Loans

Progress Capital Arranges $14M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams April 8, 2022

JERSEY CITY, N.J. — Locally based financial advisory firm Progress Capital has arranged a $14 million loan for the refinancing of a 79-unit apartment building located at 253 Academy St. in the Journal Square neighborhood of Jersey City. The newly built property offers 77 studios and two larger units that were built as standalone modular residences. Amenities include a rooftop deck and grilling area, fitness center and concierge service. Kathy Anderson of Progress Capital arranged the loan, which carried a fixed interest rate and 12 months of interest-only payments, on behalf of the borrower, Pointe Developers LLC. The direct lender was not disclosed.

April 8, 2022

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $30M Refinancing for Inn at the Pier in Pismo Beach, California

by Amy Works April 8, 2022

PISMO BEACH, CALIF. — Sonnenblick-Eichner Co. has arranged $30 million in long-term, fixed-rate financing for Inn at the Pier, a full-service boutique hotel located half a block from the Pacific Ocean in Pismo Beach. Inn at the Pier features 104 guest rooms, a full-service restaurant, pool, spa and the only rooftop bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a fitness center and approximately 2,650 square feet of street-level retail space. Additionally, the hotel offers valet parking for up to 128 cars. The nonrecourse loan was funded by a life company and priced in the low four percent range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the undisclosed borrower.

April 8, 2022

Idaho Loans Restaurant Retail Western

PSRS Secures $4.6M Refinancing for Two Retail Properties in Meridian, Idaho

by Amy Works April 8, 2022

MERIDIAN, IDAHO — PSRS has secured a $4.6 million refinancing for Gramercy and Mason Creek Retail, two retail assets in Meridian. Kostas Kavayiotidis and Jacob Lee of PSRS arranged the 65 percent loan-to-value, nonrecourse loan with a 10-year term and 30-year amortization for the undisclosed borrower. The properties consist of a total of four retail buildings featuring 14 units and 27,022 square feet. All buildings are fully occupied with a diverse mix of restaurants, local and national businesses.

April 8, 2022

Loans Mississippi Multifamily Southeast Student Housing

Greysteel Secures Refinancing for 154-Bed Student Housing Property Near Ole Miss

by Julia Sanders April 7, 2022

OXFORD, MISS. — Greysteel has secured the refinancing for Wellington Place, a 154-bed student housing property in Oxford. Griffin Papaila and Daniel Hartnett of Greysteel secured a 10-year fixed-rate, non-recourse Freddie Mac loan at 70 percent loan-to-value (LTV). The loan amount and borrower were not disclosed. Wellington Place is a 44-unit student housing property that serves the students at the University of Mississippi. Built in 2019, the off-campus property offers three-bed and four-bed floorplans. Unit features include screened back porches, front patios, second-floor balconies, fenced backyards, hardwood flooring, marble countertops, stainless steel appliances and finishes. Community amenities include a lake with a large dock, pool, hot tub, arcade, convenience store and a 10,000-square-foot clubhouse and amenity center. The property was fully occupied at the time of sale. Located at 157 Stricklin Lake Drive, Wellington Place is situated three miles from the Ole Miss campus and 3.2 miles from the University-Oxford Airport.

April 7, 2022

Illinois Industrial Loans Midwest

American Street Capital Arranges $9.4M for Refinancing of Chicago Industrial Portfolio

by Kristin Harlow April 7, 2022

CHICAGO — American Street Capital (ASC) has arranged two loans totaling $9.4 million for the refinancing of a light industrial portfolio in Chicago. The first transaction was a $6.1 million loan for a 102,850-square-foot building. The second was a $3.3 million loan for a 90,975-square-foot, two-building property. Igor Zhizhin of ASC structured both loans with five-year terms and 25-year amortization schedules. A bank provided both loans.

April 7, 2022

Industrial Loans Massachusetts Northeast Self-Storage

Talonvest Capital Arranges $23.1M Acquisition Loan for Metro Boston Self-Storage Facility

by Taylor Williams April 7, 2022

QUINCY, MASS. — Boutique commercial advisory firm Talonvest Capital has arranged a $23.1 million acquisition loan for a 1,351-unit self-storage facility located in the southern Boston suburb of Quincy. The climate-controlled property spans 103,562 net rentable square feet. An undisclosed life insurance company provided the nonrecourse loan, which carried a four-year term and three years of interest-only payments, on behalf of the borrower, Madison Capital Group.

April 7, 2022

Development Loans Office Texas

Granite Properties Receives Construction Financing for 626,215 SF Uptown Dallas Office Project

by Taylor Williams April 6, 2022

DALLAS — National development and investment firm Granite Properties has received an undisclosed amount of construction financing for 23Springs, a 626,215-square-foot office project in Uptown Dallas. Arkansas-based Bank OZK provided the financing for the 26-story building and has also committed to leasing four floors totaling 110,029 square feet upon completion in early 2025. Construction is set to begin in June. GFF Architects is designing 23Springs, and DPR Construction is serving as the general contractor. Amenities will include an indoor lounge with a golf simulator, conference center, outdoor workspaces, two restaurants, coffee and wine bar and a half-acre park. Robert Blount of JLL represented Bank OZK in the lease negotiations. Jim Curtin of JLL arranged the loan on behalf of Granite Properties.

April 6, 2022

Florida Loans Multifamily Southeast

CBRE Secures $71.3M Acquisition Loan for Multifamily Property in Tampa Bay Area

by Julia Sanders April 6, 2022

CLEARWATER, FLA. — CBRE has secured $71.3 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property in Clearwater. Eric Fixler and Chandler Kaye of CBRE arranged the loan on behalf of the borrower, a private investor. The senior loan includes layered mezzanine financing representing a 87 percent loan-to-cost ratio. Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units averaging 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court and a clubhouse with a café. Located at 530 Fairwood Ave., the property is 18.7 miles from St. Petersburg and 18.4 miles from Tampa.

April 6, 2022

Development Loans Massachusetts Multifamily Northeast

Citizens Bank Provides $128.7M Construction Loan for Multifamily Project in Quincy, Massachusetts

by Taylor Williams April 6, 2022

QUINCY, MASS. — Citizens Bank has provided a $128.7 million construction loan for Ashlar Park, a 465-unit multifamily project located on the southern outskirts of Boston in Quincy. Ashlar Park will feature an outdoor terrace overlooking a pool with cabanas and lounge areas; a 3,200-square-foot fitness center with outdoor yoga space; a multi-level club room/resident lounge; coworking space; a library; and a conference room. Construction of the four-building community, which is located at the site of the former Quincy Medical Center, will be carried out in phases. Initial occupancy is slated for April 2023, with full completion scheduled for April 2024. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged the loan on behalf of the borrower, locally based developer FoxRock Properties.

April 6, 2022

Loans Mixed-Use Multifamily New Jersey Northeast

Axiom Arranges $16.6M Acquisition Loan for Two Commercial Buildings in Old Bridge, New Jersey

by Taylor Williams April 6, 2022

OLD BRIDGE, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16.6 million acquisition loan for two commercial buildings in Old Bridge, about 40 miles south of Manhattan. The first property is an 18,728-square-foot mixed-use building, and the second is a 33-unit active adult community. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.

April 6, 2022

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