SPARTA, N.J. — JLL has arranged a $21.5 million loan for the refinancing of Sparta Town Center, an 87,984-square-foot shopping center in Northern New Jersey. Anchored by grocer Stop & Shop, Sparta Town Center was fully leased at the time of the loan closing. Other tenants include Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium and Anthony Franco’s Pizza. Thomas Didio, Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Aegon Asset Management on behalf of the borrower, an affiliate of locally based developer Hekemian & Co. Inc.
KANSAS CITY, MO. — Northmarq has arranged a $3 million loan for the refinancing of the Shops at Shoal Creek in Kansas City. The 14,238-square-foot retail center, built in 2015, is located at 8250-8260 N. Booth Ave. The property is situated near a larger shopping center that is home to Target, Sam’s Club, Walmart Supercenter and The Home Depot. Bob Harrington of Northmarq arranged the fixed-rate loan, which features a 10-year term, two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
PHOENIX — NewPoint Real Estate Capital has provided a $45.6 million, 10-year, Fannie Mae DUS loan for the refinancing of an apartment community in Phoenix. The recently constructed community features 200 detached apartments with smart-home technology systems and high-end interior finishes, including stainless steel appliances, granite countertops and washers/dryers, as well as private, fenced-in backyards. Community amenities include a clubhouse, fitness center, heated pool and spa, pet park and controlled entry. John Motzel of NewPoint, along with Jeremy Korea of Cushman & Wakefield, originated the loan.
NASHVILLE, TENN. — Amazon plans to invest a total of $10.6 million to help build and renovate more than 130 affordable housing units in Nashville. The investment is in partnership with the Metropolitan Development and Housing Agency (MDHA) and supports the social work of the local nonprofit CrossBridge Inc., which provides housing and supportive services to adults overcoming addiction. The investment is part of the Amazon Housing Equity Fund, which has earmarked more than $2 billion to create and preserve 20,000 affordable homes in Nashville, Washington state’s Puget Sound region and the Arlington, Va., region, which is home to Amazon’s HQ2 campus. The Seattle-based e-commerce giant has committed more than $94 million over the past two years to affordable housing efforts in Nashville. Amazon’s commitment to MDHA consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development in the Cayce Place neighborhood of east Nashville. Cherry Oak will feature 96 apartments, including 53 that are affordable at or below 80 percent of area medium income (AMI). MDHA has a 99-year ground lease at the site. Amazon is also providing a $3.5 million grant to support CrossBridge’s housing projects on Lindsley Avenue …
SAN DIEGO — Greystone has provided a $129.5 million Fannie Mae Delegated Underwriting Services loan for the refinancing of Spire San Diego, a multifamily community located on Island Avenue in San Diego. Matt Stevens of Greystone originated the fixed-rate loan for the borrower, Pinnacle Parkside Development US LP, with James Dick and Jay Dick of Kidder Mathews acting as correspondent. Built in 2014, the 45-story Spire San Diego features 472 apartments and is part of a residential and commercial complex with a 484-unit sister property, Pinnacle on Park. Spire offers one-, two- and three-bedroom units, a fitness center, swimming pool, game room, yoga room, screening room, residents lounge and outdoor grilling area.
LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.
WEST ST. PAUL, MINN. — Colliers Mortgage has provided a $25.2 million HUD 223(f) loan for the refinancing of The Winslow in West St. Paul. The 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median income. Amenities include a clubroom, theater, fitness center, salon, game room and outdoor deck. An entity doing business as WSP Senior Housing I LLLP was the borrower. The fixed-rate loan is fully amortized over 35 years. Colliers Mortgage previously provided a construction loan for the property in 2018.
HACKENSACK, N.J. — JLL has arranged a $78 million loan for the refinancing of The Current on River, a 254-unit apartment community in the Northern New Jersey community of Hackensack. Built in 2020, Current on River offers one- and two-bedroom units with an average size of 846 square feet. Residences feature granite/quartz countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers and private patios/balconies. Amenities include a fitness center, pool with a sundeck, barbecue and picnic areas, a courtyard, coffee bar, clubroom, work lounge, pet spa and a conference room. Thomas Didio, Thomas Didio Jr. and Gerard Quinn of JLL arranged the 10-year, fixed-rate loan through New York Life on behalf of the borrower, an affiliate of locally based development and management firm Hekemian & Co.
ATLANTA — Eastern Union has arranged a $48 million bridge loan for the acquisition of Optimist Lofts, a 212-unit multifamily property situated at 2115 Piedmont Road NE in Atlanta’s Midtown district. The two-year, interest-only loan carries an interest rate underwritten at SOFR (secured overnight financing rate) plus 345 basis points, and features three one-year extension options. Completed in 2008, the property consists of 203 conventional units and nine “live/work” units housed in four three- and four-story buildings. The property also includes six ground-floor retail spaces totaling 8,026 square feet. The unidentified borrower and property owner is planning to undertake a multimillion-dollar capital expenditure initiative for improvements to approximately half of the units, as well as various exterior and common area renovations and site upgrades.
CHARLOTTE, N.C. — Colliers Mortgage has provided an $8.8 million Fannie Mae loan for the acquisition of Tindall Park at South Park Apartment Homes, a 37-unit, market-rate multifamily property located at 6023 Tindall Park Road in Charlotte. The loan carries a five-year term and a 30-year amortization schedule. The borrower is Los Angeles-based Summit Equity Investments. Built in 2017, Tindall Park at South Park is a pet-friendly property featuring conference rooms, a library, 24/7 gym, onsite property management, community-wide Wi-Fi, elevator and a lounge.