Loans

3650 REIT Funds $59M Acquisition Loan for Industrial Property in Yaphank, New York

by Taylor Williams June 16, 2021

YAPHANK, N.Y. — 3650 REIT has funded a $59 million acquisition loan for 50 Horseblock, a 491,200-square-foot industrial property in the Long Island community of Yaphank. Built in 1986, the property was fully leased to New Jersey-based drug manufacturer Amneal Pharmaceuticals at the time of sale. Building features include a clear height of 28 feet and 12 loading docks. Adam Licari and Jeff Shriver of Eastdil Secured arranged the 10-year loan on behalf of the borrower, private equity firm New Mountain Capital.

June 16, 2021

Loans Multifamily Texas

Avant Capital Provides $47.1M Acquisition Loan for Dallas Apartment Complex

by Taylor Williams June 15, 2021

DALLAS — Avant Capital, a Connecticut-based direct lender, has provided a $47.1 million bridge loan for the acquisition of a 500-unit apartment complex in Dallas. The property, the name of which was not disclosed, was originally built in the 1970s. The borrower, a partnership between The Willowood Group, Arch Investment Group and Stormlight Holdings, will use a portion of the proceeds to fund capital improvements. NorthMarq arranged the loan.

June 15, 2021

Loans New York Northeast Office

Newmark Arranges $500M Acquisition, Construction Loan for Manhattan Office Redevelopment

by Taylor Williams June 15, 2021

NEW YORK CITY — Newmark has arranged a $500 million acquisition and construction loan for the redevelopment of 111 Wall Street, a 1.2 million-square-foot office building in downtown Manhattan. The 25-story building spans a full city block. The borrower, a joint venture between Nightingale Partners and Wafra Capital Partners, will reposition the property to feature touchless and smart-building technology and add new amenities. The new suite of amenities will include a 125-seat conference center, café and barista bar, upscale food and beverage options, an event room and a fitness center. The new ownership will also install new windows and HVAC systems. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing through an undisclosed direct lender. The redevelopment is expected to take about two years to complete.

June 15, 2021

Florida Hospitality Loans Southeast

Avison Young Secures $30M Construction Loan for Vacation Rental Development in Daytona Beach

by Julia Sanders June 15, 2021

DAYTONA BEACH, FLA. — Avison Young has secured a $30 million construction loan with an undisclosed bank to develop MAX Daytona, a 72-unit vacation rental project at 1901 S. Atlantic Ave. in Daytona Beach. George Vail of Avison Young and his team sourced the loan on behalf of Bayshore Capital Inc., a Toronto-based real estate development and investment firm. Bayshore Capital acquired land with over 2,100 linear feet along the Atlantic Ocean, including the MAX Daytona site, as well as five acres of commercial property west of State Road A1A. MAX Daytona will feature a full-height glass exterior, open floor plans with private outdoor living space, rooftop terraces, mobile and contactless self-check-in and cloud-based operations.

June 15, 2021

Georgia Loans Mixed-Use Retail Southeast

TrueRate Services Arranges $9.3M Loan for Mixed-Use Development in Covington, Georgia

by Julia Sanders June 15, 2021

COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center. Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer. Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.

June 15, 2021

California Loans Multifamily Western

JLL Capital Markets Arranges $24.5M Loan for Cielo Apartments in Downtown San Diego

by Amy Works June 15, 2021

SAN DIEGO — JLL Capital Markets has secured $24.5 million in financing for Cielo, a Class A multifamily property located in San Diego’s Little Italy neighborhood. The borrower, Built Development, acquired the land in 2014 and broke ground in 2018 for the project, which was completed in January. Loan proceeds will be used to pay off the borrower’s existing construction loan and provide cash. Located at 915 W. Grape St., the eight-story, 63,500-square-foot property features studio, one- and two-bedroom units. Apartments offer private balconies and terraces, in-unit washers/dryers, stainless steel appliances and modern finishes. Community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations. Jeff Sause, Christopher Collins and Chad Morgan of JLL Capital Markets arranged the floating-rate bridge loan through a correspondent life insurance company for the borrower.

June 15, 2021

Loans Multifamily Northeast Pennsylvania

BGL Arranges Loan for Refinancing of 151-Unit Apartment Building in Pittsburgh

by Taylor Williams June 14, 2021

PITTSBURGH — Brown Gibbons Lang & Co. (BGL) has arranged a loan of an undisclosed amount for the refinancing of Heinz at 950 North Shore, a 151-unit apartment building in downtown Pittsburgh. The four-story building was originally constructed in the 1930s as the headquarters of the H.J. Heinz Co. Asia Commercial Real Estate provided the financing to the borrower, MCM Co. Inc.

June 14, 2021

Loans Multifamily New York Northeast

Trevian Capital Provides $6.4M Loan for Multifamily Building in Queens

by Taylor Williams June 14, 2021

NEW YORK CITY — Trevian Capital, a locally based direct lender, has provided a $6.4 million bridge loan for a 10-unit multifamily building located in the Astoria neighborhood of Queens. The funds will be used to pay off maturing construction debt and fund final cosmetic finishes. The name of the property and the borrower were not disclosed.

June 14, 2021

Loans Michigan Midwest Multifamily Walker & Dunlop

Walker & Dunlop Provides $12.2M Loan for Refinancing of Townhome Property in Metro Grand Rapids

by Kristin Harlow June 14, 2021

LOWELL, MICH. — Walker & Dunlop Inc. has provided a $12.2 million Fannie Mae loan for the refinancing of Townhomes at Two Rivers in Lowell, located about 17 miles east of Grand Rapids. The 80-unit property features amenities such as a fitness center, enclosed dog park, covered picnic area and access to walking trails. Benjamin Krosin of Walker & Dunlop originated the 10-year loan on behalf of the borrower, Forest Hills Homes. Kari Zapolski of Inner Circle Holdings arranged the loan.

June 14, 2021

Acquisitions California Industrial Loans Office Western

PSRS Arranges $31.6M in Acquisition Financing for Five Flex Buildings Near San Diego

by Amy Works June 11, 2021

SAN DIEGO AND CHULA VISTA, CALIF. — PSRS has arranged $31.6 million in acquisition financing for five multi-tenant buildings in Chula Vista and San Diego’s Mission Valley neighborhood. The portfolio includes four flex industrial/office buildings along Bay Boulevard in Chula Vista and a multi-tenant office building at 5920 Friars Road in San Diego. Tenants include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Financed with a CMBS execution, Jim Mulvihill of PSRS secured a 10-year loan with full-term interest-only payments for the undisclosed borrower.

June 11, 2021

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