AUSTIN, TEXAS — New York Life Real Estate Investors has provided a $40.7 million loan for the refinancing of Cypress McKinney Falls, a 264-unit multifamily property in Austin. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, custom cabinetry and individual washers and dryers. Amenities include a pool, pet park, outdoor grilling area, a game lawn, fitness center, package locker service and a coffee bar. The loan was structured with a 10-year term and a fixed interest rate. The borrower was not disclosed.
NEW YORK CITY — J.P. Morgan has provided a $99.8 million acquisition loan for a portfolio of 11 multifamily properties totaling 361 units in Manhattan. The properties total 208,917 square feet. Gideon Gil, Lauren Kaufman, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the financing on behalf of the borrower, HUBB NYC Properties. Adam Spies, Doug Harmon and Adam Doneger, also of Cushman & Wakefield, brokered the sale of the portfolio. The seller was not disclosed.
CHICAGO — Sterling Bay has received $81.8 million in financing to begin construction of 160 N Morgan, a new apartment tower in Chicago’s Fulton Market district. Developed in partnership with Ascentris, the project will feature 282 units and 2,600 square feet of ground-floor retail space. CIBC Bank USA provided the financing. Walsh Group will oversee construction alongside joint venture partner and certified minority-owned business BOWA Construction. Local firm bKL Architecture will serve as lead architect. A timeline for completion was not provided. As part of its development-related commitment to provide affordable housing, Sterling Bay will contribute nearly $6 million to fund the construction of 28 affordable housing units at SL Solar Lofts, a residential project on Chicago’s South Side.
DELRAY BEACH, FLA. — Concord Summit Capital LLC has secured a $16 million loan for the refinancing of Bed Bath & Beyond Plaza, a shopping center in Delray Beach. The Florida-based sponsor, Berta Management, will use the bridge loan to construct a new Starbucks store, provide for capital improvements and pay off existing debt. Massachusetts-based Seven Hills Realty Trust provided the non-recourse loan. Justin Neelis and Daniel Rojo of Concord Summit Capital LLC sourced the financing on Berta Management’s behalf. Bed Bath & Beyond Plaza was 86 percent leased at the time of financing to a newly renovated Bed Bath & Beyond and a CVS/pharmacy, which was built in 2018. The property also features tenants including Enterprise, Marios Market, Agapi Gourmet, Jack’s Pizza, Philly Grill, USPS, JN Nails and Celebrity Dry Cleaning. The Starbucks will be built as an outparcel facing Atlantic Avenue. Site work is underway, and once construction is completed, the shopping center will total 86,043 square feet of leasable space. Built in 1981 at 14802 S. Military Trail, the shopping center is situated seven miles from Boca Raton and Boca Raton Airport.
BOSTON — On behalf of Boston Global Investors, JLL has arranged $542.5 million in financing for 10 World Trade, a 555,250-square-foot speculative life sciences project in Boston’s Seaport District. The financing package consists of a $382.5 million construction loan from an undisclosed life insurance company and $160 million in joint venture equity contributions from PGIM Real Estate and Wheelock Street Capital. Designed by Sasaki, the 17-story building will house office and life sciences users on floors three through 17, while the ground floor will feature a two-story public atrium with a 45-foot domed ceiling, a food hall and a garden lounge. Sitework began recently, and completion of the project is slated for late 2024. Anthony Cutone and Andrew Gray of JLL structured the financing on behalf of the borrower. JLL has also been retained to lease the building.
INDIANAPOLIS — Berkadia has arranged a $91 million loan for the acquisition of The Whit in downtown Indianapolis. The 334-unit apartment community is located at 307 N. Pennsylvania St. Amenities include a pool, fitness center, courtyard and dog park. The property also features an attached 540-space parking garage and 10,687 square feet of retail space, which is leased to 16 Bit Bar+Arcade and MassageLuXe. Jason Brown and Austin Katai of Berkadia arranged the five-year loan through a debt fund lender. The borrower was Indiana-based Zidan Management Group Inc.
ST. PAUL, MINN. — Colliers Mortgage | Commercial Finance has provided a $14.9 million loan for the construction of Courtyard by Marriott-Gateway St. Paul. The 120-room hotel will be situated across from the Xcel Energy Center, a downtown arena. The Xcel Energy Center is home to more than 150 sporting and entertainment events each year. Loan terms and the borrower were not disclosed.
Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …
PORTLAND, ORE. — JLL Capital Markets has secured $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a multifamily project in Portland. The borrower is Guardian Real Estate Services. Casey Davidson and Charlie Watson of JLL Capital Markets arranged the four-year, floating-rate construction loan through a large money center bank, while Ira Virden and Mark Erland of JLL’s equity placement team secured the joint venture equity through an institutional investor. Located at 2070 NW Quimby St., the seven-story Slabtown Square will feature 200 studio, one- and two-bedroom units with vinyl plank flooring, quartz countertops, stainless steel appliances, and in-unit washers and dryers. Community amenities will include a fitness enter, yoga studio, clubhouse with kitchen and lounge, rooftop deck and 230 bicycle parking stalls. Additionally, the development will feature 11,542 square feet of ground-floor retail space.
MANAHAWKIN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6 million loan for the refinancing of a 24,900-square-foot office building in the Northern New Jersey community of Manahawkin. The two-building property was constructed in 2008. Joseph Belgiovine off MMCC originated the 12-year, nonrecourse loan, which carried an interest rate of roughly 3.6 percent, a 70 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.