JERSEY CITY, N.J. — BHI, the U.S. division of Israel’s Bank Hapoalim, has provided a $38.7 million construction loan for One Jones Park, a 75-unit multifamily project that will be located at 387 Eighth St. in Jersey City. The nine-story building will house 25 one-bedroom units, 47 two-bedroom apartments and three three-bedroom residences with an average size of 1,238 square feet, as well as ground- and second-floor retail space. Amenities will include a fitness center, children’s playroom and an indoor and outdoor resident lounge. The borrower is New York City-based developer EPIRE.
AURORA, COLO. — Consolidated Investment Group has obtained $17.7 million in financing for Eastpark 70’s Buildings 5 and 6, a two-building Class A industrial portfolio in Aurora. Rob Bova and William Haass of JLL Capital Markets secured the fixed-rate, five-year loan for the borrower. Completed in 2022, the 235,987-square-foot portfolio consists of buildings located at 19822 E. 22nd Ave. and 19922 E. 22nd Ave. The facilities offer 32-foot clear heights, ample dock-high and drive-in loading and ESFR sprinkler systems. The properties are fully leased to three tenants.
RICHMOND, VA. — Newmark has arranged $600 million in construction financing for a data center project in Richmond. The borrower and developer is a partnership between local developer PowerHouse Data Centers, New York City-based Blue Owl Real Estate and Chirisa, a firm that invests in digital and telecommunications infrastructure and real estate. The square footage of the development was not announced, but the facility will have a critical capacity of 50 megawatts (MWs).According to recent data, PowerHouse is developing its hyperscale data centers at a ratio of 0.2 MW per square foot, giving the Richmond project an estimated square footage of 250,000 square feet of critical data center space. The project will be a build-to-suit for CoreWeave, a New Jersey-based company that provides cloud-based graphics processing infrastructure. Construction began earlier this year, and operations are expected to begin sometime in 2025. A syndicate of lenders led by European giant Societè Generale provided the debt, which was arranged by Newmark’s Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Nick Scribani, Ben Kroll, John Caraviello and Brent Mayo. “This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” says Roeschlaub. With more than 30 million square feet of physical …
CASA GRANDE, ARIZ. — Walker & Dunlop has secured $23.9 million in equity for the construction of Emberwood, a to-be-built affordable seniors housing community in Casa Grande. Aaron Krasnow of Walker & Dunlop Affordable Equity team arranged the equity, which included 4 percent low-income housing tax credits and renewable energy investment tax credits, on behalf of the client, Roers Cos. Situated on 8.2 acres, Emberwood will offer 176 apartments for residents aged 55 or older, along with a separate single-story community center. The three-story residential building will feature 55 one-bedroom and 121 two-bedroom apartments all with elevator access. The property will be adjacent to a 55,000-square-foot community recreation center, which opened in 2019, that offers senior programs.
TRUCKEE, CALIF. — Marcus & Millichap has secured $19.4 million in financing for the acquisition of a self-storage facility in Truckee. Joel Westle of Marcus & Millichap Capital Corp.’s San Francisco office arranged the 10-year loan on behalf of Airport Self Storage. The 54,000-square-foot property is located at 11999 Highway 267 near the Truckee Tahoe Airport.
GREENSBORO, N.C. — Berkadia has provided a $71.3 million Freddie Mac loan for the refinancing of Abbotswood at Irving Park, a senior living community located in Greensboro. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia Seniors Housing & Healthcare originated the financing on behalf of the borrower, KISCO Senior Living. Located at 3504 Flint St., Abbotswood at Irving Park offers cottages and independent living and assisted living units, as well as memory care suites.
NEW BALTIMORE, MICH. — Bernard Financial Group (BFG) has arranged a $22 million loan for the refinancing of Aspen Creek Apartments in New Baltimore, a city in eastern Michigan. The apartment property features 776 units. Joshua Bernard of BFG arranged the loan through Securian Life Insurance Co. on behalf of the borrower, Aspen Creek Apartments LP.
EVERETT, WASH. — Gantry has secured $11.9 million in refinancing for Dogwood Enterprises Industrial Park, located at 3200 35th Ave. NE in Everett. Situated on 31.6 acres, the four-building property offers 106,686 square feet and direct access to I-5. The park is leased to a single tenant. Mike Wood, Demetri Koston and Tim Brown of Gantry arranged the 10-year, fixed-rate loan with a 25-year amortization schedule through a credit union for the borrower, a private real estate investor.
BAYONNE, N.J. — Cushman & Wakefield has arranged a $126.3 million loan for the refinancing of a 332,640-square-foot industrial building in the Northern New Jersey community of Bayonne. The speculative structure is Bayonne Logistics Center – Building 100 and features a clear height of 40 feet and 66 dock doors, as well as five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Construction of the building began in May 2022 and was completed earlier this year. John Alascio, T.J. Sullivan, Chuck Kohaut and Mitch Rothstein of Cushman & Wakefield arranged the floating-rate loan through Ares Management on behalf of the borrower, a partnership between Lincoln Equities and PCCP LLC.
HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit apartment community in Hackensack. Ivy & Green was developed in phases over the last several years, with Phase I totaling 221 units and Phase II totaling 168 units. Residences come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units have private balconies. Amenities include a pool, fitness center, coworking space, lounge, theater and music studio and a pet spa. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan on behalf of the borrower, a partnership between Hornrock Properties and GTIS Partners.