SOUDERTON, PA. — Cronheim Mortgage has arranged a $14 million bridge loan for 209 Commerce Center, a 176,500-square-foot industrial property in Souderton, about 35 miles northwest of Philadelphia. The newly built property features 32-foot clear heights and 29 loading docks and was vacant at the time of the loan closing. A national bridge lender provided the loan on behalf of the undisclosed borrower. The loan was structured with an earn-out provision that will allow the sponsor to recoup some equity once the property leases up.
SAN FRANCISCO — Presidio Bay Ventures has received on $120 million in construction financing for the development of Ventana Residences, an apartment community located at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction financing. Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units, in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program. Additionally, the project’s design incorporates sustainable elements including rooftop solar photovoltaic panels, all-electric appliances and individual utility submetering. Utilizing 100 percent union labor, the development of Ventana Residences will create more than 500 prevailing wage jobs and provide 25 percent on-site affordable housing, making the project the largest San Francisco community to be built under the city’s HOME-SF affordable housing development program.
TAMPA, FLA. — Berkadia has provided a $41.4 million loan for the acquisition of Bainbridge Ybor City, a 240-unit apartment community in Tampa’s Ybor City Historic District. Mitch Sinberg and Matthew Robbins of Berkadia’s South Florida mortgage banking team originated the Freddie Mac loan on behalf of the borrower, GMF Capital. Berkadia provided the 10-year, floating-rate loan, which features five years of interest-only payments. Wellington, Fla.-based Bainbridge Cos. developed Bainbridge Ybor City in 2017. The property is located at 1512 E. 12th Ave. in Ybor City, which is the only neighborhood on Florida’s west coast to be designated a National Historic Landmark District. The property features studio, one- and two-bedroom floor plans. Community amenities include a pool and sundeck, 24-hour fitness center, yoga studio and personal training room, clubroom with arcade and catering kitchen, elevator access and secure parking garage and greenways.
TACOMA, WASH. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.
NEW YORK CITY — NorthMarq has provided a $44.5 million Freddie Mac loan for the refinancing of Briarwood Gardens, a 514-unit multifamily property located in the Jamaica area of Queens. The property was built in the 1950s and offers studio, one- and two-bedroom units, as well as a playground, dog park and onsite laundry facilities. Robert Ranieri of NorthMarq originated the fixed-rate loan. The borrower was not disclosed.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $34.4 million bridge loan for the refinancing of a 117-unit apartment building in the Williamsburg neighborhood of Brooklyn. The property, which includes 4,000 square feet of commercial space, was originally built as a pencil factory and was converted to multifamily in 2012. A private lender provided the five-year loan, which was structured with a 3.65 percent interest rate, three years of interest-only payments and a 75 percent loan-to-value ratio. Steven Rock of MMCC originated the debt. The borrower was not disclosed.
CHICAGO — California-based investment firm KBS has received a $375 million loan for the refinancing of Accenture Tower, a 40-story, 1.5 million-square-foot office building located at 500 W. Madison St. in downtown Chicago. Accenture Tower, named for the accounting firm formerly known as Arthur Andersen that changed its name following the 2001 Enron scandal, was originally built in 1987. The LEED Gold-certified building sits above the Ogilvie Transportation Center, one of two main train stations in Chicago’s West Loop, which connects the suburbs with the downtown area. In terms of amenities, Accenture Tower features a fitness center, tenant lounge, and conference centers. Tenants also have access to an onsite bank branch, courier service and concierge service. U.S. Bank and Bank of America jointly provided the financing, which consisted of a $281 million term loan and a $94 million revolving loan. The term loan was structured with a three-year initial term with two one-year extension options, and priced with floating interest rate over LIBOR. U.S. Bank will be the primary servicer of the loan. Deutsche Pfandbriefbank, a German bank specializing in real estate and public sector financing, participated in the transaction, though the company’s role was unclear. “The iconic nature of …
MIAMI — Walker & Dunlop has arranged $43 million in construction and acquisition financing for 1 Southside Park, a mixed-use development spanning a full city block in Miami’s Brickell district. The borrower is JDS Development Group, a development firm based in New York City. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Michael Ianno, Sean Bastian and Ian Hawk arranged the fixed-rate, interest-only loan through Atalaya Capital. Designed by SHoP Architects, 1 Southside Park will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will be located near the Miami-Dade Metrorail Brickell Station as well as The Underline, a newly delivered linear park stretching from Brickell to Dadeland. Landscape architect James Corner Field Operations is working with JDS to integrate 1 Southside Park with The Underline, which was formerly a Metrorail line. The new development will feature 90,000 square feet of wellness-centric amenities such as a fitness center and spa to complement The Underline. JDS plans to break ground in the near future, according to founder and CEO Michael Stern.
BLOOMFIELD HILLS, MICH. — Kennedy Funding has provided a $1.8 million loan for the refinancing of 31.3 acres of land in Bloomfield Hills. Proceeds from the loan will be used to pay off the existing first mortgage. Remaining proceeds will be used as working capital. The property is zoned as a research park district and is currently listed for sale for $4.9 million. Bloomfield Technology Park LLC was the borrower. New Jersey-based Kennedy Funding is a direct private lender specializing in bridge loans for commercial property and land acquisition, developments, workouts, bankruptcies and foreclosures.
HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of Memorial Park Place, an 80,349-square-foot office building in Houston. The five-story building was built in 1984 and was 91 percent leased at the time of sale to 33 tenants. Michael Johnson and Kevin McConn of JLL arranged the 10-year, fixed-rate loan through TIAA Commercial Finance on behalf of the borrower, Gupta Partners.