TAMPA, FLA. — Colliers Mortgage has provided a Fannie Mae loan for the acquisition of French Quarter Apartments, a 57-unit multifamily community in Tampa. Built in 1968, the market-rate property features one- and two-bedroom units, as well as laundry facilities, a picnic area, barbecue grills, Spanish-speaking staff and a pool. Fritz Waldvogel of Colliers Mortgage’s Minneapolis office originated the seven-year loan on behalf of the undisclosed borrower.
SEATTLE — Affiliates of Low Tide Properties and Continental Properties have obtained $110 million in financing for Met Tower, a multifamily property located at 1942 Westlake Ave. in Seattle. Citibank provided the loan, which Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan of Cushman & Wakefield Equity, Debt & Structured team arranged. Built in 2001, Met Tower features 366 apartments in a mix of studio, one- and two-bedroom floor plans along with 10,139 square feet of retail space and an attached, eight-level parking garage.
CHICAGO — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale. The sale included Cicero Marketplace in Cicero, Ill.; Northwest Shopping Center and English Valley in Palatine, Ill.; Golf Plaza II in Mount Prospect, Ill.; and Fox River Commons in Naperville, Ill. Together, the shopping centers feature almost 70 tenants, with a focus on grocery and necessity retailers, such as Sam’s Club, Home Depot, Jewel Osco, Walgreens and Kroger. Daniel Rosenberg of BWE’s Chicago office arranged the three-year fixed-rate, interest-only loan. CRC will use the financing to fund the portfolio acquisition as well as capital improvements, renovations and leasing costs to increase occupancy.
PENSACOLA BEACH, FLA. — JLL has arranged the $110 million refinancing for two adjacent beachfront hotels totaling 481 rooms in Pensacola Beach. The properties include the 275-room Hilton Pensacola Beach and the 206-room Holiday Inn Resort Pensacola Beach. Located at 12 and 14 Via De Luna Drive, both hotels have approximately 300 square feet of frontage along Pensacola Beach. Jeff Bucaro, Maddie Blount and Mark DesLauries of JLL’s Hotels & Hospitality team represented the borrower, Innisfree Hotels, in securing the five-year, fixed-rate loan with flexible repayment options through an unnamed regional bank. The loan proceeds were used to pay off a maturing CMBS loan that JLL secured 10 years ago. In addition, the loan included over $18 million for future capital improvements and $23 million of cash back to the sponsorship. This transaction represents over $500 million that JLL has secured on behalf of Innisfree Hotels.
WINCHESTER, VA. — Bank OZK and ACORE Capital have provided $80.5 million in construction financing for One Logistics Park’s building 2, a 1 million-square-foot warehouse in Winchester, about 75 miles west of Washington, D.C. Robert Carey and Drake Greer of JLL arranged the financing on behalf of the borrower, The Meridian Group. Located on 76.6 acres at 1486 Millwood Pike, building 2 will be the first asset delivered within One Logistics Park, a 280-acre business park that is expected to house six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space. Once completed, the facility will offer 40-foot clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, 50- by 56-foot column spacing with 65-foot speed bays, a 190-foot truck court, 770 car parking spaces and additional trailer storage space.
MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer. Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site. Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.
SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided an $11.7 million Freddie Mac permanent loan for Bronxview at Serviam, a newly constructed mixed-income complex located at 2885 Marion Ave. The eight-story building houses 26 one-bedroom units, 66 two-bedroom apartments and 22 three-bedroom residences. Jim Gillespie of Bellwether Enterprise originated the financing on behalf of the borrower, Fordham Bedford Housing Corp. The loan carried a 30-year term and a fixed interest rate.
WORCESTER, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.2 million acquisition loan for Biotech Park Apartments, a 92-unit multifamily property located in the central Massachusetts city of Worcester. Robert Bhat of MMCC arranged the seven-year, nonrecourse loan, which carried a 65 percent loan-to-value ratio and 5.89 percent fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered the sale of the property.
CHARLESTOWN, MASS. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston. The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans. The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.
