WEST NEW YORK, N.J. — Cathay Bank has provided an $11.8 million construction loan for a 48-unit multifamily project in West New York, located across the Hudson River from Manhattan. The property will offer one- and two-bedroom units with an average size of 847 square feet. Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan on behalf of the undisclosed private developer of the project. A tentative completion date was not disclosed.
CHICAGO — JLL Capital Markets has arranged a $4 million loan for the refinancing of a 675-unit Devon Self Storage facility in Chicago. The property at 1601 S. Canal St. offers 70 different unit sizes, climate-controlled units, 24-hour security and onsite management. Chris Collins and Aiden Hayes of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Devon Self Storage.
SANTA ROSA, CALIF. — Buchanan Mortgage Holdings, an affiliate of Newport Beach, Calif.-based Buchanan Street Partners, has provided a $35.5 million non-recourse senior construction loan for the development of an apartment community located at 888 Fourth in downtown Santa Rosa. Construction was approximately 50 percent completed at the time of loan closing. Totaling 108 apartments, the multifamily property will offer unobstructed views from all units, a rooftop hot tub, third-level recreation terrace, ground-level picnic area and a fitness center. The market-rate multifamily property is slated to open in mid-2023. The name of the borrower was not released.
SANTA CLARITA, CALIF. — iBorrow has provided a $15 million loan for the refinancing of Old Orchard Shopping Center, a retail strip center in Santa Clarita. The loan proceeds will retire an outstanding CMBS loan and provide for a reserve for tenant improvements and leasing commissions for newly leased suites. Located at 23329-23449 Lyons Ave., Old Orchard Shopping Center features 100,000 square feet of retail space and is anchored by Vallarta Supermarkets.
LAGUNA HILLS, CALIF. — George Smith Partners (GSP) has arranged two loans totaling $39.4 million in acquisition financing for a five-building office campus in Laguna Hills. Situated on 16 acres, the properties are located at 23332, 23382 and 23422 Mill Creek Drive and 2441 and 24461 Ridge Route Drive. The first loan included $24.8 million of non-recourse, seven-year, fixed-rate CMBS debt for the purchase of three office buildings that are 84 percent leased and total 158,000 square feet. GSP sourced a lender that was able to close with a complicated Delaware Statutory Trust equity structure in a tight timeframe. The second loan was $14.6 million in non-recourse, 75 percent loan-to-value bridge financing for the acquisition of two buildings that are 79 percent leased and total 66,000 square feet. GSP identified a lender that could provide a flexible 24-month loan term with three 12-month extensions. Steve Bram, David Pascale, Nick Rogers and Allison Higgins of GSP advised on the financing. Further details on the sales, including buyer, seller and price, were not disclosed.
NASHVILLE, TENN. — JLL has arranged $172 million in acquisition financing for Four Seasons Hotel Nashville, a 40-story hospitality tower located at 100 Demonbreun St. in downtown Nashville’s South Broadway district. The 235-room hotel includes Mimo Restaurant, Mimo Bar, a full-service spa, event space and a resort-style pool and pool deck. The Four Seasons property also includes 143 condominiums that were not part of the sale. Eric Tupler, Jeff Bucaro, Brian Dawson and Kevin Davis of JLL arranged the financing through Credit Suisse on behalf of the borrower, a joint venture between GD Holdings, Stonebridge Development Co. and Copford Capital Management LLC. The sellers, Congress Group and AECOM Capital, opened the hotel earlier this week.
DALLAS — Marcus & Millichap has arranged the sale of Maverick Oak Lawn, a 137-unit apartment complex located in the Oak Lawn area of Dallas. The property features one- and two-bedroom units as well as a pool, outdoor grilling and dining areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, an out-of-state partnership. Both parties requested anonymity. Los Angeles-based Veleta Capital Partners provided an $18 million floating-rate bridge loan for the acquisition. Bellwether Enterprise Real Estate Capital arranged the financing, a portion of which will be used to fund capital improvements.
ANN ARBOR, MICH. — Greystone has provided a $14.9 million bridge loan for the acquisition of Lynden Parke Apartments in Ann Arbor. The 154-unit, garden-style multifamily property was constructed in 2002. Reuben Dolny and Jason Yuen of Greystone structured the loan on behalf of the borrower, Cape Sierra Capital. The loan features a two-year term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent agency financing as part of its bridge-to-agency platform.
LAWRENCE, MASS. — MassHousing has provided $25.9 million in financing for an affordable housing redevelopment project in Lawrence, a northern suburb of Boston. The project will convert a 177-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 will be rented to households earning 30 percent or less of the area median income (AMI); 58 will be reserved for renters earning up to 60 percent of AMI; and the other 17 will be rented at market rates. WinnCos. is the developer of the project. The financing package comprised a $4.6 million tax-exempt permanent loan, a $20.4 million bridge loan and $900,000 from the Capital Magnet Fund, an initiative designed to attract private capital to affordable housing projects in economically distressed areas.
BOYNTON BEACH, FLA. — Berkadia has provided a $93.6 million loan on behalf of Advenir for the financing of Advenir at Banyan Lake and Advenir at La Costa, two multifamily communities located in Boynton Beach. Charles Foschini and Chris Apone of Berkadia originated the seven-year, fixed-rate Freddie loan, which features interest-only payments for the full term. Advenir at Banyan Lake is a 268-unit community located at 1561 Stonehaven Drive with apartments in one-, two- and three-bedroom layouts ranging from 900 to 1,290 square feet. Amenities at the development include a swimming pool, fitness center, BBQ grills, playground, racquetball courts, tennis courts and lakes. Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit property with one- and two-bedroom apartments ranging from 784 to 1,116 square feet. Community amenities include two pools, a 24-hour fitness center, tennis court, outdoor lounge, lakeside jogging trail, cyber café and coffee bar, car care center and a fishing dock. Both properties were built in 1986 and underwent value-add renovations after being acquired by Advenir in 2015.