GARLAND, TEXAS — Colliers Mortgage has provided a $25.4 million HUD-insured construction loan for The Draper, a 155-unit multifamily project that will be located in the northeastern Dallas suburb of Garland. The Draper will offer a mix of one- and two-bedroom, market-rate units. Colliers arranged the loan, which carries a 40-year term and amortization schedule, through HUD’s 221(d)(4) program. The borrower was an entity doing business as GFNT Opportunity II LP.
CHICAGO — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 32-unit apartment building in Chicago’s Logan Square neighborhood. The majority of the units at the property, built in 1926, are one-bedroom layouts. The building was fully leased at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year loan, which features a 10-year fixed rate, 10-year floating rate and a 30-year amortization schedule. An agency lender provided the loan for the borrower, a seasoned owner-operator.
FREEHOLD, N.J. — Los Angeles-based Thorofare Capital has provided a $28.5 million construction loan for a 206,881-square-foot industrial project that will be located in Freehold, an eastern suburb of Trenton. The facility will feature a clear height of 36 feet. The loan carries a two-year initial term and flexible prepayment options. The name of the locally based borrower was not disclosed.
NORTH MIAMI, FLA. — Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and Robert Ludice of Berkadia’s Miami office arranged the financing, which includes two one-year extension options and is interest-only for the full loan term, including extensions. In addition to the financing, the North Miami CRA is providing $15 million in subsidies. The Gardens Residence is part of Omega’s plan to transform a seven-acre assemblage into a mixed-use community named The Gardens District that will include offices, shops and restaurants. The nine-story apartment community will feature studio, one-, two- and three-bedroom apartments ranging from 511 square feet to 1,270 square feet. Amenities will include a ground-floor café with outdoor terrace seating, rooftop pool with rentable poolside cabanas, gym, yoga studio, bike lockers and workshop stations and structured parking with 528 stalls. Ten percent of units will be reserved for families earning at or below 80 percent of area median income.
SOMERVILLE, MASS. — Colliers Capital Markets has arranged $192.5 million in construction financing for the development of 100 Chestnut Street. The life sciences project totals 208,616 rentable square feet in the Brickbottom District of Somerville, a first-ring suburb of Boston. The plans also call for nearly 8,500 square feet of ground-floor retail space and two levels of below-grade parking. The borrower, North River Leerink (NRL), is developing the property as part of a larger mixed-use “campus for discovery and innovation,” which will include labs, creative offices and retail space on 4.5 acres of contiguous land. Scheduled for completion in summer 2023, the four-story, Gensler-designed facility will be built to LEED Platinum standards. Square Mile Capital Management provided the construction funds. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop led the Colliers Capital Markets team representing the borrower. “This financing marks a major milestone for the transformation of Somerville’s Brickbottom District into a world-class hub for innovation and wellness,” says Black. “Metro Boston remains the most active and liquid life sciences market in the world, and 100 Chestnut Street is well-positioned to catalyze the region’s next great ecosystem.” The site runs parallel to 150 & 200 Inner Belt Road, a …
FORT LAUDERDALE, FLA. — Bank OZK and JVP Management have provided $97.2 million in construction financing for the development of One River, a 34-story apartment tower located at 629 SE 5th Ave. in Fort Lauderdale. Keith Kurland of Walker & Dunlop arranged the financing, which comprises a senior loan from Bank OZK and a mezzanine loan from JVP Management, on behalf of the developers, OKO Group and Cain International. The co-developers have also recently topped off 830 Brickell, a 55-story office tower in Miami. Designed by Adrian Smith + Gordon Gill Architecture and architect of record Dorsky + Yue International, One River will feature 251 high-end apartments and 2,600 square feet of ground-level retail space. Amenities will include a resort-style rooftop pool deck; fitness center with yoga, spinning and Pilates rooms; spa with sauna and steam facilities; outdoor fitness deck and barbecue terrace; lounges for gaming and coworking; package room; bike storage; and a dog spa. OKO and Cain plan to begin vertical construction this summer and deliver the property in September 2024.
WEST PALM BEACH, FLA. — Tortoise Properties LLC has obtained an $88.5 million construction loan for a new multifamily development in downtown West Palm Beach. Acore Capital provided the loan to Tortoise, a privately held developer based in Palm Beach County. The unnamed property will comprise two eight-story towers located at 740 and 840 N. Dixie Highway that will be connected via a skybridge over Eucalyptus Street. The luxury apartment community will feature 264 studio, one- and two-bedroom residences, as well as 3,400 square feet of retail space and 371 parking spaces. The project team includes architect MSA Architects, general contractor Verdex Construction, landscape architect EDSA, project manager Hensel Phelps, civil engineer Keshavarz & Associates, structural engineer McNamara Salvia, general engineer WGI, property manager Castle Residential and entitlements and permitting overseer Managed Land Entitlements. No construction timeline was disclosed.
LONGMONT, COLO. — Essex Financial Group has arranged $13.8 million in financing for the purchase of Front Range Business Park, a two-building industrial/flex complex located in the Boulder County city of Longmont. Essex worked on behalf of the buyer, Ivy Realty, to source the seven-year, fixed-rate loan with a regional bank. The financing includes an interest-only component with prepayment flexibility to match the buyer’s business plan. The seller was not disclosed. Front Range Business Park is 100 percent leased to the State of Colorado’s Front Range Community College (FRCC) on a long-term lease. Built in 1988, the property was originally designed for small-bay industrial/flex use and includes nine dock-high loading doors between the two buildings. The property was converted for the school in 2003, where FRCC has been the sole tenant for the past 19 years. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team secured the financing.
PLYMOUTH MEETING, PA. — New Jersey-based Cronheim Mortgage has arranged a $22 million loan for the acquisition of a Doubletree Suites hotel in Plymouth Meeting, a northern suburb of Philadelphia. The borrower, Kingsbury Hospitality REIT, plans to renovate the property and rebrand it as an Embassy Suites. An undisclosed balance sheet lender provided the loan. Kingsbury has tapped Newport Hospitality Group to manage the asset.
VANCOUVER, WASH. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The Springs at The Waterfront will feature 250 independent living, assisted living and memory care units on a 1.3-acre site. The developers will seek both LEED and Fitwell certifications for sustainability and wellness. The Springs Living will operate the property upon completion, a timeline of which was not disclosed. The community will feature organic rooftop gardens, integrated health and treatment programming, multiple dining venues and connection to the waterfront and community amenities. Additionally, less than one mile east of the community, the Vancouver VA Medical Center provides a full continuum of inpatient, outpatient, long-term and emergent care. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the …
