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Careek-Park-Place-Apts-Seattle-WA
LoansMultifamilyWashingtonWestern

Northmarq Arranges $20.8M Refinancing for Carkeek Park Place Apartments in Seattle

by Amy Works

SEATTLE — Northmarq has arranged the $20.8 million cash-out refinancing of Carkeek Park Place Apartments in Seattle. Stuart Oswald of Northmarq’s Seattle office secured the 35-year, fixed-rate loan using the FHA 223(f) program through the firm’s in-house HUD/FHA division. The borrower is a multi-generational family business. Carkeek Park Place is a five-story building offering 80 market-rate apartments and 15,430 square feet of ground-floor commercial space. The building is part of a larger commercial shopping center that includes a QFC grocery store, which was not part of the collateral, and strip retail space.

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IndustrialLoansNortheastPennsylvania

JLL Arranges $49M Loan for Refinancing of Lehigh Valley Industrial Portfolio

by Taylor Williams

BERKS COUNTY, PA. — JLL has arranged a $49 million loan for the refinancing of a portfolio of three industrial buildings totaling 597,704 square feet in Berks County, located in the Lehigh Valley region. Berks 61 is a 270,000-square-foot manufacturing facility that was delivered in 2021 and houses a bottle-to-bottle recycling plant. Berks 222 is a two-building logistics park totaling 327,704 square feet that is home to three tenants, including National Coatings & Supplies Inc. Chad Orcutt, Ryan Ade and Blaine Fleming of JLL arranged the loan through Empower Annuity Insurance Co. of America on behalf of the borrower, Radnor-based Endurance Real Estate Group.

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DevelopmentLoansNorth CarolinaSeniors HousingSoutheast

Ziegler Arranges $95.6M Financing for Seniors Housing Community in Durham

by John Nelson

DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The seniors housing community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds. To address the changing needs of existing and future residents, the owner adopted a strategic plan that included two phases. Phase I, for which Ziegler arranged public, fixed-rate bonds in 2021, included a 90-unit health and wellness center that replaced the existing health center on campus. With Phase I nearing completion, the ownership is working on Phase II, which includes a 71 independent living unit apartment building. This new building will be located on the area of the campus where the original health center was located as that building is being demolished once the residents move into the new health and wellness center. At the time of closing, over 95 percent of the new independent living units were preleased.

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IndustrialLoansNew JerseyNortheast

JLL Arranges $40M Acquisition Loan for Northern New Jersey Warehouse

by Taylor Williams

BORDENTOWN, N.J. — JLL has arranged a $40 million acquisition loan for a 274,197-square-foot warehouse located at 201 Elizabeth St. in the Northern New Jersey community of Bordentown. The facility sits on 34 acres and features clear heights of 22 to 24 feet, 16 dock-high doors, 215-foot truck court depths, 116 car parking spaces and 67 trailer parking spaces. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the three-year, floating-rate loan through First Citizens Bank on behalf of the borrower, an affiliate of Connecticut-based Penwood Real Estate Investment Management. The new ownership plans to implement a value-add program.

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LoansMultifamilyNew JerseyNortheast

JLL Provides $47.5M Agency Loan for Refinancing of Multifamily Property in Ocean County, New Jersey

by Taylor Williams

OCEAN COUNTY, N.J. — JLL has provided a $47.5 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in Ocean County, located in the southern coastal part of the Garden State. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL originated the loan, which carried a fixed interest rate and a 10-year term, on behalf of the undisclosed borrower. JLL will also act as the servicer of the interest-only loan.

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LoansNew JerseyNortheastRetail

Cronheim Mortgage Arranges $11.5M Permanent Loan for Northern New Jersey Shopping Center

by Taylor Williams

BELLEVILLE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged an $11.5 million permanent loan for a 70,450-square-foot shopping center in the Northern New Jersey community of Belleville. Grocer ShopRite anchors the center. Allison Villamagna and Andrew Stewart placed the 12-year loan through Farm Bureau Life Insurance Co. on behalf of the undisclosed borrower.

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14051-NE-200th-St-Woodinville-WA
AcquisitionsIndustrialLoansWashingtonWestern

Gantry Secures $12.5M Acquisition Loan for Industrial Building in Woodinville, Washington

by Amy Works

WOODINVILLE, WASH. — Gantry has secured $12.5 million in permanent financing for a private real estate investor’s purchased of a single-tenant industrial property in Woodinville. Mike Wood and Alex Saunders of Gantry secured the 10-year, fixed-rate loan through one of the firm’s life company lenders. Redapt, a technology service provider, occupies the 66,000-square-foot facility for its corporate office and production facility. The property is located at 14051 NE 200th St.

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AcquisitionsCaliforniaHospitalityLoansRetailWestern

Marcus & Millichap Arranges $8.4M Acquisition Loan for Mixed-Use Asset in Glendale, California

by Amy Works

GLENDALE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.4 million loan for the acquisition of a mixed-use property located at 202 E. Wilson Ave. in Glendale. The name of the borrower was not released. Bradley Buzil of MMCC’s West Los Angeles office secured the financing for the borrower. The 27,080-square-foot building features a 51-key hotel that can be converted into apartments and six ground-floor retail spaces.

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LoansNew YorkNortheastNorthmarqOffice

Northmarq Arranges $20M Loan for Refinancing of Long Island Office Complex

by Taylor Williams

GARDEN CITY, N.Y. — Northmarq has arranged a $20 million loan for the refinancing of a 111,674-square-foot office complex in the Long Island community of Garden City. The complex consists of two sister buildings that are situated on a one-acre lot at 1010 and 1050 Franklin Ave. Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq arranged the loan, which carried a fixed interest rate, 15-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.

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IllinoisLoansMidwestMultifamilySeniors Housing

Cambridge Provides $18.1M HUD-Insured Loan for Refinancing of Illinois Skilled Nursing Facility

by Kristin Harlow

WESTMONT, ILL. — Cambridge Realty Capital Cos. has provided an $18.1 million HUD Lean loan for the refinancing of Bria of Westmont, a 215-bed skilled nursing facility in the Chicago suburb of Westmont. Bria of Westmont provides a range of skilled services and programs, including short-term rehabilitation, long-term care, orthopedic rehabilitation, cardio-pulmonary rehabilitation, onsite hemodialysis, wound care, cardiac care, ventilator therapy, aquatic therapy and behavioral healthcare. Andrew Erkes of Cambridge originated the 35-year loan, which features a 35-year amortization schedule. The borrower was an Illinois-based limited liability company.

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