Saturday, June 14, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Loans

The-Mural-Orange-NJ
LoansMultifamilyNew JerseyNortheast

Reynolds Receives $30.5M Loan for Refinancing of Northern New Jersey Apartment Complex

by Taylor Williams

ORANGE, N.J. — Reynolds Asset Management has received a $30.5 million Fannie Mae loan for the refinancing of The Mural, a 103-unit apartment complex located in the Northern New Jersey community of Orange. Completed last spring, The Mural offers studio, one- and two-bedroom units and amenities such as a fitness center, courtyard plaza, outdoor grilling and dining stations and an outdoor lounge. Thomas Didio Jr. and Max Custer of JLL originated the five-year loan on behalf of Reynolds. Miami-based Pensam Capital also provided a preferred equity investment as part of the asset’s recapitalization.

Continue Reading
FacebookTwitterLinkedinEmail
85-Pond-Rd-Eagle-CO
ColoradoLoansMultifamilyWestern

JLL Provides $7.5M Loan for Multifamily Community in Eagle, Colorado

by Amy Works

EAGLE, COLO. — JLL Capital Markets has provided a $7.5 million Freddie Mac loan for House Apartments, a multifamily property in Eagle. Tony Nargi led the JLL Capital Market’s Debt Advisory team to originate the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Situated on 4.8 acres at 85 Pond Road, the three-story property features 54 units totaling 27,838 rentable square feet. Community amenities include an on-site exercise facility, community kitchen, elevator and dedicated work-from-home spaces. The asset was built in 1998.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisIndustrialLoansMidwest

Cinnaire Invests $7M in New Markets Tax Credits for Tillamook Creamery Project in Decatur, Illinois

by Kristin Harlow

DECATUR, ILL. — Cinnaire has invested $7 million in New Markets Tax Credits to support the rehabilitation and expansion of the former Prairie Farms dairy plant into the Tillamook Decatur Creamery. The facility, located at 757 N. Morgan St. in Decatur, is being transformed into a modern 79,000-square-foot creamery to support Tillamook County Creamery Association’s (TCCA) production efforts in the eastern U.S. Construction began in June, and is slated for completion this month. The project, which has revitalized the vacant building into a dedicated ice cream manufacturing plant, marks a significant expansion as TCCA’s first wholly owned and operated manufacturing facility outside of Oregon and its only facility dedicated solely to ice cream production. Tillamook is an Oregon-based dairy co-op and manufacturer known for its cheese, yogurt, butter and ice cream. The Tillamook Decatur Creamery will create approximately 49 new full-time jobs. Originally opened in 1918 by Swift and Co., the Decatur plant was later acquired by Prairie Farms in 1977 where it served as an ice cream production facility until its closure in early 2022. TCCA is spending roughly $74 million adding automation, robotic palletizing and improving employee welfare spaces.

Continue Reading
FacebookTwitterLinkedinEmail
LoansNew YorkNortheastOfficeTop Stories

JLL Arranges $1.1B Refinancing for 3 Bryant Park Office Tower in Midtown Manhattan

by John Nelson

NEW YORK CITY — JLL’s Capital Markets group has arranged the $1.1 billion refinancing of 3 Bryant Park, a 42-story office tower located at 1095 Avenue of the Americas in New York City. The 1.2 million-square-foot trophy building is situated within the Bryant Park neighborhood of Midtown Manhattan. Christopher Peck, Drew Isaacson, Lauren Kaufman, Jennifer Zelko and Christopher Pratt of JLL arranged the refinancing on behalf of the owner, Ivanhoé Cambridge, and the property manager, Houston-based Hines. Ivanhoé Cambridge purchased 3 Bryant Park in 2015 for $2.2 billion. Wells Fargo, Bank of America and Bank of Montreal were the lead lenders for the refinancing. Further details of the financing were not released. Located adjacent to Manhattan’s Bryant Park and the 42nd Street Subway station, 3 Bryant Park was 97.2 percent leased at the time of financing to tenants including Salesforce, which has signage atop the tower. Other tenants include Stifel, Dechert LLP, US Bank, Lloyds Bank and Standard Chartered. The tower also includes retail space leased to tenants including Whole Foods Market, Equinox, Valbella, Shake Shack and Rosetta Bakery. Other offerings at 3 Bryant Park include a new conference center, sky lobby with a coffee bar and more than 16,000 …

Continue Reading
FacebookTwitterLinkedinEmail
District of ColumbiaFeaturesLoansMultifamilySoutheastSoutheast Feature Archive

MBA: Commercial, Multifamily Loan Volume to Increase 16 Percent in 2025

by John Nelson

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) is forecasting that total commercial and multifamily mortgage borrowing and lending will rise to $583 billion in 2025, which is a 16 percent increase from 2024’s estimated total of $503 billion. The Washington, D.C.-based organization made the announcement at its 2025 Commercial/Multifamily Finance Convention and Expo (CREF) event taking place in San Diego. Multifamily lending, which is calculated into the total figure, is expected to rise to $361 billion in 2025 — also a 16 percent increase from last year’s estimate of $312 billion. MBA anticipates originations in 2026 will increase to $709 billion in total commercial real estate lending, with $419 billion of that allocated to multifamily lending. “Given the strong pickup in origination activity at the end of 2024, it appears that at least some borrowers and lenders are ready to move,” said Mike Fratantoni, MBA’s senior vice president and chief economist. “MBA is forecasting that interest rates are going to stay within a trading range for the next few years. We expect an increase in originations across property types and capital sources, but certainly recognize the additional challenges posed by the large number of loans scheduled to mature in …

Continue Reading
FacebookTwitterLinkedinEmail
The-Lodge-San-Marcos
LoansMultifamilyStudent HousingTexas

Tremont Realty Capital Provides $31.2M Acquisition Loan for Central Texas Student Housing Property

by Taylor Williams

SAN MARCOS, TEXAS — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $31.2 million bridge loan for the acquisition of The Lodge, a 696-bed student housing property in the Central Texas city of San Marcos. The 258-unit community serves students at nearby Texas State University. The Lodge offers one-, two-, three- and four-bedroom units and amenities such as a pool, fitness center, basketball and volleyball courts, outdoor grilling and dining stations, game room and a cybercafé. Walker & Dunlop arranged the floating-rate loan through Tremont on behalf of the sponsor, Palladius Capital Management.

Continue Reading
FacebookTwitterLinkedinEmail
Prospect-Union-Square-Somerville
LoansMassachusettsMultifamilyNortheast

JLL Arranges Refinancing of 450-Unit Apartment Community in Somerville, Massachusetts

by Taylor Williams

SOMERVILLE, MASS. — JLL has arranged a loan of an undisclosed amount for the refinancing of Prospect Union Square, a 450-unit apartment community in Somerville, located just outside of Boston. Prospect Union Square is a two-building complex that was completed in 2023 and houses one-, two- and three-bedroom units, with 90 residences designed as affordable housing. The property also features an outdoor pool, courtyard, fitness center and indoor dog run, as well as 18,264 square feet of retail space. Danny Kaufman, Brett Paulsrud, Madeline Joyce and Ali Howard of JLL arranged the loan through Northwestern Mutual on behalf of the owner, a joint venture between affiliates of Magellan Development Group, RAS Union Square Development, Cypress Equity Investments and Affinius Capital.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaHospitalityLoansSoutheast

Hunter Hotel Advisors Arranges $35.5M Loan for Moxy Miami Wynwood Hotel

by John Nelson

MIAMI — Atlanta-based Hunter Hotel Advisors has arranged a $35.5 million loan for the recapitalization of the Moxy Miami Wynwood, a 120-room hotel that opened in October. The developer of the eight-story hotel was a 50/50 joint venture between Baywood Hotels and Dolphin Capital Partners. Charlie Ryan and Adeel Amin of Hunter’s capital markets team arranged the loan through Synovus Bank on behalf of Baywood Hotels. Moxy Miami Wynwood is located at 255 N.W. 25th St. in the city’s Wynwood district. The 110,000-square-foot property includes two signature restaurants (Sparrow Italia and Casa Madera), as well as fitness center, event space and 49 parking spaces.

Continue Reading
FacebookTwitterLinkedinEmail
IndustrialLoansNew YorkNortheast

Customers Bank Provides $13M Loan for Refinancing of Industrial Building in Newburgh, New York

by Taylor Williams

NEWBURGH, N.Y. — Customers Bank has provided a two-year, $13 million bridge loan for the refinancing of a 348,352-square-foot industrial building in Newburgh, about 70 miles north of New York City. Built in 1985, the facility at 3 Enterprise Drive features 37 dock-high loading doors, six drive-in loading doors, a clear height of 24 feet, 81 parking spaces and 5,000 square feet of office space. Local investment firm GFP Real Estate owns the building, which was fully leased at the time of sale to FedEx and organic food distributor UNFI.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLoansMidwestMultifamily

Habitat Receives $72.9M Loan, $29.5M in Equity to Refinance Columbus Plaza Apartments in Chicago

by Kristin Harlow

CHICAGO — Habitat has received a $72.9 million Freddie Mac loan plus $29.5 million in equity from New York-based Torchlight Investors for the refinancing of Columbus Plaza in downtown Chicago. Torchlight Investors joins Habitat as an equity partner in the apartment property, which rises 47 stories with 534 units. Northmarq arranged the Freddie Mac loan. The refinancing replaces a $93 million loan from 2017 that matured in November. The new loan and capital structure enable Habitat and its partners to plan renovations and other capital improvements. Completed in 1980, Columbus Plaza comprises studio, one- and two-bedroom units. Monthly rents average from $1,700 to $3,350. The building was 95 percent leased at the time of loan closing. Onsite amenities include a fitness center, sunroom, business lounge, patio and bicycle storage. Located on East Wacker Drive, the asset features views of Lake Michigan and the surrounding downtown cityscape. Habitat was the original developer of the building and continues to serve as property manager.  

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts