Loans

Northmarq Secures $78.5M Construction Loan for Pinnacle Apartments in Jacksonville

by John Nelson September 29, 2022

JACKSONVILLE, FLA. — Northmarq has secured a $78.5 million construction-to-permanent financing for the development of Pinnacle Apartments, a 376-unit multifamily community located at 8760 Pinnacle Park Blvd. in Jacksonville’s Southside submarket. Ryan Whitaker of Northmarq originated the loan through a life insurance company on behalf of the undisclosed borrower. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. Planned amenities at Pinnacle include a business center, clubhouse, lounge, 24-hour fitness center, two resort-style swimming pools with sundecks, grill and picnic areas, a movie theater room with recliner seating, car care center, EV charging, indoor bike storage, game room, parking garage, dog agility park and an indoor pet spa. The construction timeline was not disclosed.

September 29, 2022

Acquisitions Florida Hospitality Loans Southeast

Berkadia Arranges Sale of 221-Room DoubleTree by Hilton Hotel in South Florida

by John Nelson September 29, 2022

DEERFIELD BEACH, FLA. — Berkadia has arranged the sale of DoubleTree by Hilton Hotel Deerfield Beach – Boca Raton, a 221-room hotel located at 100 Fairway Drive in South Florida’s Deerfield Beach. Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia represented the Canadian-based seller, Vista Hospitality, in the transaction. The privately owned seller has invested more than $7 million in capital improvements at the hotel since 2018. Scott Wadler of Berkadia’s Miami office secured acquisition financing on behalf of the buyer, DoveHill Capital Management, a private equity investment and development organization based in Fort Lauderdale. A local Florida bank originated the three-year loan with two one-year extension options. The sales price and loan amount weren’t disclosed, but Berkadia says the total amount combined is nearly $70 million. Spanning 6.2 acres near I-95 and the Atlantic Ocean, the DoubleTree hotel features an onsite restaurant, outdoor heated pool, 24-hour fitness center, pet-friendly rooms, digital keys, business center and 22,000 square feet of meeting space.

September 29, 2022

Loans Multifamily New York Northeast Northmarq

Northmarq Arranges $50M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams September 29, 2022

NEW YORK CITY — Northmarq has arranged a $50 million loan for the refinancing of The Lewis Steel Building, an 83-unit apartment building in Brooklyn’s Williamsburg neighborhood. The five-story property, which includes 13,285 square feet of ground-floor commercial space, was originally constructed in the 1930s as a steel factory and converted to residential use in 2015. Robert Ranieri of Northmarq arranged the loan, which carried a five-year term with two years of interest-only payments followed by a 30-year amortization schedule, through an undisclosed regional bank. The borrower was also not disclosed.

September 29, 2022

Loans Office Texas

Rubenstein Mortgage Provides $62M Acquisition Loan for Metro Dallas Office Building

by Taylor Williams September 28, 2022

RICHARDSON, TEXAS — Rubenstein Mortgage Capital has provided a $62 million acquisition loan for 3400 CityLine, a 312,345-square-foot office building located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. Built in 2018, the property rises five stories and features a total of 1,400 parking spaces, as well as a lounge, conference center, fitness center and an outdoor entertainment area. Andrew Murray of Rubenstein Mortgage Capital originated the loan on behalf of the borrower, Chicago-based Zeller Realty Group. At the time of the loan closing, 3400 CityLine was 83 percent leased. JLL arranged the debt.

September 28, 2022

Development Illinois Loans Midwest Multifamily

Partnership Receives $102.2M in Construction Financing for Chicago Mixed-Use Development

by Kristin Harlow September 28, 2022

CHICAGO — A partnership between Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development has received $102.2 million in financing from MSD Partners for the construction of a mixed-use development in Chicago. Named The Saint Grand, the 21-story project will include 248 luxury apartment units, 40,000 square feet of office space and 8,000 square feet of street-level retail space. Units will feature workspaces and private outdoor areas. Amenities will include a package receiving service, coworking lounge, fitness center and outdoor pool. Office tenants will also be able to enjoy the apartment amenities. The project will replace a parking garage located at 535 N. St. Clair. Demolition is underway and construction is expected to begin before the end of the year. The office portion is slated to be ready for tenant buildouts in the third quarter of 2023, with the residential portion slated for delivery in early 2024. NORR is the project architect. Chris Knight of JLL worked on behalf of the borrower to secure the four-year loan through MSD Partners.

September 28, 2022

Hospitality Loans Massachusetts Northeast

JLL Arranges $11M Loan for Refinancing of Two Historic Inns on Nantucket Island

by Taylor Williams September 28, 2022

NANTUCKET, MASS. — JLL has arranged an $11 million loan for the refinancing of Anchor Inn & Greydon House, two historic hospitality properties totaling 32 rooms on the island of Nantucket. Anchor Inn totals 12 rooms and was originally built in 1806. Greydon House comprises 20 rooms and was constructed in 1850. Jonathan Schneider led the JLL team that arranged the fixed-rate loan through HarborOne Bank on behalf of the borrower, Faros Properties.

September 28, 2022

California Industrial Loans Western

IDS Receives $124M Loan for Cold Storage Facility in Riverside, California

by Amy Works September 27, 2022

RIVERSIDE, CALIF. — IDS Real Estate Group has received $124 million in post-close acquisition financing for 14950 Meridian Parkway, a cold storage facility in Riverside. Paul Brindley, Matt Stewart and Alethia Halamandaris of JLL Capital Markets arranged the 10-year, fixed-rate loan with Northwestern Mutual for the borrower. United Natural Foods (NYSE: UNFI), the largest publicly traded wholesale distributor serving the United States and Canada, fully occupies the 1.2 million-square-foot property, which is situated on 59.4 acres within the Moreno Valley/Perris Industrial submarket. Originally completed in 2017 and renovated and expanded in 2020, the facility consists of 39 percent cold storage and 61 percent dry storage space with temperature-controlled warehouse space ranging from -10 degrees Fahrenheit to 60 degrees Fahrenheit. The property features 42-foot clear heights, 185 dock doors and approximately 700 parking spaces.

September 27, 2022

Development Florida Loans Office Southeast

Berkadia Arranges $11M Construction Loan for Boutique Office Conversion Project in Miami

by John Nelson September 27, 2022

MIAMI — Berkadia has arranged an $11 million construction loan for the redevelopment of Wyncatcher, a former warehouse in Miami’s Wynwood district that was converted into a boutique office property. Knotel, a flexible workspace platform founded in 2015, is slated to occupy the entire 46,072-square-foot property located at 2143 Northwest 1st Ave. Scott Wadler and Mike Basinski of Berkadia’s Miami office secured the financing on behalf of Morabito Properties, a real estate developer based in Miami Beach. Banesco provided the eight-year loan, which features two years of interest-only payments and a fixed interest rate. Morabito has the option to convert the financing to a mini-perm loan for an additional five years. Designed by Arquitectonica, Wyncatcher features double-height, industrial-style windows, a rooftop terrace with views of the neighborhood and over 12,000 square feet of indoor and outdoor restaurant space.

September 27, 2022

Loans Midwest Multifamily Northmarq Ohio

Northmarq Arranges $2.6M Acquisition Loan for Multifamily Property in Trenton, Ohio

by Kristin Harlow September 27, 2022

TRENTON, OHIO — Northmarq has arranged a $2.6 million loan for the acquisition of Trenton Avenue Apartments in Trenton, a suburb of Cincinnati. The 52-unit multifamily property comprises multiple buildings. Chase Dawson of Northmarq arranged the fixed-rate loan, which features an 80 percent loan-to-value ratio, a five-year term and a 25-year amortization schedule. A regional bank provided the loan to the undisclosed borrower.

September 27, 2022

Loans New York Northeast Retail

Axiom Capital Arranges $11.6M Loan for Refinancing of Upstate New York Shopping Center

by Taylor Williams September 27, 2022

EAST GREENBUSH, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged an $11.6 million permanent loan for the refinancing of a 194,889-square-foot shopping center located in the Upstate New York community of East Greenbush. The property comprises five buildings on a 33.3-acre site and is currently leased to 19 tenants. Axiom Capital arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower. The name of the direct lender and property were also not disclosed.

September 27, 2022

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