WAYNE, N.J. — Florida-based owner-operator Basis Industrial has received a $24 million construction loan for a self-storage project in the Northern New Jersey community of Wayne. ExtraSpace Storage will operate the facility at 555 Hamburg Turnpike, which will span 85,330 net rentable square feet across 586 climate-controlled units. Construction is underway and expected to be complete in early 2028. NexBank and NexPoint provided the loan.
KANSAS CITY, MO. — Gantry has secured a total of $50.8 million in two permanent loans to refinance post-construction bridge debt for a pair of recently renovated apartment communities in Kansas City. The 222-unit Palisades Apartments is situated in the Eastside submarket, and the 133-unit Mayfair Apartments is located in the city’s Woodbridge neighborhood. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. The CMBS loans feature five-year terms and fixed interest rates.
JACKSONVILLE, FLA. — BWE has secured a $101 million bridge loan for the refinancing of RISE at Glen Kernan Park, a new active adult community located at 4890 Sweetgrass Place in Jacksonville’s Southside neighborhood. Andy Effler of BWE led the team that closed the three-year, floating-rate loan through BlackRock affiliate HPS on behalf of the borrower, RISE, A Real Estate Company. The locally based developer is using the nonrecourse loan to retire the existing senior construction loan from Benefit Street Partners and the mezzanine loan from Pearlmark Real Estate, as well as funding reserves while RISE at Glen Kernan Park is in lease-up. The 308-unit property is reserved for households age 55 and older and features a mix of 109 one-bedroom and 127 two-bedroom luxury apartments, as well as 72 single-story cottage units with attached garages. Monthly rental rates range from $1,704 to $3,871, according to Apartments.com. Amenities include a fully equipped fitness facility, resort-style pool, pickleball courts and a bar and lounge room.
ROGERS, ARK. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $53 million loan for the refinancing of The Grove, a 235-unit build-to-rent (BTR) residential community in Rogers. John Brickson of MMCC’s Dallas office arranged the three-year, nonrecourse loan on behalf of the borrower, a joint venture between Brittenum Group and Realty Capital Partners. The direct lender was not disclosed. Built in 2024, The Grove was 94.5 percent occupied at the time of financing and comprises 123 detached, two-story cottages and 112 attached townhome-style residences. Amenities include a resort-style pool, 24-hour fitness center, golf simulator, package lockers, coworking offices, a community kitchen and a pickleball court.
DUPONT, WASH. — David Property & Investment has received $12 million in refinancing for Center Plaza, a multi-building industrial park in DuPont. Mike Wood and Tim Brown of Gantry secured the financing through Securian Financial for the borrower. Center Plaza features a mix of industrial/flex facilities in a campus environment with a tenant roster of a diverse range of industries.
SKOKIE, ILL. — Draper and Kramer Inc. has arranged a $99.6 million loan on behalf of Fairbourne Properties for the acquisition of Village Crossing, a 724,400-square-foot shopping center on the border between Skokie and Niles. Built in 1988, the grocery-anchored property includes Jewel-Osco, AMC and Dick’s Sporting Goods. Bill Barry and Bill Stewart of Draper and Kramer’s Commercial Finance Group arranged the loan. In addition to funding the acquisition, the loan will be used for tenant improvements and leasing commission costs for new leasing at the property.
SAN FRANCISCO — BridgeInvest, an investment manager specializing in senior-secured real estate credit, originated an $87.9 million first priority acquisition loan and lease-up of 300 Kansas Street, a six-story Class A research and development property in San Francisco’s Mission bay submarket. Constructed in 2023, the 152,000-square-foot property will continue to be leased and stabilized by the sponsors, Lincoln Property Co. and Sabal Investment Holdings.The loan was originated through BridgeInvest Credit Fund V LP, the firm’s evergreen discretionary fund focusing on first-lien loans across a diversified set of real estate asset types.
PARAMUS, N.J. — Cushman & Wakefield has arranged a $163.9 million construction loan for The Bergen Chapter, a 426-unit multifamily project that will be located adjacent to Bergen Town Center Mall in the Northern New Jersey community of Paramus. The Bergen Chapter will consist of two five-story residential buildings in which 15 percent of the units will be subject to income restrictions. The Bergen Chapter will feature amenities such as a pool, fitness center, lounges, coworking space and landscaped courtyards, as well as ground-floor retail space. John Alascio, Alex Hernandez, Chuck Kohaut, Alan Blank and Chris Meloni of Cushman & Wakefield arranged the debt through PCCP LLC on behalf of the borrower, a joint venture between two New Jersey-based firms, KRE Group and Russo Development.
NEW YORK CITY — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided two loans totaling $427 million for a pair of office-to-residential conversion projects in New York City. In the first deal, Northwind funded a $208 million loan for the partial conversion of 141 Willoughby Street, a 24-story 355,000-square-foot office building in downtown Brooklyn. The borrower, a joint venture between Capstone Equities and BH3 Fund Advisors, plans to redevelop the office space on floors eight through 23 into 239 apartments. Ownership plans to maintain office usage across the first seven floors of 141 Willoughby, which was originally constructed in 2023 but never occupied. Future residents will have access to amenities such as a fitness center, entertainment lounge, coworking space, wellness center, golf simulator, sports court, games room and a children’s playroom, along with landscaped terraces on the 10th and 20th floors and a full-time attended lobby. Lastly, the new ownership of 141 Willoughby, which has rebranded the building as 385 Gold, will maintain separate entrances and exits between the office and residential components. An expected completion date was not announced. “[The building at] 141 Willoughby Street was designed to an institutional standard, …
PHOENIX — Foundation 8 has received a $44.5 million loan secured by the office component of 333 N. Central Avenue, a mixed-use tower in downtown Phoenix. Hilco Group Real Estate Capital structured the first mortgage financing to refinance existing acquisition financing and provide additional capital to support leasing costs, tenant improvements, capital improvements and other costs associated with the execution of Foundation 8’s business plan. New York-based Sterling Realty Capital acted as debt placement agent and financing advisor to Foundation 8 in connection with the transaction. Adi Bedi of Sterling Realty Capital led the financing assignment and worked closely with Foundation 8 and the Hilco Global practice throughout the structuring, underwriting and closing process. Built in 2010, the property comprises 246,490 square feet of office space across the top eight floors of the tower, 2,522 square feet of ground-floor retail space, rooftop amenity rights and shared access to the building’s parking structure. A separately owned 242-key Westin Hotel occupies the middle portion of the building. The financing will support the repositioning of the office space from a historically single-tenant corporate headquarters into a multi-tenant office property. Foundation 8 purchased the office component in December 2025. Originally purpose-built for Freeport-McMoRan, the …
