EAST CHICAGO, IND. — Merchants Capital has provided a $15.5 million HUD 221(d)(4) loan for the construction of Lakeshore Manor in East Chicago. Designed to replace the former John B. Nicosia senior building, the development will consist of two four-story buildings that will house 206 units. The residences will be reserved for seniors age 62 and older who earn up to 60 percent of the area median income. Merchants also structured a $13.5 million equity bridge loan through its parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, provided a $21.7 million low-income housing tax credit investment (LIHTC) for the project. Total development costs are estimated at $51 million. DTM Real Estate is the developer. Completion is slated for February 2024.
KITTERY, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $70 million construction loan for the development of Seacoast Residences, a 282-unit multifamily project in Kittery, located in the southern coastal part of Maine. The five-building community will offer amenities such as a pool, fitness center, dog park and nature trails. KeyBank provided the loan, and Colliers arranged a $7.9 million preferred equity investment with an undisclosed partner. Construction is slated for an early 2024 completion.
ATLANTA — Northmarq has provided a $21.1 million Freddie Mac loan for the refinancing of CoHo Apartments, a 128-unit multifamily community located at 177 N. Colonial Homes Circle NW in Atlanta’s Buckhead district. The property, which was built in 1948 and renovated in 2015, features a yoga studio, resort-style pool, outdoor grilling area, patio space, fitness center, fenced yards, gazebo, pet play/wash area, flexible lease options, onsite maintenance and a clubhouse. Faron Thompson of Northmarq’s Atlanta office originated the loan on behalf of the undisclosed borrower.
COLUMBUS, OHIO — JLL Capital Markets has arranged $155 million in acquisition financing for a 400,000-square-foot office campus in Columbus. Paul Spellman and Phil Galligan of JLL arranged the fixed-rate financing on behalf of the borrower, Golden Eagle Group Inc. Further details of the transaction were not provided.
MONTGOMERY, N.J. — JLL has arranged a $26.3 million construction loan for The Somerset at Montgomery, a 115-unit multifamily project that will be located in Northern New Jersey. The property will comprise two four-story buildings that will house one-, two- and three-bedroom units with an average size of 1,221 square feet. Amenities will include a fitness center, playground, private office spaces and outdoor courtyards. Matthew Pizzolato, Jim Cadranell and Ryan Carroll of JLL arranged the three-year, floating-rate loan through an undisclosed regional bank on behalf of the borrower, Pennsylvania-based Country Classic Real Estate.
CHARLOTTESVILLE, VA. — Northmarq has arranged $65 million for the refinancing of Apex Plaza, a cross-laminated timber (CLT) office property located at 100 Garrett St. in Charlottesville. CLT is a design method that uses prefabricated wood panels, which offers design flexibility and low environmental impacts for developers and architects. Keith Wells, Mike Lowry, Reina Abboud and Hunter Wood of Northmarq arranged the financing through a regional bank on behalf of the undisclosed borrower. At 265,000 square feet, Apex Plaza is the largest CLT project on the East Coast, according to Northmarq. The property includes 151,000 square feet of office space, a 102,000-square-foot parking structure with EV charging stations and 6,800 square feet of retail space. The facility also features 875 solar panels and a green roof designed to promote biodiversity and storm water retention.
LAKE CHARLES, LA. — Schelin Uldricks & Co. has arranged $13.9 million in financing for the redevelopment of University Plaza, a grocery-anchored shopping center located at the corner of Ryan Street and Sale Road in the southeast Louisiana city of Lake Charles. Financing will enable the renovation of portions of the property that experienced hurricane damage in 2020. When finished, the retail center will span 203,965 square feet. An undisclosed regional bank lender provided the loan. The property is currently leased to a mix of tenants that include a fitness center, grocery store and several inline restaurants and retailers.
HILLSBOROUGH, N.J. — Cronheim Mortgage has arranged a $49 million permanent loan for Hillsborough Village Center, a 191-unit multifamily property located in Central New Jersey that also houses 28,000 square feet of retail space. Units at the newly built property are furnished with stainless steel appliances and individual washers and dryers, and amenities include a pool, fitness center, clubhouse, pet spa and a playground. David Turley and Janet Proscia of Cronheim Mortgage arranged the seven-year loan, which was structured with two years of interest-only payments and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender an undisclosed, New Jersey-based bank. Hillsborough Village Center was fully leased at the time of the loan closing.
WEST NEW YORK, N.J. — TD Bank has provided a $6.5 million loan for the refinancing of The Madison, a 26-unit multifamily property in West New York, located across the Hudson River from Manhattan. Completed in 2021, the property offers studio, one-, two- and three-bedroom units with an average size of 793 square feet. Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.
HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 174,139-square-foot industrial flex property in Houston. The property was built in 1992 on a 14-acre site on the city’s northwest side. Larry Peters and Adam Unger of Northmarq arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.