Loans

Orem-Circle-Apartments-Houston

HOUSTON — HALL Structured Finance (HSF) has provided a $37 million construction loan for Orem Circle Apartments, a 270-unit multifamily project that will be located in South Houston. Orem Circle will consist of six three-story residential buildings. Units will have an average size of 901 square feet, and amenities will include a pool, fitness center, business center and a resident clubhouse. Asher Bittman of Chicago-based Sheridan Capital Partners arranged the loan on behalf of the borrower, Houston-based developer Texas Group. Completion is slated for fall 2027.

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The-Grande-at-Metropark-Iselin-New-Jersey

ISELIN, N.J. — Newmark has arranged a $98 million acquisition loan for The Grande at MetroPark, a 356-unit multifamily property located in the Northern New Jersey community of Iselin. Built in phases between 2019 and 2023, the property offers studio, one- and two-bedroom units, as well as a penthouse suite. Amenities include multiple lounges, game rooms, fitness centers, catering kitchens and coffee bars, as well as a conference center, putting green, pool, dog park and an outdoor theater. Jordan Roeschlaub, Christopher Kramer, Adam Doneger and Ryan Bub of Newmark arranged the loan on behalf of the borrower, a partnership between Brooksville Co. and Torchlight Investors. The direct lender was not disclosed.

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10400-Amargosa-Rd-Hesperia-CA

HESPERIA, CALIF. — JLL Capital Markets has arranged $33.8 million in first lien construction financing for the development of 10400 Amargosa Road, a to-be-built Class A industrial facility in Hesperia. Matt Stewart, Kellan Liem, Allie Black and Cameron Sepahi of JLL secured the five-year (inclusive of extension options), fixed-rate loan through TDA Investment Group for the borrower. Situated on a 21.5-acre site, the 428,185-square-foot, single-tenant building will feature a clear height of 36 feet, rear-load capabilities, an ESFR fire sprinkler system and 100 percent secure truck court with space for 59 trailer stalls and 216 auto parking spaces, including electric vehicle charging capabilities. The Covington Group will develop the project on behalf of owner/user Pixior Group. Construction is slated for completion in 11 months.

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7707-7787-Tommy-St-San-Diego-CA

SAN DIEGO — Newmark has brokered the sale of San Carlos Village, a multifamily community located at 7707-7787 Tommy St. in San Diego. Pathfinder Partners acquired the asset for $31.6 million from ERFSCV LLC (heirs of the original developer) in an off-market transaction. Originally developed in 1980, San Carlos Village offers 160 apartments spread across 7.3 acres at the base of Cowles Mountain. The new ownership plans to rename the asset Cowles Landing. Erik Anderson of Newmark represented the buyer, while Greg Gorsuch of Chamberlain Property Management represented the seller in the deal. Robert Younkin and Garrett Meyers of Newmark arranged an $18.6 million Fannie Mae loan to facilitate the acquisition.

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Benedict-Court-Greenwich-Connecticut

GREENWICH, CONN. — Cushman & Wakefield has arranged an $88 million construction loan for Benedict Court, a 120-unit multifamily project that will be located in the southern coastal Connecticut city of Greenwich. Benedict Court will consist of 72 market-rate apartments and 48 affordable housing units. Amenities will include a rooftop deck, a resident lounge with a chef’s kitchen, coworking spaces, children’s playroom and a fitness center. Gideon Gil, Taylor Geiger, Cecelia Galligan and Nick Pappas of Cushman & Wakefield arranged the loan through Santander Bank. The borrower is a partnership between Lonicera Partners, Nimbus Properties and Benedict Capital. Construction is now underway, and completion is slated for summer 2028.

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CHARLESTON, S.C. — Cushman & Wakefield has arranged a $28.7 million construction loan for PADS 216, an apartment development underway at 216 Spring St. in Charleston’s Upper Peninsula. Kristian Brown of Cushman & Wakefield arranged the financing through RMWC via a debt fund execution on behalf of the borrowers, Orange Properties, Ivy Capital and Crown Global Investments. Situated near The Medical University of South Carolina (MUSC), PADS 216 will feature a variety of floorplans and high-end amenities. The construction timeline was not released.

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TAMPA, FLA. — JLL has secured a $19 million mezzanine loan for the construction of River Vista, a 268-unit workforce housing development located at 4504 Clewis Ave. in Tampa. Brian Gaswirth and Michael Romero of JLL arranged the financing through a credit venture of Crow Holdings Capital on behalf of the borrower, Vista Residential Partners. River Vista will offer a mix of one-, two- and three-bedroom apartments averaging 989 square feet in size. Amenities will include nature trails, overlooks of the Hillsborough River, multiple club rooms, coworking spaces, a fitness center, pet spa and a dog park. The construction timeline and additional financing details were not disclosed.

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Woodmont-Commons-Apartments-Londonderry-New-Hampshire

LONDONDERRY, N.H. — JLL has arranged a $25.2 million acquisition loan for Woodmont Commons Apartments, an 87-unit multifamily complex in Londonderry, located near the Massachusetts-New Hampshire border. Built in 2019 within the 600-acre Woodmont Commons master-planned community, the property includes a 31,341-square-foot retail component. Residences come in one-, two- and three-bedroom floor plans. Riaz Cassum, Ryan Parker, Hunter Cuthbertson and Joe Marinaro of JLL arranged the fixed-rate loan through Metro Credit Union on behalf of the borrower, metro Boston-based Cambridge West Partners.

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Gaslamp-Square-San-Diego-CA

SAN DIEGO — HP Investors has received $19 million in recapitalization financing for Gaslamp Square, a retail property at 405 5th Ave. in San Diego. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE arranged a floating-rate loan on behalf of the borrower. The financing features a multi-year interest-only period and a competitive structure with a maturity in 2029. Gaslamp Square features 54,856 square feet spanning a full block at 5th Avenue and J Street in downtown San Diego’s Gaslamp Quarter. The asset consists of retail condominiums and a 243-stall subterranean parking garage.

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BLUE SPRINGS, MO. — Trident Capital Partners has provided a $1.5 million bridge loan for the acquisition of a newly constructed retail property within the Copperleaf Shopping Center in Blue Springs. The six-month, full-recourse loan is secured by a first lien on the property, a 4,685-square-foot retail building housed on one of the center’s pad sites. The borrower, a partnership of three private investor groups, acquired the property to maintain control over development and tenant selection at the Copperleaf Shopping Center, a 32,978-square-foot retail center that it purchased in February 2023 for $6.9 million. The outparcel building is partially leased to two national restaurant concepts, including Dutch Bros Coffee and Qdoba Mexican Eats. An additional 1,775 square feet remains available.

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