OXFORD, MISS. — Seven Hills Realty Trust has provided a $42 million bridge loan for the refinancing of The Domain at Oxford, a 642-bed student housing property located near the University of Mississippi. Newmark arranged the three-year loan on behalf of the borrower, Sausalito, Calif.-based Shore to Shore Properties Inc. The loan features two one-year extension options. Located at 2002 Oxford Way, The Domain features 216 one-, two- and four-bedroom apartments, each furnished with a 43-inch TV. According to Apartments.com, the gated community was built in 2016 and features an onsite property manager and maintenance team, valet trash pickup, package retrieval services, campus shuttle and community-wide Wi-Fi. Community amenities include a resort-style pool, business center, clubhouse, fitness center, conference rooms, a tanning salon, movie theater, basketball and volleyball court and a game room. Tremont Realty Capital manages Seven Hills Realty Trust.
MIAMI — An affiliate of Miami-based investment firm Atlantic Pacific Cos. has received Freddie Mac loans totaling $112.4 million for the refinancing of a trio of multifamily properties in the Dallas-Fort Worth (DFW) metroplex. The financing consists of a $40 million loan for Atlantic Stonebriar, a 294-unit property located in the northern Dallas suburb of The Colony; $42.3 million in debt for Atlantic McKinney, a 343-unit community that is also located on the northern outskirts of Dallas; and a $30.2 million loan for Atlantic Station, a 324-unit development in Fort Worth. Atlantic Pacific closed the loans in conjunction with fresh debt for four other properties, three of which are located in the Atlanta area and the fourth of which is located in Cary, N.C. The seven new mortgage loans are structured with five-year terms and fixed interest rates averaging approximately 5.1 percent.
NEW YORK CITY — Deutsche Bank has provided a $148.5 million bridge loan for the refinancing of Admirals Row, a 696,000-square-foot mixed-use property located within the Brooklyn Navy Yard. The eight-acre development houses a Wegmans supermarket, more than 350,000 square feet of light industrial and manufacturing space that is master-leased to the Brooklyn Navy Yard Development Corp, additional retail space, a community facility and surface and structured parking totaling over 700 spaces. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Michael Diaz and William Herring of Walker & Dunlop arranged the debt on behalf of the borrower, Steiner NYC.
MOUNT HOLLY, N.J. — New Jersey-based financial intermediary G.S. Wilcox & Co. has arranged a $12 million loan for the refinancing of Fair Ground Plaza, a 178,532-square-foot shopping center located outside of Philadelphia in Southern New Jersey. The center was 90 percent leased at the time of the loan closing. Grocer Acme Markets is the anchor, and other tenants include Staples, Dollar Tree and Advance Auto Parts. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.
DANIA BEACH, FLA. — Affinius Capital has provided a $75 million loan for the refinancing of Soleste SeaSide, a 340-unit apartment community located at 4 N. Federal Highway in Dania Beach, a city in South Florida’s Broward County. Jonathan Schwartz, Adam Schwartz and Tom Melody of Walker & Dunlop arranged the financing on behalf of the borrower, The Estate Cos. The eight-story multifamily community features a mix of studio, one-, two- and three-bedroom apartments. Amenities include parking, a health club with a yoga/spin room, 12,800 square feet of retail space and a swimming pool with poolside cabanas and daybeds. Soleste SeaSide is situated close to Dania Pointe, a 102-acre mixed-use development, and the Hollywood Beach Boardwalk. The Estate Cos. developed the apartment community in summer 2023 in partnership with Merrimac Ventures.
CHICAGO — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $56 million senior construction loan and $12.5 million in equity for the development of the first phase of Yorktown Reserve in Chicago. The apartment project, which involves the transformation of Yorktown Mall, will include 271 units. Frank Montalto of IPA Capital Markets secured the debt with a local bank and arranged the equity with an institutional investor. Chicago-based Synergy Development was the borrower.
HOUSTON — Marcus & Millichap has arranged the sale and financing of Providence Plaza, a 90,327-square-foot shopping center in Houston. Built on 7.7 acres in 1984 on the city’s southwest side and renovated in 2018, the property was 97 percent occupied at the time of sale. Tenants at the center include Dollar Tree and Spec’s Wines, Spirits & Foods. Alex Wolansky and Gus Lagos of Marcus & Millichap represented the seller, Whitestone REIT, in the transaction. Additionally, Jamie Safier of Marcus & Millichap Capital Corp. (MMCC) originated an undisclosed amount of acquisition financing on behalf of the unnamed buyer.
MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit multifamily community located at 5401 Commonwealth Centre Parkway in Midlothian, a Richmond suburb in Chesterfield County. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns represented seller, CMB Development, in the sale. Built in 2022, Commonwealth Apartments features a gaming lounge and 24/7 fitness center, among other amenities.
CLIFTON, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $13 million loan for the refinancing of Clifton Plaza, a 95,222-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of the loan closing. Big Lots is the anchor, and other tenants include Dollar Tree, New Jersey Eyes and Blink Fitness. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.
GRAND RAPIDS, MICH. — PREIT has received an $80 million loan for the refinancing of Woodland Mall in Grand Rapids. JLL arranged the loan through a national CMBS lender. The five-year loan features a fixed interest rate of 7.35 percent. PREIT says the refinancing will save the company approximately $5 million in interest expense over the life of the loan. The redevelopment of Woodland Mall included new tenants such as Von Maur, The Cheesecake Factory, Sephora and Urban Outfitters.