SAN DIEGO — HP Investors has received $19 million in recapitalization financing for Gaslamp Square, a retail property at 405 5th Ave. in San Diego. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE arranged a floating-rate loan on behalf of the borrower. The financing features a multi-year interest-only period and a competitive structure with a maturity in 2029. Gaslamp Square features 54,856 square feet spanning a full block at 5th Avenue and J Street in downtown San Diego’s Gaslamp Quarter. The asset consists of retail condominiums and a 243-stall subterranean parking garage.
Loans
BLUE SPRINGS, MO. — Trident Capital Partners has provided a $1.5 million bridge loan for the acquisition of a newly constructed retail property within the Copperleaf Shopping Center in Blue Springs. The six-month, full-recourse loan is secured by a first lien on the property, a 4,685-square-foot retail building housed on one of the center’s pad sites. The borrower, a partnership of three private investor groups, acquired the property to maintain control over development and tenant selection at the Copperleaf Shopping Center, a 32,978-square-foot retail center that it purchased in February 2023 for $6.9 million. The outparcel building is partially leased to two national restaurant concepts, including Dutch Bros Coffee and Qdoba Mexican Eats. An additional 1,775 square feet remains available.
FORT WORTH, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for a 162-room extended-stay hotel near downtown Fort Worth. The Home2 Suites Fort Worth Cultural District hotel was built in 2020 and offers amenities such as a 630-square-foot meeting space, an outdoor pool and a fitness center. John Bauman, Scott Dickey, Jordan Buck and Charlie Mossy of JLL arranged the loan through Inwood National Bank on behalf of the borrower, a joint venture between Ad Astra Capital and TMGOC Ventures.
Lincoln Property Co. Receives $77.1M in Financing for Commerce Yards Industrial Project in Colorado
by Amy Works
COMMERCE CITY, COLO. — Lincoln Property Co. has received $77.1 million in total project financing for Commerce Yards, a Class A industrial development located at 9401 Heinz Way in Commerce City. JLL secured the financing package, which included a joint venture from a confidential partner and a construction loan from First Horizon Bank. JLL’s Peter Merrion, Rob Key and Will Mogk led the equity placement process. Leon McBroom and Jim Curtin of JLL executed the debt placement for the borrower. Spanning 46 acres, the low-coverage warehouse project will offer 466,00 square feet of industrial space spread across three buildings ranging from 113,000 square feet to 200,000 square feet, with 14 acres of dedicated secured yard space for outdoor storage. The project’s zoning allows 50 percent of the site for outdoor storage. Each building will offer 28- to 32-foot clear heights with rear-load configurations, generous loading positions and 4,000 amps of power. Additionally, the property is rail-serviceable and located within an Enterprise Zone, offering tax benefits to tenants. Construction is slated to begin in April, with completion expected by May 2027.
SALT LAKE CITY — On behalf of Lotus Co., Dwight Capital has provided a $60 million HUD 221(d)(4) new construction loan for Lotus Alchemy, a 184-unit apartment development in downtown Salt Lake City. The nonrecourse loan will feature interest-only payments for 24 months and automatically convert to a 40-year fully amortizing loan. The project will include a six-story residential building with a two-level parking garage. The ground floor will include approximately 9,000 square feet of commercial space across three retail units, including a restaurant, and a 2,700-square-foot lobby and leasing office. The third floor will feature an amenity deck with a resort-style pool and spa, a two-story fitness center and a clubhouse with a game loft. Floors four through six will be connected via a sky bridge spanning the central courtyard with panoramic views of the Wasatch Mountains. Additional amenities will include a dog wash, walking path, barbecue station and a community fire pit.
MORRISTOWN, N.J. — JLL has provided $296 million in Freddie Mac financing for a portfolio of 13 multifamily properties totaling 1,880 units in New Jersey. The portfolio consists of garden-style properties that are scattered across five Central and Northern New Jersey counties: Middlesex, Somerset, Union, Monmouth and Morris. The vintage of the properties ranges from 1959 to 1999. Michael Klein, Thomas Didio Jr., Michael Mataras and Joseph Gruber of JLL originated the 10-year, fixed-rate loan, which was structured with interest-only payments for a portion of the term. The borrower was not disclosed. “The borrower’s exceptional management capabilities and dedication to maintaining a well-kept, high-performing portfolio ensure these vital communities continue to deliver quality, affordable homes for residents,” says Didio. — Taylor Williams
CAMBRIDGE, MASS. — JLL has arranged a $23 million loan for the refinancing of a 65-unit apartment building in Cambridge. The seven-story building at 1008 Mass Ave. was completed in 1999 and offers studio, one- and two-bedroom units, as well as ground-floor retail space. Amenities include a fitness center and a sundeck. Anthony Cutone, Madeline Joyce and Michael Schwarze of JLL arranged the loan through Manulife / John Hancock Life Insurance Co. The borrower was not disclosed. Boston Residential Group provided support for the transaction.
CHARLOTTE, N.C. — CBRE has arranged nearly $178 million in refinancing for 110 East, a 23-story office tower located in Charlotte’s South End district. J.P. Cordeiro, Mike Ryan, Richard Henry and Blake Cohen of CBRE arranged the loan through AllianceBernstein on behalf of the ownership group, Shorenstein and Stiles. Delivered in 2024, the 389,954-square-foot office property has direct access to the LYNX Blue Line’s East/West light rail station and features an 11th floor sky lobby, outdoor terrace and a fitness center. 110 East is currently 92.6 percent leased to various tenants such as Coinbase and First Horizon Corp.
DALLAS — JLL has arranged a $596 million CMBS loan for the refinancing of a portion of The Crescent, a 1.3 million-square-foot mixed-use development located in Uptown Dallas. Goldman Sachs and J.P. Morgan provided the debt to the owner, Crescent Real Estate, and the three-year, floating-rate loan will refinance the property’s three office towers and the retail atrium building. Crescent Real Estate has owned, sold and reacquired its namesake mixed-use development multiple times since the 1990s. Completed in 1986 on roughly 11 acres, The Crescent consists of three office towers with ground-floor retail space totaling 1.2 million square feet; a three-story, 167,510-square-foot atrium building; the Hotel Crescent Court; The Spa at The Crescent; 11 restaurants and various high-end retail shops. After several renovations over the past five years, The Crescent also features a mix of updated amenities such as a full-service fitness center, two salons, an art gallery and a multi-level parking garage. Tenants at the property — which is 90 percent leased — include Jeffries, BankUnited, BMO Harris Bank, Wells Fargo, PNC Bank, Raymond James and UBS. Weil, Gotshal & Manges LLP, along with Westwood Management, have also both recently signed office lease renewals at the development. The debt advisory team …
Ocean Bank Provides $70M Construction Loan for Mixed-Use Building in Aventura, Florida
by John Nelson
AVENTURA, FLA. — Ocean Bank has provided a $70 million construction loan for Central Aventura, a nine-story mixed-use building located at the corner of Biscayne Boulevard and 209th Street in the Miami suburb of Aventura. Jesus Garcia of Ocean Bank originated the loan on behalf of the borrower, an entity doing business as Central Aventura LLC that is led by Jacobo Cababie Dichi. Central Aventura will comprise 75,270 square feet of retail space on the first three levels, four levels of parking and 63,883 square feet of offices on the top two floors. Additionally, the property will feature the first multi-story digital billboard in Aventura. The construction timeline for the project was not released.