Loans

PCCP Provides $83.9M Loan to WRS for Metro D.C. Mall Acquisition, Renovation

by Julia Sanders March 16, 2022

GAITHERSBURG, MD. — PCCP LLC has provided a $83.9 million senior loan to WRS Inc. for the acquisition and renovation of Lakeforest Mall, a 102-acre retail development in Gaithersburg. The loan terms were not disclosed. Lakeforest Mall features tenants including Aeropostale, Bath & Body Works, Macy’s, T-Mobile, The Jewel Box, Waldin Jewelers, The Bridal at Lakeforest and Unique Eyebrows. The site also offers about 5,700 parking spaces. Mount Pleasant, S.C.-based WRS originally acquired the mall’s inner core in 2019, and now will purchase the four big-box department anchors with the loan that PCCP provided. With a simultaneous closing of the four anchor properties, WRS now controls the entirety of the site. The developer plans to renovate the mall into a mixed-use concept featuring residential, commercial and green space. The construction timeline for the redevelopment project was not disclosed. Located at 701 Russell Ave., the property’s infill site is located within Montgomery County and is approximately 24 miles northwest of Washington, D.C.

March 16, 2022

Illinois Industrial Loans Midwest

JLL Arranges $8M Acquisition Loan for Two-Property Industrial Portfolio in Chicago

by Kristin Harlow March 16, 2022

CHICAGO — JLL Capital Markets has arranged an $8 million loan for the acquisition of a two-property industrial portfolio totaling 90,849 square feet in Chicago. Jeff Sause, Brian Walsh and Wyatt Strahan of JLL represented the borrower, California-based Unilev Capital Corp. A national bank provided the loan. Unilev’s industrial platform, which launched less than 18 months ago, has acquired $120 million worth of industrial assets nationwide.

March 16, 2022

Colorado Loans Office Western

JLL Arranges $135.7M Refinancing for Office Building in Downtown Denver

by Amy Works March 16, 2022

DENVER — JLL Capital Markets has secured $135.7 million in refinancing for 1125 17th Street, a Class A office building in downtown Denver. The borrower was a joint-venture partnership between Hines, Pearlmark and an undisclosed limited partnership. Eric Tupler and Chris McColpin of JLL Capital Markets secured the five-year, floating-rate bridge financing through Deutsche Bank for the borrower. Located at 1125 17th St., the 25-story property features 494,689 square feet of office space with 20,000 square-foot average floor plates, parking for more than 400 vehicles and a Starbucks-occupied retail portion on the ground level. Additional tenant amenities include a basketball court, bocce court, full-service fitness club, juice and smoothie bar, electric vehicle charging stations and lounge with conference space. The property was renovated in 2021 and is currently 60 percent leased to a diverse rent roll spanning many industries, including information technology, healthcare, financial services and energy.

March 16, 2022

Acquisitions Arizona Industrial Loans Western

ViaWest Group Receives $35.5M Construction Financing for Converge Logistics Center in Phoenix

by Amy Works March 16, 2022

PHOENIX — ViaWest Group and its institutional capital partner have received $35.5 million in construction financing for the ground-up construction of Converge Logistics Center, a three-building speculative logistics center located at 15175 S. 50th St. in Phoenix. Situated on 28.6 acres, Converge Logistics Center will feature approximately 500,000 square feet of Class A rentable industrial space. The individual buildings will range from 140,000 square feet to 210,000 square feet and may be leased to a single tenant or are divisible to 23,500 square feet for multi-tenant use. The buildings will feature 32-foot clear heights, a combination of dock-high and grade-level doors and office suites at the front. Construction on all three buildings began in January, with completion slated for fourth-quarter 2022. The borrowers control the lot through a ground lease with Kyrene Elementary School District. Mike Walker and Brad Zampa of CBRE Capital Markets’ Debt & Structured Finance group arranged the nonrecourse, floating-rate loan, which has a three-year term with two extension options. A regional bank headquartered in the southern United States provided the capital.

March 16, 2022

Georgia Loans Multifamily Southeast

CBRE Secures $38M Acquisition Loan for Apartment Property in Metro Atlanta

by Julia Sanders March 15, 2022

MARIETTA, GA. — CBRE has secured $38 million in acquisition financing for Crestmont Apartments, a 228-unit, garden-style apartment community in Marietta. Robert Kadoori and C.J. Kelly of CBRE arranged the loan on behalf of the borrower, TerraCap Management. The floating-rate loan has an initial term of four years, can extend up to one additional year and features future funding to finance the sponsor’s business plan. Built in 1986, Crestmont offers one- and two-bedroom unit floorplans. Unit features include nine-foot ceilings, stainless steel appliances, walk-in closets and washers and dryers in select units. Community amenities include a swimming pool with a sundeck, playground, picnic area with grilling stations, clubhouse, pet spa and a dog park. Located at 500 Williams Drive, the property is close to Interstates 75 and 575 and Atlanta’s Cumberland/Galleria office submarket, which includes 20 million square feet of office space. The property is also 5.3 miles from Kennesaw State University, 10.7 miles from Battery Atlanta and 2.9 miles from Town Center at Cobb.

March 15, 2022

Illinois Loans Midwest Office Retail

PGIM Real Estate Provides $101M in Acquisition Financing for Four-Property Portfolio in Chicago

by Kristin Harlow March 15, 2022

CHICAGO — PGIM Real Estate has provided $101 million in floating-rate bridge financing for the acquisition and lease-up of a four-property retail and office portfolio in Chicago’s Fulton Market district. The buildings span 168,206 square feet and are home to 18 tenants. Asana Partners, a real estate investment company headquartered in Charlotte, N.C., was the borrower. Further details were not provided.

March 15, 2022

Acquisitions Arizona Loans Multifamily Western

Berkadia Arranges $35.7M in Acquisition Financing for The Rev Multifamily Community in Tempe

by Amy Works March 15, 2022

TEMPE, ARIZ. — Berkadia has arranged the sale of The Rev, a garden-style apartment property in Tempe. Washington-based Securities Properties sold the asset to Western Wealth Capital for an undisclosed price. Dan Cheyne, Ric Holway and Mark Forrester of Berkadia Phoenix represented the seller in the transaction. Andy Hill of Berkadia Austin secured $35.7 million in acquisition financing on behalf of the buyer. Benefit Street provided the bridge loan, which features future funding to facilitate completion of upgrades to the property. Located at 3409 S. Rural Road, The Rev features 172 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include an oversized swimming pool, heated spa, standalone leasing center, resident lounge, business center, fitness center, locker room and large courtyards.

March 15, 2022

Arizona Development Industrial Loans Western

Kentwood Ventures Receives $22.7M in Construction Financing for Spec Industrial Development in Arizona

by Amy Works March 15, 2022

BUCKEYE, ARIZ. — JLL Capital Markets has arranged $22.7 million in construction financing for the development of Verrado – 10 Industrial, two industrial facilities in Buckeye. The borrower is Kentwood Ventures. Situated on 18.7 acres, Verrado – 10 Industrial will total 249,600 square feet of speculative industrial, distribution, R&D and light manufacturing space. The facilities will feature rear-load configuration, 28-foot clear heights, 32 drive-in doors and ample parking. Completion is slated for March 2023. Jason Carlos, Jarrod Howard and Joe Torkelson of JLL Capital Markets Debt Placement placed the five-year, floating-rate construction loan with CIBC Bank USA.

March 15, 2022

Loans Multifamily New Jersey Northeast Seniors Housing

Cambridge Provides $10.7M HUD Refinancing for Skilled Nursing Facility in Madison, New Jersey

by Taylor Williams March 15, 2022

MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for the refinancing of Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The borrower was not disclosed.

March 15, 2022

Florida Loans Multifamily Southeast

JLL Arranges $60M Construction Financing for Multifamily Development in Miami

by Julia Sanders March 14, 2022

MIAMI — JLL Capital Markets has arranged $60 million in construction financing for The Kavista, a 282-unit, eight-story multifamily development in Miami. Melissa Rose and Michael DiCosimo of JLL represented the borrower, Miami-based Barrington Brothers LLC, to secure the 2.5-year construction loan through Trez Capital. The Kavista will feature one-, two- and three-bedroom floorplans. Community amenities will include a pool and deck, barbeque grilling area with outdoor seating, coworking lounge, theater, fitness center and electric vehicle charging stations. Located at 495 N.E. 83rd St. in Miami’s El Portal neighborhood, The Kavista is situated close to Biscayne Boulevard, State Road 934 and Interstate 95. The property is also located close to Biscayne Medical, Miami Beach and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage totaling 62,000 square feet of active commercial uses.

March 14, 2022

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