DETROIT — Bernard Financial Group (BFG) has arranged a $44.4 million construction loan for a parking and mobility center under development in Detroit’s Corktown neighborhood. Dennis Bernard and Joshua Bernard of BFG arranged the loan with Waterway Capital LLC. An entity doing business as Corktown Mobility Hub LLC was the borrower. Further details were not provided.
INDIANAPOLIS — Berkadia has arranged a $17.3 million Freddie Mac loan for the refinancing of Creekside Square in Indianapolis. The 192-unit, garden-style multifamily property was built in 1994. Amenities include a clubhouse, playground, covered parking and onsite management. Located at 5836 Hunnewell Drive, the property offers convenient access to both I-65 and I-465. Jason Brown and Austin Katai of Berkadia arranged the seven-year loan, which features a 30-year amortization schedule. Indianapolis-based Zidan Management Group Inc. was the borrower.
MIAMI — JLL Capital Markets has secured a $73.4 million refinancing loan for a five-property industrial portfolio totaling 713,481 square feet in Doral, Medley, Miami and Cooper City. Greg Nalbandian, Jim Cadranell, Maxx Carney and Michael Lachs of JLL arranged the loan on behalf of the borrower, metro Philadelphia-based Seagis Property Group LP. An undisclosed correspondent life insurance company provided the 10-year, fixed-rate, interest-only loan. The 12-building portfolio includes Class A and B properties located at 8305 NW 27th St. in Doral; 8150 NW 76th St. and 2101 NW 82nd St. in Medley; 3000 NW 125th St. in Miami; and the nine-building Cooper Commerce Center located at 2229-12260 SW 53rd St. and 12323 SW 55th St. in Cooper City. The portfolio was 99 percent leased at the time of the financing to 67 tenants. All the buildings feature efficient loading and clear heights ranging from 21 to 24 feet.
DENVER — JLL Capital Markets has arranged $54.3 million in financing for Civica Cherry Creek, an office property in Denver. Located at 250 Fillmore St., the 116,187-square-foot building features floor-to-ceiling glass, a great room with fireside lounge, private wine cellar, secure bike storage, rooftop terrace, building concierge and underground executive parking. The LEED Silver-certified property was built in 2018. Eric Tupler and Leon McBroom of JLL Capital Markets secured the five-year, floating-rate loan with a national bank on behalf of the borrower, a MetLife Investment Management-managed entity.
NEWARK, N.J. — JLL has arranged a $110 million permanent loan for an 850,000-square-foot warehouse and distribution center in Newark. Thomas Didio, Thomas Didio Jr. and Ryan Carroll of JLL arranged the nonrecourse loan, which carried a fixed interest rate and a 15-year term, through a correspondent life insurance company. The borrower was not disclosed.
SANTA ROSA BEACH, FLA. — Lument has provided a $48.8 million Freddie Mac conventional loan to refinance Sanctuary at 331, a 264-unit multifamily community in Santa Rosa Beach. Steve Beltran of Lument led the loan transaction on behalf of the borrower, an affiliate of Hunt Cos. The loan features a 10-year term, 30-year amortization schedule and a low fixed interest rate with 60 months of interest-only payments. The loan is a refinance of an existing HUD loan. Sanctuary at 331 features 11 buildings on nearly 32 acres. The apartment property offers one- and two-bedroom floorplans with features such as stainless steel appliances, private patios and in-unit washers and dryers. Community amenities include a 24-hour fitness center, swimming pool, clubhouse, a dog park and garage storage units. Cushman and Wakefield manages the property, which was 97 percent occupied at the time of the loan transaction.
HOUSTON — DLP Capital, a Florida-based investment and finance firm, has provided $74 million in acquisition financing for two Houston-area apartment complexes totaling 1,062 units. Palms at Westheimer totals 798 units and is located on the city’s west side, while Huntington at Stonefield spans 264 units and is located on the city’s north side. The borrower was locally based investment firm Kalkan Capital. The seller was not disclosed.
PHILADELPHIA — New York City-based Square Mile Capital Management has provided a $195 million acquisition loan for 1500 Locust, a 612-unit apartment tower located in Philadelphia’s Rittenhouse Square neighborhood. The 45-story building also houses 7,700 square feet of retail space and was 97 percent occupied at the time of sale. Amenities include a rooftop pool and lounge, fitness center, media room and outdoor grilling stations. Drew Anderman and Alan Blank of Meridian Capital Group arranged the debt. The borrower is a joint venture between Fairstead, a developer with offices along the East Coast, and its undisclosed institutional equity partner. A portion of the proceeds will be used to fund capital improvements. Lizann McGowan, Erin Miller, Marybeth Farris and Chris Koehler of Newmark represented the seller, Barings, in the transaction.
MESA, ARIZ. — Wharton Industrial and Madison Ventures Plus have received $224.1 million in acquisition and construction financing for The HUB @ 202, a master-planned, 1.5-million-square-foot industrial park in Mesa. John Alascio, Dave Karson, Chris Moyer, Will Strong, Kirk Kuller, TJ Sullivan, Chuck Kohaut and Zachary Smolev of Cushman & Wakefield Capital Markets arranged the financing. Situated on 101 acres, The HUB @ 202 will feature 11 Class A buildings with 28-foot to 36-foot clear heights, ample truck and car parking, grade- and dock-high loading doors and functional divisibility with a variety of bay sizes. Construction is slated to begin in second-quarter 2022.
THE WOODLANDS, TEXAS — Los Angeles-based CIM Group has provided a $127 million loan to The Howard Hughes Corp. (NYSE: HHC) to refinance Hughes Landing, a 649,406-square-foot office campus in The Woodlands, about 30 miles north of Houston. Built in 2015, Hughes Landing consists of a 12- and 13-story building, both of which are located within the 79-acre Lake Woodlands mixed-use development. Amenities include a fitness center, multiple conference facilities and a cafeteria.
