Tuesday, July 8, 2025
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1940-Turnbull-Avenue-The-Bronx
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastSeniors Housing

Partnership Receives $100M in Financing for Affordable Housing Project in The Bronx

by Taylor Williams

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Residences will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall 2024. The $100 million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity for the development.

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IllinoisLoansMidwestMultifamily

Draper and Kramer Arranges Two Loans Totaling $114M for Two Chicago Apartment Developments

by Kristin Harlow

CHICAGO — Draper and Kramer’s Commercial Finance Group has arranged two loans totaling $114 million for two apartment developments in Chicago. Tandem Development was the borrower for both transactions. The first was a $58.4 million construction loan for 1044 West Van Buren, a 196-unit apartment project with 1,775 square feet of first-floor retail space in the West Loop neighborhood. Construction began on the building, designed by Antunovich Associates, in April. Completion is slated for the second quarter of 2023. The HUD 221(d)(4) loan features a 40-year term and a 40-year amortization schedule. The second loan totaled $55.6 million for the refinancing of Avenir Apartments in Chicago’s River West. Completed in 2019, the transit-oriented development features 196 units and 32,558 square feet of commercial space. Antunovich Associates also designed this property. The HUD 223(f) loan features a 35-year term and a 35-year amortization schedule. Matt Wurtzebach of Draper and Kramer originated both loans with assistance from colleagues Jeff Ross and Kevan Briscoe.

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IllinoisLoansMidwestMultifamily

Dwight Capital Provides $49.8M HUD-Insured Loan for Refinancing of Multifamily Property in Lockport, Illinois

by Kristin Harlow

LOCKPORT, ILL. — Dwight Capital has provided a $49.8 million HUD 223(f) loan for the refinancing of Highland Ridge Apartments in Lockport, a southwest suburb of Chicago. Completed in 2019, the garden-style multifamily property consists of 240 units across 12 buildings. Amenities include a dog park, fitness center, pool, theater, shuffleboard and yoga room. Brandon Baksh of Dwight originated the 35-year loan on behalf of the borrower, Heartland Real Estate Partners. The fixed-rate loan benefitted from a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property is Energy Star-certified.

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CaliforniaDevelopmentIndustrialLife SciencesLoansWestern

JLL Arranges $27.4M in Financing to Convert Industrial Building to Life Sciences Space in Vista, California

by Amy Works

VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.

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Hudson-Hotel
DevelopmentHospitalityLoansMultifamilyNew YorkNortheastTop Stories

Parkview Financial Provides $207M Loan for Acquisition, Redevelopment of Former Hudson Hotel in New York City

by Katie Sloan

NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood.  Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower.  Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space.  The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023.  The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row.  Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …

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DevelopmentFloridaLoansMultifamilySoutheast

J.P. Morgan Provides $96.4M Construction Loan for Apartment Tower in Downtown West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — J.P. Morgan has provided a $96.4 million construction loan for the development of a 22-story apartment tower in downtown West Palm Beach. The borrower is a joint venture between the developer, Hyperion, and affiliates of Starwood Capital Group and Winter Properties. Located at 201 Clearwater Drive, the unnamed tower will include 457 apartments, 7,000 square feet of ground-floor retail space, a 628-space parking garage and more than 34,000 square feet of indoor and outdoor amenities. Hyperion is expected to begin construction soon, and the development is slated to be open to renters in early 2024.

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LoansNew JerseyNortheastRetail

JLL Arranges $21.5M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams

SPARTA, N.J. — JLL has arranged a $21.5 million loan for the refinancing of Sparta Town Center, an 87,984-square-foot shopping center in Northern New Jersey. Anchored by grocer Stop & Shop, Sparta Town Center was fully leased at the time of the loan closing. Other tenants include Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium and Anthony Franco’s Pizza. Thomas Didio, Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Aegon Asset Management on behalf of the borrower, an affiliate of locally based developer Hekemian & Co. Inc.

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LoansMidwestMissouriNorthmarqRetail

Northmarq Arranges $3M Loan for Refinancing of Retail Center in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Northmarq has arranged a $3 million loan for the refinancing of the Shops at Shoal Creek in Kansas City. The 14,238-square-foot retail center, built in 2015, is located at 8250-8260 N. Booth Ave. The property is situated near a larger shopping center that is home to Target, Sam’s Club, Walmart Supercenter and The Home Depot. Bob Harrington of Northmarq arranged the fixed-rate loan, which features a 10-year term, two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.

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ArizonaLoansMultifamilyWestern

NewPoint Real Estate Capital Provides $45.6M Refinancing for Multifamily Complex in Phoenix

by Amy Works

PHOENIX — NewPoint Real Estate Capital has provided a $45.6 million, 10-year, Fannie Mae DUS loan for the refinancing of an apartment community in Phoenix. The recently constructed community features 200 detached apartments with smart-home technology systems and high-end interior finishes, including stainless steel appliances, granite countertops and washers/dryers, as well as private, fenced-in backyards. Community amenities include a clubhouse, fitness center, heated pool and spa, pet park and controlled entry. John Motzel of NewPoint, along with Jeremy Korea of Cushman & Wakefield, originated the loan.

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Affordable HousingDevelopmentLoansMultifamilySoutheastTennessee

Amazon Commits $10.6M to Create, Preserve 130 Affordable Housing Units in Nashville

by John Nelson

NASHVILLE, TENN. — Amazon plans to invest a total of $10.6 million to help build and renovate more than 130 affordable housing units in Nashville. The investment is in partnership with the Metropolitan Development and Housing Agency (MDHA) and supports the social work of the local nonprofit CrossBridge Inc., which provides housing and supportive services to adults overcoming addiction. The investment is part of the Amazon Housing Equity Fund, which has earmarked more than $2 billion to create and preserve 20,000 affordable homes in Nashville, Washington state’s Puget Sound region and the Arlington, Va., region, which is home to Amazon’s HQ2 campus. The Seattle-based e-commerce giant has committed more than $94 million over the past two years to affordable housing efforts in Nashville. Amazon’s commitment to MDHA consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development in the Cayce Place neighborhood of east Nashville. Cherry Oak will feature 96 apartments, including 53 that are affordable at or below 80 percent of area medium income (AMI). MDHA has a 99-year ground lease at the site. Amazon is also providing a $3.5 million grant to support CrossBridge’s housing projects on Lindsley Avenue …

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