MEMPHIS, TENN. — Eastern Union has secured a $13 million loan for the refinancing of Garden View Apartments, a multifamily community located at 1033 and 1087 Whitaker Drive in Memphis. Bellco Federal Credit Union provided the 30-year loan, which carries a 7.3 percent interest rate, to the undisclosed borrower. Built in 1963, Garden View Apartments totals 156 units across 15 buildings spanning 131,000 rentable square feet. The community features 60 one-bedroom units and 96 two-bedroom units. Motti Blau and Mendy Pfeifer of Eastern Union arranged the financing on behalf of the borrower. Dov Bakon of Eastern Union served as the underwriter for the transaction.
NEW YORK CITY — LoanCore Capital, a Connecticut-based asset management firm, has provided an $85 million loan for the refinancing of an industrial condo in the Jamaica area of Queens. The space in question comprises the first two floors of Terminal Logistics Center, a newly built, five-story facility located at 130-02 S. Conduit Ave. Max Herzog, Marko Kazanjian, Max Hulsh and Andrew Cohen of Institutional Property Advisors, a division of Marcus & Millichap, originated the loan. The borrower is a partnership between New York-based investment and development firm Triangle Equities and Goldman Sachs Urban Investment Group. Triangle Equities acquired the site in 2018, broke ground in 2020 and recapitalized the property with $61 million in equity from Goldman Sachs in spring 2023.
WORCESTER, MASS. — Eastern Union has arranged a $13.3 million construction loan for a 931-unit self-storage facility that will be located in the central Massachusetts city of Worcester. The four-story facility will consist of 93,186 net rentable square feet of climate- and non-climate-controlled space across units with an average size of 100 square feet. Marc Tropp of Eastern Union arranged the loan, which was structured with a 36-month term, 65 percent loan-to-value ratio and an interest rate that is equivalent to 300 basis points over SOFR over the construction and lease-up period. CubeSmart will operate the facility. The lender was an undisclosed local bank, and the borrower was also not disclosed.
BOSTON — Locally based investment firm Tremont Asset Management has received a loan for the refinancing of a multifamily property located at 1955-1963 Commonwealth Ave. in the Brighton area of Boston. The amount was not disclosed, but the financing was originated in conjunction with a loan for a condo property in Nashua, N.H. The total value of the refinancings of those properties, which total more than 80 units combined, is $11 million. Patrick Boyle and Rose Liu of Colliers originated both loans through a balance sheet lender and a regional bank.
AUSTIN, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for South Bend Center, a 43,811-square-foot mixed-use property in South Austin. The three-building property was built in 1984 and supports retail, flex warehouse, restaurant and medical office uses. C.W. Sheehan and Peyton Ackerman of JLL arranged the debt on behalf of the borrower, Duncan Park Capital. The direct lender was an undisclosed regional bank.
NEW YORK CITY — JLL has arranged a $173 million bridge loan for the refinancing of Lorimer House, a 270-unit apartment community located in the South Williamsburg area of Brooklyn. Designed by ODA Architecture, the eight-story, newly constructed building offers studio, one- and two-bedroom units, with private outdoor spaces available in select residences. Amenities include indoor and outdoor lounges, a fitness center, pet spa, party room, work-study lounge and a rooftop deck. Aaron Niedermayer and Ethan Stanton of JLL arranged the loan through TPG Real Estate Credit on behalf of the borrower, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group.
Northmarq Secures $32M Refinancing for Build-to-Rent Residential Community in Coastal South Carolina
OKATIE, S.C. — Northmarq has secured a $32 million bridge loan for the refinancing of Saddlewood at Pepper Hall, a 121-unit build-to-rent (BTR) residential community in Okatie, a city 11 miles west of Hilton Head Island. The borrowers, RP Communities and Argosy Real Estate Partners, delivered the BTR property last year within the Pepper Hall master-planned development. Grant Harris, David Vinson and Faron Thompson of Northmarq arranged the five-year loan on behalf of the borrowers through Atlanta-based ACRE. Saddlewood at Pepper Hall features one-, two- and three-bedroom townhomes and carriage homes with private porches and detached garages. Amenities include a pool, dog park, green spaces and a clubhouse with a fitness center. Additionally, the site will feature a planned state waterfront park that will include a kayak launch and walking trails.
KYLE, TEXAS — Locally based developer Rastegar Property Co. has unveiled plans for Inf1nity Square, a 318-acre master-planned development that will be located in the southern Austin suburb of Kyle. The development will feature roughly 1,000 single-family homes and 1,400 multifamily units as well as 185,000 square feet of commercial space. The commercial component will include retail space, an amenity center and an elementary school, all centered around a town square. In addition, Inf1nity Square will feature 61 acres of open green space that will connect to The Vybe, Kyle’s citywide trail network. CastleRock Communities and Brightland Homes will lead the development of first phase of single-family home development. Trez Capital has provided $31.7 million in construction financing for that phase of the project, which will encompass 329 lots.
DALLAS — Dallas-based Westdale Real Estate Investment & Management has received a $115 million loan for the refinancing of a portfolio of three commercial properties in Texas. The portfolio comprises Epic I, a 282,873-square-foot office building located in the Deep Ellum district of Dallas; Colonnade, a 168,255-square-foot office building located on the north side of San Antonio; and Woodmeade, a 304-unit multifamily property in Irving. The five-year loan carried a fixed interest rate of 7.11 percent and a 70 percent loan-to-value ratio. Giryes Capital Group, an intermediary that connects American borrowers and Israeli lenders, sourced the debt through Pando Cos., a Dallas-based company that is also owned and managed by Giryes founder and CEO Amir Giryes.
LAREDO, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for a 250,000-square-foot warehouse located on an 18-acre site in the Rio Grande Valley city of Laredo. Completed in late 2023, the property was fully leased at the time of the loan closing. Building features include 30-foot clear heights, 48 docks, 3,000 square feet of office space and parking for 272 cars and 233 trailers. Peter Rotchford, David Sitt, Jarrod McCabe, Foster Huggins and Jordan Buck of JLL arranged the floating-rate loan through Connecticut-based Shelter Growth Capital Partners. The borrower is New York City-based Thor Equities.