BLOOMINGDALE, ILL. — PlattPointe Capital has arranged a $3.8 million loan for the acquisition of Indian Lakes Hotel in the Chicago suburb of Bloomingdale. The six-story, 300-room hotel sits on nearly 15 acres. The borrower plans to rebrand the property as a Hilton DoubleTree. An undisclosed lender provided the 66-month loan, which features a 72 percent loan-to-value ratio. The loan marks Denver-based PlattPointe Capital’s first transaction in the Chicagoland area.
NANUET, N.Y. — IDB Bank has provided a $19 million loan for the refinancing of a 220,000-square-foot retail property located north of New York City. The property, which formerly housed a Macy’s but is now anchored by home improvement retailer At Home, sits adjacent to Shops at Nanuet, an outdoor lifestyle center owned by Simon Property Group. Chris Kramer, Dustin Stolly and Jordan Roeschlaub of Newmark placed the loan with IDB Bank on behalf of the borrower, a partnership between Metropolitan Realty Associates and New York-based private equity firm Angelo Gordon that acquired the asset in 2018.
LOUISVILLE, COLO. — Essex Financial Group has secured $7.9 million in financing for the acquisition of 1850 Dogwood, an industrial warehouse/production facility within Colorado Tech Center in Louisville. Ivy Realty is the borrower and buyer. Alternative Foods, a wholly owned subsidiary of Savencia Fromage & Dairy, fully occupies the 58,901-square-foot property. The company uses the property as a processing facility for plant-based foods. The facility features 20-foot clear heights, dock-high and drive-in doors, and infrastructure for the tenant’s food production and processing lines. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the five-year, fixed-rate loan for the borrower.
OXFORD, FLA. — Colliers Mortgage | Commercial Finance, a division of Colliers, has provided a $23.4 million construction loan for Stonegate at Wildwood, a 130-unit seniors housing development in Oxford, approximately 50 miles northwest of downtown Orlando. The borrower is Stonegate Development Co. Stonegate at Wildwood will be a two-story property located on an approximately 3.9-acre parcel within an area commonly known as The Villages, a large master-planned, age-restricted community.
BOSTON — MassDevelopment has issued $53.6 million in tax-exempt bond financing to Washington Pine LLC for the construction of a five-story, 202-unit complex in Boston. Located at 3368 Washington St., the building will house 140 units of supportive housing for individuals transitioning out of homelessness, and the remaining 62 units will be affordable apartments. All residential units will be managed by The Community Builders Inc., while long-term support for all formerly homeless residents will be provided by homeless services provider Pine Street Inn. The project will feature 24/7 front desk security, spaces for resident gatherings, fitness rooms, laundry rooms, a parking garage, two plazas and bike repair and storage. Construction is slated for completion by late 2023. Barings LLC was the corporate bond purchaser.
NEW YORK CITY — H.I.G. Realty Partners, an affiliate of global investment banking firm H.I.G. Capital, has provided a $240 million permanent loan for the refinancing of The Paxton, a 43-story mixed-use development in downtown Brooklyn that is nearing completion. Developed by locally based firm Jenel Real Estate, The Paxton will ultimately feature 327 for-rent residential units, 109,000 square feet of office space and up to 36,000 square feet of retail space. The project is located in the borough’s downtown area, just across both the Brooklyn Bridge and Manhattan Bridge from downtown Manhattan. Marvel Architecture designed the building, full completion of which is slated for the fall. CBRE and RIPCO Real Estate have been tapped to lease The Paxton’s office and retail components, respectively. The tower’s location on Fulton Street is part of a growing area that includes 35,494 residents, 16,501 residential units, 3 million square feet of office space and 1.9 million square feet of retail space. In addition, the area houses 11 higher education institutions with upwards of 60,000 students, as well as over 100 arts and cultural institutions. “We are excited to be a part of such a well-built, well-located property in the growing downtown Brooklyn market,” …
GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $30.5 million bridge loan for the refinancing of The Retreat at Grand Prairie, a 154-unit seniors housing property in Grand Prairie, located roughly midway between Dallas and Fort Worth. The four-story building sits on 7.7 acres and offers amenities such as a pool, fitness center, business center, game room, pet park and a putting green. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.
EL PASO, TEXAS — New York City-based Ready Capital has closed a $16.5 million loan for the acquisition, renovation and stabilization of an unnamed, 288-unit apartment complex in the El Paso area. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
MIAMI — Talonvest Capital has arranged a $21.4 million loan for a new self-storage facility in Miami. Situated near Interstate 95 and Miami’s Wynwood district, the seven-story property spans 106,940 square feet and comprises 1,100 climate-controlled units. An unnamed private investment firm based in New York provided the loan to the borrower, SpareSpace Storage, a locally based owner-operator. The firm will use the three-year loan to refinance construction debt and also finance the phased buildout of the facility. David DiRienzo, John Chase, Jim Davies, Ivan Viramontes, and Thalia Tovar of Talonvest Capital originated the loan, which features interest-only payments for the life of the loan with two 12-month extension options.
SCOTTSDALE, ARIZ. — Cottonwood Group has closed a $104 million acquisition and renovation loan for The Scottsdale Resort at McCormick Ranch, a destination hotel located at 7700 E. McCormick Parkway in Scottsdale. Florida-based Driftwood Capital acquired the asset. The Scottsdale Resort at McCormick Ranch features 278 guest rooms, six meeting rooms and a total of 23,245 square feet of meeting space.