NEW YORK CITY — Newmark has arranged a $230 million loan for the refinancing of 520-524 Broadway, a mixed-use property totaling 235,000 square feet in the SoHo district of Lower Manhattan. The property consists of two buildings that were both constructed in the early 1900s and that feature a combined 180,000 square feet of office space and 55,000 square feet of retail space that is leased to tenants such as Balthazar and Lululemon, with Abercrombie & Fitch soon to join the roster. Jordan Roeschlaub and Nick Scribani of Newmark arranged the debt through Barings on behalf of the owner, Northwood Investors, a firm with about a dozen offices across the United States and the United Kingdom.
NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for Westbeth Artists Housing, a 384-unit affordable housing property located in the West Village area of Lower Manhattan. The historic property, which was originally constructed for Western Electric in 1868, is known as “artist housing,” via its inclusion of 46 affordable artistic workspaces that can be used as rehearsal studios or for arts programming and exhibitions. Financing proceeds will be used to recapitalize the property’s debt structure and fund capital improvements such as new roofs, elevators, windows and radiators, as well as restoration of the historic façade and full renovation of 32 apartments. The borrower was not disclosed.
DEER VALLEY, UTAH — PACE Equity has funded a $63.3 million mid-construction recapitalization using long-term, fixed-rate C-PACE financing for SkyRidge Resort in Deer Valley. SkyRidge Development is developing SkyRidge Resort. Designed for four seasons, SkyRidge Resort will offer the Stelle Lodge, a six-story resort with a rooftop bar, spa and guest services; a 310-yard golfing range with 15 hitting bays, a three-hole mountain golf course that converts into a nine-hole short course and the Golf Clubhouse with a bar and restaurant, grocer café and curated retail; and an Equestrian Center with a 34-stall barn, indoor and outdoor arena, a European walking path and scenic riding trails. SkyRidge Golf and Clubhouse are slated to open in late 2025, with theStelle Lodge scheduled to open in 2026.
TAMPA, FLA. — South Florida-based Two Roads Development has received $520 million in construction financing for Pendry Tampa and Pendry Residences Tampa, a hospitality and residential project that will be located in the city’s downtown area. Pendry is a luxury hospitality operating platform and a division of California-based Montage International. New York City-based Sculptor Capital Management and Connecticut-based Nuveen Green Capital provided the financing. The latter’s $290 million contribution came in the form of Commercial Property Assessed Clean Energy (C-PACE) financing. “We are thrilled to have closed the largest C-PACE transaction in history, partnering with Two Roads Development and Sculptor Capital on this transformative luxury property that will redefine Tampa’s skyline,” says Ryan Doyle, senior director of originations at Nuveen Green Capital. “This historic milestone showcases the growing sophistication and scale of C-PACE financing and its capacity to support major developments.” “Awareness of what’s happening in the Tampa Bay region is growing each year, and we received tremendous interest from across the nation to finance this development,” adds Taylor Collins, managing partner of South Florida-based Two Roads Development. Designed by Arquitectonica with interiors by Studio Munge, Pendry Tampa and Pendry Residences Tampa will be housed within a 38-story high-rise building …
SOUTH SALT LAKE, UTAH — Northmarq has arranged a $38 million loan on behalf of SSLC Multifamily-Parking LLC for the refinancing of Bowers Residences, an apartment community located at 55 W. Utopia Ave. in South Salt Lake. John Bradshaw, Nate Barnson, Bracken Ostler and Adam Bradshaw of Northmarq arranged the permanent fixed-rate financing on behalf of the borrower through a relationship with New York Life. Built in 2023, Bowers Residences offers 236 studio, one-, two- and three-bedroom layouts, a fitness center with a bouldering wall and a yoga/spin studio, a spa, private rooftop lounge and courtyard with games and grills, and a coworking space with a rentable clubroom and kitchen.
MINNEAPOLIS — Accesso has secured a one-year extension on the loan associated with the IDS Center, a 57-story office tower in Minneapolis. Ownership has also secured 110,000 square feet in new leases signed since the beginning of the year. Some of the recent activity includes a 25,513-square-foot, full-floor lease for Associated Bank NA, a 23,796-square-foot renewal for Husch Blackwell LLP, a 15,179-square-foot renewal for Zimmerman Reed LLP and a 13,515-square-foot renewal and expansion for architecture and design firm Perkins&Will. Spanning 1.4 million square feet, IDS Center features a public plaza and retail storefronts in addition to office space.
NEW YORK CITY — ACRES Capital has provided a $30.5 million bridge loan for the refinancing of The Mill, a 90-unit apartment building located at 1614–1626 Madison St. in the Ridgewood area of Queens. The building rises seven stories and was constructed in 2017. Information on floor plans was not disclosed. According to StreetEasy, The Mill offers amenities such as a business center, package room, resident lounge with a pool and ping pong tables, laundry room and a rooftop terrace. The borrower was locally based investment firm Essex Capital.
TULSA, OKLA. — BOK Financial has provided a $45 million acquisition loan for 222 North Detroit, a 260,283-square-foot office building in Tulsa. Completed in 2022, the 11-story building is located within the city’s central business district and was 95 percent leased at the time of the loan closing to tenants in the energy, legal, financial services and construction materials industries. Greg Napper, Blake Morrison and Brody Rule of JLL arranged the loan on behalf of the borrower, Fenway Capital Advisors.
CAMBRIDGE, MASS. — Los Angeles-based Thorofare Capital has provided a $50.5 million bridge loan for the refinancing of Cambridgeport Labs, a two-building life sciences development located across the Charles River from Boston. Located at 99 Erie St. and 167 Sidney St. near the Massachusetts Institute of Technology campus, the buildings total 56,351 square feet. The borrower, a partnership between Barings and Greatland Realty Partners, acquired the buildings in September 2022 and subsequently implemented a redevelopment to support lab and life sciences uses. Andrew Kim led the transaction for Thorofare.
STOCKTON, CALIF. — CBRE has secured $50 million in refinancing for Park West Place, a retail power center in Stockton. The loan was arranged on behalf of Raider Hill Advisors and Farallon Capital Management with financing provided by a national bank. Richard Henry, Mike Ryan, Brian Linnihan and Shaun Moothart of CBRE represented the sponsorship in the transaction. Built in 2008 on 58.6 acres, Park West Place offers 554,438 square feet of retail space. At the time of financing, the property was 96.4 percent leased to 46 tenants, including Lowe’s, Kohl’s, Sportsman’s Warehouse, Ross Dress for Less and TJ Maxx, with more than 40 percent of the net rentable area leased to investment-grade tenants.