Loans

Cronheim Arranges $5M in Financing for Chocolate Manufacturing Facility in North Canton, Ohio

by Kristin Harlow January 23, 2025

NORTH CANTON, OHIO — Cronheim Mortgage has arranged $5 million in leasehold financing for a single-tenant industrial facility in North Canton. The 220,000-square-foot property is fully occupied by Harry London Candies Inc., a subsidiary of Italian confectionary giant Ferrero. The facility was constructed in 1995 specifically for the manufacturing of chocolate and features a Fannie May & Harry London Chocolates factory store. Harry London was acquired by Ferrero in 2017, but Fannie May operates as a standalone entity and brand within the Ferrero Group. Allison Villamagna, Dev Morris and Andrew Stewart of Cronheim placed the financing with one of Cronheim’s long-standing correspondent lenders. Cronheim will service the loan, which is fully amortized over six years. The borrower was an affiliate of New York-based Sachs Cos.

January 23, 2025

Hospitality Loans Texas

KKR Provides $95M in Financing for Marriott Uptown Dallas Hotel

by Taylor Williams January 22, 2025

DALLAS — Global private equity firm KKR has provided $95 million in financing for the 255-room Marriott Uptown Dallas hotel. The financing consists of $87.5 million in initial loan proceeds used to replace the property’s outstanding debt, as well as two future-funded earnout facilities that provide potential access to $7.5 million in additional capital. Completed in early 2021, the 14-story hotel is located at 3033 Fairmount St. and features a rooftop pool, lounge, ground-floor restaurant and 13,000 square feet of meeting and event space. A partnership between NexPoint Diversified Real Estate Trust (NYSE: NXDT) and Alamo Manhattan owns the hotel.

January 22, 2025

Development Florida Loans Multifamily Southeast

Encore Multifamily Obtains $48.7M HUD-Insured Loan for Fort Myers Development

by John Nelson January 22, 2025

FORT MYERS, FLA. — Encore Multifamily, a division of Dallas-based Encore Enterprises, has obtained a $48.7 million HUD 221(d)(4) loan for the construction of a new apartment development in Fort Myers. The project, known as Encore Daniel Falls, will comprise 240 Class A apartments and be situated on 6.7 acres near I-75 and South Florida International Airport. Encore Multifamily broke ground on the development in December and expects to deliver the community by third-quarter 2026. Upon completion, Encore Daniels Falls will feature studio, one-, two- and three-bedroom units, as well as a clubhouse, fitness center, business center, pool, dog park and a 24-hour package room.

January 22, 2025

Industrial Kansas Loans Midwest

Gantry Arranges $32M Permanent Loan for Industrial Building in Lenexa, Kansas

by Kristin Harlow January 22, 2025

LENEXA, KAN. — Gantry has arranged a $32 million permanent loan to retire construction financing for Lenexa Logistics Centre North #5 in Lenexa, a suburb of Kansas City. The fully leased property on Mill Creek Road was completed in 2022 and totals 565,170 square feet. The multi-tenant building offers immediate access to I-35, I-435 and Highway 10. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. An insurance lender provided the 10-year loan, which features a fixed interest rate and introductory interest-only period transitioning to a 30-year amortization schedule.

January 22, 2025

Affordable Housing Loans Multifamily New York Northeast Top Stories

Merchants Capital Provides $129.1M Financing for Affordable Housing Renovations in New York City

by Hayden Spiess January 22, 2025

NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the renovation of three affordable housing developments located on the east side of The Bronx borough in New York City. The renovations will total $419.6 million, according to Merchants Capital. Comprising 952 units across six residential buildings, the properties include Boston Road Plaza, Boston Secor and Middletown Plaza. The New York City Housing Authority (NYCHA), the largest public housing authority in North America, owns and manages the trio of affordable housing communities. Merchants Capital provided a New York Housing Development Corp. (NYHDC) Freddie Mac Risk Share loan under the Permanent Affordability Commitment Together (PACT) program. The properties will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program as part of HUD’s Rental Assistance Demonstration (RAD) conversion platform. The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading renovations at the properties in partnership with NYCHA. Renovations will include upgrades to interiors, exteriors and shared spaces; bathroom and kitchen improvements; new doors, flooring and paint; new roofs; modernized elevators; complimentary Wi-Fi; and upgrades to the HVAC and plumbing systems. Repairs are currently underway …

January 22, 2025

The Perigon Miami Beach in Miami, Florida

Development Florida Loans Multifamily Property Type Southeast Top Stories

Mast Capital, Starwood Receive $390M Construction Loan for Residential Project in Miami Beach

by Channing Hamilton January 21, 2025

MIAMI BEACH, FLA. — A joint venture between Mast Capital and a controlled affiliate of Starwood Capital Group has secured $390 million in construction financing for The Perigon Miami Beach, a 73-unit condominium development located at 5333 Collins Ave. in Miami Beach. Eldridge Real Estate Credit, a Greenwich, Conn.-based asset manager and holding company, provided the loan. “We are proud to partner with Mast Capital and Starwood Capital Group on The Perigon Miami Beach,” said Matthew Rosenfeld, a managing director at Eldridge Real Estate Credit. “This is a project that represents the exceptional, visionary real estate we seek to finance, and further underscores the continued growth and momentum of our business.” Located in the popular Mid-Beach neighborhood, The Perigon Miami Beach will offer two-, three- and four-bedroom residences ranging from 2,100 to 6,700 square feet, each featuring 10- to 12-foot wraparound balconies. The property will also offer eight private guest suites. Roughly 75 percent of the condos have been sold. The building will offer approximately 40,000 square feet of indoor and outdoor amenities. Planned community amenities include a pool with cabanas, spa with sauna, salon, fitness center, children’s playroom, screening room, wine room and a lobby lounge. Residents will also …

January 21, 2025

Development Loans Multifamily Texas

DPG Investments Arranges $56.2M in Financing for Manufactured Housing Project in Terrell, Texas

by Taylor Williams January 21, 2025

TERRELL, TEXAS — An affiliate of DPG Investments LLC, a family office, merchant banking and private capital advisory firm, has arranged $56.2 million in financing for a 1,036-unit manufactured housing project in Terrell, about 35 miles east of Dallas. The financing includes senior debt, mezzanine debt and preferred equity that will be used to both acquire and develop the property, which will be known as Post Oak. The borrower, is an affiliate of K8H Ventures, a metro Houston-based owner-operator of manufactured housing. Additional project details were not disclosed.

January 21, 2025

Loans Mixed-Use North Carolina Southeast

JLL Facilitates $191M Loan for Fenton Mixed-Use Development in Cary, North Carolina

by John Nelson January 21, 2025

CARY, N.C. — JLL Capital Markets has facilitated a $191 million loan for Fenton, a mixed-use development located in Cary, roughly 12 miles west of downtown Raleigh. The property includes 246,000 square feet of retail space, 183,000 square feet of office space and an apartment community — The Allison at Fenton — comprising 367 multifamily units. Chip Sykes and Kelsey Bawcombe of JLL secured the loan on behalf of the borrower, a partnership between Hines, Affinius Capital and Columbia Development. New York Life Real Estate Investors provided the mortgage financing.

January 21, 2025

Development Industrial Kentucky Loans Southeast

Northmarq Arranges $45M Loan for Bourbon Storage and Blending Development in Shelbyville, Kentucky

by John Nelson January 21, 2025

SHELBYVILLE, KY. — Northmarq has arranged a $45 million loan for The Blending House, a bourbon storage, bottling and blending facility located on a 108-acre site at 1917 Vigo Road in Shelbyville, about 39 miles east of Louisville. Randall Waddell of Northmarq’s Louisville office arranged the five-year loan through a regional bank on behalf of the borrowers, a partnership between Floyds Knobs, Ind.-based The Koetter Group and Louisville-based The Spirits Group. The borrowers will use the loan proceeds to pay off existing debt from the Phase I of development and to fund the second and final phase of construction. The loan features two years of interest-only payments and a 25-year amortization schedule. Upon completion, The Blending House will feature seven rickhouses and a 30,000-square-foot blending and bottling facility that will serve as a home base for clients of The Spirit Group. The development is the first speculative whiskey barrel storage facility in Kentucky, according to the borrowers.

January 21, 2025

Loans Multifamily New Jersey Northeast Northmarq

Northmarq Arranges Four Loans Totaling $68.5M for Refinancing of Two Jersey City Apartment Complexes

by Taylor Williams January 21, 2025

JERSEY CITY, N.J. — Northmarq has arranged four loans totaling $68.5 million for the refinancing of CityLine East and West, two apartment complexes totaling 342 units in Jersey City. For CityLine East, which was built in 2021 and totals 198 units, Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan. For CityLine West, which was completed in 2019 and totals 144 units, Northmarq placed a $21.5 million senior loan and a $5 million mezzanine loan. Both properties offer studio, one- and two-bedroom units. All loans carried fixed interest rates. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower, The PRC Group. The direct lenders were not disclosed.

January 21, 2025

Newer Posts

Older Posts