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Loans

261-315-Grand-Concourse-Bronx
LoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $155M Loan for Refinancing of Bronx Multifamily Property

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $155 million bridge loan for the refinancing of 261 & 315 Grand Concourse, a multifamily property in The Bronx. The newly developed, adjacent multifamily buildings house a total of 405 units: 261 Grand Concourse has 283 market-rate units, and 315 Grand Concourse has 122 affordable housing units. Residences are furnished with marble bathroom countertops, ceramic tiling and stainless steel appliances, and amenities include a fitness center, coworking space, resident lounge and outdoor terraces. Pinchas Vogel of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group.

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Ocean-Park-Apartments
Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Bank Funds $60.5M Acquisition Loan for Queens Affordable Housing Property

by Taylor Williams

NEW YORK CITY — Merchants Bank has funded a $60.5 million acquisition loan for Ocean Park Apartments, a 602-unit affordable housing property located in the Far Rockaway area of Queens. Ocean Park Apartments consists of two 26-story buildings that house one-, two- and three-bedroom units, as well as four commercial spaces. Roughly 70 percent (423) of the units are reserved for households earning 60 percent or less of the area median income, and the remaining (179) units are earmarked for renters earning 80 percent or less of the area median income. The borrower, local owner-operator Tredway, will use a portion of the proceeds to fund capital improvements and preserve and extend the property’s affordability status. Michael Milazzo of affiliate Merchants Capital originated the debt.

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Wiley-Creek-Brea-CA
LoansMontanaMultifamilyOregonSeniors HousingWestern

Integrated Senior Foundation Receives $79.3M Acquisition Financing for Three Seniors Housing Communities in Oregon, Montana

by Amy Works

BREA, CALIF. — Integrated Senior Foundation, a nonprofit senior living provider, has received $79.3 million in tax-exempt, floating-rate financing for the acquisition of three properties located in Oregon and Montana.  The communities include Magnolia Gardens in Cottage Grove, Ore.; Wiley Creek in Sweet Home, Ore.; and The Lodge in Great Falls, Mont. Together, the properties total 287 units, with 23 independent living, 190 assisted living and 74 memory care units. Magnolia Gardens features 101 units with a full continuum of care. Wiley Creek comprises 108 units, including independent living, assisted living and memory care residences. The Lodge totals 78 assisted living units.  JLL secured the financing on behalf of Brea, Calif.-based Integrated Senior Foundation.

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AcquisitionsCaliforniaLoansMultifamilySeniors HousingWestern

Harrison Street Acquires 153-Unit Seniors Housing Community in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Harrison Street has received a loan to facilitate the acquisition of a 153-unit senior living community located in Carlsbad. Oakmont Santianna totals 153 units, including independent living, assisted living and memory care residences. Oakmont Management Group developed the property, which opened in 2022.  BWE arranged the financing, which includes a 10-year, fixed-rate loan with full-term interest-only payments. A life insurance company provided the loan. Oakmont Management Group will continue to operate the community on behalf of the new ownership. 

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DevelopmentLoansMultifamilyNew YorkNortheast

Partnership to Develop Three Apartment Buildings Totaling 1,000 Units in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between The Domain Cos., LMXD, which is an affiliate of L&M Cos., and Park Tower Group will develop three apartment buildings totaling roughly 1,000 units in the Greenpoint area of Brooklyn. The project, which will include 300 affordable housing units and 20,000 square feet of retail space, will be part of Greenpoint Landing, a 22-acre waterfront development that will ultimately have 5,500 residential units. Handel Architects is designing the project, and Field Operations is handling landscape design. Bank OZK provided the partnership an $81 million senior loan for the acquisition of the land, and InterVest Capital Partners provided $33 million in mezzanine financing, as well as a structured equity solution for acquisition and pre-development costs. Christopher Peck, Nicco Lupo, Rob Hinckley, Scott Aiese and Jonathan Faxon of JLL arranged the financing. Vertical construction is expected to begin next summer.

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Haven Columbia Pike
Affordable HousingLoansMultifamilySoutheastVirginia

Insight Recapitalizes Affordable Housing Property in Arlington With Equity from LEO Impact Capital

by Abby Cox

ARLINGTON, VA. — LEO Impact Pool, an investment vehicle managed by LEO Impact Capital, has provided a preferred equity investment to Insight Property Group for Haven Columbia Pike, a 118-unit, garden-style apartment community in Arlington. LEO’s investment allows Insight to recapitalize the property, fund significant capital improvements and dedicate all available units to workforce housing for families earning 60 percent or less of the area median income (AMI). Located at 805 S. Florida St. near the Pentagon, Haven Columbia Pike features a mix of one- to three-bedroom apartments ranging in size up to 722 square feet, according to Apartments.com. Amenities at the pet-friendly community include 99 off-street parking spaces, bike storage, landscaping and individual storage units.

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DevelopmentLoansMultifamilyNortheastRhode Island

ACRES Capital Provides $19M in Financing for Multifamily Project in Warwick, Rhode Island

by Taylor Williams

WARWICK, R.I. — ACRES Capital has provided $19 million in financing for Matteson Ridge, an age-restricted multifamily project in Warwick, about 50 miles south of Worcester, Mass. The undisclosed borrower will use the proceeds to refinance existing debt on 29 townhouse units that are fully occupied, as well as to fund construction of 53 garden-style apartments. Residences are furnished with stainless steel appliances, granite countertops, custom cabinetry, coffee bars, laundry rooms and attached one-car garages.

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Mossdale-Landing-Apts-Lathrop-CA
CaliforniaLoansMultifamilyWestern

JLL Secures $51.5M Senior Loan for Mossdale Landing Apartments in Lathrop, California

by Amy Works

LATHROP, CALIF. — JLL Capital Markets has secured a $51.5 million senior loan for Mossdale Landing Apartments, a multifamily property in Lathrop. Jeff Sause and Jalynn Borders of JLL arranged the five-year, fixed-rate financing through a correspondent life insurance company for the borrowers, Rubik Built, Wright Equities and The Grupe Co. Located at 18008 Golden Valley Parkway, Mossdale Landing Apartments offers 204 one-, two- and three-bedroom floor plans across 196,686 square feet of rentable space. The property features a communal lounge, fitness studio, swimming pool with cabanas, spa, barbecue grilling stations, meditation room, dog spa and an electronically accessible Amazon mailing room.

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Gantry-Industrial-Portfolio-Seattle-WA
IndustrialLoansWashingtonWestern

Gantry Arranges $11M Loan for Refinancing of Seattle-Area Industrial Portfolio

by Amy Works

MARYSVILLE, TUKWILA AND KENT, WASH. — Gantry has secured an $11 million permanent loan to refinance a portfolio of Seattle-area industrial properties in Marysville, Tukwila and Kent. Totaling 124,640 square feet, the four-building portfolio is fully leased to multiple tenants. Mike Wood and Tim Brown of Gantry represented the borrower, a private real estate investor. A life insurance company provided the 10-year, fixed-rate loan, which features interest-only payments for the full term.

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