BURLINGTON, VT. — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $12 million loan for the refinancing of Gateway Square, a two-building office complex in Burlington, located in northwestern Vermont. The buildings are located at 30 and 40 Main St. and were both completed in 1999. Wayne Clough and Colin Monahan of Fantini & Gorga placed the loan with a regional bank on behalf of the borrower, Investors Corp. of Vermont Properties.
NEW YORK CITY — Pacific Western Bank has provided a $107 million construction loan for a 224-unit multifamily project that will be located at 585 Union St. in the Gowanus area of Brooklyn. The site is situated within a Qualified Opportunity Zone. Units will come in one-, two- and three-bedroom formats, with 25 percent of the residences being reserved as affordable housing, and amenities will include a pool and fitness center. The borrower is a joint venture between Canyon Partners Real Estate, Tavros Holdings and Charney Cos. A tentative completion date was not disclosed.
GARLAND, TEXAS — Dallas-based Anthem Development has received $63 million in construction debt and joint venture equity for a 340-unit multifamily project in Garland, a northeastern suburb of Dallas. The community, named Lofts iThirty, will consist of five four-story buildings with two pools, two fitness centers, a pet park, coffee bar, game room and outdoor kitchens. Construction is set to begin this summer and to be complete in 2025. Los Angeles-based Nova Capital arranged the financing through Bank OZK and secured an undisclosed, institutional investment firm as the joint venture equity partner.
MONTGOMERY, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Town Creek Storage, a 251-unit self-storage facility in Montgomery, about 60 miles north of Houston. The facility was built in 2017. Matt Franke and Michael Borden of Northmarq arranged the fixed-rate loan, which was structured with a five-year term and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox has arranged a $10 million permanent loan for an 88-unit affordable housing complex in the Northern New Jersey community of Union. The two-building complex is situated within the Vermella Union mixed-use development. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year, interest-only loan on behalf of the borrower, an affiliate of Russo Development. The direct lender was not disclosed.
LAFAYETTE, IND. — Ariel Property Advisors has arranged an $8.2 million refinance loan and line of credit for the renovation and expansion of a 160,000-square-foot shopping center in Lafayette. The expansion will accommodate one of the tenants, a government agency, that needed a larger space. Eli Weisblum and Paul McCormick of Ariel arranged the loan, which features a 6.5 percent fixed interest rate, a 25-year amortization schedule and a 65 percent loan-to-value ratio. The lender and borrower were not provided.
YAKIMA, WASH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million bridge loan for the purchase of the Powerhouse Villas Duplex multifamily portfolio in Yakima. Tammy Linden of MMCC’s Seattle office arranged the 12-month loan for the undisclosed borrower. Built in 2018, the portfolio consists of 12 duplexes, totaling 24 units. The acquisition was part of a 1031 exchange, with purchase contracts assembled from three different sellers. Zachary Howe of Marcus & Millichap handled the acquisition.
MCALLEN, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million CMBS loan for the refinancing of a Hilton-branded hotel in the Rio Grande Valley city of McAllen. The Hilton Garden Inn McAllen Airport was built in 2000 and totals 104 rooms. Robert Bhat of MMCC arranged the loan, which carried a five-year term, 30-year amortization schedule and a 65 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
NORTHVILLE, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million loan for the acquisition of a 28,780-square-foot retail property occupied by Fresh Thyme Market in Northville, a northwest suburb of Detroit. Constructed in 2015 as a build-to-suit for the grocery store, the building is located at 15480 Sheldon Road. Chad O’Connor of MMCC arranged the loan on behalf of the undisclosed borrower. The 10-year loan features a fixed interest rate of 5.37 percent, a 30-year amortization schedule and a 45 percent loan-to-value ratio.
EWING, N.J. — Locally based student housing development and management firm The PRC Group has received an $88.4 million loan for the refinancing of Campus Town at TCNJ, a 612-bed development located in the Northern New Jersey community of Ewing. The property, which serves students at The College of New Jersey, offers 184 units in one-, two- and four-bedroom floor plans alongside 78,787 square feet of ground-floor retail space. John Banas, Kristopher Wood, Christopher Philipps, Rhett Saltiel, Erik DiGirolamo and Sean Bailey of Walker & Dunlop arranged the financing on behalf of PRC Group. The direct lender was not disclosed.
