Loans

Affinius Capital Provides $81.3M Loan for Refinancing of Metro Dallas Apartment Community

by Taylor Williams January 16, 2025

RICHARDSON, TEXAS — Affinius Capital has provided an $81.3 million loan for the refinancing of Belt & Main, a 350-unit apartment community located in the northeastern Dallas suburb of Richardson. Belt & Main houses 269 one-bedroom residences and 81 two-bedroom apartments, as well as 17,000 square feet of retail space. Units feature quartz countertops, wood-style flooring, stainless steel appliances, custom cabinetry, floor-to-ceiling windows and full-size washers and dryers. Select units also offer patios and balconies. Amenities include a pool, grilling stations with open-air dining areas, coffee and coworking spaces with Wi-Fi connectivity, onsite storage units and a fitness center. Jeremy Sain of JLL arranged the loan on behalf of the borrower, Catalyst Urban Development.

January 16, 2025

Data Centers Development Loans Southeast Virginia

JLL Arranges $1.2B to Fund Construction of Four Northern Virginia Data Center Projects for BlackChamber

by John Nelson January 16, 2025

WASHINGTON, D.C. — JLL’s Capital Markets group has arranged more than $1.2 billion over the course of 2024 to fund the construction of four data center campuses in Northern Virginia. Jamie Leachman and Drake Greer of JLL worked on behalf of the borrower, The BlackChamber Group, to arrange the funds. The direct lenders and the locations of the four campuses were not disclosed, but JLL mentioned the capital sources included bank balance sheet financing and private credit vehicles backed by insurance company funds. BlackChamber expects the new facilities to yield more than 740 megawatts of power capacity upon completion. The construction timeline for the new projects was also not released. Including these new facilities, BlackChamber’s Northern Virginia data center portfolio will comprise eight campuses offering nearly 1.5 gigawatts of power capacity across 6 million square feet of data center space.

January 16, 2025

Development Loans Multifamily Southeast Tennessee Walker & Dunlop

Walker & Dunlop Originates $63.9M Loan for Multifamily Development in Johnson City, Tennessee

by John Nelson January 16, 2025

JOHNSON CITY, TENN. — Walker & Dunlop has originated a $63.9 million FHA loan for the development of The Reserve at Johnson City, a 288-unit apartment development in East Tennessee. Located on a 14.4-acre site at 1084 W. Oakland Ave. in Johnson City, the property will serve as an addition to an existing 248-unit multifamily community that was delivered in 2015. Keith Melton and David Strange of Walker & Dunlop originated the financing on behalf of the developer, TDK Cos. Upon completion, The Reserve will feature 12 three-story walk-up buildings comprising one-, two- and three-bedroom apartments. Amenities will include a multi-level pool, outdoor kitchen with a gas fireplace, pet park, fitness center and a single-bay car wash and vacuum station.

January 16, 2025

Alabama Loans Multifamily Southeast

BWE Provides $42.3M Agency Loan for Apartment Community in Auburn

by John Nelson January 16, 2025

AUBURN, ALA. — BWE has provided a $42.3 million Fannie Mae loan for The Glenn, a 270-unit garden-style apartment community located at 2568 E. Glenn Ave. in Auburn. The property comprises 14 residential buildings and offers studio, one-, two- and three-bedroom apartments, as well as a fitness center, beach-entry pool, grilling areas, pet park and a business center. Paul Harbor, Caleb Carter and Libby Davis of BWE originated the loan on behalf of the borrower, an undisclosed development firm based in Georgia. The borrower will use proceeds of the 10-year loan, which features a 35-year amortization schedule, to pay off construction debt obtained before The Glenn opened in 2022.

January 16, 2025

Loans Multifamily Oregon Seniors Housing Western

JLL Arranges $40M in Acquisition Financing for Three Seniors Housing Communities in Oregon

by Amy Works January 16, 2025

EUGENE AND SPRINGFIELD, ORE. — JLL Capital Markets has arranged $40 million in acquisition financing for a portfolio comprising three seniors housing communities in Oregon. Totaling 344 units, the properties are located in Eugene and Springfield. Built between 1996 and 2006 and renovated in 2021, the communities include Evergreen Senior Living in Eugene and Timber Pointe and Woodside Senior Living in Springfield. Together, the properties offer 43 independent living, 245 assisted living and 56 memory care residences. Amenities at the communities include onsite dining, complimentary transportation, television lounges, libraries, beauty salons and barber shops, game rooms, movie and theater rooms and a billiards lounge. Alanna Ellis and Alex Sheaffer of JLL secured the three-year, floating-rate bridge financing on behalf of the undisclosed borrower.

January 16, 2025

Development Loans Midwest Mixed-Use Multifamily Ohio

BGL Real Estate Advisors Arranges Development Financing for Two Multifamily Projects Near Cleveland

by Kristin Harlow January 16, 2025

BRECKSVILLE AND VERMILION, OHIO — Browns Gibbons Lang & Co. (BGL) Real Estate Advisors has arranged development financing for Valor Acres in Brecksville, a southern suburb of Cleveland, and The Bluffs at WaterWood Resort in Vermilion, about 42 miles west of Cleveland. The borrower was DiGeronimo Cos. Fifth Third Bank & First Commonwealth Bank provided the financing for Valor Acres, a mixed-use development incorporating 44,000 square feet of Class A office space, 221 luxury apartment units, 70,000 square feet of retail and entertainment space, an onsite safety station and 700-space parking garage. The project is being developed on the former site of the U.S. Department of Veterans Affairs Brecksville hospital. Valor Acres is also home to the new Sherwin-Williams Research and Development Center and the DiGeronimo corporate headquarters. DiGeronimo closed on Phase I of the project, which included a multifamily building as well as for-rent townhomes, in December 2021. The developer closed on the for-sale townhomes, attached loft homes, memorial park and clubhouse in June 2023. BGL also served as the financial advisor for those transactions. In addition to senior construction debt from Fifth Third Bank, the project received transformational mixed-use development tax credits, Cleveland-Cuyahoga County Port Authority incentives and …

January 16, 2025

Colorado Loans Multifamily Western

Trammell Crow Residential, Cigna Receive $75M in Refinancing for Multifamily Community in Denver

by Amy Works January 15, 2025

DENVER — Trammell Crow Residential and Cigna have obtained $75 million in refinancing for One Seven at Belleview Station, a multifamily community in Denver. The refinancing will retire the original bank construction loan. Leon McBroom and Mark Erland of JLL Capital Market’s Debt Advisory team arranged the three-year, floating-rate loan through a national life insurance company for the borrowers. Located at 4882 S. Newport St., One Seven at Belleview Station offers 250 one-, two- and three-bedroom units with wood vinyl plank flooring, Bluetooth-enabled entry doors, roller shades, stainless steel appliances, quartz countertops and private balconies. Community amenities include a rooftop pool deck, remote work center, clubroom, wellness center, bike storage, pet spa and theater rooms. The property also offers 7,062 square feet of fully leased retail space.

January 15, 2025

California Industrial Loans Western

Keystone Arranges $73.1M in Loans for 1.1 MSF Southern California Industrial Portfolio

by Amy Works January 15, 2025

LOS ANGELES — Keystone Mortgage Corp. has arranged $73.1 million in fixed-rate permanent loans to refinance a portfolio of industrial properties totaling 1.1 million square feet in Southern California. Situated on a combined 52.9 acres, the portfolio features nine concrete tilt-up buildings. Nick Viscount of Keystone’s Orange County, Calif., production office secured the financing on behalf of the borrower, a private real estate investor. Keystone arranged the loans through a life insurance company lender, which provided the nonrecourse loans, each featuring a 10-year fixed-rate and full-term interest-only payments.

January 15, 2025

California Development Loans Multifamily Seniors Housing Western

Live Oak Bank Provides $40M in Construction Financing for Assisted Living, Memory Care Community in California

by Amy Works January 15, 2025

CALIFORNIA — Wilmington, N.C.-based Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. Upon completion, the property will feature 140 assisted living and memory care units. Additional details about the property were not released. Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million C-PACE loan provided by Nuveen Green Capital. A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners was the borrower.

January 15, 2025

Loans Multifamily New Jersey Northeast

CBRE Arranges $17M Loan for Refinancing of Hoboken Apartment Building

by Taylor Williams January 15, 2025

HOBOKEN, N.J. — CBRE has arranged a $17 million loan for the refinancing of a 46-unit apartment building located at 600 Harrison St. in Hoboken. New York City-based The Daten Group developed the property in 2017. According to Apartments.com, the building offers one- and two-bedroom units with an average size of 895 square feet and amenities such as a zen garden, package handling service, resident lounge and grilling and dining stations. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Fahri Ozturk, Richard Gatto and Zach McHale of CBRE originated the loan on behalf of Daten Group. The direct lender was not disclosed.

January 15, 2025

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