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.
NEW YORK CITY — Bank of America has provided a $123 million loan for the refinancing of 767 Third Avenue, a 40-story office tower in Manhattan. Designed by FXFowle, the building spans 310,000 square feet and features an amenity center with games, a movie screen, lounge with TVs and a boardroom. James Millon, Tom Traynor and P.J. Finley of CBRE arranged the debt. The borrower was Sage Realty, the leasing and management division of the William Kaufman Organization. A portion of the proceeds will be used to fund capital improvements and leasing costs.
LOS ANGELES — JLL has arranged the $389.2 million refinancing of One Wilshire, a multi-tenant data center located at 624 S. Grand Ave. in downtown Los Angeles. The borrower is GI Partners, an alternative investment firm based in San Francisco. The 30-story, 661,553-square-foot data center features five separate utility power risers and 13 onsite generators with fuel storage for 24 hours of operation, along with separate and redundant data risers. The property also features office space, a multi-tower antenna array and fiber connectivity to the rooftop. Kevin MacKenzie, Brian Torp, Jake Wagner, Samuel Godfrey and Darren Eades of JLL arranged the 10-year, fixed-rate, non-recourse, interest-only loan through Goldman Sachs. “As one of the largest internet exchanges in the world, One Wilshire is truly a best-in-class asset recognized as the premier telecommunications hub of the Western United States,” says MacKenzie. “GI Partners has done an excellent job managing the asset to maximize utilization and creating significant value.” The demand for fast, secure and reliable data storage and delivery is at an all-time high and will continue to escalate for the foreseeable future thanks to the widespread appeal of content streaming services, social media and virtual connectivity. As a data center market, …
MCKINNEY, TEXAS — JLL has arranged a $37.5 million loan for the refinancing of Hidden Springs of McKinney, a 194-unit seniors housing community located on the northern outskirts of Dallas. The property was built in 2020 and offers assisted living, independent living and memory care services. Amenities include a pool, fitness center and a dog park. Joel Mendes and Jason Skalko of JLL arranged the nonrecourse, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, a joint venture between CREC Real Estate and Madison Marquette.
PAWTUCKET AND NORTH PROVIDENCE, R.I. — JLL has arranged two loans totaling $39.7 million for the refinancing of a pair of multifamily properties in Rhode Island. In the first deal, the firm arranged a $20.5 million loan for The Village Lofts, a 149-unit complex in Pawtucket. The property features an average unit size of 929 square feet and amenities such as a fitness center, game room and onsite laundry facilities. In the second transaction, JLL placed an $18.2 million loan for Greystone Lofts, a 150-unit community in North Providence that was built in 1900 and converted to multifamily in 2008. Peter Rotchford, Scott Aiese and Alex Staikos of JLL arranged both fixed-rate loans through J.P. Morgan on behalf of the borrower, Urban Smart Growth.
HOBOKEN, N.J. — Northmarq has provided a $32.5 million Freddie Mac loan for the refinancing of Westview Apartments, 116-unit affordable housing property in Hoboken, located outside of New York City. The property at 55-75 Bloomfield St. was originally built in 1905 and renovated in 1995. The unit mix consists of 63 one-bedroom apartments, 39 two-bedroom units and 14 three-bedroom residences. Gary Cohen of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule, on behalf of the borrower, an affiliate of Applied Housing Management Co.
RICHFIELD, MINN. — Colliers Mortgage has arranged a $53 million HUD 223(f) loan for the refinancing of Chamberlain Apartments in Richfield, a southern suburb of Minneapolis. Of the apartment community’s 316 units, 20 percent are designated as affordable and are rented to residents who earn up to 50 percent of the area median income. The remaining units are rented at market rates. Amenities include a clubhouse, game room, fitness center, outdoor pool, playground and dog run. The 35-year loan is fully amortized. Chamberlain Apartments LLC was the borrower.
TACOMA, WASH. — Northmarq has arranged a $28.1 million construction loan for the development of Tacoma Central Logistics at 1950 S. State St. in Tacoma. Scott Moline and Bob Spiro of Northmarq secured the three-year, interest-only loan through the firm’s relationship with a national bank for the undisclosed borrower. Totaling 248,000 square feet, the speculative building will feature 36-foot clear heights, 183 auto stalls, four grade-level doors, 56 dock doors and 50 trailer parking stalls. The Tacoma News Tribune previously occupied the site, but the former building was demolished.
SAN ANTONIO — Northmarq has arranged a $12.3 million loan for the refinancing of Teralta Corporate Park, a two-building, 58,389-square-foot office property in San Antonio. The single-story property was built in 2017 and fronts Loop 1604 near the junction of Interstate 10. Aetna provided the three-year, interest-only loan to the borrower, San Antonio-based Sirell Properties. Bryan Leonard of Northmarq arranged the debt.
LAWRENCE, MASS. — MassHousing has provided $26.9 million in financing for the redevelopment of a portion of the historic Marriner Mill in Lawrence, a northern suburb of Boston, into an 87-unit mixed-income residential complex. The financing consisted of a $2.3 million permanent loan, $22.5 million in bridge loan financing and $2.1 million in funding from the agency’s workforce housing initiative. Of the 87 units, 17 will be restricted to lower-income households earning 30 percent or less of the area median income (AMI). Forty-nine units will be rented to households earning 60 percent or less of AMI, and 21 apartments will be workforce housing units for households earning up to 80 percent of AMI. The borrower and developer is Trinity Financial. ICON Architecture is designing the project, and Aberthaw Construction Co. is the general contractor. Completion is slated for summer 2023.
