DETROIT — Marcus & Millichap Capital Corp. (MMCC) has arranged a $38 million acquisition loan for Infinity Park, a 484-unit multifamily property located at 14075 Riverview St. in Detroit. Kevin Elliott of MMCC arranged the financing with a national bank on behalf of the private borrower. The nonrecourse loan features a five-year term, 70 percent loan-to-value ratio, 5.9 percent interest rate and 30-year amortization period. The gated property features a mix of one- and two-bedroom units.
NASHVILLE, TENN. — Vastland Co. has obtained a $130 million construction loan for VOCE Hotel & Residences, a 25-story mixed-use development located at 1717 Hayes St. in Midtown Nashville. BayBridge Real Estate Capital arranged the loan through Atlanta-based Peachtree Group. Upon completion, VOCE Hotel & Residences will feature 192 private residences, 114 luxury hotel rooms, 60,000 square feet of boutique office space and more than 40,000 square feet of amenities, including a rooftop dining experience. The design-build team includes BL Harbert International (general contractor), The Preston Partnership (architect), ID & Design International (interior design), RH (custom design), Civil Site Design Group (civil engineer) and HDLA (landscape architect). Vastland and the project team plan to break ground next week and deliver the project in fall 2027. Christy Fewin of Vastland is leading sales for the residences, which at full capacity has a total sellout value of $360 million. Pre-sales have already eclipsed 50 percent of available units, according to Vastland.
PHILADELPHIA — Miami-based lender 3650 Capital has provided a $37.5 million senior construction loan for Viking Mill Apartments, a two-building, 177-unit multifamily conversion project that will be located in Philadelphia’s East Kensington neighborhood. The borrower, Delaware-based Chatham Bay Group, will redevelop the site of a former mill structure that dates back to the 1870s into a 77-unit complex and also construct a 100-unit building from the ground up. The new complex will offer a fitness center, coworking space, lounge areas and 7,750 square feet of retail space. Christopher Garzone, Ken Wellar and George Johnson of Global Real Estate Advisors (GREA) arranged the debt through 3650 Capital on behalf of the developer.
COLLEGE PARK, MD. — Seven Hills Realty Trust has provided a $37.3 million loan for Mazza Grandmarc, a 628-bed student housing community located near the University of Maryland campus in College Park. The loan features an initial term extending through November 2028 with two 12-month extension options. The borrower was not disclosed. Seven Hills Realty Trust is managed by Tremont Realty Capital.
BEL AIR, MD. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.9 million in acquisition financing for The Shoppes at James Run, a 13,189-square-foot retail property located in Bel Air, approximately 25 miles northeast of Baltimore. Jared Cassidy of MMCC secured the 7-year loan on behalf of a private client. The loan features a 5.64 percent interest rate and a 25-year amortization schedule. The Shoppes at James Run features a mix of tenants including Starbucks Coffee, Chipotle Mexican Grill, Olive Garden, LongHorn Steakhouse, a café and an urgent care office.
WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has arranged $14 million in financing for a multifamily conversion project in downtown Worcester. The borrower, CMK Development Partners, will use the proceeds to acquire and convert a historic three-building complex known as One Exchange Place into 44 apartments and ground-floor retail space. Units will feature a mix of floor plans, and nine residences will be set aside as affordable housing. Amenities will include a fitness center, business center and a revitalized outdoor courtyard. Meghan Liddy and Chris Naff led the debt placement for Kelleher & Sadowsky. The direct lender was not disclosed.
NEW YORK CITY — John Hancock Life Insurance Co. has provided an $80 million loan for the refinancing of Gracie Mews, a 310-unit multifamily building on Manhattan’s Upper East Side. The 35-story building was developed in 1980 and offers amenities such as a pool, health club, fitness center and 24-hour concierge services. Scott Singer, Andy Singer, Kevin Swartz and Jeffrey Moroch of Avison Young arranged the 10-year, fixed-rate loan on behalf of the owner, Jack Resnick & Sons.
NEW YORK CITY — Eastern Union has arranged a $20.5 million loan for the refinancing of a 49-unit apartment building in the Jamaica area of Queens. Zoria Apartments is an eight-story building that houses 35 one-bedroom units, 12 two-bedroom apartments and two penthouses, as well as four retail spaces and a community facility. Alex Jaffa of Eastern Union arranged the loan through Wells Fargo. The borrower was not disclosed.
SAN DIEGO — Bravo Capital has provided a $49.4 million HUD 223(f) refinance for a 206-unit multifamily property in San Diego. The loan provides the undisclosed borrower with long-term, fixed-rate, nonrecourse financing and improves cash-flow stability. The HUD loan refinanced the property’s existing debt and secured favorable terms for the borrower, according to Bravo.
LAKE FOREST, CALIF. — S3 Hotel Group has received $38.6 million in refinancing for the 208-key, dual-branded Homewood Suites by Hilton and Hampton Inn Irvine Spectrum Lake Forest hotel. Olga Walsh of JLL Capital Markets Debt Advisory led the team to secure a five-year, fixed-rate loan through a private wealth management division of a global financial services firm for the borrower. Located at 23021 Lake Center Drive in Lake Forest, the property features 116 Homewood Suites rooms and 92 Hampton Inn rooms. The Homewood Suites offers extended-stay accommodations with full kitchens, dishwashers and cooking utensils, while Hampton Inn rooms provide traditional hotel amenities with modern furnishings. Onsite amenities include 2,000 square feet of meeting space, a 24-hour fitness center, an outdoor pool with barbecue facilities, guest laundry, complimentary hot breakfast buffet, evening bar service and a 24-hour convenience shop. The Homewood Suites portion features additional amenities including complimentary evening social events Monday through Thursday.
