CHICAGO — JLL Capital Markets has arranged a $57.6 million refinancing for the Home2Suites by Hilton Chicago River North, a newly constructed, 206-suite extended-stay hotel in Chicago’s downtown River North neighborhood. Opened in early 2019, the 17-story hotel features a fitness center, business center, outdoor terrace, complimentary breakfast, meeting space and a ground-floor restaurant. Keith Largay, Jeff Bucaro, Nicole Aguiar and Brian Walsh of JLL arranged the floating-rate loan on behalf of the borrower, Akara Partners. A global investment management firm provided the loan, proceeds of which will be used to refinance the construction loan.
AZUSA, CALIF. — Buchanan Mortgage Holdings has closed a $55 million loan for construction of The Orchard, a mixed-used residential and retail development in Azusa, approximately 20 miles east of Los Angeles. The borrower, Serrano Development Group, will use the loan to construct 163 market-rate apartments and 31,700 square feet of retail space. The transit-oriented development will be located in downtown Azusa at the corner of North Azusa Avenue and U.S. Route 66. The project will consist of two Class A multifamily buildings connected via a second-story footbridge, subterranean parking and ground-floor retail space. The project marks the second collaboration between Serrano Development Group and Buchanan Mortgage Holdings.
CAMBRIDGE, MASS. — Square Mile Capital Management LLC has provided a $433.8 million construction loan for the next phase of Cambridge Crossing, a mixed-use development in the Boston area. The loan will fund construction of a nine-story, 479,000-square-foot life sciences and tech building with ground-floor retail space and below-grade parking. The loan will also finance the construction of a two-story, 19,000-square-foot retail and office building located on a separate parcel. The borrower was DivcoWest, a developer with five offices around the country. Cambridge Crossing will ultimately feature 2.1 million square feet of life sciences and tech space, 2.4 million square feet of residential space, 100,000 square feet of retail space and 11 acres of open green space.
REDMOND, WASH. — Los Angeles-based Continental Partners has arranged $18.7 million in financing for the acquisition of Redmond Heights Center, an industrial/office flex property in Redmond, a suburb of Seattle. The borrower, ALCO Investment Co., acquired the 126,545-square-foot asset from Wakefield Redmond Heights. At the time of sale, the property was fully leased to 13 tenants. The 10-year, non-recourse loan has a fixed rate of 3.25 percent with a 30-year amortization schedule and step-down prepayment option. Carl Riggins of Continental Partners secured the permanent financing for the borrower.
PLAINSBORO, N.J. — Berkadia has arranged a $43 million loan for the refinancing of Deer Creek, a 288-unit apartment community in Plainsboro, a northern suburb of Trenton. The property is situated on 34 acres, features one- and two-bedroom units, and offers amenities such as a pool, tennis courts and a fitness center. Robert Falese of Berkadia arranged the loan on behalf of the borrower, a joint venture between Verde Capital Corp., Kushner Real Estate Group and Oxford Realty Group, which acquired the asset in 2016 and implemented a value-add program.
BOSTON — Citizens Commercial Banking has provided a $53 million construction loan for 7INK, a 180-unit multifamily project in Boston. The property will be located within Ink Block, a mixed-use development at the former site of The Boston Herald in the city’s South End neighborhood. Floor plans will include fully furnished studios, one-bedroom residences and shared suites. The borrower was Massachusetts-based National Development.
NEW YORK CITY — Black Bear Capital Partners has arranged $50.4 million in permanent financing for a portfolio of multifamily properties in The Bronx. Morgan Stanley provided the loan, which carries a fixed interest rate of 3.78 percent and 10 years of interest-only payments, to Finkelstein Timberger East Real Estate. The portfolio spans five properties and includes 357 multifamily units and nine commercial spaces. Bryan Manz, Rob Serra and Emil DePasquale of Black Bear arranged the transaction.
MERIDIAN, IDAHO — Avison Young has secured a $27.7 million loan to finance the construction of Summertown Apartments in Meridian, a suburb 12 miles west of Boise. The borrower is a joint venture between Phoenix Commercial Construction and 111 Capital. Jay Maddox and Peter Sherman of Avison Young Capital Markets Group arranged the loan, which a Los Angeles-based private lender provided. Located adjacent to the 58-acre Settler’s Park, Summertown will offer 190 units in a mix of two-story rowhouses and three-story garden-style apartments with gated front garden areas and enclosed garages. Situated on 5.8 acres, the property will feature resort-like amenities. Construction is slated to begin first-quarter 2020, with the first units delivered during summer 2020.
CHULA VISTA, CALIF. — San Diego-based Pacific Southwest Realty Services (PSRS) has arranged $11 million in financing for a medical office facility located in Chula Vista. The borrower is San Ysidro Health (formerly San Ysidro Health Center). Located at 880 Third Ave., the 23,780-square-foot property was formerly a CVS/pharmacy that was converted to a modern medical office facility. San Ysidro Health is a nonprofit organization that provides healthcare services. Services at the new center will include senior services, adult and family medicine, pediatrics, women’s health and support services. Pasha Johnson of PSRS structured the loan for the borrower.
DORAVILLE, GA. — Hunt Real Estate Capital has provided a $32.5 million acquisition loan for Ashford Walk, a 306-unit multifamily property in Doraville. The loan term is two years, with three one-year extension options. The property was built in 1983 and renovated in 2015 and 2016. The undisclosed borrower will also invest $2 million for interior renovations. The property comprises 65 two-story buildings and one clubhouse. Ashford Walk was 93 percent occupied at the time of sale. Community amenities include a swimming pool, fitness center, tennis courts, sports court, new dog park, new playground, picnic and grilling areas, and laundry facilities. Ashford Walk is located at 3480 Morningside Village Lane, 17 miles northeast of downtown Atlanta.