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Grove-East-Humble
Affordable HousingLoansMultifamilyTexas

Cushman & Wakefield Arranges $95.7M in Financing for Metro Houston, Dallas Affordable Housing Portfolio

by Taylor Williams

HUMBLE AND ROWLETT, TEXAS — Cushman & Wakefield has arranged $95.7 million in financing for a portfolio of two affordable housing properties totaling 626 units. Grove East is  a 324-unit, garden-style property located in the northern Houston suburb of Humble, and Rowlett Station is a 302-unit midrise building located northeast of Dallas. Both properties were built in 2021 and are subject to Housing Finance Corp. (HFC) income restrictions. The financing consists of $76.2 million in senior debt provided by Benefit Street Partners and a $19.5 million mezzanine loan funded by CCL Capital. Chase Johnson and Caleb Riebe led the Cushman & Wakefield team that arranged the debt on behalf of the owner, Salt Lake City-based investment firm Sundance Bay.

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HealthcareLoansTexas

Pinecroft Realty Refinances Two Metro Houston Medical Office Buildings Totaling 70,000 SF

by Taylor Williams

SHENANDOAH AND RICHMOND, TEXAS — Pinecroft Realty has refinanced two medical office buildings totaling approximately 70,000 square feet in metro Houston. The loan amount(s) was not disclosed. The buildings include the 57,000-square-foot Vision Park Medical Office Building in Shenandoah, located north of Houston, and the 13,000-square-foot Memorial Hermann Surgery Center of Richmond, located southwest of Houston. Noth Carolina-based Live Oak Bank provided the loan(s).

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DevelopmentFloridaLoansMultifamilySoutheast

JLL Arranges $76.8M Construction Loan for Multifamily Development in Jacksonville Beach

by John Nelson

JACKSONVILLE BEACH, FLA. — JLL has arranged a $76.8 million construction loan for a 415-unit multifamily development in Jacksonville Beach. Mark West led the JLL team in arranging the four-year, floating-rate loan through Ameris Bank on behalf of the borrower, Trevato Development Group. Located along Beach Boulevard, the community will feature a mix of one-, two- and three-bedroom apartments averaging 989 square feet in size, as well as 1,800 square feet of retail space. Amenities will include multiple courtyards, a pool complex with cabanas and a sun shelf, fitness centers, coworking spaces, outdoor summer kitchens, bocce ball courts, hammock islands and a dog park with a washing station. Trevato broke ground on the property on July 1 and plans to deliver the first units by fourth-quarter 2028.

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4055-Austin-Blvd.-Island-Park-New-York
IndustrialLoansNew YorkNortheastSelf-Storage

Gantry Arranges $11.5M Loan for Refinancing of Long Island Self-Storage Facility

by Taylor Williams

ISLAND PARK, N.Y. — San Francisco-based intermediary Gantry has arranged an $11.5 million loan for the refinancing of a 740-unit self-storage facility located in the Long Island township of Island Park. Public Storage operates the three-story, climate-controlled facility. Robert Slatt and Alex Poulos of Gantry arranged the nonrecourse loan, which was structured with a five-year term and a fixed interest rate, loan through an unspecified, correspondent life insurance company. The borrower was also not disclosed.

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LoansMultifamilyTexas

Northmarq Arranges Refinancing of 199-Unit Apartment Complex in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of the 199-unit Wood River Apartments in Corpus Christi. Built in 1983, Wood River Apartments offers one-, two- and three-bedroom units across 17 two-story buildings, as well as a pool and pet facilities. Cheryl Higley and Ryan Shoars led the Northmarq team that arranged the nonrecourse loan, which carried a five-year term and a fixed interest rate. The direct lender and borrower were not disclosed.

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IllinoisLoansMidwestMultifamily

JLL Secures $332M Refinancing for Luxury Multifamily Tower in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a luxury multifamily tower. Standing 76 stories and 893 feet tall, the property is Chicago’s tallest rental tower, according to JLL. Located at 1210 S. Indiana Ave. along Grant Park, NEMA Chicago includes 800 units. Architect Rafael Viñoly designed the property, which was completed in 2019. David Rockwell designed the interiors. NEMA Chicago features 70,000 square feet of amenity spaces, including indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie theater and spa services. The building features 764 Signature Residences and 126 exclusive Skyline Collection units on the upper floors, which comprise private lobbies, dedicated concierge teams, 10-foot ceilings and access to the Vista Lounge and Skyline Terrace. Danny Kaufman, Medina Spiodic and Youngsoo Yang of JLL represented the borrower, Crescent Heights, in facilitating the five-year, fixed-rate loan through New York Life Insurance Co. JLL also arranged the mezzanine loan through PGIM’s real estate business.

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Collins-Union-Park-Fort-Collins-CO
ColoradoDevelopmentLoansMultifamilyWestern

Concord Summit Capital Arranges $115.5M Construction Loan for Multifamily Development in Fort Collins, Colorado

by Amy Works

FORT COLLINS, COLO. — Concord Summit Capital has arranged a $115.5 million construction loan for Collins at Union Park, an apartment community in northern Colorado. Daniel Eidson, Keegan Burger and Ben Applebaum of Concord Summit Capital secured the nonrecourse loan, which features an 88 percent loan-to-cost ratio, on behalf of the borrower, Livmark Communities. Sitework is currently underway on the project, with vertical construction slated to start in the coming days. Collins at Union Park will feature 457 apartments and carriage homes, as well as a clubhouse, pool, golf simulator, playground, parks, trails and gathering spaces.

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Affordable HousingDevelopmentKansasLoansMidwestMultifamily

Merchants Capital Arranges $10.8M in Financing for Affordable Housing Development in Kansas

by Kristin Harlow

LAWRENCE, KAN. — Merchants Capital has arranged $10.8 million in permanent financing for Floret Hill, a 121-unit affordable housing development in Lawrence. Merchants Capital secured a Freddie Mac Unfunded Forward TEL loan for the project. The capital stack also includes federal and state low-income housing tax credit equity and hard and soft debt financing. The City of Lawrence donated 12 acres of land and committed more than $1 million in Affordable Housing Trust Funds to support the development. Floret Hill is the fourth project that Wheatland Investments Group is building in Lawrence and the first affordable housing community on the west side of the city, according to Merchants. Floret Hill will offer one-, two- and three-bedroom apartments across 11 buildings, with 37 units restricted to residents earning up to 40 percent of the area median income (AMI) and 84 units restricted to 60 percent AMI. Affordability will be maintained for 30 years via The Declaration of Land Use Restrictive Covenants for Low-Income Housing Tax Credits, a federal regulatory program with the Kansas Housing Resources Corp. Amenities will include garage parking, a business center, fitness room, clubhouse and playground.

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Alterra-IOS
IndustrialLoansTop Stories

Alterra IOS Receives Two Loans Totaling $400M for Refinancing of National Portfolio

by Taylor Williams

PHILADELPHIA — Alterra IOS, a Philadelphia-based owner-operator of industrial outdoor storage (IOS) properties, has received two loans totaling $400 million for the refinancing of a national portfolio of 99 such properties. Truist Financial Corp. (NYSE: TFC) and KeyBank (NYSE: KEY) provided the debt with commitments of $225 million and $175 million, respectively. Collectively, the portfolio totals 551 usable acres and nearly 2.1 million square feet of accompanying warehouse facilities. Each site is located in a “major” U.S. industrial and logistics corridor in core markets across California, Florida, Georgia, North Carolina and Texas. Specific breakdowns of locations across these states were not disclosed. The financing was executed utilizing an equity pledge framework as opposed to traditional asset-level mortgages. According to Alterra, this structure enables more streamlined, efficient execution and portfolio-level underwriting by allowing the borrower to “reduce legal and administrative burden(s) by eliminating property-level title work across a multi-state portfolio.” “Structures like this are becoming more relevant as institutional capital seeks efficient ways to access fragmented sectors at scale,” says Kate Mooney, senior associate, capital markets at Alterra. “As IOS portfolios have grown and matured, lenders have developed greater comfort underwriting diversified portfolios rather than individual assets. Equity pledge facilities reflect …

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Sense-22
DevelopmentFloridaLoansMultifamilySoutheast

JLL Arranges $111M Construction Loan for Multifamily Development in Miami’s Edgewater District

by Abby Cox

MIAMI — JLL Capital Markets has arranged a $111 million construction loan for the development of Sense22, a 328-unit multifamily project located in Miami’s Edgewater neighborhood. Max La Cava and Pier Barinci of JLL secured the three-year loan through S3 Capital on behalf of the borrower, HA Emprendimientos, a real estate development and construction company based in Buenos Aires, Argentina. JLL also previously secured the land and predevelopment loan for the property in 2025. The project is slated for completion in 2028. Sense22 will comprise 36 stories and will offer a mix of studios, one- and two-bedroom apartments. Amenities will include a resort-style swimming pool deck, a furnished rooftop terrace with outdoor grilling areas, spa, a fitness center and coworking spaces, along with 372 parking spaces.

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