Loans

Triangle Equities Completes $136M Recapitalization of Queens Industrial Facility

by Taylor Williams April 6, 2023

NEW YORK CITY — New York-based investment and development firm Triangle Equities has completed the $136 million recapitalization of Terminal Logistics Center, a 184,747-square-foot industrial facility located in the Jamaica area of Queens. The recapitalization includes a $75 million loan from H.I.G. Realty Credit Partners and $61 million in new equity from Goldman Sachs Asset Management and Triangle Equities itself. Geoff Goldstein, Max Herzog, Andrew Scandalios, Rob Hinckley, Tyler Peck and Nicco Lupo of JLL represented the joint venture between Goldman Sachs and Triangle Equities in the transaction. Terminal Logistics Center offers immediate proximity to JFK International Airport and features 36-foot clear heights and multiple levels of truck courts with parking for up to 53 trailers. Construction began in 2020, and the facility is expected to be available for occupancy by the end of the second quarter.

April 6, 2023

Loans Multifamily Texas

HLC Equity Refinances 156-Unit Apartment Complex in Princeton, Texas

by Taylor Williams April 5, 2023

PRINCETON, TEXAS — HLC Equity, a Pittsburgh-based investment and management firm, has refinanced Southgate Apartments, a 156-unit multifamily complex located northeast of Dallas in Princeton. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Berkadia originated the long-term, Fannie Mae loan, the amount of which was not disclosed.

April 5, 2023

Hospitality Loans New York Northeast

Affinius Capital Provides $110M Loan for Refinancing of Manhattan’s Arlo Midtown Hotel

by Taylor Williams April 5, 2023

NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million loan for the refinancing of the 488-room Arlo Midtown hotel in Manhattan. The boutique hotel is located on 38th Street between Eighth and Ninth avenues, adjacent to Times Square, and offers both traditional guestrooms and suites, as well as several onsite food-and-beverage options. The borrower was Quadrum Global, a development and investment firm with offices in New York City and Miami.

April 5, 2023

Loans Multifamily Washington Western

Gantry Arranges $53.5M Financing for Cypress Apartments in Seattle

by Jeff Shaw April 5, 2023

SEATTLE — Gantry has arranged $53.5 million of permanent financing for Cypress Apartments in Seattle’s Yesler Terrace community. The 237-unit, Class A apartment complex was completed in 2019 as part of the Yesler public housing redevelopment, which created a 30-acre public housing community that includes 5,000 new housing units for all income types. Gantry’s Michael Taylor and Alex Saunders worked in conjunction with Russ Cree of Glacier Real Estate Finance to secure the financing on behalf of the borrower, a private real estate entity that Gantry has worked with for more than 20 years. The five-year, fixed-rate loan was secured through a credit union.

April 5, 2023

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $90M Permanent Loan for Northern New Jersey Apartments

by Taylor Williams April 4, 2023

UNION, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $90 million permanent loan for Sol at Vermella Union, a 309-unit apartment community in Northern New Jersey. The property, which is part of the larger Vermella Union mixed-use development, offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, children’s play area, outdoor grilling and dining stations and a rooftop terrace. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year loan through an undisclosed direct lender on behalf of the borrower, Russo Development.

April 4, 2023

Healthcare Illinois Loans Midwest Wisconsin

First Citizens Bank Provides $44.2M in Acquisition Financing for Medical Office Portfolio in Illinois, Wisconsin

by Kristin Harlow April 3, 2023

ILLINOIS AND WISCONSIN — First Citizens Bank’s Healthcare Finance group has provided $44.2 million in acquisition financing for a three-property medical office portfolio in Illinois and Wisconsin. A partnership between Kayne Anderson Real Estate and Remedy Medical Properties was the borrower. The portfolio totals more than 266,000 square feet. The properties include the ProHealth Medical Group urgent care center in Brookfield, Wis.; the Moreland Medical Center in Waukesha, Wis.; and the Silver Cross Health Center urgent care facility in Mokena, Ill.

April 3, 2023

Loans Retail Washington Western

BWE Arranges $35M Refinancing for Shopping Center in Washington

by Jeff Shaw April 3, 2023

WASHINGTON — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $35 million loan for the refinancing of a shopping center located in the state of Washington. Tenants at the property, which was 95 percent leased at the time of sale, include a grocery store anchor and 100,000-square-foot big-box retailer. Tom Turnage and Joe Galosic Jr. of BWE secured the financing through a life insurance company on behalf of the borrower. The non-recourse loan carries a five-year term with interest-only payments for two years, followed by a 30-year amortization schedule. Further information on the borrower and property were not disclosed.

April 3, 2023

Industrial Loans New Jersey Northeast

Delta Equity Management Refinances 195,723 SF Industrial Property in Bayonne, New Jersey

by Taylor Williams April 3, 2023

BAYONNE, N.J. — Locally based development and investment firm Delta Equity Management has refinanced Harborview Logistics & Distribution Center, a 195,723-square-foot industrial property located in the Northern New Jersey community of Bayonne. The property features a clear height of 40 feet, 46 loading doors, 32 trailer parking spaces and 149 car parking spaces. Jon Mikula and Michael Lachs of JLL arranged the fixed-rate loan through Lincoln Financial Group. At the time of the loan closing, Harborview Logistics & Distribution Center was fully leased to an affiliate of The Home Depot.

April 3, 2023

Affordable Housing Loans Multifamily Texas

Envolve Communities Receives $24.8M in Financing for Houston Affordable Housing Complex

by Taylor Williams March 31, 2023

HOUSTON — Envolve Communities, an Alabama-based multifamily owner-operator, has received $24.8 million in financing for the acquisition and rehabilitation of Coral Hills Apartments, a 172-unit affordable housing complex in Houston. Built in 1973, the property consists of 16 two-story buildings that house one- and two-bedroom units that are reserved for households earning 30, 50 or 60 percent or less of the area median income. The financing includes $14.6 million in Low-Income Housing Tax Credit equity, which was provided by Hunt Capital Partners, as well as $11.8 million in construction financing from M1 Bank. Bellwether Enterprise Real Estate Capital also provided a $6.7 million permanent loan.

March 31, 2023

Affordable Housing Development Loans Massachusetts Multifamily Northeast Top Stories

MassDevelopment Issues $151M in Bond Financing for Affordable Housing Projects Near Boston

by Jeff Shaw March 31, 2023

BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping. Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room. Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 …

March 31, 2023

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