Friday, November 29, 2024
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GeorgiaHealthcareLoansSoutheast

JLL Arranges Refinancing for 274,284 SF Medical Office Portfolio in Atlanta’s Pill Hill

by John Nelson

SANDY SPRINGS, GA. — JLL Capital Markets has arranged the refinancing for Perimeter Town Center, a 274,284-square-foot portfolio of medical office properties located in Sandy Springs, roughly 20 miles north of downtown Atlanta. Mesa West Capital provided the loan to the borrowers, Harrison Street and Ackerman & Co. Perimeter Town Center comprises three buildings adjacent to Atlanta’s Pill Hill medical hub that houses three hospitals and supporting practices and services. Timothy Joyce, Anthony Sardo and Matt Casey of JLL secured the loan on behalf of the borrower. The three-year, floating-rate financing will be used to repay existing debt, fund capital improvements and defray the costs of recent leasing activity and near-term lease maturities. The owners are currently implementing extensive renovations at the properties.

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AcquisitionsColoradoLoansMultifamilyWestern

CBRE Arranges $25.4M in Acquisition Financing for Parkside at Littleton Village Apartments in Colorado

by Amy Works

LITTLETON, COLO. — CBRE has facilitated $25.4 million in acquisition financing for Brixton Capital for the purchase of Parkside at Littleton Village, an apartment community at 300 E. Freemont Place in the Denver suburb of Littleton. The buyer and seller were not disclosed. Built in 2022, the 114-unit community features one-, two- and three-bedroom floorplans, averaging 1,215 square feet. Each unit features high-end finishes including custom cabinets, private balconies or patios, stainless steel appliances, in-unit washers/dryers and wood-style flooring. Community amenities include an entertainment and game room, electric vehicle charging stations, a clubhouse, fitness center and pet park. Scott Peterson, Mark McGovern, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured the five-year, interest-only, nonrecourse loan with a national life insurance company.

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IndustrialLoansNew JerseyNortheast

JLL Arranges $23.3M in Acquisition Financing for Central New Jersey Industrial Property

by Taylor Williams

NEW BRUNSWICK, N.J. — JLL has arranged a $23.3 million in acquisition financing for a 206,069-square-foot industrial property in the Central New Jersey community of New Brunswick. The property consists of six buildings on a 21-acre site that feature clear heights of 19 to 31 feet and a total of 14 dock doors and 15 drive-in doors. Max Custer, Thomas Didio Jr. and Benjamin Morgenthal of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, New Jersey-based investment firm B&D Holdings. The direct lender was not disclosed.

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HospitalityLoansNortheastPennsylvania

Cronheim Mortgage Arranges $10M Loan for Refinancing of Downtown Pittsburgh Hotel

by Taylor Williams

PITTSBURGH — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $10 million loan for the refinancing of the 98-room Fairfield Inn & Suites hotel in downtown Pittsburgh. The hotel was built in 2019. The nonrecourse loan features a floating interest rate and flexible prepayment options. David Turley of Cronheim Mortgage arranged the loan through an undisclosed bridge lender based on the West Coast. The borrower was a joint venture partnership between Blue Vista Capital, Woodmont Lodging and Milestone Hospitality Management.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Greystone Provides $28.2M HUD-Insured Loan for Construction of Multifamily Community in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing in Traverse City. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing the 192-unit, $45 million multifamily community. Plans call for 96 one bedrooms, 78 two bedrooms and 18 three-bedroom units across eight buildings. Units will be designated for those earning between 80 and 120 percent of the area median income. Corners Crossing will also feature a clubhouse with an onsite management office and resident amenities, including a fitness center, computer center and patio. Construction is expected to take approximately 24 months and be completed in the second quarter of 2026. Brian Jones of Greystone originated the loan on behalf of JHT Wallick Holdings LLC. In addition to the loan from Greystone, the property will be financed with funds from the American Rescue Plan Act awarded by Grand Traverse County and the Michigan State Housing Development Authority. Additionally, Blair Township passed its first-ever Payment in Lieu of Taxes ordinance for the project, creating a fixed rate for the development’s real estate taxes.

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7171-S-51st-Dr-Phoenix-AZ
ArizonaHealthcareLoansNet LeaseWestern

JLL Arranges Financing for 38,900 SF Dignity Health Micro-Hospital in Phoenix

by Amy Works

PHOENIX — JLL Capital Markets has arranged an undisclosed amount of financing for Dignity Health Micro-Hospital, a 38,900-square-foot multi-specialty hospital with an emergency room and imaging center in Phoenix. The borrower is HPA Exchange LLC, a healthcare real estate investment company created by the executive team of Healthcare Property Advisors. John Chun and Daniel Digerness of JLL Capital Markets secured the five-year, fixed-rate acquisition loan through a national healthcare lender. Located at 7171 S. 51st Drive, Dignity Health Micro-Hospital consists of 24/7 emergency department, 16 patient beds, 10 emergency room beds, two advanced operating suites for surgical procedures, a full onsite lab, a full radiology suite with CT scan, X-ray and ultrasound capabilities, a pharmacy and a cafeteria. The asset was built to suit for Dignity Health, which leases the entire facility on a long-term, absolute net-lease basis. The property was built in 2014.

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LoansMichiganMidwestMultifamily

Dwight Mortgage Trust Provides $51.3M Bridge Loan for Southgate Apartments in Michigan

by Kristin Harlow

SOUTHGATE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $51.3 million bridge loan for the refinancing of Southgate Apartments, a 624-unit garden-style multifamily property in the Detroit suburb of Southgate. The asset consists of 12 buildings with studio, one- and two-bedroom units across more than 21 acres. Amenities include a fitness center, pet grooming station, dog park, clubhouse, pool and barbecue area. The loan proceeds will retire existing debt and finance community improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.

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LoansMultifamilyTexas

Greystone Provides $74.6M Agency Loan for Refinancing of New Multifamily Property in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — Greystone has provided a $74.6 million Fannie Mae loan for the refinancing of Shannon Creek Apartments, a 672-unit multifamily property located south of Fort Worth in Burleson. Completed in 2023, the 24-building community offers one- and two-bedroom units and amenities such as pool, fitness center, business center, game/media room, clubhouse, outdoor grilling and dining stations, sports court and a dog park. Avi Kozlowski of Greystone originated the nonrecourse, fixed-rate loan, which carries a five-year term, a 30-year amortization schedule and full-term interest-only payments. The borrower was not disclosed.

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HospitalityLoansTexas

DC Partners Receives $42M Refinancing for Thompson San Antonio Hotel

by Taylor Williams

SAN ANTONIO — Houston-based development and investment firm DC Partners has received a $42 million refinancing for the Thompson San Antonio Hotel. Completed in late 2020, the hotel is part of a 20-story mixed-use building and features 162 rooms, two restaurants, a spa, fitness center and 5,000 square feet of conference facilities. The financing consists of a $27.3 million loan provided by South Florida-based REIT Sunrise Realty Trust and a $14.7 million loan provided by Southern Realty Trust, both of which are business units of Tannenbaum Capital Group. Thompson is part of the Hyatt Hotels (NYSE: H) family of brands, and the building also houses 59 for-sale residences.

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AcquisitionsHealthcareKentuckyLoansSoutheast

Cushman & Wakefield Arranges $15M Acquisition Financing for Two Medical Office Buildings in Paducah, Kentucky

by John Nelson

PADUCAH, KY. — Cushman & Wakefield has arranged $15 million in acquisition financing for a pair of medical office buildings in Paducah, a Western Kentucky city situated along the Ohio River. The properties are located at 100 and 200 Clint Hill Blvd. and total nearly 62,000 square feet. Mercy Health-Lourdes Hospital LLC, an orthopedics affiliate of Bon Secours Mercy Health, fully occupy both properties. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Market Team arranged the financing on behalf of the borrower, Montecito Medical Real Estate. The direct lender and seller were not disclosed, though Cushman & Wakefield stated the lender was a bank.

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