Loans

IPA Capital Markets Arranges $30.5M Construction Financing for Apartment Development in Greensboro, North Carolina

by John Nelson July 2, 2024

GREENSBORO, N.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $30.5 million in construction financing for Brooks North Apartments, a 340-unit multifamily development located at 4005 N. Church St. in Greensboro. Frank Montalto of IPA Capital Markets’ Chicago office arranged the financing with a regional lender on behalf of the borrower, a local development company. The ground-up development will feature three- and four-story garden-style buildings with an amenity package that includes a fitness center, pool, cabana clubhouse and a bark park. Brooks North will be delivered in phases, with Phase I (244 units) set to open next summer.

July 2, 2024

Development Loans Multifamily New York Northeast

BHI Provides $95M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams July 2, 2024

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $95 million construction loan for a 226-unit multifamily project in Brooklyn. The site at 2359 Bedford Ave. is located in the Flatbush neighborhood, and the development will house 72 studios, 86 one-bedroom units and 68 two-bedroom units, as well as 23,000 square feet of commercial and storage space. Thirty percent of residences will be set aside as affordable housing. Specific income restrictions on those units were not disclosed. A tentative completion date was also not disclosed. The borrower is a partnership between David Bistricer of Clipper Equity and Anshel Friedman of Nalcorp.

July 2, 2024

California Industrial Loans Self-Storage Western

Seven Hills Realty Trust Provides $23.8M Loan for Self-Storage Facility in Los Angeles

by Amy Works July 2, 2024

LOS ANGELES — Seven Hills Realty Trust (SEVN) has secured $23.8 million floating-rate first mortgage loan to recapitalize a self-storage facility located at 2515 S. Broadway in Los Angeles. Staley Point Capital is the borrower. The Extra Space Storage-branded facility offers 80,000 square feet of self-storage space. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Staley Point Capital.

July 2, 2024

Loans Multifamily New York Northeast Walker & Dunlop

Invictus Real Estate Provides $69M Bridge Loan for Brooklyn Apartment Complex

by Taylor Williams July 1, 2024

NEW YORK CITY — Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit apartment complex in Brooklyn’s Crown Heights neighborhood. The seven-story building houses 110 market-rate units, most of which are one-bedroom residences, and 48 affordable housing units as well as a 9,000-square-foot community facility space. Mike Diaz and Aaron Appel of Walker & Dunlop arranged the loan on behalf of the borrower, Hope Street Capital, which will use the proceeds to complete construction and fund leasing costs.

July 1, 2024

Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $56M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams July 1, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $56 million loan for the refinancing of a 138-unit apartment building located at 230 Classon Ave. in Brooklyn’s Clinton Hill neighborhood. The building houses one- and two-bedroom units and offers amenities such as a private landscaped park, coworking lounge, gaming terrace, fitness center and outdoor grilling and dining stations. Gideon Gil, Zach Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the fixed-rate loan through QuadReal Property Group on behalf of the borrower, Quinlan Development Group.

July 1, 2024

Loans Multifamily Student Housing Texas

BWE Arranges Acquisition Financing for 488-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams June 28, 2024

SAN MARCOS, TEXAS — BWE has arranged an undisclosed amount of acquisition financing for The Junction, a 488-bed student housing property located near Texas State University in San Marcos. The community offers a mix of two-, three- and four-bedroom units. Amenities include a pool and a fitness center. The borrower, Campus Realty Advisors, will use a portion of the proceeds to fund capital improvements, including the addition of a new clubhouse, leasing center, study areas and community gathering space. Renovations will also include refreshed exterior paint, upgraded HVAC systems and water heater replacement, new property fencing and updates to the community’s security system, signage and landscaping. Chris Carroll and Max Miller of BWE arranged the financing through Byline Bank.

June 28, 2024

Connecticut Loans Northeast Retail

Cronheim Mortgage Arranges $24M Permanent Loan for Shopping Center in Avon, Connecticut

by Taylor Williams June 28, 2024

AVON, CONN. — New Jersey-based Cronheim Mortgage has arranged a $24 million permanent loan for Avon Marketplace, a 78,687-square-foot shopping center located on the western outskirts of Hartford. The center was built on 17.3 acres in 1994 and is home to tenants such as ULTA Beauty, Athleta, LensCrafters, GAP Factory, New Balance, Starbucks and Verizon Wireless. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim arranged the loan, which carried two years of interest-only payments and a 25-year amortization schedule. The borrower and direct lender were not disclosed.

June 28, 2024

Loans Mixed-Use Southeast Tennessee

JLL Arranges $135M Refinancing for Cummins Station Mixed-Use Development in Nashville’s Gulch District

by John Nelson June 28, 2024

NASHVILLE, TENN. — JLL has arranged a $135 million loan for the refinancing of Cummins Station, an adaptive reuse mixed-use development in Nashville’s Gulch district spanning 408,000 square feet. JLL arranged the five-year, fixed-rate loan on behalf of the borrower, DZL Management. Located at 209 10th Ave. S, Cummins Station features creative office spaces and 46,000 square feet of retail space. According to the property website, current office tenants include DZL, Gibson Brands, Serendipity Labs, Bohler, Unlock Health, Eventbrite, Revive and Wayspring. Retailers include Gibson Garage, Morning Glory Deli, Pullman Standard and Wild Wasabi. The brick property dates back to 1906.

June 28, 2024

Loans Multifamily Southeast Tennessee

Woodfield Development Obtains $53.7M Loan for Margaux Midtown Apartments in Nashville

by John Nelson June 28, 2024

NASHVILLE, TENN. — Woodfield Development has obtained a $53.7 million loan for the refinancing of Margaux Midtown, a 292-unit apartment community located in Nashville’s Midtown neighborhood. Adam Bieber and Alec Jenkins of BWE’s Washington, D.C., office arranged the senior loan through the company’s bridge program on behalf of Woodfield Development. Delivered in 2023, Margaux Midtown features a fitness center, clubroom with mini duck bowling, private yoga room, dedicated work pods, complimentary coffee, sky lounge and rooftop terrace, speakeasy with a performance stage, resort-style swimming pool and a podcast room.

June 28, 2024

Affordable Housing Development Loans Midwest Minnesota Multifamily

Wells Fargo Provides $65.5M in Construction Financing for Affordable Housing Project in South Minneapolis

by Kristin Harlow June 28, 2024

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing. The 110-unit affordable housing project marks the first mixed-use affordable housing development to be built in South Minneapolis since the 2020 social uprisings, according to a news release. In addition to the units, the six-story property will feature first-floor commercial space for small businesses and a new Wells Fargo branch. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The redevelopment at 3030 Nicollet Ave. is the result of a community outreach process that included eight community listening sessions hosted by the developer, Project for Pride in Living, as well as the Cultural Wellness Center and Wells Fargo.

June 28, 2024

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