT, SUMNER, AUBURN AND MARYSVILLE, WASH. — Gantry has secured $15 million in permanent financing for a four-building industrial portfolio in Western Washington. Totaling 148,000 square feet, the properties are in Kent, Sumner, Auburn and Marysville. At the time of financing, the buildings were fully leased in a multi-tenant format to a range of logistics-intensive businesses. Mike Wood and Alex Saunders of Gantry represented the borrower, a local private real estate investor. A life insurance company provided the 10-year, full-term interest-only, fixed-rate loan.

July 22, 2022

Development Georgia Hospitality Loans Southeast

ACRES Originates $74.8M Construction Loan for Westin Atlanta Gwinnett Hotel in Duluth, Georgia

by John Nelson July 22, 2022

DULUTH, GA. — ACRES Capital Corp. has originated a $74.8 million loan to fund the construction of the Westin Atlanta Gwinnett Hotel in Duluth. The borrower is Concord Hospitality, a hotel owner and developer based in Raleigh. Situated about 28 miles northeast of Atlanta, the 348-room hotel will serve as the flagship lodging option within the Gas South District campus off Sugarloaf Parkway. Westin Atlanta Gwinnett will be attached to the Gas South Convention Center and Arena (formerly known as Infinite Energy Center) and will offer 17,607 square feet of meeting space, as well as a business center, fitness center, dining options and a rooftop bar. The construction timeline and project team members were not disclosed.

July 22, 2022

Illinois Loans Midwest Multifamily

Greystone Provides $60M Acquisition Loan for Suburban Chicago Condo Deconversion

by Kristin Harlow July 22, 2022

SCHAUMBURG, ILL. — Greystone has provided a $60 million loan for the acquisition of 21 Kristin in the Chicago suburb of Schaumburg. The buyer, Bayshore Properties, is converting the 357-unit property from condos into apartments. The mid-rise building, located at 21 Kristin Drive, was originally constructed in 1980. Eric Rosenstock and Dan Sacks of Greystone originated the bridge loan, which features a two-year term and interest-only payments. Greystone will work to secure permanent Fannie Mae financing. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

July 22, 2022

Illinois Loans Midwest Multifamily

JLL Arranges $59.8M Construction Loan for Chicago Multifamily Project

by Kristin Harlow July 22, 2022

CHICAGO — JLL has arranged $59.8 million in construction financing for 741 North Wells, a 168-unit, Class A multifamily project with 3,580 square feet of retail space in Chicago. Expected to be completed in the first quarter of 2024, 741 North Wells will rise 21 stories and include168 units at an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, rooftop pool with a sundeck and a fitness center. Christopher Knight, Mary Dooley and Medina Spiodic of JLL represented the borrower, Vista Property, in securing the four-year, floating-rate construction loan through Huntington National Bank. Skender will serve as general contractor and Antunovich Associates is the architect.

July 22, 2022

Industrial Loans New Jersey Northeast

JLL Arranges $25M Construction Loan for Northern New Jersey Industrial Project

by Taylor Williams July 22, 2022

SOUTH PLAINFIELD, N.J. — JLL has arranged a $25 million construction loan for Bridge Point South Plainfield, a 189,059-square-foot industrial project in Northern New Jersey. Situated on 20.7 acres, the property will feature a clear height of 36 feet, 50 dock-high doors, 176 car parking spaces and 70 trailer stalls. Completion is slated for the fourth quarter. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the three-year, floating-rate loan through Simmons Bank on behalf of the borrower, Bridge Industrial.

July 22, 2022

California Loans Office Western

Greenbridge, Deutsche Bank Originate $150M Loan for The Reef Creative Office Building in Los Angeles

by Amy Works July 21, 2022

LOS ANGELES — Greenbridge Finance and Deutsche Bank have co-originated a $150 million refinancing for The Reef, a creative flex office property in downtown Los Angeles. Located at 1933 S. Broadway, The Reef offers more than 800,000 rentable square feet of creative space tailored for innovators, entrepreneurs and diverse creators. LA Mart, Maker City LA and Magic Box are tenants at the 12-story building, which also has a basement.

July 21, 2022

California Loans Multifamily Seniors Housing Western

Meridian Capital Group Arranges $40M Financing for Seniors Housing Property in Simi Valley, California

by Amy Works July 21, 2022

SIMI VALLEY, CALIF. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley. The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living and 27 memory care units.

July 21, 2022

Loans Mixed-Use New York Northeast

Axiom Capital Arranges $24M in Financing for Multifamily, Office Project Near Albany

by Taylor Williams July 21, 2022

EAST GREENBUSH, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged $24 million in construction-to-permanent financing for a mixed-use project near Albany. The development in the nearby suburb of East Greenbush will consist of 78 apartments and 18,833 square feet of commercial space. The loan carries a fixed interest rate, a 10-year term and three years of interest-only payments. The borrower was not disclosed.

July 21, 2022

Illinois Loans Midwest Multifamily Northmarq

Northmarq Arranges $27.4M Acquisition Loan for Multifamily Property in Rockford, Illinois

by Kristin Harlow July 21, 2022

ROCKFORD, ILL. — Northmarq has arranged a $27.4 million Freddie Mac loan for the acquisition of Terra Creek Apartments in Rockford. The 278-unit multifamily property, located at 375 Bienterra Trail, was built in three phases in 1992, 2015 and 2019. Of the 278 units, 48 are townhomes. Amenities include a clubhouse, fitness center, community room, heated pool and sun deck. Brett Hood of Northmarq arranged the financing on behalf of the borrower, an affiliate of MLG Legacy Fund and its real estate investor manager MLG Capital. The 10-year loan features a fixed interest rate. Opposed to an outright sale, the undisclosed seller contributed its equity interest in the property to the fund in exchange for ownership units offering diversification across multifamily assets across the country. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq structured the $42.8 million contribution.

July 21, 2022

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