NEW YORK CITY — Marathon Asset Management has provided a $154.5 million loan for the refinancing of a senior living portfolio, dubbed The American House Florida Portfolio, located in Florida. A joint venture between Monarch Alternative Capital and REDICO is the borrower. Totaling 817 units, the portfolio comprises six communities offering 40 independent living, 306 assisted living and 102 memory care residences. The communities were built between 2015 and 2018. According to a press release issued by New York-based Marathon, each of the properties is located in a Florida market that is currently experiencing significant demographic growth. REDICO, which developed four of the communities, has been invested in the portfolio for roughly a decade. In 2017, REDICO expanded the portfolio through the acquisition of two additional communities. Monarch acquired the portfolio in 2021 through a recapitalization, wherein REDICO remained as a joint venture equity owner. REDICO manages the properties through its affiliate, American House SLC. Joseph Griffin of Marathon originated the loan. Aron Will and Adam Mincberg of CBRE secured the financing on behalf of the borrower.
SAN DIEGO — JLL Capital Markets has arranged $46.5 million in construction financing for Stella Apartments, a multifamily development in San Diego. Aldon Cole, Bryan Clark and Bharat Madan of JLL Capital Markets’ Debt Advisory secured a three-year floating-rate loan through Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, for the borrower, Murfey Cos. Located at 3104 El Cajon Blvd. in San Diego’s North Park neighborhood, the nine-story, 73,243-square-foot residential property will offer 149 studios, one- and two-bedroom units. Onsite amenities will include a rooftop terrace, community gym, large outdoor amenity space and lobby. Murfey Co., a vertically integrated developer, plans to begin construction this quarter with completion expected in second-quarter 2027.
MADISON, WIS. — ACRES Capital LLC has originated a $26.3 million loan for the acquisition of Aberdeen Apartments in Madison. The high-rise student housing property is located near the University of Wisconsin-Madison campus. The 12-story building features 224 beds across 77 units along with two commercial suites. The property’s total net rentable area is 69,033 square feet. Loan terms were not provided.
AURORA, ILL. — Waterton has provided a $16 million preferred equity investment for the development of the Residences at Eastbank, a 258-unit apartment complex in downtown Aurora. Chicago-based DAC Developments is developing the five-story project with additional support from the City of Aurora. Geneva Capital Group arranged the financing and also provided a $45 million senior loan for the development on behalf of its bank syndication program. Construction began in May and is slated for completion in 2026. The Residences at Eastbank is situated on the eastern edge of the Fox River adjacent to Aurora Transportation Center with Metra service to downtown Chicago. The property will include a mix of studios, one-, two- and three-bedroom residences. Amenities will include an outdoor atrium with a resort-style pool, fitness center, outdoor seating and an indoor parking garage.
NORTH CANTON, OHIO — Cronheim Mortgage has arranged $5 million in leasehold financing for a single-tenant industrial facility in North Canton. The 220,000-square-foot property is fully occupied by Harry London Candies Inc., a subsidiary of Italian confectionary giant Ferrero. The facility was constructed in 1995 specifically for the manufacturing of chocolate and features a Fannie May & Harry London Chocolates factory store. Harry London was acquired by Ferrero in 2017, but Fannie May operates as a standalone entity and brand within the Ferrero Group. Allison Villamagna, Dev Morris and Andrew Stewart of Cronheim placed the financing with one of Cronheim’s long-standing correspondent lenders. Cronheim will service the loan, which is fully amortized over six years. The borrower was an affiliate of New York-based Sachs Cos.
DALLAS — Global private equity firm KKR has provided $95 million in financing for the 255-room Marriott Uptown Dallas hotel. The financing consists of $87.5 million in initial loan proceeds used to replace the property’s outstanding debt, as well as two future-funded earnout facilities that provide potential access to $7.5 million in additional capital. Completed in early 2021, the 14-story hotel is located at 3033 Fairmount St. and features a rooftop pool, lounge, ground-floor restaurant and 13,000 square feet of meeting and event space. A partnership between NexPoint Diversified Real Estate Trust (NYSE: NXDT) and Alamo Manhattan owns the hotel.
FORT MYERS, FLA. — Encore Multifamily, a division of Dallas-based Encore Enterprises, has obtained a $48.7 million HUD 221(d)(4) loan for the construction of a new apartment development in Fort Myers. The project, known as Encore Daniel Falls, will comprise 240 Class A apartments and be situated on 6.7 acres near I-75 and South Florida International Airport. Encore Multifamily broke ground on the development in December and expects to deliver the community by third-quarter 2026. Upon completion, Encore Daniels Falls will feature studio, one-, two- and three-bedroom units, as well as a clubhouse, fitness center, business center, pool, dog park and a 24-hour package room.
LENEXA, KAN. — Gantry has arranged a $32 million permanent loan to retire construction financing for Lenexa Logistics Centre North #5 in Lenexa, a suburb of Kansas City. The fully leased property on Mill Creek Road was completed in 2022 and totals 565,170 square feet. The multi-tenant building offers immediate access to I-35, I-435 and Highway 10. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. An insurance lender provided the 10-year loan, which features a fixed interest rate and introductory interest-only period transitioning to a 30-year amortization schedule.
NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the renovation of three affordable housing developments located on the east side of The Bronx borough in New York City. The renovations will total $419.6 million, according to Merchants Capital. Comprising 952 units across six residential buildings, the properties include Boston Road Plaza, Boston Secor and Middletown Plaza. The New York City Housing Authority (NYCHA), the largest public housing authority in North America, owns and manages the trio of affordable housing communities. Merchants Capital provided a New York Housing Development Corp. (NYHDC) Freddie Mac Risk Share loan under the Permanent Affordability Commitment Together (PACT) program. The properties will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program as part of HUD’s Rental Assistance Demonstration (RAD) conversion platform. The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading renovations at the properties in partnership with NYCHA. Renovations will include upgrades to interiors, exteriors and shared spaces; bathroom and kitchen improvements; new doors, flooring and paint; new roofs; modernized elevators; complimentary Wi-Fi; and upgrades to the HVAC and plumbing systems. Repairs are currently underway …
MIAMI BEACH, FLA. — A joint venture between Mast Capital and a controlled affiliate of Starwood Capital Group has secured $390 million in construction financing for The Perigon Miami Beach, a 73-unit condominium development located at 5333 Collins Ave. in Miami Beach. Eldridge Real Estate Credit, a Greenwich, Conn.-based asset manager and holding company, provided the loan. “We are proud to partner with Mast Capital and Starwood Capital Group on The Perigon Miami Beach,” said Matthew Rosenfeld, a managing director at Eldridge Real Estate Credit. “This is a project that represents the exceptional, visionary real estate we seek to finance, and further underscores the continued growth and momentum of our business.” Located in the popular Mid-Beach neighborhood, The Perigon Miami Beach will offer two-, three- and four-bedroom residences ranging from 2,100 to 6,700 square feet, each featuring 10- to 12-foot wraparound balconies. The property will also offer eight private guest suites. Roughly 75 percent of the condos have been sold. The building will offer approximately 40,000 square feet of indoor and outdoor amenities. Planned community amenities include a pool with cabanas, spa with sauna, salon, fitness center, children’s playroom, screening room, wine room and a lobby lounge. Residents will also …