Loans

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Amy Works September 21, 2022

SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …

September 21, 2022

Acquisitions Loans Nevada Restaurant Retail Western

JLL Capital Markets Arranges $41.2M Sale of Craig Marketplace in Las Vegas

by Amy Works September 21, 2022

LAS VEGAS — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway. Situated at 7101-7181 W. Craig Road, the property was built in 2002.

September 21, 2022

Acquisitions Loans Office Washington Western

Pearlmark Receives $7M Mezzanine Loan for Northview Center Office Building in Lynnwood, Washington

by Amy Works September 21, 2022

LYNNWOOD, WASH. — Chicago-based Pearlmark has received a $7 million mezzanine debt investment as part of its purchase of Northview Center, an office property in Lynnwood. The 182,009-square-foot building is close to a new light rail station that will provide easy access to downtown Seattle. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V LP. Prime Finance provided the senior loan. Nitze-Stagen is the manager for the borrower. Bill Swackahmer of Pearlmark arranged the transaction.

September 21, 2022

Georgia Loans Office Southeast

Lightstone Capital Provides $27M Refinancing of Office Building in Atlanta’s Cumberland-Galleria District

by John Nelson September 20, 2022

ATLANTA — Lightstone Capital has provided a $27 million loan for the refinancing of 2000 Riveredge Parkway, a 12-story, 240,000-square-foot office building in Atlanta’s Cumberland-Galleria submarket. The Florida-based borrower, Mainstreet Capital Partners, will use the financing to refinance existing debt and fund future leasing costs. Ed Coco and Matt Casey of JLL arranged the financing on behalf of Mainstreet. Situated near the Chattahoochee Nature Center, the property was about 50 percent occupied at the time of the financing to 20 tenants, including Aetna, Atlas Roofing, VITAS Healthcare and Diamond Crystal Brands. The building has 24/7 security, a recently added fitness center with showers and lockers, conferencing facilities, a renovated deli, private balconies, attached structured deck parking and a tenant lounge. Mainstreet Capital plans to use the loan proceeds to upgrade the parking deck terrace, complete multiple spec suites, update the restrooms and make minor mechanical updates.

September 20, 2022

Loans Northmarq Texas

Northmarq Arranges $10.5M Loan for Refinancing of Houston Industrial Property

by Taylor Williams September 20, 2022

HOUSTON — Northmarq has arranged a $10.5 million loan for the refinancing of West Little York Trade Park, a 120,900-square-foot industrial property in Houston. The property was built in 2020 and consists of 15 single-tenant buildings ranging in size from 7,000 to 11,875 square feet. Matt Franke of Northmarq arranged the nonrecourse, fixed-rate loan, which was structured with 18 months of interest-only payments, through an undisclosed regional bank. The borrower was also not disclosed.

September 20, 2022

Arizona Development Industrial Loans Western

JLL Arranges $99M Construction Loan for Five-Building Sossaman Park Industrial Project in Mesa, Arizona

by Amy Works September 20, 2022

MESA, ARIZ. — JLL Capital Markets has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial project in Mesa. Totaling 828,718 square feet, the first phase will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25 to 41 dock-high doors, 50-foot by 52-foot column spacing and 32-foot clear heights throughout. Sossaman Park will be built in two phases with the second phase expected to include three additional buildings that will collectively total 722,000 square feet. A portion of the loan proceeds were used to fund the sponsor’s acquisition of the Phase II land site. The development is located on 108.9 acres at the southwest corner of Sossaman and Warner roads in the Chandler North/Gilbert submarket. Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos of JLL Capital Markets arranged a four-year, floating-rate loan for the borrower, a joint venture led by Contour. Pacific Western Bank provided the loan.

September 20, 2022

Development Loans Massachusetts Multifamily Northeast

Ullico Provides $150M Construction Loan for Metro Boston Multifamily Project

by Taylor Williams September 20, 2022

REVERE, MASS. — Ullico, a Washington, D.C.-based insurance company, has provided a $150 million construction loan for Amaya, a 475-unit multifamily project that will be located in the northeastern Boston suburb of Revere. Designed by ICON Architecture, the project is part of the 16.2 million-square-foot redevelopment of the former Suffolk Downs racetrack and will house 24,000 square feet of ground-floor retail space. Amenities will include a pool, landscaped courtyards, an outdoor kitchen with grilling stations, fitness center and a game room with an arcade. Completion is slated for the second quarter of 2024. The borrower was a partnership between National Real Estate Advisors, Cathexis and The HYM Investment Group.

September 20, 2022

Acquisitions Loans Multifamily Texas

Palladius Capital Management Buys 342-Unit Multifamily Property in Metro Austin

by Taylor Williams September 19, 2022

KYLE, TEXAS — Locally based investment firm Palladius Capital Management has purchased Citizen House Kyle, a 342-unit multifamily property that is located along the I-35 corridor on the southern outskirts of Austin. Built in 2022, the community is situated within Dry River, a 65-acre mixed-use development by Endeavor Real Estate Group. Residences come in one- and two-bedroom formats, and amenities include a pool, fitness center, outdoor lounge, coworking space and a resident clubhouse. Austin-based Endeavor developed and sold the property. The price was not disclosed. Tony Stein and B.K. Newsom of CBRE arranged a $60 million acquisition loan through CBRE Investment Management on behalf of Palladius.

September 19, 2022

Loans New York Northeast Retail

Axiom Capital Arranges $13.2M Refinancing of Upstate New York Retail Center

by Taylor Williams September 19, 2022

EAST GREENBUSH, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $13.3 million permanent loan for the refinancing of a retail center in East Greenbush, roughly six miles southeast of Albany. The 301,894-square-foot property comprises six separate buildings and was leased to 16 tenants at the time of the loan closing. The names of the borrower, a development and management firm, and direct lender, a local bank, were not disclosed.

September 19, 2022

151-Tornillo-Way-Tinton-Falls-New-Jersey

Industrial Loans New Jersey Northeast

Denholtz Properties Refinances Two Northern New Jersey Industrial Facilities Totaling 50,923 SF

by Taylor Williams September 19, 2022

TINTON FALLS, N.J. — New Jersey-based Denholtz Properties has refinanced two industrial facilities located in the Northern New Jersey community of Tinton Falls. The newly constructed properties at 150 and 151 Tornillo Way total 50,923 square feet and were 100 percent leased to five tenants at the time of the loan closing. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the fixed-rate financing, the amount of which was not disclosed, through Spencer Savings Bank on behalf of Denholtz Properties.

September 19, 2022

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