Loans

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Eastern Union Arranges $78.6M Loan for Refinancing of Northern New Jersey Multifamily Portfolio

by Taylor Williams December 16, 2022

NEW YORK CITY — Eastern Union has arranged a $78.6 million loan for the refinancing of a portfolio of 12 multifamily properties totaling 1,017 units that are predominantly located throughout Northern New Jersey. The portfolio also includes one property in The Bronx. Alex Jaffa of Eastern Union arranged the loan, which carries a fixed interest rate of 4.25 percent and a 10-year term, through Kearny Bank. The undisclosed borrower was a New Jersey-based investment firm that operates the properties through a variety of affiliated limited liability companies.

December 16, 2022

Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

Lendlease, Australian Pension Fund Receive $360M Construction Loan for Mixed-Use High-Rise in Brooklyn

by Jeff Shaw December 16, 2022

NEW YORK CITY — A joint venture between global real estate and investment management group Lendlease and Australian pension fund Aware Super has secured a $360 million construction loan for the development of 1 Java Street, a 36-story mixed-use development adjacent to the East River in the Greenpoint neighborhood of Brooklyn. Plans call for 834 apartments, 13,000 square feet of retail space and an 18,000-square-foot public waterfront park connecting the property to the India Street Pier, which offers service for the East River Ferry. Thirty percent of apartments at 1 Java Street will be affordable units under the Affordable New York 421(A) Program and Voluntary Inclusionary Housing. Lendlease’s investment management, development and construction business units will serve in 1 Java Street’s development. The property is slated for completion in 2026. Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos led a JLL Capital Markets team that represented the joint venture to secure the floating-rate construction loan through a Bank of America-led syndicate. New York City architecture firm Marvel will serve as interior designer for both market-rate and affordable units at 1 Java Street. INC Architecture & Design will design the public areas and Créme Architecture & Design will be the interior designer for …

December 16, 2022

California Development Life Sciences Loans Western

Square Mile Capital, Bank OZK Arrange $202.6M Construction Loan for Bioterra Life Sciences Development in San Diego

by Amy Works December 15, 2022

SAN DIEGO — Square Mile Capital has closed a $202.6 million loan to finance the construction of Bioterra, a life sciences development in San Diego’s Sorrento Mesa submarket. Bank OZK co-originated the loan. Longfellow Real Estate Partners is developing the 316,000-square-foot project. In August, Longfellow broke ground on the six-story campus that will feature lab and office space and three stories of subterranean parking. The property will offer a first-floor coffee bar, conference facilities, full-service gym with outdoor space for fitness classes and a full-service restaurant/café. Aldon Cole and Patrick Burger of JLL’s San Diego office arranged the financing.

December 15, 2022

California Development Loans Multifamily Western

PSRS Provides $14.7M in Construction Financing for Co-Living Development in Los Angeles

by Amy Works December 15, 2022

LOS ANGELES — PSRS has provided $14.7 million in construction financing for a co-living development in Los Angeles. The property will feature 18 units and 79 beds. Jacob Lee of PSRS secured the 24-month, interest-only loan, which a bank provided. The borrower was not disclosed.

December 15, 2022

Florida Loans Multifamily Southeast

Cushman & Wakefield Arranges $92M Refinancing for Aura Boca Apartments in Boca Raton, Florida

by John Nelson December 15, 2022

BOCA RATON, FLA. — Cushman & Wakefield has arranged the $92 million refinancing of Aura Boca, a recently completed, 322-unit apartment community located at 789 W. Yamato Road in Boca Raton. MetLife Investment Management provided the fixed-rate loan on behalf of the borrower, institutional investors advised by J.P. Morgan Global Alternatives. Steven Kohn, Alex Hernandez, Alex Lapidus and Chris Meloni of Cushman & Wakefield arranged the loan. Amenities at Aura Boca include a fitness center, pool with waterfall, tanning ledge, Jacuzzi, private cabanas, enclosed bicycle storage and an onsite parking garage.

December 15, 2022

Development Hospitality Loans Louisiana Multifamily Office Southeast

Cronheim Mortgage Secures Financing for Condo Conversion Project in Downtown New Orleans

by John Nelson December 15, 2022

NEW ORLEANS — Cronheim Mortgage has secured an undisclosed amount of acquisition financing for The California Building in downtown New Orleans. Originally an office building, the property has been converted to Class A multifamily, with units leased as a combination of both multifamily and short-term rentals due to the building’s advantage of holding a hotel license. The sponsor, Servio Capital, plans to convert the building to condos and sell units to both short-term rental investors and owner-occupants. An undisclosed lender provided the loan, which was underwritten at 75 percent loan-to-cost. The California Building is located adjacent to the French Quarter, Superdome and Tulane Medical Center.

December 15, 2022

Loans New York Northeast Office

Sapir Organization Receives $326M Refinancing for Midtown Manhattan Office Buildings

by Taylor Williams December 15, 2022

NEW YORK CITY — Locally based development and investment firm The Sapir Organization has received $326 million for the refinancing of 260 and 261 Madison Avenue, a pair of office buildings located across the street from one another in Midtown Manhattan. Combined, the buildings total more than 1 million square feet and are home to tenants such as Hanesbrands, Epix, Regus, Marcus & Millichap and McLaughlin & Stern LLP. James Millon, Tom Traynor and Lawrence Britvan of CBRE arranged the debt, which was structured with a 65 percent loan-to-value ratio. According to Bloomberg, J.P. Morgan and Mack Real Estate Group provided the financing. The Sapir Organization, which also operates its headquarters out of 261 Madison Avenue, acquired the buildings in 1997.

December 15, 2022

Healthcare Kansas Loans Midwest

CIT Provides $27.8M Loan for Acquisition of Medical Office Portfolio in Wichita, Kansas

by Kristin Harlow December 15, 2022

WICHITA, KAN. — CIT, a division of First Citizens Bank, has provided a $27.8 million loan for the acquisition of a medical office portfolio in Wichita. A joint venture between Kayne Anderson Real Estate and Remedy Medical Properties was the borrower. The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. Kansas Spine & Specialty Hospital is a regional center for diagnosing and treating disorders of the spine, neck and joints. Abay Medical Plaza is leased to four tenants, with the largest being Abay Neuroscience Center.

December 15, 2022

Affordable Housing Loans Midwest Multifamily Wisconsin

NewPoint Provides $12M Construction Loan for Affordable Housing Community in Madison

by Kristin Harlow December 15, 2022

MADISON, WIS. — NewPoint Real Estate Capital has provided a $12 million loan for the construction of The Flats at 402, a 54-unit affordable housing community in Madison. All the property’s units will be restricted to residents who earn 50 to 60 percent of the area median income. The limestone exterior of an existing two-story commercial property will be repurposed for the construction of the project. An existing parking lot will be demolished and replaced with an underground parking garage. Cesar Diaz of NewPoint originated the loan on behalf of the borrower, Kenosha, Wis.-based Bear Real Estate Group. The Housing Authority of Dane County issued bonds, and National Equity Fund was the Low-Income Housing Tax Credit equity syndicator.

December 15, 2022

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $15.8M Loan for Refinancing of Boston Apartment Complex

by Taylor Williams December 15, 2022

BOSTON — Cornerstone Realty Capital has arranged a $15.8 million loan for the refinancing of a 47-unit apartment complex in Boston’s Fenway neighborhood. Built in 1918 and most recently renovated in 2021, the four-story building houses studio, one-, two- and three-bedroom units. The loan was structured with a fixed interest rate and a 30-year amortization schedule. Paul Natalizio of Cornerstone arranged the debt on behalf of the undisclosed borrower. The building was fully leased at the time of the loan closing.

December 15, 2022

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