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IndustrialLoansTexas

JLL Arranges Financing for 334,750 SF Industrial Property in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — JLL has arranged an undisclosed amount of financing for Meacham Commerce Center Building 1, a 334,750-square-foot industrial property in Fort Worth. The cross-dock facility was built on 19.4 acres in 2022 and features 36-foot clear heights, 70 dock-high doors, four drive-in ramps and parking for 240 cars and 103 trailers. Colby Mueck, John Beeler and John David Johnson of JLL arranged the loan through Protective Life Insurance Co. on behalf of the borrower, McCormack Commercial. Meacham Commerce Center will ultimately consist of four buildings totaling roughly 1.3 million square feet across 80 acres.

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AcquisitionsCaliforniaIndustrialLoansWestern

Marcus & Millichap Arranges $6.5M in Acquisition Financing for Industrial Property in Santa Ana, California

by Jeff Shaw

SANTA ANA, CALIF. — Marcus & Millichap has arranged an acquisition loan of $6.4 million for an industrial property in Santa Ana. The 19,152-square-foot asset is located at 1820 S. Santa Fe St.  Richard Knorr of Marcus & Millichap Capital Corp. secured the financing with a national bank. The loan features a 6.14 percent interest rate with a 25-year self-liquidating term.  Drew Wetherholt and Colin Wu of Marcus & Millichap arranged the sale. The buyer and seller were not disclosed.

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DevelopmentIndustrialLoansNew YorkNortheast

Innovo Property Group Receives $354M in Financing for Queens Industrial Project

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm Innovo Property Group has received $354 million in financing for a 720,000-square-foot industrial project located at 28-90 Review Ave. in the Long Island City area of Queens. Innovo received construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. The breakdown of each component within the capital stack was not disclosed. Completion of the project is slated for 2025. Christopher Peck, Peter Rotchford, Tyler Peck and Nicco Lupo of JLL arranged the financing.

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CaliforniaCompany NewsLoansRetailWestern

Westfield to Pull Out of San Francisco, Surrenders Mall to Lender

by Jeff Shaw

SAN FRANCISCO — Westfield has made plans to pull out of San Francisco and surrender the San Francisco Centre mall to the property’s lender, reports CNN.  The decision follows the closure of stores including Banana Republic and Nordstrom. A spokesperson for Westfield previously attributed the closure of the latter to “unsafe conditions for customers, retailers and employees.” According to SFGATE, Westfield and its partner, Brookfield Properties, have ceased loan payments on the mall. In a statement provided to the publication, Westfield noted that it has operated San Francisco Centre for more than 20 years and that it has “made the difficult decision to begin the process to transfer management of the shopping center to our lender,” citing “declines in sales, occupancy and foot traffic.” The company also stated that the property’s debt “is nonrecourse and this action has no impact on the rest of [Unibail-Rodamco-Westfield’s] debt.”

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Walker & Dunlop Arranges $46.6M HUD-Insured Loan for Affordable Housing Conversion in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — Walker & Dunlop has arranged a $46.6 million HUD 221(d)(4) loan for the conversion of Park Shirlington, a 294-unit multifamily property in Arlington, from a market-rate community to an affordable housing property. Rents are now restricted at the property to households earning 60 percent of the area median income through at least 2053. The borrower is Standard Communities, a multifamily owner with headquarters offices in Los Angeles and New York City. In addition to HUD and Walker & Dunlop, Standard Communities’ capital partners on the conversion project include Virginia Housing, AEGON USA Realty Advisors LLC and Arlington County’s Affordable Housing Investment Fund. Chris Rumul of Walker & Dunlop led the HUD LIHTC financing transaction, which covers $34 million in renovation costs that include interior and exterior work and the construction of a new community center.

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Affordable HousingLoansMultifamilyNew YorkNortheast

NEF Provides $12.5M Loan for Refinancing of Workforce Housing Portfolio in Brooklyn

by Taylor Williams

NEW YORK CITY — National Equity Fund (NEF), a Chicago-based lender in the affordable housing space, has provided a $12.5 million loan for the refinancing of a portfolio of five workforce housing buildings totaling 56 units in Brooklyn. Known as The Jefferson MacDonough Portfolio, the properties are located in the Bedford Stuyvesant area and house a mix of studio, one-, two- and three-bedroom units. The borrower was Iris Holdings Group, a national owner-operator.

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LoansMidwestMissouriMultifamily

Drever Partners Receives $15.7M Loan for Refinancing of Micro Apartment Property in Branson, Missouri

by Kristin Harlow

BRANSON, MO. — Drever Partners has received a $15.7 million loan for the refinancing of The Penleigh-Branson Row in Branson. The property was formerly a hotel and was converted into 325 micro apartment units. The community leased up in nine months. Franklin Templeton provided the CMBS loan, which features a 10-year term and a 60 percent loan-to-value ratio. CoreVest Finance, a real estate investment lender and division of Redwood Trust Inc., provided the original financing and construction loan for the multifamily renovation. Drever Partners is now raising capital for The Penleigh-Live Oak, a project that will convert the former 143-room Hall of Fame Motel into 138 micro apartments. The property will adjoin The Penleigh-Branson Row.

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IllinoisLoansMidwestMultifamily

American Street Capital Arranges $3.9M Loan for Refinancing of Multifamily Property in Mahomet, Illinois

by Kristin Harlow

MAHOMET, ILL. — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 160-unit multifamily property in Mahomet, about 10 miles northwest of Champaign. The community was built in 1972 and recently renovated. There are eight buildings consisting of a mix of one-, two- and three-bedroom units. The asset was more than 95 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the agency loan, which features a 10-year term, fixed interest rate and five years of interest-only payments.

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DevelopmentIndustrialLoansTop Stories

Turnbridge Equities, Manekin Receive $275M for Phase I Development of National Capital Business Park in Metro D.C.

by Kristin Harlow

PRINCE GEORGE’S COUNTY, MD. — Turnbridge Equities and Manekin LLC have received $275 million in debt and equity financing for the development of Phase I of the National Capital Business Park (NCBP) in Prince George’s County, a suburb immediately east of Washington, D.C. The project will consist of five Class A industrial buildings totaling 1.3 million square feet. A fund managed by an affiliate of Apollo Global Management provided a $165 million construction loan. A joint venture of the Qatar Investment Authority and PCCP are providing roughly $110 million of equity. The buildings will range in size from roughly 160,000 to 360,000 square feet across 94 acres. Four of the buildings will be constructed on a speculative basis. Ferguson Enterprises, a plumbing, fire suppression and HVAC provider, will occupy a 358,400-square-foot facility. All of the properties will feature solar panels on the rooftops. At full build-out, NCBP will consist of up to 3.5 million square feet of Class A industrial space serving a variety of users, including distribution, logistics, light manufacturing, storage and cold storage. NCBP will also include an adjacent 20-acre park for the community and the onsite preservation of nearly 200 acres of stream valley and forest. Sitework …

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CaliforniaDevelopmentLoansMixed-UseOfficeRetailWestern

Citivas Provides Construction Financing for 25,000-SF Mixed-Use Project in Santa Monica, California

by Jeff Shaw

SANTA MONICA, CALIF. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica.  Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace.  Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.

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