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project was conceived under the Hackensack Redevelopment Plan, which was adopted in 2012

Northmarq Arranges $62M in Construction Financing for Northern New Jersey Multifamily Project

by Taylor Williams March 21, 2023

HACKENSACK, N.J. — Northmarq has arranged $62 million in construction financing for a 270-unit multifamily project that will be located at 321 Main St. in the Northern New Jersey community of Hackensack. The seven-story building will include a two-level parking garage and 8,700 square feet of retail space. The unit mix will comprise 20 studios, 189 one-bedroom apartments and 61 two-bedroom units. The amenity package will consist of a fitness center, dog walking area, multiple terraces and elevated courtyards and a multi-purpose clubroom. Valley Bank and Fulton Bank provided the financing. The borrower is an affiliate of New Jersey-based developer The Hampshire Cos. Completion is scheduled for the fourth quarter of 2024.

March 21, 2023

Build-to-Rent Development Florida Loans Multifamily Single-Family Rental Southeast

EDEN Living Receives $22M Construction Loan for Build-to-Rent Multifamily Project in Wildwood, Florida

by John Nelson March 20, 2023

WILDWOOD, FLA. — EDEN Living has received $22 million in construction financing for a build-to-rent residential development in Wildwood. Max La Cava and Kenny Cutler of JLL secured the non-recourse loan through City National Bank. Located at 2072 County Road 501, the project is near the master-planned community The Villages. EDEN Living began construction in June of last year, with delivery expected in the first quarter of 2024. Upon completion, the community will feature 130 units in a mix of 799-square-foot, one-bedroom and 1,268-square-foot, two-bedroom layouts. Amenities will include a clubhouse, fitness center, barbecue area, pickleball courts and a park with walkways and seating areas.

March 20, 2023

Loans Multifamily North Carolina Southeast

Northmarq Secures $20.8M Refinancing for Residences at Diamond Ridge in Winston-Salem, North Carolina

by John Nelson March 20, 2023

WINSTON-SALEM, N.C. — Northmarq has arranged $20.8 million for the refinancing of The Residences at Diamond Ridge, a 335-unit apartment community located in Winston-Salem. Built in 1959 and 1969 and renovated in 1987, the community comprises 14 three-story buildings with apartments in one-, two- and three-bedroom layouts. Jeffrey Ketron of Northmarq secured the fixed-rate Fannie Mae loan, which carries a five-year term and three years of interest-only payments. Northmarq’s Fannie Mae DUS team assisted in arranging the financing for the property.

March 20, 2023

Loans Multifamily New Jersey Northeast

JLL Arranges $58M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams March 20, 2023

JERSEY CITY, N.J. — JLL has arranged a $58 million loan for the refinancing of 3 Journal Square, a 240-unit apartment building in Jersey City. Built in 2017, the midrise building houses one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and custom cabinetry. Amenities include a fitness center with a yoga studio, resident lounge with a game room and a rooftop terrace. Thomas Didio, Thomas Didio Jr., Gerard Quinn and John Cumming of JLL arranged the seven-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.

March 20, 2023

Loans Multifamily New Hampshire Northeast Seniors Housing Vermont Walker & Dunlop

Walker & Dunlop Provides $46M HUD Loan for Assisted Living Portfolio in Vermont, New Hampshire

by Taylor Williams March 20, 2023

BETHESDA, MD. — Walker & Dunlop has provided a $46 million HUD-insured loan for the refinancing of a portfolio of four assisted living facilities totaling 244 beds that are located throughout Vermont and New Hampshire. Woodstock Terrace and Valley Terrace respectively comprise 42 and 61 beds and are located in Woodstock and White River Junction, Vt. Wheelock Terrace and Windham Terrace respectively total 70 and 71 beds and are located in Hanover and Windham, N.H. Frank Cassidy of Walker & Dunlop originated the financing through HUD’s 232/223(f) program on behalf of the locally based borrower, Terrace Communities.

March 20, 2023

Loans Multifamily New York Northeast Top Stories

Newmark Arranges $248M Refinancing for The Biltmore Apartment Tower in Manhattan

by Taylor Williams March 20, 2023

NEW YORK CITY — Newmark has arranged the $248 million refinancing of The Biltmore, a 51-story apartment tower in Manhattan’s Midtown West neighborhood. The borrower was a partnership between institutional investment firm BentallGreenOak and locally based developer Slate Property Group. Built in 2003, The Biltmore consists of 464 apartments and 47,397 square feet of commercial space. Units feature studio, one- and two-bedroom floor plans with quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a fitness center with a yoga studio; rooftop terrace with entertainment areas; library with private conference rooms; communal dining room; and a game lounge. The Biltmore’s commercial space houses an array of food and beverage purveyors, convenience-oriented retailers, boutique fitness concepts and a medical office user. The property recently underwent a renovation that upgraded the lobby, amenity spaces and elevator systems. Ownership plans to use a portion of the newly issued proceeds to fund further capital improvements. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of Newmark arranged the financing through two New York City-based firms, Square Mile Capital and Clarion Partners. “The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and …

March 20, 2023

Courtyard-by-Marriott-Austin-University-Area

Hospitality Loans Texas

PMZ Realty Capital Arranges $20.7M Acquisition Loan for Downtown Austin Hotel

by Taylor Williams March 17, 2023

AUSTIN, TEXAS — PMZ Realty Capital has arranged a $20.7 million acquisition loan for Courtyard by Marriott Austin-University Area, a nine-story, 198-room hotel located in the state capital’s downtown district. The nonrecourse loan was structured with a floating interest rate. The accommodations consist of 186 guestrooms and 12 suites, and guests have access to a pool, fitness center, business center and 1,342 square feet of meeting and event space. The name of the direct lender and the borrower, a Dallas-based investment firm, were not disclosed.

March 17, 2023

Connecticut Loans Multifamily Northeast

Eastern Union Arranges $28M Acquisition Loan for Multifamily Portfolio in Bridgeport, Connecticut

by Taylor Williams March 17, 2023

BRIDGEPORT, CONN. — Eastern Union has arranged a $28 million acquisition loan for a portfolio of 13 multifamily properties totaling 437 units in Bridgeport, located in southern coastal Connecticut. Motti Blau, Mendy Pfeifer, Hershy Fried and Dov Bakon of Eastern Union originated the 10-year loan, which was structured with a 5.25 percent fixed interest rate, a 30-year amortization schedule and five years of interest-only payments. KeyBank provided the financing. The borrower was not disclosed.

March 17, 2023

California Development Loans Multifamily Western

GPI Cos. Receives $84M Construction Financing for Overland and Ayres Apartment Community in West Los Angeles

by Jeff Shaw March 17, 2023

LOS ANGELES — GPI Cos. has received $84 million in financing for construction of Overland and Ayres, a 201-unit apartment community in West Los Angeles. Located 2455 Overland Ave., Overland and Ayres will be fully integrated with the newly constructed West End creative campus. It will feature 100 percent market-rate units, with amenities like a podium pool deck and outdoor fitness lawn. The community will also include about 6,200 square feet of commercial space. JLL secured the floating-rate construction loan through Citizens.

March 17, 2023

Acquisitions Colorado Loans Office Western

Essex Arranges $17M Acquisition Loan for Office Property in Lakewood, Colorado

by Jeff Shaw March 17, 2023

LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.

March 17, 2023

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