SILVER SPRING, MD. AND FAIRFAX, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17 million loan for the refinancing of a nine-property retail portfolio located in the Washington, D.C. suburbs of Silver Spring, Md., and Fairfax, Va. The properties — which total roughly 71,000 square feet — include multi-tenant retail strip centers, single-tenant retail properties and single-tenant restaurants. Jared Cassidy of MMCC’s D.C. office secured the five-year loan through a local bank. The financing carries a 12-month adjustable rate, 25-year amortization schedule and a 55 percent loan-to-value ratio.
NEW YORK CITY — TS Communities, a division of local real estate giant Tishman Speyer, has received $166 million in financing for a 244-unit affordable housing complex in Queens and plans to break ground later this month. The 18-story building will be located within the Edgemere Commons development in the borough’s Far Rockaway neighborhood and follows TS Communities’ development of a 237-unit building that is nearing completion. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for renters earning between 40 and 80 percent of the area median income. In addition, 73 units will be set aside as supportive housing. The building will also feature a resident community room, an outdoor space with an adjoining recreation room, a skydeck, onsite parking and laundry facilities, supportive services offices and street-level retail space. Aufgang Architects is designing the project, which is being developed in partnership with the City of New York, as well as with various state housing agencies. A tentative completion date was not announced.
DETROIT — Bernard Financial Group (BFG) has arranged a $2.9 million loan for the refinancing of a 24,000-square-foot retail building in Detroit. Dan Duggan of BFG arranged the loan through a credit union. The borrower was IDG Woodward LLC.
LEWES, DEL. — New York City-based Lument has provided a $14 million CMBS loan for the refinancing of Mi-Place at Vineyards, a 41-unit apartment building in the coastal Delaware community of Lewes. Mi-Place at Vineyards is part of a lakefront master-planned community and offers one-, two-, three- and four-bedroom units. Amenities include a pool, fitness center, clubhouse, pickleball and volleyball courts, picnic areas, a dog park and access to walking trails and a lakeside beach. Mi-Place at Vineyards also includes a retail component. Ben Retter of Lument originated the fixed-rate loan, which retires existing debt issued by a local bank. The borrower is Fernmoor Homes.
BIRMINGHAM, ALA. — First Citizens Bank’s healthcare finance division, First Citizens Healthcare Finance, has provided a $53.5 million loan to refinance Grandview Physicians Plaza II, a 140,000-square-foot medical office facility located in Birmingham. The borrower was an affiliate of Rethink Healthcare Real Estate. Constructed in 2022, Grandview Physicians Plaza II is situated within the Grandview Medical Center Campus that occupies Affinity Hospital and Grandview Plaza I. Grandview Plaza II completes the primary medical campus for Grandview Health, which has signed a long-term anchor tenant lease for physician offices and hospital services. First Citizens Healthcare Finance also provided takeout financing for Grandview Physicians Plaza I in 2024.
CASTROVILLE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $3.7 million for the refinancing of an apartment building in Castroville. Located at 11320 Sanchez St., the property offers 23 apartments. Kevin Elliot of MMCC’s Orange County, Calif., office arranged the financing with a local credit union on behalf of a private client. Terms of the five-year loan include a 6.06 percent interest rate with one year of interest-only payments, a 29-year amortization period and a 60 percent loan-to-value ratio.
WOODLAND HILLS, CALIF AND AMBLER, PA. — BWE, a Cleveland-based commercial real estate financial services firm, has arranged the $308 million refinancing for a pair of seniors housing properties in the Los Angeles and Philadelphia metro areas. The financing was structured as a single transaction on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Momentum Senior Living operates both properties. Located in the northwest Los Angeles neighborhood of Woodland Hills, The Variel is a 336-unit community that offers independent living, assisted living and memory care services, as well as a range of amenities and wellness programs. The 270,000-square-foot (net rentable) community opened in July 2022 and was more than 90 percent occupied at the time of the loan closing. Located in the northern Philadelphia suburb of Ambler, Pa., The 501 at Mattison Estate is a 250-unit community that also offers independent living, assisted living and memory care services. Spanning approximately 200,000 net rentable square feet, the property opened in June 2022 and was 95 percent occupied at the time of loan closing. Amenities at The 501 at Mattison Estate include an art studio, courtyards with lounges and grills, a dog park, fitness …
JACKSONVILLE, FLA. — JLL Capital Markets has facilitated a $68.28 million loan for the acquisition of Arcadia Jacksonville, a 333,725-square-foot cold storage facility in Jacksonville. Melissa Rose, Michael Klein, Wells Waller, Nicole Barba and Preston Bacon of JLL secured the five-year, fixed-rate loan through an insurance company on behalf of the borrower, Manulife Investment Management. Completed in 2024, Arcadia Jacksonville is located within Imeson Industrial Park, which is 10 miles from Jacksonville International Airport. The facility is fully leased to Arcadia Cold Storage & Logistics, a major third-party logistics provider in North America. Arcadia Jacksonville features flexible temperature zones ranging from -20 to 35 degrees Fahrenheit, 50-foot clear heights and 210-foot truck court depths.
NEW YORK CITY — JLL has brokered the $68.5 million sale of a 105-unit apartment building located at 237 11th St. in the Gowanus neighborhood of Brooklyn. Completed in 2017, the 12-story building predominantly houses studio, one- and two-bedroom units, with private balconies/terraces available in select residences. Amenities include a library, fitness center, courtyard and a rooftop deck, and the building also houses 6,264 square feet of commercial space that is fully leased. Jeffrey Julien, Rob Hinckley and Steven Rutman of JLL represented the seller, Trinity Place Holdings, in the transaction and procured the buyer, a partnership between Bluestone Investments and Shel Capital. Michael Shmuely, Michael Zaremski, Robert Tonnessen and John Flynn of JLL arranged $44.5 million in acquisition financing for the deal.
NEW YORK CITY — Bravo Property Trust, a locally based bridge lender, has provided a $36.7 million construction loan for a 78-unit multifamily project in Upper Manhattan. The site is located along Amsterdam Avenue in the Hamilton Heights area, and the building will include ground-floor retail space that is already preleased. Information on floor plans was not disclosed, though 30 percent of the units will be designated as affordable housing. Amenities will include a fitness facility, tenant lounge, coworking space and a landscaped rooftop deck. Henry Bodek and Jonathan Ostroff of Galaxy Capital arranged the loan on behalf of the developer, Artifact Real Estate Developement. A tentative completion date was not disclosed.