GRANDVIEW HEIGHTS AND UPPER ARLINGTON, OHIO — Ready Capital has closed a $22.8 million loan for the acquisition and stabilization of a 1,649-unit self-storage portfolio located in the metro Columbus cities of Grandview Heights and Upper Arlington. The nonrecourse loan features interest-only payments, a floating rate and a three-year term. The borrower was undisclosed.
SAN DIEGO — MetroGroup Realty Finance has secured $18.5 million in financing for a 56,173-square-foot retail center in San Diego. The undisclosed borrower developed the property in two phases in 2002 and 2013. The financing features a maximum loan-to-value ratio of 60 percent for 10 years with a 30-year amortization schedule. Tenants at the property at the time of financing included Subway, several service and fitness tenants, and a service station and car wash. The use of the funds was not disclosed.
NEW YORK CITY — Locally based private equity firm Madison Realty Capital has provided a $90 million construction loan for a mixed-use project that will be located in the Flushing area of Queens. The development will comprise 150 residential condos, 202 hotel rooms, 23,000 square feet of ground-floor and below-grade retail space and 300 parking spaces. All of these uses will be housed in two adjoined buildings rising 16 and nine stories that will be set on a retail podium and will total 263,151 square feet. Residential floor plans will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center and outdoor terraces and courtyards. The borrower and developer is an entity doing business as 37 Ave Richouse LLC. A construction timeline was not disclosed.
BOSTON — Locally based mortgage banking firm Fantini & Gorga has arranged a $13 million loan for the refinancing of The Berkeley Building, a historic office and retail property in Boston’s Back Bay area. The building was originally constructed in 1906. Wayne Clough and Colin Monahan of Fantini & Gorga arranged the 10-year, fixed-rate loan through Lincoln Financial Group. The sponsor, Boston-based A.W. Perry Inc., will use a portion of the proceeds to fund capital improvements.
LOS ANGELES — Bellwether Enterprise Real Estate Capital (BWE) has closed a $77 million nonrecourse construction loan for a flex office campus in northern Los Angeles. The borrower plans to develop a 204,600-square-foot building with 35-foot clear heights, specialized office build-out and onsite trailer storage space. Additionally, a new parking structure will be constructed on the site. Tom Kenny, Josh Boehling and Alex Gregoire of BWE’s Irvine, Calif., office originated the financing on behalf of the borrower. The financing was arranged with a bank lender for an initial three-year term, with an optional extension.
SAN ANTONIO — Lument has provided a $16 million bridge loan for the acquisition of Palazzo, a 92-unit apartment complex in San Antonio. The property was built as a 100-unit condo development in 2008, but with only eight units sold upon completion, ownership converted the residences to rentals. Today, Palazzo consists of 10 buildings on a 4.3-acre site that house 20 one-bedroom, 48 two-bedroom and 24 three-bedroom units. Amenities include a fitness center, business center and a dog park. Phil Frasca of Lument originated the financing, which was structured with a floating interest rate, three-year term and two 12-month extension options. The borrower was not disclosed.
CHICAGO — Chicago-based JLL Capital Markets has arranged an $85 million loan for the acquisition of a 12-building industrial portfolio totaling 814,888 square feet across California, Georgia, Maryland and Minnesota. MDH Partners acquired the fully leased portfolio. Chris Drew, Maxx Carney, Jimmy Calvo, Robert Carey, Brock Yaffe and Eric Boucher of JLL arranged the five-year, floating-rate loan with Truist. Mark Hancock of Truist Commercial Real Estate served as the lead on the transaction for Truist.
LongPoint Realty Partners Receives $52M Acquisition Loan for Van Nuys Industrial Park in Los Angeles
LOS ANGELES — JLL Capital Markets has secured $52 million in acquisition financing for Van Nuys Industrial Park, a value-add business park situated on 11.7 acres in the Van Nuys submarket of Los Angeles. The borrower is Boston-based Longpoint Realty Partners. The seller was not disclosed. Totaling 84,346 square feet, Van Nuys Industrial Park features four light industrial buildings constructed between 1963 and 1974, plus two land parcels totaling 3.8 acres used as outdoor storage lots for automobile and truck trailers. At the time of sale, the property was fully leased to six tenants. The buildings are located at 16300-16210, 16251, 16201, 16141, 16161 Raymer St. and 8085 Woodley Ave. Greg Brown and Peter Thompson of JLL Capital Markets placed the three-year, floating-rate, nonrecourse acquisition loan with Prime Finance.
LOMBARD, ILL. — Barings has provided a $67 million, three-year loan for the recapitalization of The 450, a newly constructed apartment complex in the Chicago suburb of Lombard. Amenities at the 256-unit property include a fitness center, yoga studio, business center, package room with cold storage, heated underground parking, pet park, pool and electric car charging stations. Emerald Isle Investment Partners advised the borrower, a joint venture between UrbanStreet Group and Atlas Residential. The three-year loan includes funding to complete lease-up.
TUCSON, ARIZ. — CBRE has arranged a $30 million loan for the dual-branded Hampton Inn/Home2 Suites hotel in Tucson. Located at 141 S. Stone Ave., the 199-key property opened in late summer 2021. Adrienne Andrews and Will Denton of CBRE facilitated the refinancing for the owner, Fayth Hospitality. A national bank lender provided the seven-year, fixed-rate loan, which pays off the construction loan and provides a future funding upside.