Loans

MMCC Arranges $11.4M in Refinancing for Two Apartment Properties in Las Vegas

by Amy Works December 23, 2024

LAS VEGAS — Marcus & Millichap Capital Corp. (MMCC) has arranged separate refinancing transactions totaling $11.4 million for two multifamily communities in Las Vegas. Michael Derk of MMCC secured the loans for the private clients. MMCC arranged a $6.2 million loan for the refinancing for Maryland Park, a 135-unit apartment property at 1101 Dumont Blvd. The community offers a pool, laundry facilities, a courtyard, grill and picnic area. A local credit union provided the 10-year loan, which includes a 6 percent interest rate with a 30-year amortization and a loan-to-value ratio of 50 percent, to the undisclosed borrower. The firm also arranged $5.2 million for the refinancing of Katie Court Apartments, a 107-unit community at 3890 S. Cambridge St. On-site amenities include a pool and laundry facilities. A local credit union provided the 10-year loan, which includes a 6 percent interest rate with a 30-year amortization and a loan-to-value ratio of 50 percent, to the undisclosed borrower.

December 23, 2024

Illinois Loans Midwest Retail

Pine Tree Receives $247M Loan for Refinancing of Six Shopping Centers Across Four States

by Kristin Harlow December 23, 2024

OAK BROOK, ILL. — Oak Brook-based Pine Tree has received a $247 million loan for the refinancing of a six-property shopping center portfolio acquired earlier this year in partnership with a state pension fund. Bill Barry and Bill Stewart of Draper & Kramer Inc. arranged the loan through New York Life Real Estate Investors. The properties are located in Florida, Arizona, Oregon and Ohio. Anchor tenants include 13 TJX concepts, Nordstrom Rack, Ulta Beauty, Target and Dick’s Sporting Goods. Also included are several owned grocery stores, including Kroger, The Fresh Market and New Seasons Market.

December 23, 2024

Affordable Housing Development Hospitality Loans Massachusetts Multifamily Northeast

MassHousing Provides Financing for Affordable Housing Redevelopment Project in Boston

by Taylor Williams December 23, 2024

BOSTON — MassHousing has provided an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Comfort Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit apartment complex whose units will be reserved for households earning 30 percent or less of the area median income. The Community Builders is the developer of the project, which will include office and community spaces on the ground floor. Other project partners include BWA Architecture and Commodore Builders. Financing for the project stems in part from a $24 million bond issued by MassHousing that was purchased by Eastern Bank. Completion is slated for mid-summer 2025.

December 23, 2024

Development Florida Hospitality Loans Southeast

Mast Capital, Amzak Obtain $72.5M Loan for Renovation of Saddlebrook Resort in Metro Tampa

by John Nelson December 20, 2024

WESLEY CHAPEL, FLA. — A partnership between Mast Capital and Amzak Capital Management has secured a $72.5 million loan for the renovation of Saddlebrook Resort, a 480-acre hospitality property located in the Tampa suburb of Wesley Chapel. Beachpoint Capital Management provided the loan. Chris Drew, Brian Gaswirth, Jeff Bucaro, Paul Adams, Mark Deslauriers and Nicole Barba of JLL arranged the loan on behalf of the borrowers. The renovation of Saddlebrook Resort is expected to total $92 million and encompass a full-scale redesign of the guestroom suites, lobby, meeting spaces, pool and outdoor facilities, golf course and food-and-beverage destinations, as well as significant upgrades to the resort’s landscaping, sports facilities and lifestyle amenities. Mast Capital first partnered with Amzak Capital to acquire the resort in spring 2022.

December 20, 2024

Acquisitions Industrial Loans Retail South Carolina Southeast

CBRE Arranges Acquisition Financing for 307,492 SF Industrial Portfolio in North Charleston

by John Nelson December 20, 2024

NORTH CHARLESTON, S.C. — CBRE has arranged $29 million in acquisition financing for a two-building industrial portfolio in North Charleston totaling 307,492 square feet. The properties include a 60,640-square-foot facility at 4275 Arco Lane and a 246,852-square-foot property at 4750-4760 Goer Drive. The borrower, Miami-based COFE Properties, purchased the buildings for $48.3 million. Brian Linnihan, Mike Ryan, Richard Henry and J.P. Cordeiro of CBRE’s Atlanta office arranged the fixed-rate loan, which features interest-only payments for the full five-year term, through Nuveen Real Estate. The two buildings were fully leased at the time of financing to tenants including Carrier Enterprises, Perfect 10 Distribution, College of Charleston and Beers Millwork.

December 20, 2024

Industrial Loans New Jersey Northeast

JLL Arranges $10.3M Construction Loan for Northern New Jersey Industrial Project

by Taylor Williams December 20, 2024

SOMERSET, N.J. — JLL has arranged a $10.3 million construction loan for a 76,200-square-foot industrial project in the Northern New Jersey community of Somerset. The facility will be located on a 7.5-acre site at 485 Elizabeth Road and will be developed on a speculative basis. Building features will include a clear height of 40 feet, 10 dock doors, one drive-in door, 36 car parking spaces and 135-foot truck court depths. Jon Mikula, Jim Cadranell and John Cumming of JLL placed the loan with Wintrust Bank on behalf of the developer, Bridge Logistics Properties.

December 20, 2024

California Industrial Loans Self-Storage Western

Gantry Secures $70M in Refinancing for Four Trojan Storage Properties in California

by Amy Works December 20, 2024

SAN JOSE, CAMPBELL, RANCHO CORDOVA AND CAMARILLO, CALIF. — Gantry has secured a $70 million structured permanent loan to retire existing construction/bridge debt and recapitalize four recently completed developments/value-add self-storage facilities in Southern and Northern California. The four properties, which are currently undergoing initial lease-ups, include Trojan Storage San Jose, Trojan Storage Campbell, Trojan Storage Rancho Cordova and Trojan Storage Camarillo. Andy Bratt, Amit Tyagi and Sean Kuang of Gantry represented the borrower, Trojan Storage. The loan, which was secured through one of Gantry’s life company relationships, features a fixed rate with a lengthy interest-only period during the term.

December 20, 2024

Acquisitions Florida Loans Multifamily Southeast Top Stories

Kushner Cos. Acquires The Hamilton Apartments in Miami for $190M

by Hayden Spiess December 20, 2024

MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit apartment community located in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the multifamily property for $190 million. Located at 555 N.E. 34th St. along Biscayne Bay, the community is situated with proximity to downtown Miami and the city’s Brickell financial district. Originally developed in 1984, The Hamilton features one-, two-, three-, four- and five-bedroom units averaging 1,373 square feet in size. Each apartment also features a terrace — the terraces average 326 square feet, with some larger than 2,300 square feet. Aimco purchased The Hamilton in 2020 and executed a complete renovation of the property, which was completed in 2022. Still Hunter, Kaya Suarez, Leigh Gerke, Bennett Hopkins and Luke Duffack of Walker & Dunlop arranged the transaction on behalf of Aimco. Additionally, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Stepniewski, Mo Beler, Michael Ianno and Christopher de Raet of Walker & Dunlop arranged a $157 million acquisition financing package on behalf of Kushner Cos. Apollo Global Management and Macquarie Group provided the financing. According to a press release issued by Walker & Dunlop, The Hamilton marks one of only two institutional-quality, direct …

December 20, 2024

Development Loans Multifamily Texas

JLL Arranges Construction Loan for 321-Unit Multifamily Project in Austin

by Taylor Williams December 19, 2024

AUSTIN, TEXAS — JLL has arranged a construction loan of an undisclosed amount for Far West Apartments, a 321-unit multifamily project in Austin. The site is located within the Northwest Hills submarket, and the development will offer one-, two- and three-bedroom units with an average size of 800 square feet. Amenities will include a pool, fitness center, clubhouse, pet spa and a conference room. Doug Opalka, C.W. Sheehan and Samantha Jay of JLL arranged the 10-year, floating-rate loan through Poppy Bank on behalf of the borrower, Central Southwest Texas Development. Completion is slated for spring 2027.

December 19, 2024

Affordable Housing California Development Loans Multifamily Western

Impact Housing, Verbena Road Holdings Obtain $112.2M in Financing for Affordable Housing Project in San Diego

by Amy Works December 19, 2024

SAN DIEGO — Impact Housing and Verbena Road Holdings have received $112.2 million in financing for Mission Gorge, a modular affordable housing development in San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Market’s Debt Advisory team secured an $85.2 million, three-year, floating-rate senior construction loan through ACORE CAPITAL, as well as $27 million in preferred equity from Ascendant Capital Partners for the borrower. Located at 6171 Mission Gorge Road, Mission Gorge will feature 483 studio and one-bedroom units for residents earning at or below 80 percent of the area median income. The apartments will offer quartz countertops, appliances, wall dividers with built-in storage and recessed lighting with dimmer switches. Community amenities will include laundry facilities, lounge space, a 4,150-square-foot roof deck, a fully equipped fitness center, coworking space and ground-floor retail space.

December 19, 2024

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