LOCKPORT, N.Y. — Alliant Credit Union has provided a $5.5 million loan for the refinancing of a 457-pad mobile home park in Lockport, located in the Buffalo area. The property offers amenities such as a clubhouse, pool, playground and basketball court. Ned Perlman of Largo Capital arranged the loan, which was structured with a 10-year term and a 30-year amortization schedule.
NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has received a $155 million construction loan for a 900,000-square-foot industrial project in the Long Island City area of Queens. The site previously housed the warehouse of online grocer FreshDirect. Innovo will redevelop the property to function as a last-mile distribution facility with elevated truck courts and a vertical parking structure. An affiliate of Starwood Property Trust provided the loan. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Since then, the partnership has demolished the existing warehouse.
HACKENSACK, N.J. — JLL has arranged a $60 million loan for the refinancing of Excelsior II, a 267-unit apartment building located just outside of New York City in Hackensack. According to Apartments.com, the property was built in 1999, features one-, two- and three-bedroom units and offers amenities such as a pool, spa and a fitness center. Greg Nalbandian and Michael Lachs of JLL arranged the 30-year, fixed-rate loan through John Hancock Investment Management on behalf of the borrower, Tidewater Real Estate Co.
RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers rising 17, 24 and 26 stories; a seven-story parking garage with additional parking on the top of the structure; casino and sports book; convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back-of-house support areas; and maintenance and storage areas. Luxe General Consulting is performing the renovation, which is slated for completion by summer 2022. Upon completion, the residential component will feature a rooftop pool, amenity deck, outdoor plaza, fountain, fitness center, theater room, bar and game room. The 538 units will feature a home office alcove, full kitchen with stainless steel appliances and quartz …
CALABASAS, CALIF. — Gantry has arranged a total of $364 million in long-term refinancing for Calabasas-based The Ezralow Co. for 15 separate self-storage and industrial assets in California. Paige Serden, Peter Welsh, Braden Turnbull and Josh Natker of Gantry’s Los Angeles production office structured the loans, which were sourced from four separate life insurance companies, three of which are Gantry’s correspondent lenders. Totaling 1.75 million square feet, the 12 Price Self Storage-operated properties are located in Los Angeles, Orange, San Diego, Ventura, Riverside, San Bernardino and Contra Counties. The three industrial properties offer a total of 428,000 square feet of multi-tenant space in Southern California.
RICHMOND, VA. — Berkadia has originated $81.7 million in financing for three multifamily properties in Virginia known as Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Steve Murden of Berkadia’s Richmond office secured the permanent refinancing in three separate transactions on behalf of the borrower, Virginia-based The Breeden Co. All three loans were fully amortizing, long-term HUD 223(a)(7) MF products. Eagle Harbor West is located at 13420 Smiths Neck Road in Carrollton. Berkadia secured $26.2 million in financing at a fixed 2.9 percent interest rate. The apartment community comprises one-, two- and three-bedroom units with walk-in closets. Community amenities include a swimming pool, sundeck, fitness center, clubhouse and laundry facilities. Harbor Vista at Crawford Street, located at 800 Crawford St. in Portsmouth, features one- and two-bedroom floor plans with walk-in closets and private balconies. Berkadia secured $17.2 million loan at a fixed 2.9 percent interest rate. The community’s amenities include a business center, walking and biking trails and an outdoor area with grilling stations. The Marq is located at 4769 Alicia Drive in Virginia Beach. Berkadia secured a $38.3 million loan for the property at a fixed 3.4 percent interest rate. The Marq features one-, …
CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule. Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, swimming pool and a gourmet coffee bar. Centennial Holding is an Atlanta-based real estate investment firm that owns and operates multifamily properties in the Southeast, Southwest and Mid-Atlantic. The firm has owned Century Afton Ridge since 2016.
HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital. CBRE secured a five-year, floating-rate loan with four years of interest-only payments from a consortium of banks, including a regional bank and a national bank, in a participated loan format.
SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco. Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged. City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living areas, expansive windows and nine-foot ceilings. The 152,445-square-foot property features high-efficiency lighting and plumbing; laminated, heat-resistant glass; and energy recovery ventilation.
KENOSHA, WIS. — American Street Capital (ASC) has arranged an $8 million loan for the acquisition of a two-property, 108-unit multifamily portfolio in Kenosha. Built in the early 1970s, the portfolio features a mix of one-, two- and three-bedroom units. Both complexes were more than 95 percent leased at closing. Igor Zhizhin of ASC originated the seven-year agency loan. It features a fixed interest rate with two years of interest-only payments and a 30-year amortization schedule.