WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded an $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will purchase the 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.
CARLISLE, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $6.7 million acquisition loan for a 120-unit multifamily property in Carlisle, a western suburb of Harrisburg. The property consists of 15 buildings that house 88 one-bedroom units with an average size of 598 square feet and 32 two-bedroom units with an average size of 828 square feet. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.
LOGAN TOWNSHIP, N.J. — Greek Development has received a $50 million permanent loan for Logan North Industrial Park, a 3.2 million-square-foot development in Southern New Jersey. Greek Development, which partnered with Advance Realty Investors on Logan North Industrial Park, is currently underway on the third phase of construction. The transaction allows Greek Development to apply long-term debt to Buildings A and F, which are leased to SEKO Logistics and LaserShip Logistics, respectively. An undisclosed life insurance company provided the financing, which retires the original construction loan from Wells Fargo. Michael Klein, Jim Cadranell, Gregory Nalbandian and Ryan Carroll of JLL arranged the debt.
PERRY, N.Y. — KeyBank has provided $10.6 million in financing for the acquisition and rehabilitation of Silver Lake Meadows, a 52-unit affordable housing complex in Perry, about 50 miles east of Buffalo. Silver Lake Meadows comprises seven buildings that house one- and two-bedroom units that are reserved for renters earning up to 30, 50 and 60 percent of the area median income. John-Paul Vachon and Kate de la Garza of KeyBank originated the financing package, which includes $5.4 million in Low-Income Housing Tax Credit equity and a $5.5 million construction loan. The sponsor is a partnership between locally based nonprofit Wyoming County Community Action Inc. and developer Rochester’s Cornerstone Group.
MIAMI ¬— Eugene Rutenberg, a veteran lender and capital advisor consultant, has opened Celestial Fund I LLC, a capital advisory firm based in downtown Miami. The financial intermediary raises debt and preferred equity on behalf of developers and investors across several real estate sectors, including multifamily, spec home construction (non–owner occupied), hospitality, industrial, mixed-use and office. Rutenberg initially plans to hire two originators with at least five years of capital markets experience and an underwriting analyst who has at least two years of experience. The producers would join Rutenberg in the firm’s new downtown Miami office. Celestial Fund will work with capital sources of all types, including agency lenders, debt funds, private lenders, banks and credit unions, life insurance companies and CMBS lenders, among others. Financing options will cover ground-up construction, redevelopments, bridge loans, permanent loans and distressed debt opportunities. For developers seeking agency and private-label debt, Celestial Fund’s lending parameters are generally $2 million to $200 million for senior loans and $2 million to $20 million for mezzanine loans or preferred equity investments. The firm will also originate construction loans starting at $20 million. Rutenberg has over 15 years of experience in the capital markets arena. He has closed …
TEANECK, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $2.1 million loan for the refinancing of an 11,500-square-foot retail asset in the Northern New Jersey community of Teaneck. The freestanding building sits on a three-quarter acre site and was fully leased to a single, undisclosed tenant at the time of sale. The direct lender and borrower were also not disclosed. The nonrecourse loan carried a four-year term and a fixed interest rate.
GOODYEAR, ARIZ. — JLL Capital Markets has arranged a $33.8 million construction loan for Villas Goodyear, a build-to-rent residential development at 816 S. Sarival Ave. in Goodyear. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Goodyear will feature 151 one- and two-bedroom, freestanding, single-story units with spacious floor plans, simulated wood flooring, quartz countertops, stainless steel appliances and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge area and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the three-year, fixed-rate loan through a regional bank for the borrower.
POUGHKEEPSIE, N.Y. — Berkshire Bank has provided $36.1 million in financing for The Shoppes at South Hills, a 512,218-square-foot shopping center located north of New York City in Poughkeepsie. Tenants at the property include grocer ShopRite, At Home, Ashley Furniture, Hobby Lobby and Christmas Tree Shops. The borrower, a partnership between Acadia Realty Trust and DLC Management, will use the proceeds to refinance and reposition the center. The nonrecourse loan carried a five-year term and a fixed interest rate. Mike Tepedino and Stephen Van Leer of JLL arranged the financing.
AMHERST, N.Y. — Locally based commercial finance and advisory firm Largo Capital has arranged a $28 million loan for the refinancing of a portfolio of eight office properties totaling 350,000 square feet in the upstate New York community of Amherst. Jack Phillips of Largo Capital originated the financing, which was structured with a 10-year term and a fixed interest rate. The name of the locally based borrower and developer was not disclosed.
MAITLAND, FLA. — JLL has arranged the refinancing for The Q at Maitland, a 129-unit apartment community in Central Florida. Melissa Quinn, Lee Weaver and Rob Rothaug of JLL arranged the fixed-rate, Fannie Mae loan on behalf of the borrower, JT Capital. The loan amount was not disclosed. Built in 1966 and renovated in 2008 and 2022, The Q at Maitland features one-, two-, three- and four-bedroom units. Community amenities include a resort-inspired pool, poolside grilling station with cabanas, resident lounge and a 24-hour fitness center.
