Loans

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

Hospitality Loans Massachusetts Northeast

Tremont Realty Capital Provides $45M Acquisition Loan for Downtown Boston Hotel

by Taylor Williams January 14, 2025

BOSTON — Tremont Realty Capital, a division of locally based investment firm RMR Group, has provided a $45 million bridge loan for the acquisition of the 178-room Club Quarters Hotel in Boston. The hotel is located at 161 Devonshire St. in the downtown area and offers a mix of traditional guestrooms and suites, as well as meeting and event space and onsite dining options. JLL arranged the loan, which carries a floating interest rate and a three-year initial term with two one-year extension options, on behalf of the borrower, an entity doing business as Arch & Devonshire LLC.

January 14, 2025

Development Florida Hospitality Loans Southeast

Bayview PACE Provides $137M C-PACE Financing for Westin Cocoa Beach Resort Development

by John Nelson January 14, 2025

COCOA BEACH, FLA. — Bayview PACE has provided $137 million in C-PACE financing for the development of Westin Cocoa Beach Resort & Spa, a $420 million hospitality development located at 100 N. Atlantic Ave. in Cocoa Beach. Coral Gables, Fla.-based Driftwood Capital is the borrower and developer behind the 502-room development, which is slated to open in early 2027. In addition to the C-PACE loan, Driftwood Capital obtained $70 million in construction financing from City National Bank of Florida and a $50 million credit facility from Amerant Bank, bringing the new capital infusion to a combined $257 million. Construction is currently underway on the Marriott-branded project, which will feature 11 food-and-beverage venues and 123,700 square feet of indoor/outdoor meeting space in addition to the hotel rooms and wellness features. The transaction represents the largest C-PACE deal in Florida and the third-largest hospitality C-PACE loan in the United States, according to Bayview PACE. Commercial property assessed clean energy financing (C-PACE) has become a viable financing method for developers as the loan becomes an assessment that borrowers pay with their tax bill. These loans also pay for energy and water upgrades in new construction and rehabilitation projects, including retroactively.

January 14, 2025

Acquisitions California Loans Retail Western

Marathon Asset Management Provides $164M Acquisition Loan for Shopping Mall in Thousand Oaks, California

by Amy Works January 14, 2025

THOUSAND OAKS, CALIF. — Marathon Asset Management has provided a $164 million mortgage loan for the acquisition of The Oaks, a shopping mall located in Thousand Oaks, roughly 38 miles west of Los Angeles. Stockdale Capital Partners was the borrower. Nordstrom, Dick’s Sporting Goods and AMC Theatres anchor the 1.2 million-square-foot property, which is situated on 85 acres. Other tenants at the center include Apple, Anthropologie, Zara, H&M and Arhaus. Joseph Griffin of Marathon originated the loan. Greg Stampley and Jessica Henning of Eastdil Secured arranged the financing on behalf of Stockdale.

January 14, 2025

Development Loans Midwest Multifamily Wisconsin

Neutral Receives $133.3M in Construction Financing for Luxury Apartment Project in Milwaukee

by Kristin Harlow January 14, 2025

MILWAUKEE — Neutral has received a $133.3 million construction loan for The Edison, a 378-unit luxury apartment project in Milwaukee. JLL Capital Markets arranged the financing through Bank OZK and Pearlmark. The Edison, located at 1005 N. Edison St., will feature 7,200 square feet of retail space. At 31 stories, the project is slated to be the tallest mass timber building in North America, according to Neutral. Amenities will include a fitness center, spa, pool, sauna, café, demo kitchen, dog park, movie room, community garden, entertainment deck and sky lounge. The developer has secured more than 62 percent of the required equity funding and will commence construction this spring while the remaining 38 percent of equity is being finalized. Completion is slated for the third quarter of 2027.

January 14, 2025

Loans Southeast Student Housing Tennessee

BWE Secures $47M Refinancing for Student Housing Property Near University of Tennessee

by John Nelson January 13, 2025

KNOXVILLE, TENN. — BWE has secured a $47 million loan for the refinancing of Lakemoor Station, a 240-unit student housing community located near the University of Tennessee campus in Knoxville. Jim Collins of BWE worked on behalf of the borrower, Dominion Group, to secure the 10-year, fixed-term financing through Nationwide Insurance. The loan features a 30-year amortization schedule. The University of Tennessee has master leased the property for five years with a three-year renewal option. The garden-style community offers fully furnished units alongside shared amenities including an outdoor pool, lounge area, fitness center and clubhouse.

January 13, 2025

California Loans Multifamily Western

JLL Secures $188M Loan for Vive Luxe Multifamily Community in San Diego

by Amy Works January 13, 2025

SAN DIEGO — JLL Capital Markets has secured a $188 million loan on behalf of Sunroad Enterprises for Vive Luxe, a multifamily property in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market’s Debt Advisory team secured the five-year, fixed-rate loan for the borrower from accounts managed by KKR, a global investment firm. Located at 4890 Sunroad Centrum Lane, Vive Luxe offers 442 one-, two- and three-bedroom apartments, ranging from 726 square feet to 1,122 square feet. Each unit offers stainless steel appliances, gourmet kitchens, quartz countertops and open concept living spaces. Onsite amenities include a swimming pool with clubhouse and spa, fitness center, wine lounge, sky deck and ocean lounge. The property also offers 23 affordable units.

January 13, 2025

Loans Multifamily Washington Western

Northmarq Arranges $67M in Refinancing for Camber Apartments in Bremerton, Washington

by Amy Works January 13, 2025

BREMERTON, WASH. — Northmarq’s Seattle Debt + Equity team led by Robert Spiro has arranged a $67 million loan for the refinancing of Camber Apartments, Phases 1 and 2, a garden-style multifamily community in Bremerton. Northmarq arranged financing on behalf of the borrower through its in-house Fannie Mae delegated underwriting program. The permanent-fixed deal was structured on a seven-year term. Located at 1231 NE McWilliams Road, Camber Apartments features two adjacent multifamily properties, with Phase 1 being built in 2021 and Phase 2 built in 2024. Camber Phase 1 offers 204 units, and Camber Phase 2 features 120 units. The community features one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, primary suites, lush park-like views, luxury vinyl flooring, walk-in closets and either a balcony or patio. The pet-friendly community amenities include a fitness center, clubhouse with a caterer’s kitchen, fire pits, controlled access and gated entry, a heated resort-style pool, a covered outdoor spa, pool, theater-inspired media room, integrated trails, barbecue picnic shelters and play areas.

January 13, 2025

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