POMPANO BEACH, FLA. — Grover Corlew has received $78.2 million in financing for the first property under the Mayla Residences’ brand called Mayla Pompano, a 355-unit multifamily property in Pompano Beach. PNC Bank provided the construction financing. The project is slated to break ground in February with completion expected by July 2023. Mayla Pompano will be a two-building project and offer studio, one-, two- and three-bedroom layouts, ranging from 548 to 1,383 square feet. Unit features will include bathrooms with soaking tubs, frameless shower enclosures, back-lit vanity mirrors, quartz countertops, stainless steel appliances, built-in microwaves, glass cooktops, walk-in closets, private balconies, hurricane impact windows and in-unit washers and dryers. Community amenities will include a two-story clubroom, coworking spaces, TV lounge, fitness center, pools with cabanas, outdoor kitchens with seating at both buildings, pedestrian bridge between buildings, dog spa, bicycle storage and repair station, garage parking and interior mailrooms and package rooms. The property will also feature 60,000 square feet of retail space on the ground floor. Mayla Pompano will be situated on nearly three acres of underutilized parking lots behind Grover Corlew’s 2401 Atlantic and 2335 Atlantic office buildings. Located at 2335 and 2401 E. Atlantic Blvd., the property is …
Loans
SAN ANTONIO — New York City-based Lightstone Capital has provided an $11.8 million acquisition loan for Oak Hills Village, a 121-unit apartment complex in northwest San Antonio. The property, which is located less than a mile from South Texas Medical Center, was originally built in 1973 and offers a pool, clubhouse and a fitness center. The borrower, a partnership between investment firm The Brennan Pohle Group and San Diego-based Next Space Development, will use a portion of the proceeds to fund capital improvements. In addition, the new ownership will rebrand the property as The Oaks @ Medical Center.
NEW YORK CITY — Locally based private lender S3 Capital Partners has provided a $105 million construction loan for a 447-unit multifamily project that will be located in the Mott Haven neighborhood of The Bronx. The developer, JCS Realty, has entered into a ground lease with the owners of the site, Montgomery Street Partners, which contributed $55 million for the acquisition and improvements to the land. Completion of the 12-story building, which will also house ground-floor commercial space, is slated for late 2023. Zaro’s Family Baker sold the land on which the project will be developed. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors brokered the $35 million sale of the land.
STAFFORD, TEXAS — Natixis, a French multinational finance firm, has provided a $118 million floating-rate acquisition loan for a pair of multifamily properties in the southwestern Houston suburb of Stafford. The adjacent properties, which total 931 units, include 1879 at The Grid and Arc at The Grid. Both communities are located within The Grid, a $500 million mixed-use development located at the site of the former Texas Instruments campus. The borrower was an affiliate of Lone Star Funds.
Gantry Arranges $223M in Financing for Seven-Property Mixed-Use Portfolio in California
by Amy Works
LOS ANGELES — Gantry has secured $223 million in permanent financing for seven properties in California. The portfolio includes three multifamily properties totaling 1,140 units, one single-tenant retail property, one self-storage property, and two unique ground lease financing transactions for land holdings in Northern and Southern California. George Mitsanas of Gantry’s Los Angeles office identified and structured the financing package on behalf of the borrower, a private investor. The loans were placed through four of Gantry’s correspondent life insurance companies at very competitive interest rates with long-term maturities. Gantry will be the loan servicer for each of the seven loans. The portfolio includes: Park Regency Apartments, an 892-unit apartment complex in Walnut Creek Concord Square Apartments, a 167-unit apartment building in Reseda NMS Warner Center, an 81-unit apartment building in downtown Warner Center Sand Canyon Self Storage, a self-storage facility in Santa Clarita with 792 storage units and 129 RV vehicle storage spaces Gelson’s Laguna Beach, a retail property in Laguna Beach fully occupied by Gelson’s A ground lease for a 135,000-square-foot Lowe’s Home Improvement Warehouse, situated on 14.9 acres in Rancho Cucamonga Century City Cooling Plant, the collateral is the free interest of an L-shaped, 1.64-acre parcel of land …
HOUSTON — New York City-based Ariel Property Advisors has arranged a $21.7 million acquisition loan for a portfolio of five freestanding emergency rooms located throughout the Houston area totaling 34,587 square feet. Eli Weisblum and Paul McCormick of Ariel Property Advisors arranged the loan, which was structured with a five-year term, a 4.5 percent interest rate and a 75 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $103 million loan for the refinancing of a 428-unit apartment building in the Northern New Jersey community of Union. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the debt through life insurance company Thrivent Financial on behalf of the borrower, Russo Development. The loan carried an 18.5-year term, 30-year amortization schedule and an interest rate of approximately 2.5 percent.
JERSEY CITY, N.J. — JLL has placed a $10.2 million acquisition loan for the Nestlé Waters Building, a 65,715-square-foot warehouse in Jersey City. An affiliate of the Swiss food supplier has utilized the entirety of the property, which was originally built in 1971, since 2008 as a distribution outlet for its bottled water products. Building features include a clear height of 24 feet, 11 dock-high doors and 15,000 square feet of office space. Jon Mikula of JLL arranged the five-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Cohen Asset Management.
Dwight Capital Provides $60.8M HUD Refinancing for Affordable Housing Community in Herndon, Virginia
HERNDON, VA. — Dwight Capital has provided a $60.8 million HUD 223(f) cash-out refinancing loan for Coppermine Run, a 288-unit affordable housing community in Herndon. Brandon Baksh of Dwight Capital originated the loan transaction. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Coppermine Run is Energy Star-certified. Coppermine Run includes 11 four-story residential buildings and a clubhouse and leasing office situated on 15.7 acres. The property offers two-bed/one-bath, two-bed/1.5 bath and three-bed/two-bath floorplans. Unit features include trash and snow removal, walk-in closets, central air and heat, cable ready and updated appliances and cabinets. Community amenities include a basketball and multi-sports court, fitness center, playground, swimming pool with sundeck and walking paths. Located at 2450 Masons Ferry Drive, Coppermine Run is situated 19.7 miles from Arlington, 25 miles from Washington, D.C., and 31.6 miles from Alexandria.
TAMPA, FLA. — CIM Group has closed a $175 million loan for Bank of America Plaza, a 42-story, Class A office tower in Tampa. A fund managed by CIM Group provided the funds to the borrowers, an affiliate of Miami-based Banyan Street Capital and funds managed by Oaktree Capital Management LP. Built in 1986 and renovated in 2018, Bank of America Plaza spans two city blocks, making it one of the largest office developments in the Southeast, according to CIM Group. The property includes a 795,944-square-foot office tower and an adjacent 1,260-space parking structure that is connected to the property by a covered, climate-controlled skybridge. Building amenities include a newly renovated lobby, fitness center, tenant business lounge and a conference facility. Bank of America Plaza is Energy Star-rated and meets LEED Gold standards. Located at 101 E. Kennedy Blvd. at the corner of North Tampa Street and East Kennedy Boulevard in Tampa’s Central Business District, the property is situated 9.2 miles from Tampa International Airport.