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AlabamaLoansSoutheastStudent Housing

WFI Receives $37.5M Refinancing for Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — WFI has received a $37.5 million loan for the refinancing of The Union at Auburn, a 501-bed student housing community serving students attending Auburn University in Alabama. The property is located at 900 W. Glenn Ave. and offers two-, three-, four-, five- and six-bedroom units. Tremont Realty Capital provided the financing through Seven Hills Realty Trust, a mortgage REIT managed by the company. The loan is structured with a 30-month initial term and the option for one 12-month extension. Shared amenities include a “state-of-the-art” clubhouse; two-story fitness center, including space for barre, yoga and TRX; business center; 19 study rooms; resort-style swimming pool with an outdoor jumbotron, kitchen and entertainment area; outdoor terrace; dog park; and a self-service bike shop.

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FloridaLoansMultifamilySoutheastTop Stories

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

by Jeff Shaw

DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam.  Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers. Rental prices begin at $2,194 per month, according to the community’s website.  Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets.  Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date.  “This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is …

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DevelopmentFloridaLoansMultifamilySoutheast

Cymbal DLT Obtains $95M Loan for Oasis Pointe Apartments in Dania Beach, Florida

by John Nelson

DANIA BEACH, FLA. — Cymbal DLT Cos. has obtained a $95 million loan for Oasis Pointe Residences, a newly built, 301-unit apartment community located at 150 S. Bryan Road in South Florida’s Dania Beach. Kookmin Bank and Related Fund Management provided the financing, which allows Cymbal DLT to keep the asset in its portfolio. Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank and the Cymbal DLT team of Asi Cymbal, Hector Torres, Jacob Nunez and Jake Fleischer worked together to close this deal. Cymbal DLT previously paid off its $60.3 million construction loan to 3650 REIT and distributed a 130 percent return to the project’s equity investors. Oasis Pointe spans eight stories on 2.4 acres and was 97 percent occupied at the time of loan closing. The waterfront property features a mix of studios, one-, two- and three-bedroom apartments, as well as an amenity package including a waterfront boardwalk with a 19-slip marina, Zoom lounge with private office suites and workstations, outdoor lap pool, fire pit with outdoor BBQ and picnic areas, open-air fitness facility and yoga studio, indoor lounge and game room and a dog park.

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DevelopmentLoansSeniors HousingSoutheastVirginia

JLL Arranges Joint Venture Equity for 142-Unit Seniors Housing Development in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — JLL Capital Markets has arranged joint venture equity for the development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property will be situated on a 16.2-acre parcel within an established, regional medical hub. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team. Completion is scheduled for 2025.

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DelawareDevelopmentLoansMultifamilyNortheast

Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project

by Taylor Williams

BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.

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FloridaLoansMultifamilySoutheast

Greystone Provides $34M Agency Loan for Multifamily Community in Pensacola, Florida

by John Nelson

PENSACOLA, FLA. — Greystone has provided a $34 million Fannie Mae loan for the refinancing of The Lakes at Nottingham, a 268-unit apartment community in Pensacola. Built in 2002, the property spans 17 buildings housing one-, two- and three-bedroom apartments. Carter King of Greystone originated the non-recourse, fixed-rate loan on behalf of the borrower, an affiliate of The Hallmark Cos. Inc. The five-year loan features a 30-year amortization schedule and two years of interest-only payments.

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IndustrialLoansNew JerseyNortheast

Webster Bank Provides Financing for 109,000 SF Industrial Building in Northern New Jersey

by Taylor Williams

PISCATAWAY, N.J. — Webster Bank has provided financing for a 109,000-square-foot warehouse and distribution center in the Northern New Jersey community of Piscataway. The building features a clear height of 24 feet, 24 loading docks and two drive-in doors and was fully leased to 19 tenants at the time of the loan closing. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between New Jersey-based Denholtz Properties and Boston-based Long Wharf Capital. The capital markets team involved in the deal did not specify how the loan proceeds would be used.

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LoansNorthmarqOfficeRetailTexas

Northmarq Arranges Refinancing of 82,824 SF Office, Retail Complex in San Antonio

by Taylor Williams

SAN ANTONIO — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Plaza at Concord Park, an 82,824-square-foot office and retail complex in San Antonio’s Stone Oak neighborhood. The three-building complex was constructed in 2007 and houses tenants such as FedEx Office Print & Ship Center, Trend Aesthetics & Wellness, Jimmy John’s, Natural Remedy Store and First Watch. Bryan Leonard of Northmarq arranged the five-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.

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IndustrialLoansMidwestWisconsin

iBorrow Provides $15.1M Loan for Refinancing of Light Industrial Property in Milwaukee

by Kristin Harlow

MILWAUKEE — iBorrow has provided a $15.1 million loan for the refinancing of a 499,759-square-foot light industrial manufacturing property in Milwaukee. The property consists of five buildings that are occupied by eight tenants. Built in 1950 and renovated in 2020, the facility features nine dock-high doors, 25 grade doors and seven rail doors. iBorrow provided the original loan on the property in January 2021. The undisclosed borrower refinanced and sold a separate three-building vacant office parcel on the site.

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Opus-Newton
DevelopmentLoansMassachusettsMultifamilyNortheastSeniors HousingTop Stories

MassDevelopment Provides $129M in Bond Financing for Opus Newton Seniors Housing Project Near Boston

by Taylor Williams

NEWTON, MASS. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston. The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025. Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments. Amenities will include a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio and classrooms. In addition, onsite staff will be available to coordinate home and health services based on resident needs. According to the development team, Opus Newton will meet the needs of seniors who earn too much to qualify for affordable housing units but cannot comfortably afford other high-end housing options in the area. Of the property’s 174 units, nine will be reserved for households earning 80 percent or less of the area median income. The market-rate units will partially maintain low rents by using volunteers from the community in place of some …

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