Loans

Northmarq Arranges $65M Refinancing for Mass Timber Office Building in Charlottesville, Virginia

by John Nelson November 14, 2022

CHARLOTTESVILLE, VA. — Northmarq has arranged $65 million for the refinancing of Apex Plaza, a cross-laminated timber (CLT) office property located at 100 Garrett St. in Charlottesville. CLT is a design method that uses prefabricated wood panels, which offers design flexibility and low environmental impacts for developers and architects. Keith Wells, Mike Lowry, Reina Abboud and Hunter Wood of Northmarq arranged the financing through a regional bank on behalf of the undisclosed borrower. At 265,000 square feet, Apex Plaza is the largest CLT project on the East Coast, according to Northmarq. The property includes 151,000 square feet of office space, a 102,000-square-foot parking structure with EV charging stations and 6,800 square feet of retail space. The facility also features 875 solar panels and a green roof designed to promote biodiversity and storm water retention.

November 14, 2022

Development Loans Louisiana Retail Southeast

Schelin Uldricks Secures $13.9M Construction Loan for Shopping Center in Lake Charles, Louisiana

by John Nelson November 14, 2022

LAKE CHARLES, LA. — Schelin Uldricks & Co. has arranged $13.9 million in financing for the redevelopment of University Plaza, a grocery-anchored shopping center located at the corner of Ryan Street and Sale Road in the southeast Louisiana city of Lake Charles. Financing will enable the renovation of portions of the property that experienced hurricane damage in 2020. When finished, the retail center will span 203,965 square feet. An undisclosed regional bank lender provided the loan. The property is currently leased to a mix of tenants that include a fitness center, grocery store and several inline restaurants and retailers.

November 14, 2022

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Arranges $49M Permanent Loan for Multifamily Property in Hillsborough, New Jersey

by Taylor Williams November 14, 2022

HILLSBOROUGH, N.J. — Cronheim Mortgage has arranged a $49 million permanent loan for Hillsborough Village Center, a 191-unit multifamily property located in Central New Jersey that also houses 28,000 square feet of retail space. Units at the newly built property are furnished with stainless steel appliances and individual washers and dryers, and amenities include a pool, fitness center, clubhouse, pet spa and a playground. David Turley and Janet Proscia of Cronheim Mortgage arranged the seven-year loan, which was structured with two years of interest-only payments and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender an undisclosed, New Jersey-based bank. Hillsborough Village Center was fully leased at the time of the loan closing.

November 14, 2022

Loans Multifamily New Jersey Northeast

TD Bank Provides $6.5M Loan for Refinancing of Northern New Jersey Multifamily Asset

by Taylor Williams November 14, 2022

WEST NEW YORK, N.J. — TD Bank has provided a $6.5 million loan for the refinancing of The Madison, a 26-unit multifamily property in West New York, located across the Hudson River from Manhattan. Completed in 2021, the property offers studio, one-, two- and three-bedroom units with an average size of 793 square feet. Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.

November 14, 2022

Industrial Loans Northmarq Office Texas

Northmarq Arranges Refinancing of 174,139 SF Industrial Flex Property in Northwest Houston

by Taylor Williams November 11, 2022

HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 174,139-square-foot industrial flex property in Houston. The property was built in 1992 on a 14-acre site on the city’s northwest side. Larry Peters and Adam Unger of Northmarq arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.

November 11, 2022

Loans Multifamily New Jersey Northeast

Cathay Bank Provides $11.8M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams November 11, 2022

WEST NEW YORK, N.J. — Cathay Bank has provided an $11.8 million construction loan for a 48-unit multifamily project in West New York, located across the Hudson River from Manhattan. The property will offer one- and two-bedroom units with an average size of 847 square feet. Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan on behalf of the undisclosed private developer of the project. A tentative completion date was not disclosed.

November 11, 2022

Illinois Industrial Loans Midwest Self-Storage

JLL Arranges $4M Loan for Refinancing of Chicago Self-Storage Facility

by Kristin Harlow November 11, 2022

CHICAGO — JLL Capital Markets has arranged a $4 million loan for the refinancing of a 675-unit Devon Self Storage facility in Chicago. The property at 1601 S. Canal St. offers 70 different unit sizes, climate-controlled units, 24-hour security and onsite management. Chris Collins and Aiden Hayes of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Devon Self Storage.

November 11, 2022

California Development Loans Multifamily Western

Buchanan Mortgage Provides $35.5M Construction Loan for Multifamily Project in Downtown Santa Rosa, California

by Amy Works November 11, 2022

SANTA ROSA, CALIF. — Buchanan Mortgage Holdings, an affiliate of Newport Beach, Calif.-based Buchanan Street Partners, has provided a $35.5 million non-recourse senior construction loan for the development of an apartment community located at 888 Fourth in downtown Santa Rosa. Construction was approximately 50 percent completed at the time of loan closing. Totaling 108 apartments, the multifamily property will offer unobstructed views from all units, a rooftop hot tub, third-level recreation terrace, ground-level picnic area and a fitness center. The market-rate multifamily property is slated to open in mid-2023. The name of the borrower was not released.

November 11, 2022

Old-Orchard-Shopping-Center-Santa-Clarita-CA

California Loans Retail Western

iBorrow Provides $15M Refinancing for Old Orchard Shopping Center in Santa Clarita, California

by Amy Works November 11, 2022

SANTA CLARITA, CALIF. — iBorrow has provided a $15 million loan for the refinancing of Old Orchard Shopping Center, a retail strip center in Santa Clarita. The loan proceeds will retire an outstanding CMBS loan and provide for a reserve for tenant improvements and leasing commissions for newly leased suites. Located at 23329-23449 Lyons Ave., Old Orchard Shopping Center features 100,000 square feet of retail space and is anchored by Vallarta Supermarkets.

November 11, 2022

Acquisitions California Loans Office Western

George Smith Partners Arranges $39.4M in Acquisition Financing for Office Campus in Southern California

by Amy Works November 10, 2022

LAGUNA HILLS, CALIF. — George Smith Partners (GSP) has arranged two loans totaling $39.4 million in acquisition financing for a five-building office campus in Laguna Hills. Situated on 16 acres, the properties are located at 23332, 23382 and 23422 Mill Creek Drive and 2441 and 24461 Ridge Route Drive. The first loan included $24.8 million of non-recourse, seven-year, fixed-rate CMBS debt for the purchase of three office buildings that are 84 percent leased and total 158,000 square feet. GSP sourced a lender that was able to close with a complicated Delaware Statutory Trust equity structure in a tight timeframe. The second loan was $14.6 million in non-recourse, 75 percent loan-to-value bridge financing for the acquisition of two buildings that are 79 percent leased and total 66,000 square feet. GSP identified a lender that could provide a flexible 24-month loan term with three 12-month extensions. Steve Bram, David Pascale, Nick Rogers and Allison Higgins of GSP advised on the financing. Further details on the sales, including buyer, seller and price, were not disclosed.

November 10, 2022

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