PASADENA, CALIF. — JLL has arranged $36.8 million in construction financing for a 194-room AC Hotel by Marriott development in Pasadena. The six-story hotel will be situated in the Playhouse District. It will feature a rooftop lounge, Peloton fitness room, event space and AC Lounge. JLL’s Marc Schillinger and Matt Stewart represented the developer, Welcome Group Inc., to secure the three-year loan with two one-year extension options.
RICHARDSON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million acquisition loan for a roughly 10,000-square-foot office building located at 1140 W. Campbell Road in Richardson, a northeastern suburb of Dallas. The borrower, a partnership between Brytar Cos. and EvCap Investment, plans to convert the building into an early learning and daycare facility that will be operated by The Montessori School. Kevan McCormack of MMCC originated the financing through an undisclosed direct lender.
TETERBORO, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged an $8.5 million loan for the refinancing of an 86,150-square-foot industrial building located in the Northern New Jersey community of Teterboro. The building was constructed in the 1960s and was leased to 21 tenants at the time of the loan closing. Gretchen Wilcox and Al Raymond of G.S. Wilcox arranged the debt through Mutual of Omaha on behalf of the borrower, The Hampshire Cos.
PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix. The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces. Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …
SAVANNAH, GA. — ACRE has provided a $26.5 million loan for the refinancing of The Lowe, a newly built apartment community located at 1501 Montgomery St. in Savannah. The borrower, MED Developers, is using the loan proceeds to refinance its existing construction debt on the project, which began welcoming its first residents in March. John Gavigan of JLL arranged the loan on behalf of MED. The Lowe comprises 135 studio, one- and two-bedroom apartments ranging in size from 421 to 1,079 square feet. Community amenities include a resort-style swimming pool, 24-hour fitness center, club room, pet spa, outdoor grilling area, covered parking garage and a bicycle storage room. Pegasus Residential manages the property.
WOODCLIFF LAKE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $50 million permanent loan for Tice’s Corner, a 120,000-square-foot shopping center in the Northern New Jersey community of Woodcliff Lake. The two-building center was constructed on 13.4 acres in 2001 and was fully leased at the time of the loan closing. Tenants include Apple, Anthropologie, Free People, GAP, J. Crew, Panera Bread, Pottery Barn, Madewell, Nike and Williams-Sonoma. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the loan on behalf of the borrower, an affiliate of Connecticut-based David Adam Realty. The direct lender was not disclosed.
HICKORY, N.C. — Greystone has provided a $24.1 million HUD 223(f) loan for the refinancing of Argyle Place Apartments, a 216-unit multifamily community located in the Charlotte suburb of Hickory. Lisa Fischman of Greystone originated the loan on behalf of the borrower, Pressly Development Co. The HUD-insured loan carries a 35-year term and amortization schedule along with a low, fixed interest rate. In addition to refinancing, loan proceeds enable Pressly Development to make renovations to Argyle Place and fund new construction projects. The property features one-, two- and three-bedroom units that were originally constructed in 1987 and 2001 and renovated in 2018.
DALLAS — ZOM Living has received a $109 million loan for the refinancing of Atelier, a 41-story luxury apartment tower in the Dallas Arts District. The property consists of 417 units, including 53 lofts. Floor plans range from 500 to 2,300 square feet. Designed by Stantec, Atelier features a lobby meant to emulate an art gallery. Local organizations showcase rotating public art installations and host events on site. The property also features 15,000 square feet of ground-level retail space that is leased to dining, arts and entertainment concepts. Atelier is roughly 93 percent leased. Amenities include an infinity edge pool, yoga lawn, outdoor lounge, fitness center, coworking space, private wine lockers, an entertainment lounge, catering kitchen, resident market and pet spa. The building is within walking distance of the AT&T Performing Arts Center, the Dallas Museum of Art, the Crow Museum of Asian Art and the Nasher Sculpture Center. ZOM continues to expand its footprint in the Texas market, where it has had an active presence for the past 20 years and has completed over a dozen residential projects. “This refinancing underscores the strength of the Texas market, which is experiencing a surge in housing demand and leads the nation …
GOODYEAR, ARIZ. — Gantry has arranged a $41.6 million loan to refinance the Lunaire Apartments in Goodyear. The 240-unit community is located at 949 S. Goodyear Blvd. Amenities include modern unit interior finishes, recent landscape and exterior renovations, resort-style pool and spa, 24-hour fitness center, covered parking and EV charging stations. The five-year, fixed-rate loan was placed with Freddie Mac. It features an interest-only period and an interest rate below 5 percent.
By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …
