AUSTIN, TEXAS — PCCP LLC has provided a $46 million acquisition loan for Indie and Candela, two adjacent apartment communities totaling 258 units in Austin. Indie was completed in mid-2018, totals 139 units and includes ground-floor retail space. Candela was completed in mid-2019 and features 119 units and various amenities on the ground floor. The seller was Transwestern Development Co. The borrower was not disclosed.
KONA, HAWAII — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction financing portion and Pearlmark Real Estate Partners provided the mezzanine debt.
PATERSON, N.J. — Love Funding Corp. has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments. Both properties are located in Paterson, a northwestern suburb of New York City. The borrower was Roizman Development. The lender provided the developer with low-rate, nonrecourse financing for the duration of construction and for a subsequent 40-year term. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing 300 units. The apartment complex will be the second phase of the Riverside Terrace Master Redevelopment Plan. Inglese Architecture + Engineering is serving as the design architect, and ETC Cos. LLC is the general contractor. S.H.N.I.R. Apartment Management Corp. will be the operator. Riverside Senior Apartments is slated for completion in June 2021. Riverside Village Family apartments is slated for completion in January 2022.
AUSTIN, TEXAS — Sonnenblick-Eichner Co., a California-based investment banking firm, has arranged a CMBS loan for the refinancing of Lone Star Court, a 123-room hotel in Austin. Designed to resemble old-fashioned motor courts, the property is located within the 303-acre Domain mixed-use development on the city’s north side. Amenities include an onsite bar and restaurant called Water Trough, 1,933 square feet of meeting space, 3,341 square feet of outdoor event space, a fitness center, pool and 154 parking spaces. An undisclosed Wall Street lender provided the loan, which was structured with a 3.49 percent interest rate. The loan features interest-only payments for the entire 10-year term. The borrower and loan amount were not disclosed.
CHICAGO — Greystone has provided a $12.1 million Fannie Mae loan for the refinancing of Germain House in Chicago’s River West neighborhood. The building was converted from office space to 36 apartment units in 2018. Amenities include a fitness center, clubhouse, pool, bike room and rooftop deck. Clint Darby of Greystone originated the 10-year loan with four years of interest-only payments and a 30-year amortization. The permanent loan represents an exit from construction financing. The borrower was 925 Chicago Investment Partners LLC.
ALLENTOWN, PA. — JLL has arranged a $111 million loan for the refinancing and construction of Park 100 Logistics Center, an industrial park in Allentown, central Pennsylvania. Wells Fargo Bank provided the three-year, floating-rate loan to the borrower, a partnership between GLP Capital Partners and Ridgeline Property Group. Situated at 7352 Industrial Blvd., the property includes a newly constructed, 730,080-square-foot distribution facility and an adjacent 811,200-square-foot production facility that is currently under construction. The latter component is slated to be complete later this year. Bill Fishel, Jon Mikula and Connor Van Cleef of JLL arranged the financing.
HOUSTON — JLL has arranged construction financing and joint venture equity for Montrose Collective, a mixed-use project that will be located in Houston’s Montrose District. Preliminary plans call for 150,000 square feet of creative office, medical office and retail space across four buildings. Colby Mueck, Ryan West, Matthew Putterman, Jett Lucia and Matthew Williamson of JLL arranged the construction loan through Bank OZK and delivered an institutional investor advised by JPMorgan Asset Management as the joint venture equity partner. The borrower was locally based development and investment firm Radom Capital.
WATERFORD, MICH. — SunTrust Commercial Real Estate, part of Truist’s corporate and institutional group, has provided an $18.3 million Fannie Mae loan for the acquisition of Glengarry Apartments in Waterford, a northern suburb of Detroit. The 300-unit apartment complex, built in 1978, was 94.7 percent occupied at the time of closing. Evan Hom of SunTrust originated the 15-year loan with seven years of interest-only payments followed by a 30-year amortization schedule. The loan-to-value ratio was 80 percent.
ST. PAUL, MINN. — Max Benjamin Partners has originated a $14.3 million loan for the acquisition and redevelopment of a vacant, 16-story office building in St. Paul. The undisclosed borrower plans to convert the building into The Nicole, an apartment and retail property. Plans call for a coffee shop and JET Foods supermarket on the first floor. Amenities will include a dog walk, grooming station, bike room, indoor pool and storage units. Jason Moyal and Max Mellman of Max Benjamin Partners secured the loan.
ATLANTA — Trez Capital has provided a $25.5 million acquisition loan for a 173-room Holiday Inn Express in downtown Atlanta. The hotel was originally built in 1933 and most recently renovated in 2012. The borrowers, IE Development LLC and CG Management LLC, will use loan proceeds to renovate all rooms and build out a 3,240 square-foot rooftop meeting room with outdoor patio to attract more corporate clients. The property includes a small convenience store and a 5,000-square-foot-restaurant that is currently vacant. Hotel operations will continue during the renovation period, which are expected to conclude in summer 2021. The property is situated at 111 Cone St. NW, blocks from Centennial Olympic Park, Mercedes-Benz Stadium, CNN Studios and the Georgia Aquarium. Brett Forman of Trez Capital originated the loan on behalf of the borrowers.
