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LoansMixed-UseNew YorkNortheast

JLL Arranges $386M Loan for Refinancing of Mixed-Use Tower in Manhattan

by Alex Patton

NEW YORK CITY — JLL has arranged $386 million loan for the refinancing of 70 Pine Street, a 1 million-square-foot mixed-use development in Manhattan’s Financial District. Goldman Sachs provided a five-year, floating-rate loan to refinance the original construction and redevelopment loan for the property. The tower comprises 612 rental apartments, a 132-room Lyric Hotel and approximately 30,500 square feet of retail space. Tenants include Black Fox Coffee, Blue Park Kitchen, City Acres grocery store and two restaurant concepts. Christopher Peck, Geoff Goldstein and Kristen Knapp of JLL arranged the loan for the borrower, a joint venture between DTH Capital and Rose Associates. A legal team from Hunton Andrews Kurth LLP advised the joint venture in the refinancing.

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CaliforniaIndustrialLoansWestern

Ready Capital Provides $11M Acquisition Loan for Two-Building Industrial Portfolio Near Los Angeles

by Amy Works

MONTEBELLO, CALIF. — Ready Capital has closed an $11 million loan to fund the acquisition of a two-building industrial property located in Montebello, approximately eight miles east of downtown Los Angeles. The undisclosed borrower executed a single-tenant lease with a large multi-national industrial company prior to acquisition close. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term, 24-months of interest-only payments and no prepayment penalties.

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LoansLouisianaMultifamilySoutheast

Dougherty Mortgage Provides $20.8M HUD Refinancing Loan for Apartment Community Near Baton Rouge

by Alex Tostado

ZACHARY, LA. — Dougherty Mortgage LLC has provided a $20.8 million refinancing loan for Audubon Park Apartment Homes, a 178-unit community in Zachary. The HUD 223(a)(7) loan features a 40-year term. The borrower is Audubon Park Apartment Homes LLC, an affiliate of Atlanta-based Audubon Communities. Communal amenities at Audubon Park include bike racks, a fitness center, swimming pool, car wash area, playground, grilling area and a poolside lounge.

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LoansMultifamilyTexas

Dougherty Arranges $29.7M Construction Loan for Apartment Project Near Fort Worth

by Taylor Williams

BURLESON, TEXAS — Dougherty Mortgage has arranged a $29.7 HUD construction loan for The Waverly Apartments, a 192-unit multifamily project in Burleson, a southern suburb of Fort Worth. The community will offer a clubhouse, pool with cabanas, outdoor kitchen areas, a business center, fitness center, children’s play area, dog park and a car wash area. Completion is slated for spring 2021. Dougherty arranged the loan, which carried a 40-year term and amortization schedule, on behalf of borrower Burleson Commons LLC.

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IllinoisLoansMidwestRetail

JLL Secures $9.4M Refinancing for Chicago Recreational Facility

by Kristin Harlow

CHICAGO — JLL has secured a $9.4 million loan for the refinancing of The Armoury, a 46,040-square-foot industrial facility repurposed as an entertainment trampoline park and athletic training facility in Chicago. The property is fully leased to Altitude Trampoline Park and Performance Training Systems. Christopher Carroll, Jason Bond and Lucas Borges of JLL arranged the fixed-rate loan with a financial holding company. A partnership between Clear Height Properties and Diamond Realty Holdings was the borrower.

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LoansMidwestMinnesotaMultifamily

NorthMarq Arranges $2M Refinancing of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — NorthMarq has arranged a $2 million Freddie Mac loan for the refinancing of 623 Lofts in St. Paul. The 17-unit multifamily property is situated near three colleges and nine miles from the Minneapolis-St. Paul International Airport. Michael Padilla of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.

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IllinoisLoansMidwestMultifamily

American Street Capital Arranges $9.6M Refinancing for Multifamily Portfolio in Oak Forest, Illinois

by Kristin Harlow

OAK FOREST, ILL. — American Street Capital (ASC) has arranged $9.6 million in permanent debt for the refinancing of a 149-unit multifamily portfolio in Oak Forest, a suburb of Chicago. The portfolio comprises three separate properties, each with one-, two- and three-bedroom units. Igor Zhizhin of ASC arranged three nonrecourse loans with a correspondent agency lender. The borrower was not disclosed.

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CaliforniaLoansOfficeWestern

Ready Capital Closes $18.1M in Refinancing for Creative Office Portfolio in Southern California

by Amy Works

CULVER CITY, CALIF. — Ready Capital has provided a $18.1 million loan for the refinancing, repositioning and lease-up of a vacant creative office portfolio in Culver City. The loan will be used to reposition the 38,000-square-foot property from traditional office to modern, creative-type finishes and simultaneously provide a facility for tenant lease-up. The name of the borrower was not released. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating reserves.

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LoansOfficeTexas

JLL Arranges Permanent Financing for Dallas Office Buildings Totaling 467,366 SF

by Taylor Williams

DALLAS — JLL has arranged an undisclosed amount of permanent financing for 3000 and 3100 Olympus Boulevard, two office buildings totaling 467,366 square feet in Dallas. Allianz Real Estate of America provided the 15-year, fixed-rate loan, proceeds of which will be used to retire construction debt following the stabilization of the buildings. Trey Morsbach and Jim Curtin of JLL placed the debt on behalf of the borrower, locally based developer Billingsley Co.

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District of ColumbiaLoansOfficeSoutheast

JLL Arranges $181.5M Refinancing Loan for Office Building in Southwest D.C.

by Alex Tostado

WASHNIGTON, D.C. — JLL has arranged a $181.5 million refinancing loan for Portals III, a 510,157-square-foot office building in southwest Washington, D.C. ACORE Capital provided the loan, which will be used to refinance existing debt, lease up the asset and fund capital improvements throughout the property. Portals III marks the third phase of the Portals mixed-use development, which comprises more than 1.5 million square feet of office space, more than 370 residential units, a 400-room Mandarin Oriental hotel and retail space. Andrew Weir, Cary Abod, Rob Carey, Drake Greer and Jay Graham of JLL represented the borrower, Washington, D.C-based Franklin L. Haney Co., in the loan transaction.

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