NEW YORK CITY — Newmark has arranged a $61.2 million acquisition loan for a portfolio of three multifamily properties totaling 94 units in Manhattan’s Chelsea neighborhood. The pre-war buildings are located at 301 W. 22nd St., 300 W. 21st St. and 229 W. 20th St. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Dan Morin and Andrew Harwood of Newmark arranged the loan through Slate Asset Management on behalf of the borrower, Slate Property Group. The new ownership plans to upgrade unit interiors and modernize the buildings’ façades, lobbies and common areas.
MINNEAPOLIS – CEDARst Cos., a national multifamily developer, has closed $170 million in capital with plans to develop 358 apartment units above 40,000 square feet of retail space along North Sixth Avenue in the North Loop neighborhood of Minneapolis. CEDARst has invested nearly $250 million of capital in the North Loop over the past two years, having successfully developed the Duffey, its first development in the submarket consisting of 188 apartment units, located at the corner of North Sixth and North Washington avenues. CEDARst’s second development, Duffey 2.0, consists of both an adaptive reuse and ground-up component. It is located within a landmark overlay and required approval from the National Park Service for the procurement of historic tax credits at the state and federal level. This represents CEDAR’s seventh tax credit development. In addition to syndicating over $30 million of tax credits, CEDARst partnered with ULLICO on a $101 million construction loan and Pearlmark on a $12 million structured finance investment. The remaining $27 million was CEDARst equity. Pat Minea and Dan Trebil of Northmarq arranged the financing on behalf of CEDARst. CEDARst has already broken ground and plans to complete the development by the end of 2023. BKV is …
TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe. The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.
SAN ANTONIO — Walker & Dunlop has arranged a loan of an undisclosed amount for the refinancing of The Place at Castle Hills, a 680-unit apartment community located on the north side of San Antonio. Built in 1984, the garden-style property comprises 52 buildings that house one- and two-bedroom units with walk-in closets and private balconies/patios. Amenities include four pools, a fitness center, outdoor picnic areas and a Wi-Fi lounge. Alex Inman, Jon Hyduke, René Jaubert, Harrison Hoskins and Hannah Coen of Walker & Dunlop arranged the loan on behalf of the borrower, Arizona-based investment firm MC Cos.
NEW YORK CITY — Cushman & Wakefield has arranged a $367.8 million in financing for a portfolio of 23 industrial properties totaling approximately 3 million square feet in the Mid-Atlantic region. Specifically, the properties are located in Pennsylvania, Maryland and New Jersey and were fully leased to 41 tenants at the time of sale. Tenant footprints range in size from 7,238 to 478,715 square feet. John Alascio, Alex Hernandez, Alex Lapidus, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through J.P. Morgan on behalf of the borrower, Ares Management.
AVENTURA, FLA. — Aztec Group has arranged the $23 million refinancing of a five-story, climate-controlled self-storage facility in the Miami suburb of Aventura. Glendale, Calif.-based self-storage operator Public Storage operates the property. Built in 2018, the facility offers 84,000 square feet of rentable space across 946 units. Jason Shapiro and Charles Penan of Aztec Group arranged the loan through the direct lender, an affiliate of Miami-based 3650 REIT, on behalf of the borrower, South Florida-based America’s Capital Partners. The nonrecourse, fixed-rate loan will be interest-only for the full 10-year term.
Colliers Mortgage Arranges $9.8M Fannie Mae Loan for Siena Villas Multifamily Property in Orem, Utah
OREM, UTAH — Colliers Mortgage Southwest has arranged a $9.8 million Fannie Mae loan for the refinancing of Siena Villas, a multifamily community in Orem. Rob Prouty of Colliers Mortgage Southwest arranged the 10-year loan for the borrower, Siena Villas LLC. Constructed in 2011, Siena Villas features 81 market-rate apartments with in-unit washers/dryers, onsite management and covered and uncovered parking.
NEW YORK CITY — MCR, a New York City-based hospitality development and investment firm, has received a $420 million loan to refinance a portfolio of 30 hotels totaling 3,792 rooms across 17 states. The majority of the properties are located in high-growth markets within states such as Florida, Utah, Nevada, Colorado, Texas and South Carolina. Locations range from leisure destinations such as the Hilton Garden Inn Orlando at SeaWorld to urban assets like the Courtyard by Marriott Milwaukee Downtown, as well as university-driven markets. The portfolio features eight different brands across the select-service and extended-stay segments of the market. These brands include Homewood Suites, Hampton Inn & Suites, Hilton Garden Inn, Home2 Suites, Residence Inn, Courtyard by Marriott, SpringHill Suites and TownePlace Suites. Wells Fargo led the consortium of lenders, including BMO Harris, Bank of America and Square Mile Capital, that provided the funds. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to MCR on the transaction, and Eastdil Secured served as financial advisor. MCR’s in-house team manages the hotels, all of which have recently undergone capital improvements. Specific loan terms were not disclosed, but the debt was priced with an interest rate that was 3.73 percent …
CINCINNATI — Northmarq has arranged a $3.2 million loan for the refinancing of Kemper Commerce Park in Cincinnati. The 145,485-square-foot industrial property consists of two buildings. Christina Grimme of Northmarq arranged the 10-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
ST. LOUIS — Newmark has arranged a $72 million loan for the refinancing of the Marriott St. Louis Grand hotel in the central business district of St. Louis. The 917-room hotel features 77,000 square feet of meeting space and is situated adjacent to the Americas Center Convention Complex, which is currently undergoing a $210 million renovation. The hotel was originally developed in 1917 as a Statler Hotel. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Tyler Dumon of Newmark arranged the loan on behalf of the undisclosed borrower, which acquired the hotel in 2014 and renovated it.