HAVERHILL AND LOWELL, MASS. — Los Angeles-based CIT Group has provided a $35.6 million acquisition loan for two multifamily properties totaling 107 units in Boston’s North Shore area. The Heights at Haverhill is located about 40 miles north of the state capital, while Thorndike Exchange is located about 30 miles northwest of Boston in Lowell. Both properties include ground-floor commercial space. The borrower was not disclosed.
CHICAGO — CIT, a division of First Citizens Bank, has provided a $29.9 million loan for the acquisition of a portfolio of three industrial buildings in metro Chicago. Aminim Group, a privately held commercial real estate investment company based in Houston, was the borrower. The buildings, which are situated in close proximity to I-294, are fully leased by six tenants.
MARQUETTE, MICH. — Greystone has originated a $12.3 million Fannie Mae loan for the refinancing of One Marquette Place in Marquette, a city in Michigan’s Upper Peninsula along Lake Superior. The 68-unit apartment community was constructed in 2019. The six-story property features a rooftop terrace, community room and exercise room. The community was built on former brownfield land that was utilized as industrial docks. Reuben Dolny and John Marr of Greystone originated the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule.
NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $6 million loan for the refinancing of an 18,694-square-foot medical office building in Queens. The property is located at the intersection of Queens Boulevard and 56th Avenue, directly across the street from Queens Mall. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.
MIAMI — Berkadia has secured $20 million in construction financing for HRP Medley, an upcoming warehouse project in Miami’s Medley submarket totaling 174,348 square feet. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the owners, Chicago-based Hilco Redevelopment Partners and New York-based Edge Principal Advisors. CIBC provided the three-year, interest-only non-recourse loan with two 12-month extension options and a 65 percent loan-to-cost ratio. HRP Medley will be a front-load, Class A warehouse with features including 32-foot clear heights, bay sizes of 54 feet by 43 feet, 42 exterior doors, four drive-in doors, emergency egress lighting, supervisor fire alarm, ESFR fire sprinkler system, warehouse air ventilation and 157 parking spaces. Construction is slated to begin this summer. Located at 11002 NW South River Drive on 8.5 acres, HRP Medley will offer access to Palmetto Expressway, Florida Turnpike and Interstate 75. The property will also be 17.3 miles from downtown Miami.
NAMPA, CALDWELL AND BOISE, IDAHO — CommCap Advisors has arranged a $2.3 million loan for an apartment portfolio in Nampa, Caldwell and Boise. Totaling 20,070 square feet, the portfolio includes 820 and 824 17th Avenue South and 1615 2nd Street in Nampa, 1022 Main Street in Caldwell and 512 Warm Springs in Boise. Stephen Huelsman of CommCap Advisors arranged the 25-year loan, which features a 25-year amortization schedule, through a life insurance company.
MASHPEE, MASS. — Greystone has provided a $24.8 million Freddie Mac Optigo loan for the refinancing of a 70-unit seniors housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated as affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse loan carries a 10-year term and 30-year amortization schedule.
BEDMINSTER, N.J. — JLL has arranged an $8.1 million loan for the refinancing of Bedminster Medical Plaza, a 38,925-square-foot medical office building located about 50 miles west of Manhattan. At the time of the loan closing, the building was 85 percent leased to 13 providers of various specialties, including radiology, optometry, family and cosmetic dentistry, orthodontics, orthopedics and sports medicine. Jon Mikula, Max Custer and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through National Life Group on behalf of the borrower, DGLV Properties.
WELLINGTON, FLA. — Miami-based LV Lending has provided a $24 million loan for the refinancing of Lotis Wellington, a 64-acre mixed-use development underway in Wellington. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending worked with Sean Harrington of The Aztec Group to originate the loan on behalf of Lotis Wellington LLC, an affiliate of Lotis LLC and owned by JKM Wellington Capital LLC. The loan terms were not disclosed. The borrower acquired the Lotis Wellington site for $14.3 million in January 2019. The approved master-planned, mixed-use project features 191 apartments, 23,810 square feet of retail space, 17,203 square feet of professional office space, two signature restaurants, 40,000 square feet of medical offices, an early learning center and two senior living facilities. Construction began in January 2022 with the first restaurants scheduled to open in late 2022. Located at 1351-1381 South State Road 7, the property is situated adjacent to Wellington Regional Hospital.
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.
