HARKER HEIGHTS, TEXAS — Mag Mile Capital, a Chicago-based commercial mortgage banking firm, has arranged a $13 million CMBS loan for the 88-room Hampton Inn Harker Heights hotel in Central Texas. The select-service hotel opened in August 2023 and is located north of Austin and just outside the city of Killeen. The 10-year, nonrecourse loan carried a fixed interest rate of 7.5 percent, a 65 percent loan-to-value ratio and a 30-year amortization schedule. The name of the Austin-based borrower and direct lender were not disclosed.
NASHVILLE, TENN. — BEB Lending has provided a $10.3 million loan for the refinancing of South Plaza Shoppes, a 163,777-square-foot shopping center located at 5620 Nolensville Pike in Nashville. Tenants at South Plaza Shoppes include Ross Dress for Less, Burlington and Dollar Tree. The undisclosed borrower will use the loan to pay off existing debt, as well as cover leasing costs and planned capital expenditures at the property. Sean Silverbrook and Zach Feldman of BEB Lending originated the loan. This transaction represents BEB Lending’s first loan in Nashville and second loan in the state of Tennessee.
TRACY, CALIF. — CBRE has secured $70.2 million in financing for Tracy 205 Logistics Center on behalf of Trammell Crow Co. Mike Walker and Brad Zampa of CBRE’s Debt and Structured Finance arranged the five-year loan through Barings. Adam Voelker and Will Parker of Trammell Crow Co. represented the borrower and Jack Cheng of Barings represented the lender in the financing. Located at 1268 E. Grant Line Road, Tracy 205 Logistics Center offers 606,343 square feet of Class A distribution space spread across 29.3 acres. Developed by Trammell Crow Co. in 2023, the property features a clear height of 40 feet, 4,000 amps of power, 103 dock doors and ample car and trailer parking.
NEW YORK CITY — KS Group and Alma Realty Corp. have received a $300 million construction loan for the development of a mixed-use multifamily project on the East River in the Astoria neighborhood of Queens in New York City. S3 Capital provided the financing. Henry Bodek of Galaxy Capital secured the loan on behalf of KS Group and Alma Realty, two multifamily developers based in Newark and Long Island City, respectively. Upon completion, the development will comprise a 26-story tower and three mid-rise buildings totaling 731 residential units. The development will include affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real estate taxes to projects that meet specific criteria and include a required percentage of affordable housing. The properties will also feature ground-floor retail space and parking. Amenities will include a rooftop pool with a landscaped roof deck, fitness center, golf simulator, children’s playroom, indoor and outdoor theaters and a business center. The development marks Phase I of a larger, multi-phased project dubbed Astoria Cove, which will be located at 8-01, 4-34 and 5-57 26th Ave. in Queens. YNH Construction will serve as general contractor on the project. Construction is …
SANTA ROSA, CALIF. — Phoenix Development Co. has received $27.8 million in refinancing for Pullman Modern Urban Apartments, a newly constructed multifamily community in Santa Rosa. Gary Mozer of IPA Capital Markets, a division of Marcus & Millichap, secured the 36-month, floating-rate nonrecourse loan, which features interest-only payments for the full term, on behalf of the borrower. Pullman Modern Urban Apartments offers 114 apartments spread across three residential buildings at 725 Wilson St., 755 Wilson St. and 85 8th St. The project is currently in lease-up with stabilization estimated toward the end of 2025.
RANCHO CUCAMONGA, CALIF. — Marcus & Millichap has arranged a $19 million loan through its affiliate, BA Debt Fund LLC, to refinance a shopping center located in Rancho Cucamonga. Bolour Associates provided the loan. The 106,000-square-foot property, which was 99 percent leased at the time of financing, is anchored by a Smart & Final grocery store. Preston Davey of Marcus & Millichap arranged the loan on behalf of the borrower.
WACO, TEXAS — Seven Hills Realty Trust (NASDAQ: SEVN), an affiliate of Boston-based investment firm RMR Group, has provided an $18.5 million bridge loan for the refinancing of LL Sams, a 271-bed student housing building that serves students at Baylor University in Waco. The building is adjacent to campus and houses one-, two-, three-, four- and five-bedroom floor plans. Amenities include a pool, fitness studio, resident clubhouse, package lockers and private study pods. JLL arranged the three-year loan on behalf of the borrower, California-based Shore to Shore Properties.
SICKLERVILLE, N.J. — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $34 million bridge loan for the refinancing of Mi-Place at Brightmoor, the 168-unit second phase of a 312-unit apartment community located in the Southern New Jersey community of Sicklerville. The property offers 63 one-bedroom units, 84 two-bedroom apartments and 21 three-bedroom residences that are furnished with stainless steel appliances, quartz countertops, individual washer and dryers and private balconies/patios. Amenities include a clubhouse, pool, fitness center, game room, community lounge, dog washing area and a playground. The borrower is Fernmoor Homes.
NEW HOPE, BLOOMINGTON AND ST. PAUL, MINN. — BWE has arranged $39 million in loans to refinance a portfolio of six affordable housing properties in New Hope, Bloomington and St. Paul. The properties total 529 units, with 100 percent of the units reserved for tenants earning up to 60 percent of the area median income. Victor Agusta Jr. of BWE originated the Freddie Mac loans on behalf of Aeon, a Twin Cities-based nonprofit that builds affordable housing. The communities include Bass Lake Crossing and Kings Manor in New Hope; Cedar Gate, Cedar Glen and Metropolitan Towers in Bloomington; and Larpenteur Villa in St. Paul.
DEERFIELD, ILL. — JLL Capital Markets has secured a $45.7 million construction loan and a $9.9 million mezzanine loan for Park5 Luxury Rental Townhomes, a 144-unit build-to-rent community in the northern Chicago suburb of Deerfield. Located just west of I-94, Park5 will feature two- and three-bedroom townhomes averaging 1,953 square feet with two-car attached garages and private yards. Matthew Schoenfeldt and Mary Dooley of JLL secured the senior construction loan through Bank OZK and the mezzanine financing through an insurance company on behalf of the borrower, VennPoint Real Estate. Dan Reynolds and Chris Cummins of JLL consulted on selling the land for $10.2 million on behalf of the seller, Quadrangle.