Loans

Benefit Street Partners Provides $135M in Financing for Empire Hotel in Manhattan

by Kristin Harlow January 20, 2025

NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed. The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc. Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts. The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center. “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP. BSP, a wholly owned subsidiary of Franklin Templeton, …

January 20, 2025

Development Loans Multifamily Texas

David B. Norton Arranges $35.4M in Construction Financing for Multifamily Project Near San Antonio

by Taylor Williams January 20, 2025

UNIVERSAL CITY, TEXAS — Capital advisory firm David B. Norton Inc. has arranged $35.4 million in construction financing for a 268-unit multifamily project in Universal City, a northeastern suburb of San Antonio. The development will consist of 10 buildings on a 14-acre site The financing, which represents about 77 percent of the total project capitalization, includes both debt from an undisclosed regional bank and preferred equity from an undisclosed institutional investor. The name of the developer was also not released.

January 20, 2025

Development Loans Mixed-Use Restaurant Retail Western

SimonCRE Receives Financing, Invests $50M for Mixed-Use Project in Surprise, Arizona

by Amy Works January 20, 2025

SURPRISE, ARIZ. — SimonCRE has closed on the purchase of the first phase of Asante Trails, a 12.4-acre retail project in Surprise, approximately 35 miles outside Phoenix. SimonCRE has announced a $50 million investment for the acquisition of Asante Trails. According to the Phoenix Business Journal, the seller was a partnership between SimonCRE and Jim Stockwell J. of Clyde Capital LLC, which acquired the land in 2023. The project will be part of a larger 90-acre mixed-use project that will anchor the Asante master-planned community. Phase I of Asante Trails will feature retail tenants including Farmer Boys, Jimmy John’s, Baskin-Robbins, Circle K and Clean Freak Car Wash. Roughly 19,000 square feet is available for lease.

January 20, 2025

California Loans Multifamily Western

Gantry Secures $27.8M in Acquisition Financing for Multifamily Portfolio in Oakland, California

by Amy Works January 20, 2025

OAKLAND, CALIF. — Gantry has secured $27.8 million in financing on behalf of a private real estate investor for the purchase of a portfolio of eight multifamily properties in Oakland. The portfolio includes 225 apartments and three commercial units at one of the properties. Jeff Wilcox and Erinn Cooke of Gantry represented the borrower. The financing was structured as a three-year, variable rate acquisition loan provided by a single institutional debt fund. The instrument included prepayment flexibility and extension options.

January 20, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

by Kristin Harlow January 20, 2025

TOLEDO, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income. The Glen will comprise a four-story building with 50 units at the Southland Shopping Plaza. The Grand will feature 20 townhomes at the corner of Detroit and Grand avenues. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Derek Reed and David Lacki of KeyBank CDLI structured the financing on behalf of the borrower, Pivotal Housing Partners.

January 20, 2025

Development Loans New York Northeast

S3 Capital Provides $79M Construction Loan for Midtown Manhattan Multifamily Project

by Taylor Williams January 20, 2025

NEW YORK CITY — S3 Capital, the lending arm of locally based investment firm Spruce Capital Partners, has provided a $79 million construction loan for a multifamily project in Midtown Manhattan. The building at 250 W. 49th St. will rise 28 stories and house 138 units and 5,000 square feet of retail space. Amenities will include an art room, music room, golf simulator, library, screening room, fitness center, tenant lounge, billiards area, outdoor lounge, bocce court, zen garden, rooftop lounge and an outdoor cinema. The borrower and developer is Chess Builders.

January 20, 2025

Florida Loans Multifamily Southeast

Neology Development Receives $84.5M Loan for Julia Apartments in Miami

by John Nelson January 20, 2025

MIAMI — Neology Development Group has received an $84.5 million loan for The Julia Residences, a 14-story apartment tower that recently delivered in Miami’s Allapattah neighborhood. Affiliates of Apollo provided the permanent loan. The borrower obtained its TCO for the development last May and stabilized the community at 97 percent occupancy by October. Named after historic Miami businesswoman Julia Tuttle, the $140 million Julia Residences features 323 apartments and 13,000 square feet of retail space on the ground level. The property is located at 1625 N.W. 20th St., within walking distance of Jackson Memorial Hospital and the Civic Center Metrorail Station.

January 20, 2025

Development Florida Loans Multifamily Southeast

Northmarq Arranges $43.9M Construction Loan for Gibsonia Gardens Apartments in Lakeland, Florida

by John Nelson January 20, 2025

LAKELAND, FLA. — Northmarq has arranged a $43.9 million construction loan for Gibsonia Gardens, a 276-unit apartment community underway at 6508 US Highway 98 N in Lakeland. Bob Hernandez of Northmarq arranged the three-year loan on behalf of the borrower, a repeat client, through a correspondent lender. The sponsor and direct lender were not disclosed. The apartment community is set for completion in 2026.

January 20, 2025

Alabama Loans Retail Southeast

CBRE Secures $15M Refinancing for Shopping Center Near Birmingham

by John Nelson January 20, 2025

IRONDALE, ALA. — CBRE has secured a $15 million loan to refinance Cahaba Crossing, a 67,874-square-foot shopping center located in the Birmingham suburb of Irondale. A 48,837-square-foot Publix supermarket anchors the 9.8-acre property. Richard Henry, Mike Ryan, Brian Linnihan and JP Cordiero of CBRE secured the loan on behalf of the borrowers, Halvorsen Holdings and Ezon Inc. Carmel, Ind.-based 40|86 Advisors provided the five-year, fixed-rate, interest-only loan. Built in 2023, Cahaba Crossing was fully leased at the time of loan closing to 10 tenants, including The UPS Store, Starbucks Coffee and Heartland Dental. Additionally, the site features a 1.5-acre outparcel reserved for future development.

January 20, 2025

Hospitality Loans Northeast Pennsylvania

Driftwood Capital Receives $34M CMBS Loan for Refinancing of Pittsburgh Hotel

by Taylor Williams January 20, 2025

PITTSBURGH — Florida-based investment firm Driftwood Capital has received a $34 million CMBS loan for the refinancing of the 399-room Sheraton Pittsburgh Hotel at Station Square. The full-service hotel is located along the Monongahela River in the Mount Washington area and includes 29,000 square feet of meeting and event space, as well as an onsite restaurant. Starwood Mortgage Capital and Greystone Commercial Mortgage Capital provided the financing. Driftwood purchased the asset several years ago and renovated it.

January 20, 2025

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