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Mercer-Industrial-Park-Hamilton-New-Jersey

PCCP Provides $98M Construction Loan for Industrial Park in Hamilton, New Jersey

by Taylor Williams August 28, 2020

HAMILTON, N.J. — PCCP has provided a $98 million senior loan for the construction of Mercer Industrial Park, a 1.2 million-square-foot industrial development in Hamilton Township, located just outside of Trenton. The borrower is a joint venture between Hilco Redevelopment Partners and Edge Principal Advisors, which acquired the 132-acre former power plant in late 2018 and embarked on intensive demolition and site work. Mercer Industrial Park will consist of an 846,078-square-foot cross-dock building as well as a 384,895-square-foot partial cross-dock building with a combined 358 trailer parking spaces and 1,248 car surface parking spaces. Both buildings will feature 40-foot clear heights. Completion is scheduled for early 2021.

August 28, 2020

Industrial Loans New York Northeast

Cushman & Wakefield Arranges $80M Loan for Refinancing of Industrial Asset in Yonkers, New York

by Taylor Williams August 28, 2020

YONKERS, N.Y. — Cushman & Wakefield has arranged an $80 million loan for the refinancing of a 435,000-square-foot industrial asset located at 555 Tuckahoe Road in Yonkers, located north of New York City. The property was built in 1963. J.P. Morgan Asset Management provided the fixed-rate loan to the borrower, Alfred Weissman Real Estate LLC. Gideon Gil, Zachary Kraft and Meredith Donovan of Cushman & Wakefield handled the transaction.

August 28, 2020

California Loans Multifamily Western

NorthMarq Secures $51.5M Loan for Vanoni Ranch Multifamily Property in Ventura, California

by Amy Works August 28, 2020

VENTURA, CALIF. — NorthMarq has arranged $51.5 million in permanent debt to refinance Vanoni Ranch Apartments in Ventura. Dennis Williams, Tom Wright, Jackie Goldsmith and Soraya Rios of NorthMarq secured the financing for the sponsor, San Mateo, Calif.-based JB Matteson. The firm arranged the non-recourse financing through a correspondent life insurance company. The 10-year term is structured with interest-only debt service payments for the full term. Vanoni Ranch Apartments features 316 units with nine-foot ceilings, in-unit washers/dryers, smart thermostats, Roman bathtubs and walk-in closets. Community amenities include a fitness center, yoga room, barbecue and picnic area, pool, spa, business center and lounge.

August 28, 2020

Loans Multifamily Oregon Western

Gantry Arranges $20M Refinancing for Lodges at Lake Salish Apartments in Oregon

by Amy Works August 28, 2020

FAIRVIEW, ORE. — Gantry has secured $20 million in financing for Lodges at Lake Salish Apartments, a multifamily community located at 20699 NE Glisan St. in Fairview. Blake Hering, Matt Illias and Heather Kegler of Gantry arranged the Freddie Mac loan to refinance an existing loan that was coming due. The new loan was structured as a 10-year, full-term interest-only payment deal. Constructed in 2004, the 18-building community features 203 apartments in a mix of one- and two-bedroom layouts, averaging 966 square feet in size. Community amenities include a clubhouse with leasing offices, lounge, movie theater, fitness center, outdoor pool, spa, lake views and nature paths.

August 28, 2020

Loans Multifamily Seniors Housing Washington Western

M&T Realty Capital Corp. Provides $13.8M in Financing for Assisted Living Facility in Spokane, Washington

by Amy Works August 28, 2020

SPOKANE, WASH. — M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property.

August 28, 2020

Florida Loans Office Southeast

Concord Summit Capital Arranges $38.3M Refinancing of Office Building in Fort Lauderdale

by Alex Tostado August 27, 2020

FORT LAUDERDALE, FLA. — Concord Summit Capital LLC has arranged a $38.3 million refinancing loan for the Offices at Plantation Walk, a 172,959-square-foot office building in Fort Lauderdale. The owner and borrower, Encore Capital Management, recently implemented a $15 million renovation at the property, which is situated at 261 N. University Drive within Plantation Walk, a 27-acre mixed-use development. Kevin O’Grady of Concord Summit Capital originated the loan on behalf of the Boca Raton, Fla.-based owner. New York Life Insurance Co. provided the loan.

August 27, 2020

Loans Mixed-Use New Jersey Northeast

JLL Arranges $116.3M Construction Loan for North Market Mixed-Use Project in Morristown, New Jersey

by Taylor Williams August 27, 2020

MORRISTOWN, N.J. — JLL has arranged a $116.3 million construction loan for Phase I of North Market, a mixed-use project that will be located in Morristown, about 30 miles west of New York City. At completion, the 32.6-acre project will consist of 350 multifamily units, 40,500 square feet of office space, a 150-room boutique hotel and 94,500 square feet of retail and restaurant space. Thomas Didio of JLL arranged the loan through an undisclosed life insurance company on behalf of the borrower and developer, The S. Hekemian Group LLC of Englewood, New Jersey. Phase I, which is expected to be complete in about 24 months, will focus on the multifamily component, which will include amenities such as a pool, fitness center, outdoor grilling areas, coworking space and saunas.

August 27, 2020

Loans Multifamily Student Housing Texas

Parkview Provides $9.5M Construction Loan for Student Housing Project in Prairie View, Texas

by Taylor Williams August 27, 2020

PRAIRIE VIEW, TEXAS — Los Angeles-based Parkview Financial has provided a $9.5 million construction loan for a 120-unit student housing project in Prairie View, about 50 miles northwest of Houston. The property will serve Prairie View A&M University and represents the first phase of a 390-unit development that will be known as Prairie View Plaza. The first building will consist of 72 one-bedroom units and 48 two-bedroom units with full kitchens and individual washers and dryers. Phase I is expected to be complete in the second quarter of 2021. In addition to the student housing portion, Prairie View Plaza will ultimately include 70 townhomes for sale, 100 apartments and 58,000 square feet of retail space. The borrower was PV Asset Management.

August 27, 2020

Florida Loans Multifamily Southeast

Asia Capital Real Estate Provides $86.3M Refinancing Loan for Apartment Complex in Midtown Miami

by Alex Tostado August 26, 2020

MIAMI — Asia Capital Real Estate (ACRE) has provided an $86.3 million refinancing loan for Yard 8, a 387-unit apartment complex in Midtown Miami. Borrower Wood Partners will use the permanent financing to refinance the construction loan. The Atlanta-based developer opened Yard 8 in May 2019. Daniel Jacobs of ACRE originated the loan on behalf of the borrower in an off-market transaction. The property offers studio to three-bedroom floor plans, which were 83 percent occupied at the time of refinancing. Communal amenities include a pool, sundeck, clubroom, fitness center, coffee bar, concierge service and a resident lounge. In addition, Wood Partners has implemented The Ground Floor Project, a series of events to promote local artists, musicians and dancers at the community. According to the Yard 8 website, there are not any events currently scheduled for The Ground Floor Project.

August 26, 2020

Affordable Housing Development Loans Multifamily Texas

Hunt Capital Partners Provides $9.8M in Construction Financing for Affordable Housing Project Near Houston

by Taylor Williams August 26, 2020

CHANNELVIEW, TEXAS — Hunt Capital Partners has provided $9.8 million in federal low-income housing tax credit equity financing for the construction of The Hollows Apartments. The 192-unit affordable housing community will be located on a 7.5-acre site in Channelview, about 17 miles northeast of Houston. The Hollows will offer 36 one-bedroom, 84 two-bedroom, and 72 three-bedroom units restricted to households earning up to 30, 50 and 70 percent of the area median income. LDG Multifamily LLC is co-developing the project with HCHA Redevelopment Authority Inc., an affiliate of the Harris County Housing Authority. Kelly Grossman Architects LLC is designing the project. Construction is expected to begin in September and to be complete in March 2022.

August 26, 2020

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