ARLINGTON, VA. — CIM Group has provided a $90.3 million loan to an affiliate of Carr Cos. and the Oliver Carr Co. for the acquisition of Columbia Crossing, a 247-unit apartment community in Arlington. The loan proceeds will also be used to complete interior and exterior renovations and upgrades. Located at 1957 Columbia Pike on 6.3 acres, Columbia Crossing features six buildings and 324 parking stalls. Built in 1991, Columbia Crossing includes one-, two- and three-bedroom floor plans. Community amenities include a clubhouse with a game room, business center, billiard room, fitness center, swimming pool and an outdoor grilling area. Columbia Crossing has direct access to National Landing, Virginia Tech’s Innovation Campus, and major transportation arteries including Interstate 395, Glebe Road and Washington Boulevard, which offers connectivity to Virginia’s Rosslyn-Ballston Corridor, Tyson’s Corner, Reston-Herndon and Alexandria, as well as Washington, D.C. The property is situated near the Pentagon, Amazon HQ2 and Ronald Reagan Washington National Airport.
NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged a $5.5 million construction loan for a 24-unit multifamily project in the Morrisania neighborhood of The Bronx. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the loan. The borrower was an international family office, and the direct lender was a local debt fund. Both of those parties involved in the transaction requested anonymity.
MIAMI — Aztec Group has arranged $247.5 million in debt financing for Downtown 5th, an apartment community in downtown Miami spanning 1,042 rental apartments and 13,261 square feet of retail space. Peter Mekras of Aztec Group arranged the financing on behalf of the developer, Miami-based Melo Group. Berkadia’s Miami office acted as seller-servicer for the Freddie Mac loan. The 10-year loan features a fixed interest rate and is full-term interest only. Downtown 5th opened for occupancy in July of 2021 and almost every unit was leased in under seven months, or approximately 150 units per month. Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet. Monthly rental rates range from approximately $1,700 to $4,000. The property is located at the corner of 5th Street and North Miami Avenue adjacent to the College North Metromover station.
NEW YORK CITY — Locally based investment and development firm HAP Investments has received a $76.7 million loan for the refinancing of a portfolio of three multifamily buildings totaling 160 units in East Harlem. The buildings are located at 2338 Second Ave., 329 Pleasant Ave. and 2211 Third Ave. Allegiant Real Estate Capital provided the three-year loan, specific terms of which were not disclosed.
CHANDLER, ARIZ. — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance business, served as sole lead arranger of $34 million to refinance the Enclave at Chandler. Opened in 2018 in the Phoenix suburb of Chandler, the community features 89 independent living, 49 assisted living and 24 memory care units. The borrower is Spectrum Retirement Communities. “Demand is strong for senior housing facilities like the Enclave at Chandler that serve a range of needs,” says William Douglass, managing director and group head for CIT’s Healthcare Finance business.
FORT LAUDERDALE, FLA. — New York-based Square Mile Capital Management LLC has provided two separate acquisition loans totaling $277.5 million for two downtown Fort Lauderdale multifamily properties: Las Olas Walk and 4 West Las Olas. Purvesh Gosalia of Newmark arranged the $174 million and $103.5 million loans on behalf of the buyer, Aventura, Fla.-based Cardone Capital. Orlando-based ZOM Living developed and sold Las Olas Walk, and a partnership between NCC Development and Elevate Partners developed and sold 4 West Las Olas. Both properties were delivered in 2020. Las Olas Walk is an eight-story, 456-unit multifamily building that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a pet spa, coworking spaces, dockside marina lounge and grill, reserved parking, bike storage, outdoor gaming space, bark park, fitness center, electric car charging stations and an infinity edge pool. Located at 106 S. Federal Highway, the property is situated close to Morton’s The Steakhouse, Posh, Starbucks and the NSU Art Museum Fort Lauderdale. 4 West Las Olas is a 26-story, 260-unit multifamily building that offers studio, one-, two- and three-bedroom floor plans. The units feature open concept living rooms, quartz countertops, stainless steel appliances and full-size washers and dryers. Community amenities …
WASHINGTON, D.C. — Lument has provided two Freddie Mac tax-exempt loans (TEL) totaling $16.9 million for the development of 1515 North Capitol Apartments, a 15-story affordable housing development in Washington, D.C. Construction for the project is slated to be complete in 27 months. The borrower is So Others Might Eat (SOME), a Washington, D.C.-based local nonprofit organization that provides services to those facing poverty and homelessness. 1515 North Capitol will feature 136 affordable studio units, with 75 units subsidized through D.C.’s Local Rental Supplement Program (LSRP), 61 units restricted to tenants earning 50 percent of area median income (AMI) and three units reserved for staff. The units features will include vinyl plank flooring, ranges with vented hoods, microwave ovens and garbage disposals. Community amenities will include a community room, conference and meeting rooms, classrooms, library, computer room, fitness center, bike storage, two roof terraces and a laundry room on every residential level. Lument structured two portions of debt for the Freddie Mac TEL. The first part of financing was in the amount of $11.8 million and featured a 17-year term and 40-year amortization schedule. The other loan was in the amount of $5.1 million based on the LSRP overhang to …
NEW YORK CITY — Locally based developer L&L Holding Co. has received $911.4 million in financing for 425 Park Avenue, a 47-story office building that is nearing completion in Midtown Manhattan. L&L Holding, which is developing the building in partnership with BentallGreenOak and Tokyu Land Corp., will use the proceeds to retire existing construction debt and fund the final stages of development, including lease-up costs. Global asset management firm Citadel has already committed to roughly half of the space as the 670,000-square-foot building’s anchor tenant. Additional tenants include Wafra Capital Partners, Hellman & Friedman and Medical Properties Trust. Michael Tepedino and Michael Gigliotti of JLL arranged the financing through a consortium of lenders led by Blackstone Real Estate Debt Strategies.
SPRINGDALE, OHIO — Trez Capital has provided a $37.3 million construction loan for the conversion of two office buildings into multifamily space in Springdale, a northern suburb of Cincinnati. The borrower, Trinity Square Holdings LLC, plans to build 129 apartment units and 97 rental townhomes. The vacant office buildings were constructed in the early 1980s. Brett Forman and Scott Mehlman of Trez Capital originated the loan. The Warren County Port Authority is investing approximately $8 million in the project.
WINDSOR, N.J. — Cronheim Mortgage has arranged a $19 million permanent loan for The Shops at Windsor Green, a 157,200-square-foot retail center in West Windsor, a northeastern suburb of Trenton. Whole Foods Market, Marshall’s and Staples are the anchor tenants at the property, which was originally built in 1993. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage placed the loan with a life insurance company on behalf of the borrower, Mainardi Management Co. The loan carried a seven-year term and fixed interest rate of 3 percent.