Loans

Berkadia Secures $36.2M Acquisition Loan for Miami Office Building

by John Nelson December 16, 2022

MIAMI — Berkadia has arranged a $36.2 million loan for the acquisition of Cube WYNWD, an office building in the Wynwood neighborhood of Miami. Located at 230 NW 24th St., the building comprises 90,000 square feet of office space and 10,000 square feet of retail space. Scott Wadler of Berkadia secured the financing on behalf of the borrower, a joint venture between San Francisco-based Brick & Timber and Philadelphia-based Argosy Capital Partners. JP Morgan provided the five-year, fixed-rate loan, which features interest-only payments for the full term.

December 16, 2022

California Hospitality Loans Mixed-Use Multifamily Retail Western

Boardwalk Investments Group Receives $245M Refinancing for Mixed-Use Portfolio in California

by Amy Works December 16, 2022

COSTA MESA, CALIF. — Costa Mesa-based Boardwalk Investments Group, led by Gary Jabara and Debi Kroger, has received $245 million in financing for a portfolio of properties in California. John Chun, John Marshall, Jordan Leake and Spencer Seibring of JLL Retail Capital Markets Debt Advisory secured the permanent financing from four lenders. The portfolio includes: The Estate, a 22-acre hospitality and destination retail complex in downtown Yountville. The property features the 193-room Hotel Villagio, Vintage House and the five-bedroom Villa at The Estate. Aliso Creek Shopping Center, a 49,149-square-foot, 92-percent occupied retail center in Laguna Beach. Flower Hill Promenade, a 168,249-square-foot, 95.6-percent leased retail center in Del Mar. The Landing, a 44,289-square-foot, fully leased shopping center on the Balboa Peninsula in Newport Beach. 1810 State Street, a 99-unit mid-rise apartment complex in downtown San Diego’s Little Italy neighborhood. Restoration Hardware Yountville, a single-tenant wine vault and restaurant space in downtown Yountville.

December 16, 2022

California Loans Retail Western

JLL Arranges $84.7M Refinancing for Janss Marketplace in Thousand Oaks, California

by Amy Works December 16, 2022

THOUSAND OAKS, CALIF. — An affiliate of Maxxam Enterprises has received $84.7 million in refinancing for Janss Marketplace, a grocery-anchored regional retail center in Thousand Oaks. Matt Stewart, Alethia Halamandaris and Chris Jaffe of JLL Capital Markets Debt Advisory secured the financing through TerraCotta Credit Fund for the borrower. Located at 165-401 N. Moorpark Road, Janss Marketplace features 456,390 square feet of retail space. The property was built in phases from 1959 to 1999 and renovated in 2007 and 2020. Current tenants include Aldi, ULTA Beauty, Petco, Old Navy, Five Below and Golds Gym. At the time of financing, the property was 90 percent occupied.

December 16, 2022

Loans Midwest Multifamily Seniors Housing Walker & Dunlop Wisconsin

Walker & Dunlop Arranges $14.7M HUD-Insured Loan for Refinancing of Wisconsin Assisted Living Facility

by Kristin Harlow December 16, 2022

FORT ATKINSON, WIS. — Walker & Dunlop has arranged a $14.7 million HUD-insured loan for the refinancing of Reena Senior Living, an 80-unit assisted living and memory care facility in Fort Atkinson, located about midway between Madison and Milwaukee. The property consists of a three-story assisted living building that was constructed in 2016 and a one-story memory care portion that was built in 2019. Kevin Giusti and Matthew Lund of Walker & Dunlop arranged the loan on behalf of the borrower, Tukka Properties.

December 16, 2022

Loans Northmarq Retail Texas

Northmarq Arranges Permanent Financing for 110,000 SF Shopping Center in Metro Dallas

by Taylor Williams December 16, 2022

CARROLLTON, TEXAS — Northmarq has arranged a permanent loan of an undisclosed amount for Carrollton Park Village, a 110,000-square-foot shopping center located on the northern outskirts of Dallas. The property was built on 10 acres in phases between 1965 and 1987 and is home to tenants such as dd’s Discounts, Dollar General and Hibbett Sporting Goods. Phillip Bankhead of Northmarq arranged the debt through Genworth Financial on behalf of the borrower, Vista Property Co. The loan carried a fixed interest rate, 15-year term and a 25-year amortization schedule.

December 16, 2022

The-Village-at-Laurel-Creek-Lindenwold-New-Jersey

Loans Multifamily New Jersey Northeast

Eastern Union Arranges $78.6M Loan for Refinancing of Northern New Jersey Multifamily Portfolio

by Taylor Williams December 16, 2022

NEW YORK CITY — Eastern Union has arranged a $78.6 million loan for the refinancing of a portfolio of 12 multifamily properties totaling 1,017 units that are predominantly located throughout Northern New Jersey. The portfolio also includes one property in The Bronx. Alex Jaffa of Eastern Union arranged the loan, which carries a fixed interest rate of 4.25 percent and a 10-year term, through Kearny Bank. The undisclosed borrower was a New Jersey-based investment firm that operates the properties through a variety of affiliated limited liability companies.

December 16, 2022

Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

Lendlease, Australian Pension Fund Receive $360M Construction Loan for Mixed-Use High-Rise in Brooklyn

by Jeff Shaw December 16, 2022

NEW YORK CITY — A joint venture between global real estate and investment management group Lendlease and Australian pension fund Aware Super has secured a $360 million construction loan for the development of 1 Java Street, a 36-story mixed-use development adjacent to the East River in the Greenpoint neighborhood of Brooklyn. Plans call for 834 apartments, 13,000 square feet of retail space and an 18,000-square-foot public waterfront park connecting the property to the India Street Pier, which offers service for the East River Ferry. Thirty percent of apartments at 1 Java Street will be affordable units under the Affordable New York 421(A) Program and Voluntary Inclusionary Housing. Lendlease’s investment management, development and construction business units will serve in 1 Java Street’s development. The property is slated for completion in 2026. Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos led a JLL Capital Markets team that represented the joint venture to secure the floating-rate construction loan through a Bank of America-led syndicate. New York City architecture firm Marvel will serve as interior designer for both market-rate and affordable units at 1 Java Street. INC Architecture & Design will design the public areas and Créme Architecture & Design will be the interior designer for …

December 16, 2022

California Development Life Sciences Loans Western

Square Mile Capital, Bank OZK Arrange $202.6M Construction Loan for Bioterra Life Sciences Development in San Diego

by Amy Works December 15, 2022

SAN DIEGO — Square Mile Capital has closed a $202.6 million loan to finance the construction of Bioterra, a life sciences development in San Diego’s Sorrento Mesa submarket. Bank OZK co-originated the loan. Longfellow Real Estate Partners is developing the 316,000-square-foot project. In August, Longfellow broke ground on the six-story campus that will feature lab and office space and three stories of subterranean parking. The property will offer a first-floor coffee bar, conference facilities, full-service gym with outdoor space for fitness classes and a full-service restaurant/café. Aldon Cole and Patrick Burger of JLL’s San Diego office arranged the financing.

December 15, 2022

California Development Loans Multifamily Western

PSRS Provides $14.7M in Construction Financing for Co-Living Development in Los Angeles

by Amy Works December 15, 2022

LOS ANGELES — PSRS has provided $14.7 million in construction financing for a co-living development in Los Angeles. The property will feature 18 units and 79 beds. Jacob Lee of PSRS secured the 24-month, interest-only loan, which a bank provided. The borrower was not disclosed.

December 15, 2022

Florida Loans Multifamily Southeast

Cushman & Wakefield Arranges $92M Refinancing for Aura Boca Apartments in Boca Raton, Florida

by John Nelson December 15, 2022

BOCA RATON, FLA. — Cushman & Wakefield has arranged the $92 million refinancing of Aura Boca, a recently completed, 322-unit apartment community located at 789 W. Yamato Road in Boca Raton. MetLife Investment Management provided the fixed-rate loan on behalf of the borrower, institutional investors advised by J.P. Morgan Global Alternatives. Steven Kohn, Alex Hernandez, Alex Lapidus and Chris Meloni of Cushman & Wakefield arranged the loan. Amenities at Aura Boca include a fitness center, pool with waterfall, tanning ledge, Jacuzzi, private cabanas, enclosed bicycle storage and an onsite parking garage.

December 15, 2022

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