BOSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of the 164-room Copley Square Hotel in Boston’s Back Bay area. The seven-story boutique hotel was recently renovated and offers a fitness center, communal kitchen and multiple onsite food-and-beverage options. Mike Huth, Amy Lousararian, Maddie Blount and Brandon Smith of JLL arranged the loan through an undisclosed lender on behalf of the borrower, Hawkins Way Capital.
LAS CRUCES, N.M. — KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable apartment property in Las Cruces. The borrower, Chelsea Investment Corp., is an affordable housing developer in California and New Mexico. The Three Sisters will consist of eight two- and three-story residential buildings offering a total of 70 units for families and individuals earning no more than 30 percent, 50 percent and 60 percent of the area median income. The community features one-, two- and three-bedroom units, a community space, laundry room, computer center, barbecue and picnic area, dog park and two playgrounds. Additional amenities include comprehensive social services, such as group training, outreach and bi-monthly health and nutrition education classes. The project received additional support from The Richmond Group, which provided $11.9 million in Low-Income Housing Tax Credit equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corp. The Three Sisters also received funding from the city, state, the HOME Investment Partnership Program and the National Housing Trust Fund. Matthew Haas of KeyBank CDLI structured the financing.
MAMMOTH LAKES, CALIF. — PSRS has arranged $3.7 million in refinancing for Mammoth Gateway, a retail strip center in Mammoth Lakes. Grady Seldin and Thomas Rudinsky of PSRS secured the 10-year, fixed-rate loan for the undisclosed borrower. Built in 1973 on 3.5 acres, Mammoth Gateway features 54,854 rentable square feet. Rite Aid anchors the property, which offers 13 retail spaces, including a hardware store, pet store and a variety of restaurants and cafés.
PHILADELPHIA — Los Angeles-based Parkview Financial has provided a $19.8 million construction loan for a 108-unit multifamily project that will be located at 2000 E. Hagert St. in Philadelphia’s Fishtown neighborhood. The property will comprise four studios, 82 one-bedroom units and 22 two-bedroom units. The average unit size will be 707 square feet, and the property will also house 13 live/work artist lofts that will average 571 square feet. Amenities will include a rooftop terrace, pet park and a courtyard. The borrower is M&B Development. Completion is slated for early 2025.
SAN FRANCISCO — Berkadia has secured a $67.2 million loan for California-based NP Apartments LLC to refinance debt on Northpoint Apartments in San Francisco. Andy Ahlers of Berkardia San Francisco secured the permanent five-year loan through Fannie Mae. Located at 2211 Stockton St., Northpoint Apartments features 514 studio, one- and two-bedroom floor plans with private patios or balconies and dishwashers. Community amenities include two swimming pools, a fitness center and laundry facilities.
COMMACK, N.Y. — Connecticut-based life insurance company Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. The open-air center sits on a 15-acre site along the Jericho Turnpike and is home to tenants such as Lidl, Planet Fitness and the PGA Superstore. Andrew Stewart and Allison Villamagna of New Jersey-based financial intermediary Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.
TRUCKEE, CALIF. — JLL Capital Markets has arranged $22.5 million in acquisition financing for The Hampton Inn & Suites Tahoe-Truckee. The property is located in Truckee, just north of Lake Tahoe and west of the Nevada border. Jordan Angel, Mike Huth and Ethan Habecker of JLL Capital Markets secured the loan from MetLife Investment Management for the borrower, JMA Ventures LLC. The Hampton Inn & Suites Tahoe-Truckee features 109 guest rooms and suites spread across two buildings, a heated outdoor pool, hot tub, fitness center and more than 1,000 square feet of meeting space. The hotel offers access to major transportation routes, including Interstate 80, CA 267 and the Truckee Airport, as well as bike lanes.
FULLERTON, CALIF. — PSRS has arranged $11 million in refinancing for a Sunny Hills Business Park in the Orange County city of Fullerton. Built in 1981, Sunny Hills is a large industrial/flex and office building park comprising nine one- and two-story buildings, totaling 176,475 rentable square feet. Sixty-seven percent of the gross leaseable area is industrial/flex space and the remaining 33 percent is office space. Situated on 10.3 acres, the park offers signalized access to Imperial Highway. Kostas Kavayiotidis and Matthew Farzinpour PSRS arranged the nonrecourse, 10-year loan with a 30-year amortization schedule. One of PSRS’ correspondent life insurance companies provided the capital.
OHIO, INDIANA AND TENNESSEE — Lument has provided four loans totaling $11.5 million on behalf of United Church Homes, a nonprofit that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. Paul Weissman and Andy Nicoll of Lument originated the FHA Section 223(f) loans. The four loans include $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit property in Fort Wayne, Ind.; $2.3 million for Fox Hollow, a 40-unit community in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit asset in Canal Winchester, Ohio. Loan proceeds enable the borrower to make significant repairs to the units.
JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $300 million construction loan from Otera Capital for a 58-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction later this month and deliver the building in early 2027. The property will be located at 55 Hudson St. along the Hudson River in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans call for 1,017 units in one-, two- and three-bedroom floor plans. The building will also feature 75,000 square feet of indoor and outdoor amenities and 60,000 square feet of retail and restaurant space. The development of 55 Hudson will be followed by 50 Hudson, a 48-story apartment tower that will include comparable indoor and outdoor amenities. When completed, the two-building development will boast nearly 2,000 new apartments, over 70,000 square feet of retail space and a 32,000-square-foot waterfront plaza. The plaza, which will provide a direct connection to Jersey City’s esplanade, will be available for community events. The design team for the project includes Handel Architects, Marchetto Higgins Stieve Architects, landscape architects Hollander Design …