RANCHO PALOS VERDES, CALIF. — PSRS has arranged a $6.4 million cash-out refinancing for an office property in Rancho Palos Verdes. Harbor Cove Plaza is a 45,837-square-foot, multi-tenant office building offering 65 units. Trevor Blood of PSRS secured the five-year loan with a 25-year amortization schedule. The name of the borrower was not released.
HOUSTON — Greystone has provided an $11 million Fannie Mae loan for the refinancing of Broadway Park, a 224-unit apartment complex in Houston. The property comprises 108 one-bedroom residences, 112 two-bedroom apartments and four three-bedroom units. D.J. Elefant and Dan Gillard led the Greystone team that secured the financing on behalf of the borrower, an entity doing business as Broadway Park-SI LLC. Bolder Capital arranged the fixed-rate debt, which carried a 10-year term and four years of interest-only payments. Since acquiring Broadway Park in 2019, the sponsor has invested more than $2.5 million in capital improvements.
SAN ANTONIO — Schelin Uldricks & Co., a California-based financial intermediary and advisory firm, has arranged a $10.4 million loan for the refinancing of Olmos Creek Shopping Center, a 102,254-square-foot retail property in San Antonio. Built in phases between 1996 and 2004, the center is leased to a mix of tenants in the fitness, food-and-beverage, entertainment and discount retail sectors. A California-based debt fund provided the funds. The borrower was not disclosed.
PETERSBURG, VA. — Northmarq has arranged a $6.7 million acquisition loan for Mill Creek Apartments, a 95-unit multifamily community located at 2701-2732 in Petersburg. Hunter Wood, Keith Wells and Reina Abboud of Northmarq’s Richmond office arranged the five-year loan through a regional bank on behalf of the undisclosed borrower. The loan includes 12 months of interest-only payments followed by a 30-year amortization schedule. Built in 1976, Mill Creek is situated within a half-mile of two regional shopping destinations: South Crater Road Plaza and Burgess Shopping Center. The seller was not disclosed.
PHILADELPHIA — Atlanta-based investment management firm Invesco Real Estate and Webster Bank have provided $76.8 million for the refinancing of a 282,737-square-foot industrial property in Philadelphia. DH Property Holdings recently completed the Class A facility, which is a build-to-suit for TJX Cos., the parent company of Marshalls and T.J. Maxx. Building features include a clear height of 53 feet, proximity to Interstates 95 and 76 and ample car and trailer parking. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing.
NORTH HALEDON, N.J. — G.S. Wilcox & Co. has arranged a $52 million loan for the refinancing of a 180-unit multifamily asset located in the Northern New Jersey community of North Haledon. The four-building property features amenities such as a pool, pet park, fitness center, clubhouse and an outdoor entertainment area. Gretchen Wilcox, Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the 20-year loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.
ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta. Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 years. Jewish Tower is a 200‐unit, eight‐story building, and Zaban Tower is a 60‐unit, four‐story building. Both assets were delivered in the 1970s and provide affordable, independent living for seniors aged 62 and older. The two properties are situated on the same campus and are connected through a third building, the William Breman Jewish Home, which contains assisted living and nursing care units, as well as a full‐service dining room that is open to residents of all three buildings. The borrower plans to use the financing to upgrade handicap accessibility in common areas and resident units, replace the roof and windows and upgrade unit interiors. Building system improvements will include …
LOS ANGELES — PSRS has arranged a $7.6 million cash-out refinance of a two-story retail center in Los Angeles. The name of the borrower was not released. William DeFanti of PSRS secured the refinancing, which features a 4.45 percent interest rate, five-year term and two years of interest-only payments followed by a 30-year amortization. The subject property is a walk-up retail center with 17 suites.
ALLEN, TEXAS — Northmarq has arranged a $28 million bridge loan for the acquisition of Presidio, a 202-unit multifamily property located in the northeastern Dallas suburb of Allen. Built in 1986, the property features a pool, fitness center, pet play area, outdoor grilling and dining stations and onsite laundry facilities. Kevin Leamy of Northmarq arranged the loan, which carried a three-year, interest-only term, through an undisclosed balance sheet lender. Taylor Hill, Michael Ware, Joey Tumminello, Drew Kile and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, 37th Parallel Properties, in the transaction. The borrower was also not disclosed.
BROWNWOOD, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for Southside Village Apartments, a 104-unit multifamily asset in Brownwood, about 140 miles northwest of Austin. The 12-building, garden-style property was built in 1973 and offers amenities such as a playground, basketball court and a dog park. Fritz Waldvogel of Colliers Mortgage originated the financing through a partnership with Old Capital Lending. The borrower was an entity doing business as The Magnolia on 4th LLC.
