Loans

Thorofare Capital Provides $28M Construction Loan for NuLu Yards Apartments in Louisville

by John Nelson August 10, 2022

LOUISVILLE, KY. — Thorofare Capital Inc., a Los Angeles-based affiliate of investment manager Callodine Group, has provided $28 million in construction financing for NuLu Yards, a 189-unit multifamily project in Louisville. The Class A property will anchor a larger mixed-use development in the NuLu neighborhood of Louisville. The borrower, Weyland Ventures, is also developing the first Tempo by Hilton adjacent to NuLu Yards, as well as a structured parking deck. David Perlman, Jacob Yi and Paul Kim of Thorofare Capital originated the financing. Wave Capital Partners arranged the loan on behalf of the borrower. The construction timeline was not released.

August 10, 2022

Hospitality Loans Northeast Pennsylvania

JLL Arranges $56.3M Acquisition Loan for Sofitel Philadelphia Hotel

by Taylor Williams August 10, 2022

PHILADELPHIA — JLL has arranged a $56.3 million acquisition loan for the 306-room Sofitel Philadelphia Hotel, located in the city’s Rittenhouse Square area. The luxury hotel offers a variety of room plans, including suites, as well as multiple onsite dining options. Mark Fisher and Ryan Ade of JLL arranged the loan through Square Mile Capital Management on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital.

August 10, 2022

Loans New York Northeast Office

Thorofare Capital Provides $34.5M Construction Loan for Manhattan Office Redevelopment

by Taylor Williams August 10, 2022

NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $34.5 million construction loan for the redevelopment of a 62,428-square-foot office building located at 132 W. 14th St. in Manhattan’s Greenwich Village area. The borrower, KPG Funds, plans to update the building’s structure, façades, lobby, windows and mechanical systems and reposition the property as a boutique office building. Marvel Architects is designing the redevelopment. Aaron Niedermayer led a JLL team that arranged the loan on behalf of KPG Funds.

August 10, 2022

Acquisitions Arizona Loans Multifamily Western

Northmarq Brokers $63.1M Sale of The Residences of Central Phoenix Multifamily Property

by Amy Works August 9, 2022

PHOENIX — Northmarq has brokered the sale of The Residences of Central Phoenix, a 265-unit, garden-style community located at 2020 W. Glendale Ave. in Phoenix. Scottsdale-based Renue Properties sold the property to Newport Beach, Calif.-based InTrust Property Partners for $63.1 million. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Joe Giordani of Northmarq’s Newport Beach debt/equity team arranged financing for the acquisition with a $50.8 million bridge loan. Built in 1973, The Residences of Central Phoenix includes 27 two-story buildings with one-, two- and three-bedroom units ranging in size from 650 square feet to 1,150 square feet. Situated on 13 acres, the 242,825-square-foot community features a clubhouse, pool, hot tub, on-site laundry facilities, basketball court and children’s playground. At the time of sale, the property was 98 percent leased. Renue Properties recently invested $1.7 million into deferred maintenance and property enhancements at the property, including HVAC units, new roofs, windows, electrical panels and exterior paint.

August 9, 2022

Florida Loans Mixed-Use Southeast

Berkadia Secures $43.5M Refinancing of Mixed-Use Property in Miami’s Design District

by John Nelson August 9, 2022

MIAMI — Berkadia has arranged a $43.5 million loan to refinance a 112,896-square-foot mixed-use property located at 4141 NE 2nd Ave. in Miami’s Design District. Scott Wadler, Matthew Nihan and Michael Basinski of Berkadia’s Miami office secured the financing on behalf of Dacra, a local real estate owner-operator that owns more than 1 million square feet of space. LMF provided the 10-year, fixed-rate loan. The property houses a combination of office and retail tenants, including B&B Italia, Design Within Reach, iHeart Media and MC Kitchen.

August 9, 2022

California Development Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges Equity, Construction Debt for $70M Seniors Housing Project in Folsom, California

by Amy Works August 9, 2022

FOLSOM, CALIF. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom, a seniors housing property in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center featuring national retailers such as Nordstrom, Sephora, Barnes & Noble, movie theaters and a Whole Foods Market. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer represented the borrower in the transaction.

August 9, 2022

Loans Multifamily Northmarq Texas

Northmarq Arranges Acquisition Financing for 1,134-Unit Multifamily Portfolio in Houston

by Taylor Williams August 9, 2022

HOUSTON — Northmarq has arranged an undisclosed amount of acquisition financing for a portfolio of three multifamily assets totaling 1,134 units that are located throughout the metro Houston area. Sedona Square is a 250-unit property that was built in phases in the early 1980s and offers one-, two and three-bedroom apartments. Verano was constructed in 1980 and totals 312 units in one- and two-bedroom formats. Rock Creek at Hollow Tree, also constructed in 1980, comprises 572 residences in one-, two- and three-bedroom floor plans. James Currell, Joel Heikenfel and Emily Balazi of Northmarq arranged the debt through an undisclosed bridge/mezzanine lender on behalf of the borrower, Dallas-based WindMass Capital.

August 9, 2022

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $11.2M Construction Loan for Minnesota Affordable Housing Complex

by Kristin Harlow August 9, 2022

COLUMBIA HEIGHTS, MINN. — Colliers Mortgage has provided an $11.2 million HUD 221(d)(4) loan for the construction of 42nd & Central in Columbia Heights, a northern suburb of Minneapolis. The project will consist of 62 affordable housing units, all of which will be restricted to residents who earn 60 percent or less of the area median income. Amenities will include a clubroom, fitness room, playground, bike station, dog run, storage lockers and package room. The loan features a 40-year term. Reuter Walton Development was the borrower.

August 9, 2022

Acquisitions Arizona Loans Retail Western

Gantry Secures $13M in Financing for Acquisition of Retail Parcel in Glendale, Arizona

by Amy Works August 8, 2022

GLENDALE, ARIZ. — Gantry has secured $13 million of permanent financing for the acquisition of a 11.57-acre parcel at Arrowhead Marketplace in Glendale. Tim Storey of Gantry’s Phoenix office secured the 10-year, fixed-rate loan featuring a 25-year amortization for the borrower, Arizona Partners, through a correspondent life company lender. Office Depot, Dollar Tree, Boot Barn, Party City and Salt Creek Home Furnishings are tenants at the 128,500-square-foot retail center.

August 8, 2022

Loans Multifamily Texas

Northmarq Arranges Sale of 136-Unit Multifamily Property in Eagle Pass, Texas

by Taylor Williams August 8, 2022

EAGLE PASS, TEXAS — Northmarq has arranged the sale of Holly Apartments, a 136-unit multifamily property in Eagle Pass, located near the Texas-Mexico border in Maverick County. Built in 1975 and renovated in 1996, the property offers a pool, outdoor grilling and picnic areas, playground and a basketball court. Zar Haro, Moses Siller, Phil Grafe and Bryan VanCura of Northmarq represented the undisclosed buyer in the deal. Cheryl Higley, also with Northmarq, arranged a nonrecourse, fixed-rate acquisition loan with a 10-year term and a 30-year amortization schedule.

August 8, 2022

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