HEMLOCK, MICH. — The U.S. Department of Commerce has awarded Hemlock Semiconductor (HSC) up to $325 million in direct funding under the CHIPS Incentive Program’s Funding Opportunity for Commercial Fabrication Facilities. The funding will support the construction of a new manufacturing facility in Hemlock, about 65 miles north of Lansing. The project is expected to create approximately 180 manufacturing jobs and over 1,000 construction jobs. HSC is the only U.S.-owned manufacturer of hyper-pure polysilicon.
WEST NEW YORK, N.J. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a 348-unit multifamily property in West New York. Built in 2006, the community is situated adjacent to the Hudson River and directly across from Manhattan. Amenities include onsite retail, a heated swimming pool, fitness center, yoga studio, business center and grilling stations. Monthly rents at 55 Riverwalk Place start around $2,900, according to the property’s website. Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of IPA arranged the financing through Bank of America on behalf of the borrower, a joint venture between a New York City-based multifamily owner/operator focused on acquiring value-add apartment assets in the Northeast and a global institutional investment manager. Both parties requested anonymity. Kazanjian says that the acquisition represents a significant value-add opportunity for the sponsor. — Kristin Harlow
AUSTIN, TEXAS — Cottonwood Group, a real estate private equity firm with offices in Boston, Los Angeles and New York, has provided $284 million in financing for EastVillage, a 425-acre mixed-use development that is underway in East Austin. The senior bridge loan supports the recapitalization of a 312-unit multifamily property known as The Vaughan; an under-construction mixed-use multifamily and retail complex known as The Janis; 19 entitled land parcels; and the remaining unsold luxury units at The Linden Residences. Buffalo-based Reger Holdings is the master developer of EastVillage, which also recently added several new retailers to its tenant roster. Newmark arranged the debt.
LEWISVILLE, TEXAS — Locally based developer Palladium USA has broken ground on a $30 million mixed-income multifamily project in the northern Dallas suburb of Lewisville. Palladium Lewisville will total 90 units in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, business center, children’s play area and a clubroom with a communal kitchen. The first units are expected to be available for occupancy before the end of the year. PNC Bank provided $10.8 million in long-term debt and $13.3 million in equity as part of the financing of the project.
VIRGINIA BEACH, VA. — Cohen Investment Group has obtained a $51.5 million financing package for the refinancing of Castleton Commerce Center, a 470,618-square-foot industrial complex in Virginia Beach. Eastern Union arranged the financing through Bank of America, which refinanced a $58.2 million bridge loan that Eastern Union originated when Cohen Investment Group purchased the property in 2021. Castleton Commerce Center features 409 self-storage units, 375 warehouse units totaling nearly 330,000 rentable square feet and 190 boat and RV parking spaces.
PLANTATION, FLA. — CBRE has arranged a $30.2 million loan for Cornerstone One, a nearly 170,000-square-foot office building located at 1200 S. Pine Island Road in the Fort Lauderdale suburb of Plantation. Amy Julian and Andrew Chilgren of CBRE arranged the bank balance sheet loan. The names of the borrower and direct lender were not disclosed, but multiple media outlets report that The Brookdale Group purchased the property in 2023. Julian says that the owner has executed nearly 90,000 square feet of leasing activity at Cornerstone One over the past two years. The landlord also plans to overhaul the office building’s lobby, upgrade the patios and install move-in ready spec suites.
CEDAR HILL, TEXAS —JLL has arranged an acquisition loan of an undisclosed amount for a 7.5-acre industrial outdoor storage (IOS) facility in Cedar Hill, located southwest of Dallas. Built in 2015, the facility houses a 15,023-square-foot service building with office space and was fully leased at the time of the loan closing to an undisclosed provider of traffic equipment and services. C.W. Sheehan, Kristi Leonard, Peyton Ackerman and Nate Henderson of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, Apricus Realty Capital, which acquired the property via sale-leaseback. The direct lender was not disclosed.
KNOXVILLE, TENN. — Colliers Mortgage has provided a seven-year Fannie Mae loan for the acquisition of Canyon and Knox Landing Apartments, a 193-unit multifamily community in Knoxville. The borrower and loan amount were not disclosed. Built in 1974, Canyon and Knox Landing features a mix of studio, one- and two-bedroom apartments ranging in size from 228 to 864 square feet, as well as a fitness center, laundry facilities, pet play area, picnic area, pool, tennis court and a volleyball court.
CHICAGO — JLL Capital Markets has originated a $113.7 million Freddie Mac loan for the refinancing of K2 Apartments, a 34-story apartment tower in Chicago’s Fulton Market district. The 496-unit property is located at 365 N. Halsted St. just west of the Chicago River. Constructed in 2013, K2 Apartments features a range of units from studios to three-bedroom layouts. Amenities include a pool, terrace lounge, movie theater room, 24-hour concierge service, a dog park and indoor basketball court. Danny Kaufman, Medina Spiodic and Rebecca Brielmaier of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Georgetown Co.
CHICAGO — Northwind Group has provided a $62.5 million first mortgage, senior secured acquisition and lease-up loan collateralized by 303 East Wacker Drive, a 30-story office building in Chicago. The property totals more than 1 million square feet and includes a 282-space parking garage. Situated on the Chicago River in the East Loop submarket, the building was roughly 75 percent occupied at the time of loan closing. A joint venture between 601W Cos. and David Werner Real Estate Investments was the buyer. The financing facilitated the acquisition from the existing lender via a deed-in-lieu of foreclosure from prior ownership, Beacon Capital Partners. The building has been recently renovated and modernized with over $32 million of upgrades and tenant-focused improvements. A new amenity center on the entire 30th floor overlooks Lake Michigan. John Vavas of Polsinelli Law Firm represented Northwind.