LOS ANGELES — Bellwether Enterprise Real Estate Capital (BWE) has closed a $77 million nonrecourse construction loan for a flex office campus in northern Los Angeles. The borrower plans to develop a 204,600-square-foot building with 35-foot clear heights, specialized office build-out and onsite trailer storage space. Additionally, a new parking structure will be constructed on the site. Tom Kenny, Josh Boehling and Alex Gregoire of BWE’s Irvine, Calif., office originated the financing on behalf of the borrower. The financing was arranged with a bank lender for an initial three-year term, with an optional extension.
SAN ANTONIO — Lument has provided a $16 million bridge loan for the acquisition of Palazzo, a 92-unit apartment complex in San Antonio. The property was built as a 100-unit condo development in 2008, but with only eight units sold upon completion, ownership converted the residences to rentals. Today, Palazzo consists of 10 buildings on a 4.3-acre site that house 20 one-bedroom, 48 two-bedroom and 24 three-bedroom units. Amenities include a fitness center, business center and a dog park. Phil Frasca of Lument originated the financing, which was structured with a floating interest rate, three-year term and two 12-month extension options. The borrower was not disclosed.
CHICAGO — Chicago-based JLL Capital Markets has arranged an $85 million loan for the acquisition of a 12-building industrial portfolio totaling 814,888 square feet across California, Georgia, Maryland and Minnesota. MDH Partners acquired the fully leased portfolio. Chris Drew, Maxx Carney, Jimmy Calvo, Robert Carey, Brock Yaffe and Eric Boucher of JLL arranged the five-year, floating-rate loan with Truist. Mark Hancock of Truist Commercial Real Estate served as the lead on the transaction for Truist.
LongPoint Realty Partners Receives $52M Acquisition Loan for Van Nuys Industrial Park in Los Angeles
LOS ANGELES — JLL Capital Markets has secured $52 million in acquisition financing for Van Nuys Industrial Park, a value-add business park situated on 11.7 acres in the Van Nuys submarket of Los Angeles. The borrower is Boston-based Longpoint Realty Partners. The seller was not disclosed. Totaling 84,346 square feet, Van Nuys Industrial Park features four light industrial buildings constructed between 1963 and 1974, plus two land parcels totaling 3.8 acres used as outdoor storage lots for automobile and truck trailers. At the time of sale, the property was fully leased to six tenants. The buildings are located at 16300-16210, 16251, 16201, 16141, 16161 Raymer St. and 8085 Woodley Ave. Greg Brown and Peter Thompson of JLL Capital Markets placed the three-year, floating-rate, nonrecourse acquisition loan with Prime Finance.
LOMBARD, ILL. — Barings has provided a $67 million, three-year loan for the recapitalization of The 450, a newly constructed apartment complex in the Chicago suburb of Lombard. Amenities at the 256-unit property include a fitness center, yoga studio, business center, package room with cold storage, heated underground parking, pet park, pool and electric car charging stations. Emerald Isle Investment Partners advised the borrower, a joint venture between UrbanStreet Group and Atlas Residential. The three-year loan includes funding to complete lease-up.
TUCSON, ARIZ. — CBRE has arranged a $30 million loan for the dual-branded Hampton Inn/Home2 Suites hotel in Tucson. Located at 141 S. Stone Ave., the 199-key property opened in late summer 2021. Adrienne Andrews and Will Denton of CBRE facilitated the refinancing for the owner, Fayth Hospitality. A national bank lender provided the seven-year, fixed-rate loan, which pays off the construction loan and provides a future funding upside.
MOUNTAIN VIEW, CALIF. — JLL Capital Markets has arranged an undisclosed amount of construction financing for the redevelopment of Italian restaurant Frankie, Johnnie & Luigi Too! into Mountain View Memory Care, a Class A, 54-unit, 60-bed, private-pay memory care community in the Bay Area city of Mountain View. JLL worked on behalf of the borrower, the D’Ambrosio Family, and its operating partner, Calson Management, to secure the construction financing through a local bank. The community will also continue be home to the D’Ambrosio Family’s restaurant, Frankie, Johnnie & Luigi Too! once completed. The community is positioned on 0.85 acres in an affluent residential neighborhood in Silicon Valley. The site is near highways 85, 237 and 101 and will have two accessible bus stops on either end of the community, providing future residents with transportation to nearby retail, dining and entertainment amenities. Bercut Smith, Lillian Roos and Chad Morgan led the JLL Capital Markets debt advisory team representing the borrower.
FRENCH VALLEY, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $39.4 million in construction financing for French Valley Marketplace, a grocery-anchored shopping center development in French Valley. The nonrecourse loan will provide funds to complete the horizontal and vertical construction of the project. A partnership between Texas-based Trinity Investors and Pasadena-based Halftery Development Co. are leading the fully entitled, 22-acre project. Current tenants include Grocery Outlet, Rite Aid, EoS Fitness, McDonald’s, AutoZone and 7-Eleven. Brandon Wilhite of MMCC and Sunny Sajnani and Todd McNeill of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing. The origination team is based out of MMCC’s Dallas office. Trez Capital operated as the lender for the transaction.
PHOENIX — Ready Capital has closed on $13.3 million in financing for the acquisition, renovation and stabilization of a 105-unit apartment community in Phoenix’s Midtown submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan consisting of interior and exterior upgrades. The nonrecourse, interest-only, floating-rate loan features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $92 million construction loan for a 215,379-square-foot office building that will be located at 1498-1538 Coney Island Avenue in Brooklyn’s Midwood neighborhood. The project will include 51,000 square feet of retail space and a 267-space automated parking structure. Construction is underway and expected to be complete in October 2023. Between the office and retail components, the building is 30 percent preleased. Aaron Birnbaum and Elliott Kunstlinger of Meridian Capital Group arranged the loan through Parkview on behalf of the borrower, an affiliate of locally based developer Baruch Singer.