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Loans

2300-Garden-Rd-Monterey-CA
CaliforniaDevelopmentLoansMultifamilyWestern

Gantry Secures $14.3M Construction Loan for Office-to-Multifamily Conversion in Monterey, California

by Amy Works

MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer. Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site. Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.

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Paxton-365-Salt-Lake-City-UT.jpg
LoansMixed-UseMultifamilyRestaurantRetailUtahWestern

Dwight Capital Provides $21.4M HUD Loan for Paxton 365 Apartment Complex in Salt Lake City

by Amy Works

SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.

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Affordable HousingLoansMultifamilyNew YorkNortheast

Bellwether Enterprise Provides $11.7M in Agency Financing for Mixed-Income Complex in The Bronx

by Taylor Williams

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided an $11.7 million Freddie Mac permanent loan for Bronxview at Serviam, a newly constructed mixed-income complex located at 2885 Marion Ave. The eight-story building houses 26 one-bedroom units, 66 two-bedroom apartments and 22 three-bedroom residences. Jim Gillespie of Bellwether Enterprise originated the financing on behalf of the borrower, Fordham Bedford Housing Corp. The loan carried a 30-year term and a fixed interest rate.

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LoansMassachusettsMultifamilyNortheast

MMCC Arranges $11.2M Acquisition Loan for Multifamily Property in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.2 million acquisition loan for Biotech Park Apartments, a 92-unit multifamily property located in the central Massachusetts city of Worcester. Robert Bhat of MMCC arranged the seven-year, nonrecourse loan, which carried a 65 percent loan-to-value ratio and 5.89 percent fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered the sale of the property.

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LoansMassachusettsMultifamilyNortheastSeniors Housing

MassHousing Provides $31M in Financing for Affordable Seniors Housing Complex in Metro Boston

by Taylor Williams

CHARLESTOWN, MASS. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston. The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans. The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.

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2425-Auto-Way-Escondido-CA
AcquisitionsColoradoIndustrialLoansOfficeWestern

JLL Arranges $20.6M in Acquisition Financing for Multi-Tenant Distribution Facility in San Diego

by Amy Works

SAN DIEGO — JLL Capital Markets has arranged $20.6 million in acquisition financing and joint-venture equity for a multi-tenant corporate headquarters and distribution facility located at 2425 Auto Way in Escondido. The borrower is a joint venture between Stos Partners and a private investor. Aldon Cole and Brad Vansant of JLL Capital Markets Debt & Structured Finance arranged the short-term, floating-rate loan through an insurance company. Sound Image and Goodman fully lease the 88,690-square-foot facility, which features 20-foot to 22-foot clear heights, dock- and grade-level loading doors, 200 parking spaces and 10,000 square feet of office space.

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KentuckyLoansRetailSoutheast

Northmarq Arranges $3M Refinancing of Shopping Center in Bardstown, Kentucky

by John Nelson

BARDSTOWN, KY. — Northmarq’s Louisville office has secured the $3 million refinancing of Wilson & Muir Plaza, a 63,598-square-foot retail center located at 100 W. John Rowan Blvd. in Bardstown, roughly 40 miles southeast of Louisville. Randall Waddell of Northmarq negotiated a blended interest rate of 4.9 percent fixed over a 19-year term on behalf of the undisclosed borrower. A new anchor tenant — Marshalls — recently opened at the property.

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The-Kathryn-Ann-Portland-OR
Affordable HousingLoansMultifamilyOregonWestern

Urban Development Group Receives $40M in HUD Financing for Two Multifamily Properties in Portland

by Amy Works

PORTLAND, ORE. — Urban Development Group has received two separate loans, totaling $40 million, for two apartment communities in Portland. Dwight Capital provided a $24.9 million HUD 223(f) loan for The Kathryn Ann and a $15.2 million HUD 223(f) loan for The Sellina. The 146-unit The Kathryn Ann and the 90-unit The Sellina both feature dog wash stations, indoor bicycle storage and community courtyard. Both loans benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the properties achieved Energy Star certifications. The Kathryn Ann also has an affordability component, as 15 percent of its units are restricted to 80 percent or less of the median family income. These loans are the seventh and eighth HUD loans that Dwight Capital has closed for the borrower. McBride Capital brokered the transactions.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $18.1M Loan for Refinancing of Metro Boston Housing Cooperative

by Taylor Williams

CHELSEA, MASS. — MassHousing has provided an $18.1 million loan for the refinancing of Admiral’s Tower, a 100-unit housing cooperative located in the northeastern Boston suburb of Chelsea. The six-story building was originally constructed in 1986 and houses 26 studios and 74 one-bedroom units. The borrower, CSI Support & Development Services, will use a portion of the proceeds to fund capital improvements and preserve the property’s affordability status. Renovations will include kitchen and bathroom refurbishments, masonry repairs, new doors and fencing and the addition of a fitness center and staff offices.

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LoansMultifamilyNew JerseyNortheast

JLL Arranges $11M Permanent Loan for Northern New Jersey Apartment Community

by Taylor Williams

RAHWAY, N.J. — JLL has arranged an $11 million permanent loan for Rahway Plaza, a 288-unit apartment community in Northern New Jersey. The two-building property houses one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations and a newly renovated children’s playground and recreation area. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Malvern Bank on behalf of the borrower, New Jersey-based Denholtz Properties.

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