SAN ANTONIO — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Plaza at Concord Park, an 82,824-square-foot office and retail complex in San Antonio’s Stone Oak neighborhood. The three-building complex was constructed in 2007 and houses tenants such as FedEx Office Print & Ship Center, Trend Aesthetics & Wellness, Jimmy John’s, Natural Remedy Store and First Watch. Bryan Leonard of Northmarq arranged the five-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.
MILWAUKEE — iBorrow has provided a $15.1 million loan for the refinancing of a 499,759-square-foot light industrial manufacturing property in Milwaukee. The property consists of five buildings that are occupied by eight tenants. Built in 1950 and renovated in 2020, the facility features nine dock-high doors, 25 grade doors and seven rail doors. iBorrow provided the original loan on the property in January 2021. The undisclosed borrower refinanced and sold a separate three-building vacant office parcel on the site.
MassDevelopment Provides $129M in Bond Financing for Opus Newton Seniors Housing Project Near Boston
NEWTON, MASS. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston. The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025. Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments. Amenities will include a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio and classrooms. In addition, onsite staff will be available to coordinate home and health services based on resident needs. According to the development team, Opus Newton will meet the needs of seniors who earn too much to qualify for affordable housing units but cannot comfortably afford other high-end housing options in the area. Of the property’s 174 units, nine will be reserved for households earning 80 percent or less of the area median income. The market-rate units will partially maintain low rents by using volunteers from the community in place of some …
HUMBLE, TEXAS — Greystone has provided a $32.2 million Fannie Mae loan for the refinancing of The Villas at Foxbrick, a 412-unit apartment community located in the northern Houston suburb of Humble. Built in 2004, the property offers one- and two-bedroom units. According to Apartments.com, amenities include a pool, fitness center, courtyard and package locker service. Anthony Cristi of Greystone originated the financing. Gregory Vassilakos of Cosmos Capital Group served as the loan arranger and correspondent. The borrower was not disclosed.
NORRISTOWN, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $15 million loan for the refinancing of a multifamily property in Norristown, a northwestern suburb of Philadelphia. The unnamed property consists of 17 buildings totaling 328 units that were 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The direct lender and borrower were not disclosed.
MORENO VALLEY, CALIF. — Dwight Mortgage Trust has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property, which is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, pool, spa, business center, fitness center and a picnic and grilling area. The owner plans to obtain a HUD 223(f) loan for permanent financing once the asset is stabilized. Ari Mandelbaum originated the transaction for Dwight.
HOUSTON — Northmarq has arranged an acquisition loan of an undisclosed amount for a 90,029-square-foot industrial building located at 8950 Railwood Drive in northeast Houston. Built in 1989, the single-tenant building features 21-foot clear heights, 11 exterior docks and 18,500 square feet of office space. Blane Eikenhorst and Tony Gray of Northmarq arranged the nonrecourse, fixed-rate loan, which was structured with a 10-year term and a 75 percent loan-to-value ratio, through Ameritas Investment Partners. The borrower/owner-occupant was not disclosed.
NEW YORK CITY — A partnership between locally based developer Innovo Property Group and Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has received $334 million in financing for an industrial facility in The Bronx. The financing consists of $250 million in debt from the existing construction lender, Bank OZK, and an $84 million mezzanine loan from PIMCO. The two-story, 1 million-square-foot property at 2505 Bruckner Ave. was delivered in 2022 and features clear heights of 28 to 32 feet, 106 loading doors and 664 interior parking spaces. At the time of the loan closings, the facility was 53 percent leased to an undisclosed, global e-commerce firm.
IRVINE, CALIF. — Irvine-based Gantry has secured $40 million in acquisition financing for four separate purchases of self-storage properties in Tennessee and Florida. Totaling 286,000 rentable square feet, the properties include three Storelocal Self Storage properties in Franklin and Spring Hill, Tenn., and a U.S. Storage Center facility in Tampa. Andy Bratt and Amit Tyagi of Gantry arranged the fixed-rate loans through separate life insurance companies on behalf of the borrower, a multi-generational private family that is buying the properties in a 1031 exchange. Two of the loans were bridge loans and two were permanent loans.
RIVERSIDE, CALIF. — Clarion Partners has provided a has provided a mezzanine loan that’s part of the acquisition financing package collateralized by an industrial building in Riverside. An affiliate of Societe Generale arranged the $10 million mezzanine loan subordinate to a $70 million senior loan. The Class A, 600,000-square-foot facility is fully leased and serves as the headquarters for a third-party logistics provider.