Loans

HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing loan. Upon completion, Residences and Shoppes of Highland will feature 244 garden-style apartments in four- and five-story buildings and a shopping center spanning 190,000 square feet. The retail component will house a Publix grocery store and Publix Liquors, HomeGoods, dd’s Discounts, Burlington, Five Below, Famous Footwear and Taco Bell, among others. Sitework has already commenced on the 70-acre project, which is scheduled for completion in the third quarter of 2023.

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DALLAS — Locally based financial intermediary Terrydale Capital has arranged a pair of loans totaling $5.1 million for the acquisition of two Dallas multifamily properties comprising 12 units. The properties are located at 5931 Ross Ave. and 6035-6059 La Vista Drive in the city’s Greenville area. Chris Formichella of Terrydale Capital arranged the loans through a correspondent agency lender on behalf of the undisclosed borrower.

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WILMINGTON, DEL. — 3650 REIT, a Miami-based direct lender, has provided an $85 million loan for the refinancing of WSFS Bank Center, a 371,000-square-foot office building in Wilmington, about 30 miles south of Philadelphia. Developed by Buccini/Pollin Group in 2006, the property serves as the corporate headquarters of WSFS Bank. David Strongwater of Lantern Real Estate placed the loan, which carries a 120-month term, with 3650 REIT on behalf of Buccini/Pollin.

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JERSEY CITY, N.J. — JLL has arranged a $25.5 million loan for the refinancing of Nest Micro Apartments, a multifamily complex in Jersey City. Built in 2021, Nest Micro consists of 122 studio apartments and 1,350 square feet of ground-floor retail space. Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio of JLL arranged the loan through Argentic Investment Management on behalf of the borrower, an entity doing business as 190 Academy Urban Renewal LLC.

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CHICAGO — Maverick Commercial Mortgage Inc. has arranged a $14 million first mortgage loan for a 103,550-square-foot retail property occupied by Home Depot in Chicago’s Chatham neighborhood. Earlier this year, Home Depot signed a new 10-year lease with MG Development LP for the property, which is located at 200 W. 87th St. and includes an exterior garden center. A regional bank provided the 10-year, floating-rate loan, which features a 25-year amortization schedule. Proceeds from the loan paid off the existing lender, provided cash to the borrower and paid for closing costs.

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TEMPLE, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged $18.4 million in joint venture equity and acquisition financing for a 53-bed healthcare facility located in the Central Texas city of Temple. Kevan McCormack of MMCC arranged the debt portion of the financing through an undisclosed community bank on behalf of the undisclosed borrower, which intends to use a portion of the proceeds to convert the building into a long-term acute care hospital. California-based KPC Health will operate the facility upon completion of this project.

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Drexeline-Town-Center

DREXEL HILL, PA. — JLL has arranged a $43 million loan for Drexeline Town Center, an office and retail redevelopment project located on the western outskirts of Philadelphia. The 18.5-acre site currently houses five retail and office buildings that were originally constructed between the early 1950s and 2000s. The borrower, a partnership between Baltimore-based MCB Real Estate and New Jersey-based Hampshire Cos., plans to redevelop the center into a mixed-use destination. Initial plans call for a 172-unit apartment complex, a 120,000-square-foot self-storage facility, a 72,000-square-foot ShopRite grocery store, a PNC bank branch, a Wawa convenience store and fuel station and 20,440 square feet of pad and inline retail space. Jon Mikula, Michael Klein and Michael Lachs of JLL placed the loan through Investors Bank, a division of Citizens Bank.

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NEW YORK CITY — Seattle-based lender Columbia Pacific Advisors has provided a $36 million loan for the refinancing of an industrial property located along the Hudson River in The Bronx. The property is a 480,000-square-foot outdoor storage yard that is situated on a 14-acre site. The borrower is locally based developer Dynamic Star. Will Nelson led the transaction for Columbia Pacific Advisors.

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BELMONT, CALIF. — CBRE has arranged a $75 million loan for the acquisition and redevelopment of Shoreway Innovation Center in Belmont. The property will be redeveloped into a new life sciences campus. The borrower is Four Corners Properties. Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged and secured the three-year, floating-rate financing through a private equity firm. The nonrecourse loan carried two extension options. Four Corners Properties will use the financing to fund a portion of the predevelopment costs for 1301 Shoreway Road, which was acquired in December 2021 for $90.2 million. The future redevelopment will likely include construction of two Class A life sciences buildings totaling approximately 500,000 to 600,000 square feet. The new development will also include a multi-story parking structure with approximately 1,500 parking stalls.

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JUPITER, FLA. — Mesa West Capital has provided a $135 million acquisition loan for The Sophia at Abacoa, a 390-unit multifamily community in Jupiter. Matt Williams and James Maynard of Newmark arranged the loan on behalf of the borrower, Berkshire Residential Investments. Located in the Abacoa neighborhood, Sophia at Abacoa was built in 2002 and offers a variety of one-, two- and three-bedroom floor plans housed in low-rise residential buildings on a 22-acre site. The property features a wide variety of amenities including a clubhouse, fitness center, two resort-style pools, dog park, sand volleyball court, outdoor grilling areas with picnic tables and a car detailing station. The property also benefits from being within walking distance of downtown Abacoa, which features shopping, dining and entertainment options. The Sophia at Abacoa is also near Roger Dean Stadium, the spring training facility for the Miami Marlins and the St. Louis Cardinals, in addition to 16 golf and country clubs in Jupiter. With the loan for Berkshire, Mesa West Capital has originated over $550 million in first mortgage and mezzanine debt in Florida over the past 12 months.

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