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LoansMidwestMinnesotaMultifamily

Greystone Originates $11.2M HUD-Insured Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow

MOORHEAD, MINN. — Greystone has originated an $11.2 million HUD 223(f) loan for the refinancing of South Shore Landing Apartments in the western Minnesota town of Moorhead. Constructed in two phases in 2016 and 2019, the 93-unit property consists of four buildings. Amenities include a clubhouse, fitness center, game room, pet park, heated parking garage and barbecue areas. Dan Sacks and Ilan Bassali of Greystone structured the 35-year loan, which is fully amortizing and features a fixed interest rate. Northridge Group was the borrower.

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IllinoisLoansMidwestMultifamily

Colliers Mortgage Provides $7.9M Loan for Refinancing of Apartment Complex in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Colliers Mortgage has provided a $7.9 million Fannie Mae loan for the refinancing of Marywood Apartments in Aurora. The 116-unit apartment complex, constructed from 1967 to 1971, includes 10 garden-style buildings. Amenities include onsite laundry facilities and a playground. The 10-year loan is fully amortizing. Marywood Housing LLC was the borrower.

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CaliforniaDevelopmentLoansRetailWestern

JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California

by Amy Works

PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.

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Affordable HousingLoansMultifamilyTexas

Colliers Provides $5.8M Agency Refinancing for Metro Houston Affordable Housing Property

by Taylor Williams

CONROE, TEXAS — Colliers Mortgage has provided a $5.8 million Fannie Mae loan for the refinancing of Bellshire Apartments, a 311-unit affordable housing property located in the northern Houston suburb of Conroe. The community was originally built between 1974 and 1978 and renovated between 2017 and 2019. Colliers Mortgage originated the 10-year loan on behalf of the borrower, an entity doing business as Merced-Bellshire LLC.

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ArizonaLoansMultifamilyWestern

Ready Capital Closes $9.8M Loan for Multifamily Property Acquisition in Phoenix

by Amy Works

PHOENIX — Ready Capital has closed $9.8 million in financing for the acquisition, renovation and stabilization of an 84-unit, Class B apartment community located in the Central Mesa submarket of Phoenix. Upon purchase, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and upgrade the property exteriors and amenities to help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

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IndustrialLoansNew JerseyNortheast

JLL Arranges $7.2M Loan for Refinancing of Industrial, R&D Building in Edison, New Jersey

by Taylor Williams

EDISON, N.J. — JLL has arranged a $7.2 million loan for the refinancing of a 63,200-square-foot industrial/research and development building in the Northern New Jersey city of Edison. The property was built in 1970 and features a clear height of 20 feet, three loading docks and both traditional lab and office space. Michael Klein and Max Custer of JLL arranged the five-year, fixed-rate loan through Signature Bank on behalf of the borrower, New York City-based Northpath Investments. The building was fully leased at the time of the loan closing.

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GeorgiaLoansMultifamilySoutheast

JLL Secures Acquisition Financing for 295-Unit Aventon Park West Apartments in Savannah

by Julia Sanders

SAVANNAH, GA. — JLL Capital Markets has secured an undisclosed amount of acquisition financing for Aventon Park West, a newly constructed, 295-unit multifamily community in Savannah. Marc Schillinger, Jonah Aelyon and Eric Boucher of JLL represented the borrower, an undisclosed private individual, to secure the seven-year, fixed-rate Freddie Mac loan. Built in 2020, Aventon Park West includes one-, two- and three-bedroom units with an average unit size of 962 square feet. The garden-style apartments feature kitchen islands, keyless entry with mobile activation, smart thermostats, washers and dryers, walk-in showers, soaking tubs, walk-in closets, USB outlets, private balconies and patios and a choice of two highspeed internet/video providers. Community amenities include a saltwater pool with private cabanas, covered terrace, outdoor kitchen and pool bar with grilling stations, outdoor lounge with fire pit, hammock garden and gaming lawn, controlled access, electric vehicle charging stations, fitness center, yoga studio, coworking spaces, club lounge with game room with coffee bar, pet spa and two dog parks, children’s playground and walking trails. Located at 2080 Benton Blvd., the property offers access to Interstate 95 and is 13 miles from downtown Savannah. The property has nearby employers such as Gulfstream Aerospace Corp., Georgia-Pacific, St. Joseph’s/Candler health …

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LoansOfficeTexas

JLL Arranges $27.4M Loan for Refinancing of Plano Office Building

by Taylor Williams

PLANO, TEXAS — JLL has arranged a $27.4 million bridge loan for the refinancing of a five-story, 237,000-square-foot office building at 500 N. Central Expressway in Plano. Massachusetts-based RMR Mortgage Trust provided the floating-rate loan, which carried a three-year initial term with two one-year extension options. The borrower, Dallas-based MoxieBridge, will use a portion of the proceeds to fund tenant improvements, leasing commissions and other capital expenditures.

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Polaris-Wadsworth-Station-Apts-Broomfield-CO
ColoradoDevelopmentLoansMultifamilyWestern

JLL Arranges $50M in Construction Financing for Polaris Wadsworth Station Apartments Near Denver

by Amy Works

BROOMFIELD, COLO. — JLL Capital Markets has arranged a $50 million construction loan for the development of Polaris Wadsworth Station Apartments, a multifamily property in Broomfield. The borrower and developer is Mountain View Capital. Kristian Lichtenfels of JLL Capital Markets secured the five-year, floating-rate loan with a national bank. Slated for completion in January 2023, Polaris Wadsworth Station will feature 276 one-, two- and three-bedroom units averaging 869 square feet. Apartments will feature in-unit washers/dryers, walk-in closets, smart unit packages and balconies/patios. Community amenities will include courtyards, a fitness facility and property-wide Wi-Fi.

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LoansMultifamilyNevadaWestern

Ready Capital Closes $7M Loan for Multifamily Property in Las Vegas

by Amy Works

LAS VEGAS — Ready Capital has closed a $7 million loan for the acquisition, renovation and stabilization of a 120-unit, Class B apartment community located in the Paradise Valley East submarket of Las Vegas. Upon acquisition, the undisclosed borrower will convert the seniors housing property into traditional market-rate multifamily units and upgrade exteriors to help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month, two extension options, flexible prepayment plan and a facility to provide future funding for capital expenditures.

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