BRIDGEPORT, W.VA. — KeyBank Real Estate Capital (KBREC) has arranged a $33 million loan for the acquisition of Meadow Creek Apartments, a multifamily community located in Bridgeport. Built in 2017 on 31.5 acres, the property comprises 29 buildings ranging from two to four stories. Alan Isenstadt, Pranav Sarda and John Ward of KBREC structured the fixed-rate Fannie Mae loan. Moshe Feiner of Sevenstone Capital arranged the financing on behalf of the undisclosed borrower.
MIAMI — Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans for a mixed-use development. The property is zoned for up to 1,800 residential units. Hermitage Palmer Land LLC provided the acquisition loan.
INDIANAPOLIS — Greystone has provided $40.1 million in Fannie Mae DUS financing for two multifamily properties totaling 408 units in Indianapolis. Dan Sacks and Avi Kozlowski of Greystone originated the loans. In the first transaction, Greystone provided a $23.5 million Fannie Mae Green Rewards loan with a 10-year term and 30-year amortization. The 26-building property was constructed in 1972 and features 200 units. Loan proceeds enable the borrower to acquire and make improvements to the community. In the second transaction, Greystone secured a $16.6 million fixed-rate loan that features a 10-year term and 35-year amortization. The garden-style community was built in 1970 and consists of 208 units across 24 buildings. In addition to refinancing, loan proceeds enable the borrower to make improvements and monetize a portion of its equity.
BROOKFIELD, WIS. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $6.2 million loan for the acquisition of Shoppes of Brookfield Commons, a retail center in the Milwaukee suburb of Brookfield. The two-building property totals 42,356 square feet. At the time of loan closing, the asset was 54 percent leased. Ryan Morris of BWE arranged the loan on behalf of the borrower, CapRock Real Estate. Ameritas Investment Partners provided the three-year loan, which features a fixed interest rate along with $1 million of future funding for capital improvements and leasing efforts.
IRVING, TEXAS — Newmark has arranged a $122 million loan for the refinancing of Alesio Urban Center, a 908-unit apartment community in Irving. Alesio Urban Center offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as new hardware, lighting and cabinetry. Amenities include five pools, six courtyards, a fitness center, outdoor grilling and dining stations, running trails and a game lounge. Henry Stimler, Bill Weber and Ari Schwartzbard of Newmark arranged the five-year fixed-rate loan through global investment management firm KKR on behalf of the borrower, Harbor Group International.
MARYSVILLE, OHIO — Walker & Dunlop has arranged $69.5 million in construction financing for a 1.3 million-square-foot industrial facility in the Columbus suburb of Marysville. The property is a build-to-suit for Scotts Lawn Care, a full-service landscaping company specializing in commercial and residential lawn services. The project site at 12575 Industrial Parkway is minutes away from Scotts’ national headquarters. Chad Kiner and AJ Mangan of Walker & Dunlop arranged the financing on behalf of the developer, Crawford Hoying. Centennial Bank was the lender.
NEW YORK CITY — Locally based brokerage and financial advisory firm Ariel Property Partners has arranged a $13.5 million acquisition loan for three mixed-use buildings in Manhattan’s Hell’s Kitchen neighborhood. The addresses and specific uses of the buildings were not disclosed. Matthew Dzbanek, Matt Swerdlow and Drew Chartash of Ariel Property Advisors arranged the five-year loan, which carried a fixed interest rate of 6.5 percent, a 30-year amortization schedule and two years of interest-only payments. The borrower was also not disclosed.
CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.
PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …
SPRINGFIELD, N.J. — The Springfield Board of Education has issued a $32.9 million tax- exempt bond that will finance upgrades at various schools in the Northern New Jersey community. Upgrades will include HVAC system modernizations; plumbing and sewer system enhancements; improvements to video-monitoring systems; installation of new exterior doors with protective glazings; energy-efficient window replacements; and interior renovations to select education spaces. New Jersey-based DIGroup Architecture is designing the projects, all of which are expected to be complete by 2026.